ISSN : 2277-8586

DYPIMS's International Journal of Management and Research

Volume – 6 Issue – 1 September 2017

Dr. D. Y. Patil Pratishthan’s Dr. D.Y Patil Institute of Management Studies, Sector 29, Nigdi Pradhikaran, Akurdi, Pune

Chief Patron : Wg Cdr PVC Patil (Retd) Editorial Advisor : Prof. D. R. Karnure

Editor-in-ChiefEditor-in-Chief Dr. Ashutosh Misal

EditorsEditors Dr.Sanjaykumar Gaikwad Prof. Sibi Abraham

EditorialEditorial Board Board Advisors Advisors : : • Lt. Gen. (Dr.) D. B. Shekhatkar, PVSM, AVSM, VSM (Retd.) • Dr. Sharad L. Joshi, Dean-Corporate Relations, VIM, Pune • Dr. Dilipkumar Patil, Director, Shikshan Maharshi Dr. D. Y. Patil Centre for Management & Research, Chikhali, Pune • Dr. Rajashree Shinde, Director, S. K. N. Sinhgad School of Business Management, Pune • Dr. G. R. H. Belim, Director, RIBM, Pune • Dr. S. M. Vadgule, Ex-Director, G. H. Raisoni Group Institute of Management and Research, Ahmednagar. • Prof. Dr. Ch. Sanjay, Director, Gitam University (Hyderabad Campus), A. P. • Dr. Vidyadhar Vedak, Ex Dean of MBA, Pad, Dr. D. Y. Patil Institute of Master of Computer Applications, MBA 2nd Shift, Akurdi, Pune. • Dr. Narendra Kulkarni, Vice President, Glodyne, Technoserve Limited, Pune. • Dr. Zeundjua TJIPARURO, Chief Engineer, Rural Industries Promotions Company- Botswana, South Africa. • Mr. Gaurav Gupta, Management Consultant, Miami, FL, U.S.A. • Dr. Shripada Patil, Independent HR Consultant • Dr. Jayant Panse, Director, Maharashtra Institute of Management, Walchandnagar • Dr. Shriram Nerlekar, Director, MM’s Institute of Management Education, Research and Training, Pune.

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PREFACE

We are proud to publish and present you DYPIMS International Journal of Management & Research.

Research has become an integral phenomenon in the changing dynamics of business. The research quotient needs to be nurtured and developed. Research provides the logical progression and evolution of a professional teacher.

We at DYPIMS are continually striving to progress in Management and Research at par with global standard DYPIMS is a NAA C ‘A ’ grade accredited Institute, has the mindset and attitude of providing only quality education and Quality Research on par with the best international practices. Continuous Quality up gradation is the mantra on which DYPIMS International Research Journal strives for.

We invite your valuable suggestions and feedback. Publication of this journal is an annual feature, and we request you all to send your quality research papers for the forthcoming issue. The registration number of the journal is ISSN 2277-8586.

Kindly send your research papers on or before 15th January 2018.

I heartily congratulate the editorial team for the marvellous efforts they have put in for bringing out this outstanding International Journal published.

Thank you.

Dr. Ashutosh Misal Director, (DYPIMS)

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Index

Sr. No. Paper Title & Author Page No. 1 BAMBOO STRUCTURE WITH STRAW- BALE SKIN: AN 1-10 INNOVATIVE ECO STARTUP PROJECT Prof. Dr. S. Arunachalam, Mr. P.Vaigunthavasan, & Mr. M. S. Rajkumar 2 A STUDY ON THE IMPORTANCE OF HUMAN RESOURCE IN 11-30 HOTEL INDUSTRY WITH SPECIAL REFERENCE TO TALENT RETENTION STRATEGIES IMPLEMENTED IN STAR HOTELS IN AND AROUND PUNE CITY Mr. Kiran Shende, Dr. Sanjaykumar M. Gaikwad 3 EVOLVING AGRIPRENEUR: A NEW WAY TO FORWARD 31-37 SUSTAINABLE DEVELOPMENT IN AGRICULTURE Prof. Devrshi Upadhyay, Jethava Sumit, Dave Shivam, Student 4 ROLE OF DIGITAL INDIA INITIATIVE IN STARTUP INDIA 38-43 B.Anantharaji , S.Sivakumar and Dr. S.Arunachalam 5 STARTUP IN LED LAMPS AND SOLAR PRODUCTS THROUGH 44-54 MAKE INDIA CAMPAIGN-WILL IT BOOST CONSUMPTION? Dr. Ashok Shripadrao Kurtkoti & Mr. Ashraf Parwani 6 STARTUP IN INDIA AND VARIOUS FUNDING OPTIONS FOR 55-61 STARTUP IN INDIA Mr. Niraj Plaha 7 MULTI CRITERIA DECISION MODELING OF STARTUPS’ 62-73 SUCCESS FACTORS Paulrajan Rajkumar 8 STARTUP INDIA: A CHALLENGING WAY OF THRONES 74-81 Mr. Jignesh N. Vidani, Mr. Pradeep Kumar Chack, Mr. Divyarajsinh N. Rathod 9 TECHNOLOGICAL INNOVATION FOR SUSTAINABLE 82-95 GROWTH AND IMPROVING ENVIRONMENT FOR TECH STARTUPS IN INDIAN HEALTHCARE Bhagyashri Subhash Sangamnere 10 RURAL WOMAN ENTREPRENEURSHIP: “FAKE 96-108 OPPORTUNITIES AND REAL CHALLENGES” Dr. Deep D. Shah & Hardik V. Solanki 11 CAPACITY BUILDING THROUGH SOCIAL 109-118 ENTREPRENEURSHIP & CSR INITIATIVES Ms. Sumita Kumar & Ms. Michelle Vaz, 12 WOMEN EMPOWERMENT THROUGH WOMEN 119-125 ENTREPRENEURSHIP Dr. R. Narayanan 13 ROLE OF INDUSTRY ACADEMIA PARTNERSHIP IN STARTUP 126-131 INDIA CAMPAIGN G. Purushothaman

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14 STARTUP INDIA AN EFFECTIVE TOOL TO PROMOTING SELF 132-139 EMPLOYMENT WITH REFERENCE TO CHENNAI R. Arumugam 15 “AN ENTREPRENEURIAL RIDE: THE RIPE RESULT FOR 140-148 “START-UP INDIA”- TO GO, GROW, GLOW” Prof. Devrshi Upadhayay , Zoya Saiyed and Ramiz Katchhi 16 EXPLORING THE ROLE OF SOCIAL MEDIA IN DIGITAL 149-156 MARKETING PERSPECTIVE OF MICRO AND SMALL ENTREPRENEURS –A NEW PARADIGM OF BUSINESS GROWTH Dr Suvamay Bhowmick, 17 A STUDY ON INVESTORS BEHAVIOUR TOWARDS 157-166 INVESTMENT AVENUES: A STUDY WITH REFERENCE TO SALEM CITY Amudhan S & Nagapavan 18 LIQUIDITY MANAGEMENT OF ENGINEERING GOODS 167-183 INDUSTRY IN PUNJAB Dr. Anita Soni 19 ROLE OF REGULATION IN REVOLUTION OF TELECOM 184-193 INDUSTRY IN INDIA Hemant R. Dudhe & Dr. Sanjaykumar M. Gaikwad 20 WOMEN EMPOWERMENT AS CHALLENGES AND REALITIES 194-201 IN CONTEXT TO INDIA Tushti Bakrania & Sonal Trivedi,

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 BAMBOO STRUCTURE WITH STRAW- BALE SKIN: AN INNOVATIVE ECO STARTUP PROJECT

Prof. Dr. S. Arunachalam, Founder and the Principle of Thiruvalluvar College of Engineering and Technology. Mr.P.Vaigunthavasan, Assistant Professor – Department of Management Studies & Mr. M. S. Rajkumar, Student, ARS College of Engineering

ABSTRACT : The objective of this paper is energy saving cost effective innovative building technology eco-project using bamboo and straw bale to promote skill for rural youths and self-employment for technical and project management students. Traditionally Bamboo Straw-bale housing exist, because of their best combination. Limited traditional to varieties of contemporary bamboo structures for smart cities and smart villages is a STARTUP today to popularize all over to country and abrod, it requires innovations, skilling and globalized marketing. Technical Students are inspired for these innovations, rural youths are inspired for skilling and Management Students are inspired for the e-Business initiatives. The Innovation involves mainly, 1.Planning for Function Form and Materials.2. Passive design concepts with project – location for lighting, ventilation and air-conditioning energy saving. Wall panels with straw-bale and bamboo laminated with ECO friendly glove bonding. 3. Evolving Bamboo Structural skeletal. 4. Creating joint pattern and detail. 5. Cyclonic Wind Pressure ties and braces. 6. Light weight anchor foundation. 7. Laying straw- bale models. 8. Fire proof treatment with eco-friendly materials and technology. Suitable digital e-models for marketing ECO design.10. Proper logistics and supply chain management for developing materials and units to the construction site and assembling the same. Bamboo and Straw –Bale combines best solution for mass housing, tourism and other packages of smart city projects and also for both rural and sub-urban shelter developments. This paper presents innovative structural systems for various building plans with a demonstration work example. These creative designs satisfy International Building code provisions. The conclusion is modern building promoters shall return to traditional technology combining innovations from cutting edge

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 1 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 technology to create new skill (Skilling India) and new network of enterprising production (Make in India) and marketing (Digital India)

Keywords : Innovative building technology, Eco Startup project, Mass housing, Sub-urban Shelter Developments

1. OBJECTIVE detail. 5. Cyclonic Wind Pressure ties and braces. 6. Light weight anchor foundation. The objective of this paper is energy 7. Laying straw- bale models. 8. Fire proof saving cost effective innovative building treatment with eco-friendly materials and technology eco-project using bamboo and technology. 9. Suitable digital e-models for straw bale to promote skill for rural youths marketing ECO design. 10. Proper logistics and self-employment for technical and and supply chain management for project management students. developing materials and units to the 2. INSPIRATION TO YOUTHS construction site and assembling the same.

Traditionally Bamboo Straw-bale 4. ECO AND ENERGY DESIGN housing exist, because of their best Energy required to build each house combination. Limited traditional to with steel and concrete is equivalent to varieties of contemporary bamboo cutting½ hectare of forest. Therefore mass structures for smart cities and smart housing developing companies should villages is a STARTUP today to popularize enter into this venture to save all over to country and abroad, it requires innovations, skilling and globalized 1. Energy by replacing concrete and steel marketing. Technical Students are inspired by bamboo. for these innovations, rural youths are 2. Build skill capacity to rural male and inspired for skilling and Management female youth and technical and Students are inspired for the e-Business agriculture youth for self-employment initiatives. through modular and sub contractors under major enterprisers. 3. INNOVATION 3. To combine cutting edge technologies The Innovation involves mainly, with Indo genius traditional technology 1.Planning for Function Form and 4. To make use of e-marketing business. Materials.2. Passive design concepts with 5. To start small and medium bamboo project – location for lighting, ventilation construction materials and products and air-conditioning energy saving. Wall industries and traders all over india. panels with straw-bale and bamboo 6. To innovate Eco construction project laminated with ECO friendly glove management. bonding. 3. Evolving Bamboo Structural skeletal. 4. Creating joint pattern and

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 5. BAMBOO AND STRAW-BALE 7. MATERIALS AND STRUCTURES CULTIVATIONS

Bamboo and Straw –Bale combines The Straw is from self-growing grass best solution for mass housing, tourism and bushes in India from hills and barren other packages of smart city projects and lands. The tribes and farmers supply the also for both rural and sub-urban shelter straw. Skilling bamboo workers through developments. This paper presents training centers are to be encouraged. innovative structural systems for various building plans with a demonstration work It is noted that very limited tourism example. These creative designs satisfy based bamboo straw bale projects are International Building codeprovisions. successfully done with cutting edge technologies by the major promoters. Next 6. COST EFFECTIVE to agriculture, housing infrastructure takes SERVICEABLE AND DURABLE major budget. Mass crops of bamboo and STRUCTURED SYSTEMS. large scale grass bush maintenance and starting small housing units manufacturing Bamboo structure is light, hence its industries is the startup through major foundation is also light and cost is also construction Industrlists. very low, but the comfort is very high when compared to concrete and steel structures. It has long life and high tensile strength. It satisfies A-class building 8. INNOVATIONS IN BAMBOO requirements of above 60 years life as per STRUCTURES CPWD. Treated Bamboo is less prone to INNOVATION 1 expansion and contraction due to variations to temperature and humidity. Pest attack Leaf House (Fig.1,Fig.2): and fire proofing. Bamboo and straw are • It is a high-tech, ECO efficient, local treated and designed as per timber bamboo green product house. standards and clauses of National and • Leaves protect the house from Sun International Building Code. Bamboo is • South East wind Passes longitudinally, not a tree but a woody-grass, grows so provides natural ventilation and passive rapidly that crops can be harvested in Six cooling. Years. • Central steel column, laminated bamboo panele and Bamboo tile roof.

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586

Fig 1. Aerial View

Fig.2. Plan and Side views INNOVATION 2 dynamic design is used. Computer CONVENTION CENTRE (Fig.3, Fig.4) simulation is used to study the airflow and Multi-functional extraordinary cooling. The out-come innovation reduced rediscovered friendly space made of look electrical energy consumption wire bracing bamboo elements. Principle of aero- supports are used.

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586

Fig.3 Elevation

Fig. 4.Structural Innovation

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 INNOVATION 3: The main frame is made by 48 prefabricated units, each of them is Bamboo Structure for a made of several bamboo elements Restaurant: An ECO Design bound together. The building uses space(Fig.5) natural air-ventilation. On the top of the roof there is a hole with a A structural bamboo arch diameter of 1.5m for the evacuation system was designed for this dome: of hot air from the inside. 10m high and spanning 15m across.

Fig.5. Structural Systems Innovations

INNOVATION 4: are made of bamboo. The design adopts all bioclimatic aspects to suits its humid Eco Logical Children Activity Centre tropical environment. The roof cantilevers (Fig.6, Fig.7) up to 8am acting like a big umbrella providing shade and protection from the The children activity and learning heavy rains. The open design with the centre is designed for a wide range of translucent rooftop and setback floors entertaining activities including cinema allow a natural airflow inside and the use auditorium. The dome structural and roof

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 of natural daylight, limiting the building’s energy consumption.

Fig.6 Elevation

Fig .7. Sketch Scheme Creation

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 INNOVATION 5: The Innovation is a climate Modifier. Bamboo elements with Specially innovated TOURIST RESORT(Fig.8,Fig.9) joints has made the Structure Stable with resistance to tension due to Wind.

Fig.8. Aerial View: Resort

Fig.9. Computer Simulation

INNOVATION 6: Inspired by nature, “Bamboo Wing” takes the form of bird wings and BAMBOO WING(Fig .10,Fig.11) floats over the natural .The aim of the project was to study bamboo and the Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 8 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 potential space it can create by using concepts, ceremonies etc. this is an bamboo not only as a finishing materials achievement in terms of structures in but as a structural one. This building is a bamboo materials. The shape of the roof as pure bamboo structure, using no steel or bird wings is good for capturing the wind other man-made structural materials. This inside the building. This contributes to the unique structure, flying over the sky as ecology aspect by minimizing the use of bird wings, allows us to experience a 12 air conditioner. With its deep laves and the meter open space without any vertical water in the open spaces, people feel as if columns. they are living in the Nature.

The open space is used for many purpose such as wedding parties, live music

Fig.10. Structural System

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586

Fig.11. Elevation Bamboo Wing

9. CONCLUSION enterprising production (Make in India) and marketing (Digital India).our The conclusion is modern building Institutions have taken initiative to promoters shall return to traditional encourage student and rural youths to build technology combining innovations from capacity towards self-employment skill cutting edge technology to create new skill development and Innovations. (Skilling India) and new network of

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586

A STUDY ON THE IMPORTANCE OF HUMAN RESOURCE IN HOTEL INDUSTRY WITH SPECIAL REFERENCE TO TALENT RETENTION STRATEGIES IMPLEMENTED IN STAR HOTELS IN AND AROUND PUNE CITY

Mr. Kiran Shende, Research Scholar, Tilak Maharashtra Vidyapeeth, Pune

Dr. Sanjaykumar M. Gaikwad, HOD Research, Dr. D. Y. Patil Institute of Management Studies, Pune

ABSTRACT The research paper describes the importance of human resource with regard to hotel industry in Pune. It also highlights various HR strategies implemented by the hotel industry for better retention of their talented employees. In the current scenario the hotel industry is suffering with shortage of employees. Like in the other sectors the hotel industry also has a good amount of talented employees working in the organization and as the attrition rate is higher in the hospitality sector the HRD of the hotel has to implement certain strategies so that the potential talent is retained. It has become the need of the hour for the hotel industry to adopt various strategies pertaining to talent retention. Effective employee retention strategies will enable in retaining the employee and continue working with the organization for a longer tenure. The various Talent Retention Strategies adopted by the hotels in the Pune region have been compiled by carrying out a rigorous survey across Pune Region. This survey was specifically carried out to evaluate the mind-set of the employee working in the Hotels and understand their preferences for continuation of their service for a longer period of time in the organization. Thus the basic objective of this study was to analyse the importance of effective talent retention strategies implemented in the hotel industry.

Keywords – Hospitality Industry, Talent Retention, Talent Management

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 INTRODUCTION and the Employees and implement these policies and strategies for the well being of The hospitality industry in the Pune region the employees and organization as a whole. has flourished extensively in the last The various policies on the lines of talent couple of decade. This has generated a management are framed and adopted in phenomenal investment by the various order to keep the staff motivated and retain national and multinational star brands of them for a longer tenure with the the hospitality sector. They have further organization. converted the local hospitality arcade to an international hospitality center and led to Talent Retention is one of the major the complete transformation of the Pune challenges which the Hotel Industry is city. This unpredictable growth has bought trying to cope up since approximately a in a number of changes and set certain decade. The talent in the industry is facing challenges for the hotel industry. The instability due to movement of work force outcome of this change has resulted in a from one hotel to another. This is mainly great demand for skilled and talented due to the vast opportunities in the market workforce. However, this increasing and development of industry at a faster business and extensive job opportunities rate. The situation becomes alarming when have also led to an increasing attrition rate the level of attrition surpasses acceptable in the Hotel Industry. This has become one levels and a major reduction in number of of the biggest concerns for the hospitality staff members including highly qualified or industry. The hotels in the city are facing a / and talented employees quit the tough time in finding out the ways and organization. This prominently affects the means to hold their staff to continue with attrition rate and also has a significant the organization. A need for setting up of a impact on the hotel business. An imbalance dedicated Human Resource Management of work culture is also seen in the hotel due department was hence felt and adopted by to desertion of employees in a period of most of the hotels. This department is couple of years. Moreover, with working towards framing policies and continuous movement of employees it strategies in consideration of the employee becomes difficult to search new requirement and needs. They also try to replacement and a major time is spent on bridge the gap between the Management

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 recruitment and training of new personality, extensively groomed, excellent employees. Hence, the need for retention communication skills and power packed of this talent is felt on a large scale so that with professional etiquettes. This attracts the hotel work culture could be preserved multiple career options for e.g. retails and also, efforts in training the new chains, BPO’s, multi-national companies, employees could be avoided. The retention banks etc. for the hospitality professionals. of Human Resource is actually measured They are highly preferred and are in a great in terms of retention of their talent and demand in many sectors. These increasing loyalty which is considered as a major career opportunities make it even more asset of any organization. Thus, the need to difficult in retaining the talented nurture and caress the Human Resource is professionals of the industry. The HR the sole motto of Hotel Industry. department has to work extensively towards forming employee centric In order to overcome the above scenario, practices to have better talent retention and the Hotel Industry has understood the have a grip over the increasing attrition importance of creation of the Human rate and curb it to a greater extent. The Resource Department which undertakes hotel has to carefully formulate long-term this crucial task of procurement, training strategies that need to be worked out to and retention of employees. This prevent and retain the talented assets who department is focused towards framing of hold the key to business survival and various policies for the betterment of growth in the hospitality industry. employees. The policies are framed in such a manner that they appeal to the human Significance of the study psychology and further lead them to a It was observed that HR practices sense of satisfaction and develop long term formulated for the betterment of employees loyalty. It also aims at refreshing the minds seemed to be interrupted by lack of of the employees and arouses a sense of management initiatives or by setting up of belongingness to the organization. inappropriate talent retention strategies etc. Need of the study A comprehensive study of various The professionals qualified for the employee retention strategies were hospitality industry portray good required to be conducted with the help of

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 Human Resource Managers. The need for being proactive in formulation of strategies framing up of policies on the basis of a and methods for increasing the scope of psychological study of human needs was employee interests in the existing felt. Policies which could benefit, attract organization and diverting them and bring out the best in an employee were continuously from looking for a change. required to be framed. To accomplish this, This is usually done by proving an a positive and healthy work environment opportunity for a career growth in existing was felt essential in the hospitality position and hinting them that they industry. This study is targets to achieve an elevated within the organization ensuring a outcome through the feedback received possible retention. The increasing number through the various employees in the hotel of hotels generates an incredible scope for industry and were rated on a scale from the hospitality professional to shift in Strongly Agree to strongly disagree in search of betterment and change. Retaining order to find out the most effective practice such employees is a bigger challenge as a that should be adopted for retention of fresh avenue always seems to be appealing working groups. to the experienced and talented employee and is looked forwards for career gains. It Scope of the study thus becomes a need for the hotel to put It is almost impossible to retain an their best foot forward for creating internal employee who has decided to quit the attractions and in turn retaining the organization. Hence it becomes important talented employees. Some of the key and obvious to offer an effective strategy attractions identified and implemented by to avoid such a decision by an employee. It the hotels could be better pay packages, is necessary that strategies which could employee friendly work culture, staff help in holding the talent through various training and development, insurances, benefits either personal or family oriented bonus etc. This has allowed a wider scope could be effective. Therefore an effective for the study and has to understand creative talent retention strategy is the major methods parallely with the psychological requirement of the hotel industry to curb study for formulating the various benefits the attrition rate and increase the retention in the form of talent retention practices to of employees. The hotel industry does is

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 be followed in the hotel industry for talent predictions of the respondents may retention. differ accordingly with time, status, Statement of the Problem mindset and geographical zone. Desertion of employees leads to an • The study also relates to the boom increase in the attrition rate of work force and demands of the hospitality in Hotel Industry. It is an alarming industry professional in the current challenge which is presently faced by the hour and would differ in case of the hotels in and around Pune. The HR shift in a demand supply trend. department is extensively working towards framing of various policies and adoption of Definitions certain strategies with a target to curb the Hospitality Industry: It is a broad attrition rate in the Hotel Industry. Thus category of fields within the study aims at understanding the service industry that includes lodging, psychology by way of ingeniously event planning, theme parks, conducted survey and collectively transportation, cruise line, and additional analyzing the feedback. The study is in a fields within the tourism industry. category of descriptive research which had https://en.wikipedia.org/wiki/Hospitality_i to study various existing practices of ndustry Talent retention management followed in Talent Retention: A function of the HR the hotels in and around Pune and includes department tasked with reducing the surveys, fact finding enquiries of different number of employees leaving the company kinds etc. by improving key processes and

conditions. The ultimate aim is happier, Limitations of the Study loyal employees that actively want to • The study was purely based on the remain with the company. information received through the http://www.hrzone.com/hr-glossary/what- limited scope and purview of is-employee-retention survey Talent Management : Talent management • The study was relevant to the refers to the anticipation of required human existing market scenario and the capital for an organization and the information, judgment and

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 planning to meet those needs. Talent McGinley, Hanks & Line (2017) the management is the science of using study had discovered that Indian tourism strategic human resource planning to and hospitality industry is not only loaded improve business value and to make it with high turnover rates but also may soon possible for companies and organizations be in a situation of labor shortage. A better to reach their goals. understanding of industry employment https://en.wikipedia.org/wiki/Talent_mana perceptions had become a critical issue for gement. hospitality industry professionals. A particular concern was the perceptions of LITERATURE REVIEW those potential employees who do not have The research had reviewed a number of prior work experience in the industry. The relevant literatures to identify the research had considered perceptions of important elements of HR strategies that hotel employment among the segment of have been influencing talent retention in the potential employee population that has the hotel industry. An efficient HR no current or past experience working in strategies pertaining to Talent retention has hotels. Factors like payment, promotion been a powerful tool for offering quality opportunities, work-to-life conflict, and service, maximum customer and employee workplace-induced isolation are proposed satisfaction. There are a number of to significantly affect potential employees’ researches, seminars and articles on the attitudes toward hotel employment. In turn, subject are a testimony to the importance these attitudes are proposed to affect both of HR strategies on talent retention. intention to apply for hotel work and the Hospitality journals like Express intention to recommend applying for hotel Hospitality, Travel World etc. carry regular work to others. articles on the above subject. Apart from that below mentioned will also provide the Becker Frederick & Tews Michael valuable information. (2016): The study had examined the • Books / Journals / Magazines / impact of fun activities among entry-level Newsletters employees in the hospitality industry. • Internet / Websites – Citation Specifically the research had examined the

impact of various fun activities on

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 employee engagement, constituent attachment, and employee turnover. The Sandra Watson (2008) the study explored outcome of the study had demonstrated the range of research that had been that the fun activities overall were published in the field of hospitality significantly related to both engagement management and had also discussed the and constituent attachment, but not with implications of the same in the field of the turnover of employees. However, a talent management. The major findings of closer investigation of the research had the study had revealed that there are four revealed that there are specific activities key areas i.e. 1. Research which focuses on which had a direct impact on retention of factors influencing management employees. The key implication of the development; 2. Focus on hospitality study revealed that not all fun activities are management skills and capabilities; 3. equal, and they may impact workplace Work upon building a career in the outcomes differently. industry and 4. Work on hospitality management development practices. The Hanif & Yunfei (2013) the research was study had highlighted the relationship conducted to highlight the role of talent between characteristics and approaches management with HR generic strategies to traditionally associated with talent retain talent and reduce employee turnover. management. The research had determined The study had also achieved perceived HR the presentation of a framework to outcomes of a firm by implementing articulate key characteristics and also succession planning, branding, motivation influence on management development and development of effective employee pertaining to talent management in the centric policies. The study also had hospitality industry. explored HR practices like training and development, recruitment and selection, DiPietro , Robin & Condly, Steven resources and skills building of employees (2007): the study had examined that also play vital role for organizational employee turnover is reaching crisis success. The results of the study had proportions for many organizations those showed that talent management techniques are struggling to maintain proper staffing are integral part of HR generic strategies. levels. Staff turnover had been a measure

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 of performance in organizations those are gap between the hotel organization expensive in terms of financial and demands and the supply of the skilled staff. operational effectiveness. The research is important to the hotel industry not only for Chris Ashton & Lynne Morton (2005) the practitioners but also academics to help the research focuses on the key element of predict and lower turnover in various Getting the right people in pivotal roles at segments of the hospitality industry. the right time, but at the same point in time should be done effectively because proper Vinnie Jauhari, (2006): In his study talent management of employees can related to Indian Hospitality industry, create long ‐term organizational success. mentioned about the core competencies The research had also shown how to align required to make a career in the hotel talent management strategies to business Industry. The purpose of the research was goals, integrate all related processes, to examine the link between the current systems and create a talent mind set in the competency requirements of Hotel industry organization. and based on that the latest provisions made by the Indian educational institutes Hanqin Qiu Zhang, Ellen Wu, (2004) the towards the hotel management aspirants. research had studied various human The data was collected from the resource challenges faced by the Chinese academicians and the hospitality hotel and tourism industry. The key issues professionals to identify the key issues were the lack of qualified staff at both related to it. The findings of the study operational and managerial levels, high showed that, there definitely exists a gap staff turnover rates, the unwillingness of between the needs of hotel industry and the fresher’s to enter the industry, and more skill development of the existing specifically the gap between college workforce. Due to this mismatch, the hotel education and the realities of the industry. industry has to take extra efforts to groom The aim were to explore the issues by the recruited staff as per their interviewing experts form the industry and organizations’ requirement. It has further academia. The study suggests that the implications in identifying and bringing the issues should be noted by the government and by industry leaders, and academics, as

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 it will take a collaborative effort to address RESEARCH METHODOLOGY them. The various strategies adopted by the Van Dyke, Tom and Strick, Sandra hotels in the Pune region have been (1990): The major procedures of HR, compiled by carrying out a rigorous survey which includes recruitment, selection, across Pune Region. These strategies were training and retention of the employees has floated in the form of questionnaires and been the foundation stone of any upcoming the feedback was collected on the basis of organization. Intricate efforts are involved this survey. This questionnaire was in successfully completing this objective. circulated amongst mixed samples from all An employee who is freshly recruited, and work areas of the hotel. The sample types who is new to the working environment, included managerial and other staff especially in hotels, requires lot of training members which will cover almost all group and development to groom him in a of employees working in the hotels. This successful manager. This is because survey was specifically carried out to Hospitality industry demands for great evaluate the mind-set of the employee human and competitive skills, this task working in the Hotel Industry and becomes even more difficult. Concerning understand their preferences for this issue, leaders in hospitality industry continuation of their service for a longer are surveyed to determine the current period of time in the organization. status of hotel industry with regards to the managerial skills. Type of Research: A descriptive research was used to study the various existing OBJECTIVES OF THE STUDY practices of Talent Retention followed by 1. To study various factors the hotels in and around Pune city and will influencing Talent Retention in the include surveys and fact finding enquiries hospitality industry. of different kinds. 2. To identify various HR strategies Methods of Data Collection adopted by hotels for effective Primary data - was collected from the Talent Retention. Managers working in various hotels in and 3. To understand and determine the around Pune city. Primary data was impact of HR strategies on Talent Retention in the hotel industry.

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 19 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 collected through survey in the following Questionnaire – Design and ways: implementation: The questionnaire design 1. Personal Interviews : The answer was was done with the aid of experts in sought to a set of pre-conceived statistical techniques and taking into questions through personal interviews account the measurement needs & and the data was collected in a objectives of the study. The questionnaire structured way. was administered to the sample population 2. Questionnaires : Considering the and sample size. Reviews, and the additional inputs, Sampling Techniques: For this study one schedule was prepared it was a different employee from various star hotels questionnaire designed for the in and around Pune city who are working Management of the hotel to collect the at a Managerial level was taken into official information regarding the consideration. This involves a total of 100 hotel from its establishment. samples from the manager level 3. By observation : The data collection respondents from hotels of Pune city. was done by conducting visits to sample hotels. This is a primary DATA ANALYSIS & technique for collection of data on non INTERPRETATION verbal behavior observation to The data collected was analyzed using understand dynamic behavioral basic and advanced analytical tools. This process. also includes the detailed analysis of the data which was conducted with the Secondary data – was collected from purpose of attaining the set objectives of published / unpublished literature on employee talent retention in the hotel the research. Mentioned below is the analysis which be presented graphically industry, advancements in the techniques of retention, latest references available and in tabulated form for better interpretation. The Interpretation of the from the journals, newspapers, research collected data was done by drawing publications and magazines, past records and training reports of the hotel, and other inferences from the collected facts after the analysis of the study. relevant sources like internet.

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586

Table – 1 Frequency Analysis Sr. Frequency Variables Percentage No Agree Neutral Disagree 1 Provision of a Handsome Salary 88 3 9 100% Provision of Good Overtime 2 Reimbursement 72 14 14 100% Provision of Accommodation & 3 Transportation Facilities 76 20 4 100% 4 Conducting Indoor Activities 75 23 2 100% Practicing an Friendly 5 Employment culture 89 9 2 100% Efficient Grievance Handling 6 System 85 14 1 100% 7 Provision of Life Insurances 86 12 2 100% 8 Provision of Medical Insurance 89 9 2 100% Provision of Performance 9 Incentives 92 8 0 100%

Figure – 1

Observation – 1 Most of the respondents are of the opinion that, Provision of Handsome Pay package will be a great talent retention strategy; the level of disagreement amongst the respondents is comparatively very low.

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 Figure – 2

Observation – 2 Most of the respondents are of the opinion that, Provision of Overtime Reimbursements will be a great talent retention strategy; the level of disagreement amongst the respondents is comparatively very low.

Figure – 3

Observation – 3 Most of the responden ts are of the opinion that, Provision of Accommodation and Transport Facilities will be a great talent retention strategy, the level of disagreement amongst the respondents is comparatively very low.

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 22 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 Figure – 4

Observation – 4 Most of the respondents a re of the opinion that, Conducting Indoor Activities will be a great talent retention strategy; the level of disagreement amongst the respondents is comparatively very low.

Figure – 5

Observation – 5 Most of the respondents are of the opinion that, pract icing a Friendly Employment Culture will be a great talent retention strategy; the level of disagreement amongst the respondents is comparatively very low.

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 23 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 Figure – 6

Observation – 6 Most of the respondents are of the opinion that, having an efficient grievance handling mechanism will be a great talent retention strategy; the level of disagreement amongst the respondents is comparatively very low.

Figure – 7

Observation – 7 Most of the respondents are of the opinion that, Conducting Indo or Activities will be a great talent retention strategy; the level of disagreement amongst the respondents is comparatively very low.

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586

Figure – 8

Observation – 8 Most of the respondents are of the opinion that, Providing Medical Insurance will be a great talent retention strategy; the level of disagreement amongst the respondents is comparatively very low.

Figure – 9

Observation – 9 Most of the respondents are of the opinion that, providing performance incentives will be a great talent r etention strategy, the level of disagreement amongst the respondents is comparatively very low.

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 OBSERVATIONS AND DISCUSSIONS look at. As the meals on duty are taken care by the organization, similarly The first and the foremost general transport and accommodation should observation was most of the hotels was be take care by the hotel. As per the making a sincere effort towards analysis most of the respondents had implementing strategies towards talent responded positively for the provision retention in their organization. of these fringe benefits. The human resource department was 4. The HR department of the hotel should putting their best foot forward in conduct some in-house activities for implementing strategies pertaining to better staff bonding and give them an talent retention management system. The experience of having fun while hotels had formulated a number of working. It will not only keep the techniques towards the effective employee motivated but also offer implementation talent retention system something new apart from the regular observed and discussed below: schedule. As per the analysis most of

the employees were wanting some 1. Most of the hotels were offering a other activities like in other MNC’s. competitive payment packages to their 5. The work culture of any hotel plays a employees. The hotel industry was vital role in keeping the employees somehow trying to hold the talented retained with the organization. The employees by offering them a standard operating procedures and handsome salary to which most of the work patterns of any organization will respondents had responded positively. keep an employee motivated and will 2. The hotels should also provide their have better retention. It is also been employees with a good compensation strongly agreed by most of the for working overtime, because working respondents that hotels should practice for extended hours is a very common a strategy of having employee friendly phenomenon in the hotel industry and and transparent work culture which in the respondents had strongly agreed turn will benefit the organization in upon the provision of the same. having better talent retention. 3. Hotels should also provide their 6. The top management of the hotel employees with Accommodation & industry should have an efficient Transportation Facilities because that grievance handling system in place for is the first thing any employee will dealing with staff grievance by

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 implementing an efficient employee most of the respondents that provision grievance handling mechanism makes of performance based incentives will the employees feel safe and secure have better talent retention. with the organization. As per the analysis most of the respondents had FINDINGS agreed to have such a system in place which in turn will have a great impact According to the graphical representation on talent retention. shown in the above graphs about the talent 7. Hotels should work upon the provision retention management for hotel industry, of staff insurance schemes so as to give below mentioned were some of the the employees a feeling of concern and interpretations that were drawn from the also make them aware that how much analysis: the management cares and thinks about 1. Majority of the respondents were them. By providing such schemes the agreeing upon the provision of a better hotel may some impact on talent pay package and overtime retention, it is also liked by most of the compensation as it will motivate an respondents and they would like to employee to stay back in the avail such facilities. organization for a longer tenure. It will 8. Hotels should also provide their staff also benefit an employee for living a members with medical insurance like better lifestyle and on the other hand it any other corporate firm. By providing will benefit the hotel in retaining the this the hotel will make employees talented employee with the aware about how much the employee organization. and their family is important for the 2. The provision of Food, hotel which in-turn will have some Accommodation and Transport will impact on talent retention. enable an employee to concentrate on 9. The hotels should also provide their the given job because the basic staff members with performance based necessities are taken care by the incentives which will give top organization by providing these performers an opportunity to earn extra facilities the hotels would make the payoffs and on the other hand will employee satisfied on the job which in- make a non-performer to aim and turn will lead to a customer achieve the targets. As per the data satisfaction. analysis it is been strongly agreed by

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 3. The HRD should conduct several in- RECOMMENDATIONS AND house activities for the staff members SUGGESTIONS so as to offer them something different 1. It is suggested that the HRD of hotels from the regular working pattern, these could implement efficient talent activities will also create better staff retention strategies so as to increase bonding. employee tenure in the organization. 4. Hotels should offer comfortable This will benefit the organization in working conditions for their employees increasing employee productivity and as having friendly work culture will also helps in early recognizing the lead to a satisfied employee. The talented bunch of employees. system should be employee centric and 2. It is further suggested that the HRD transparent which would have a great could thoughtfully formulate impact on retaining talented transparent employee centric employees. strategies’ for the existing talented 5. The hotels should have a strong bunch of employees so as to make mechanism to handle the grievances’ them feel special and perform better. of employees correctly because these 3. The hotel industry could offer better are very sensitive issues, critical issues monetary payouts both in cash and in should be handles delicately. incentives, also having a performance 6. There should be a provision of life based appraisal system which could insurance and medical insurance for have a two folded benefit for the the staff members as this will give organization in attracting new talent them a feeling of care and safety, this and also retaining the existing talented would help in retaining talented employees for a successful future. employees to some extent.

7. The key findings for the study is that CONCLUSION hotels should have a clear strategy for having a performance based appraisal 1. The Hotel Industry would get a larger system; it should be transparent and benefit by adopting appropriate clearly communicated to the Strategies for Talent Retention as it employees. This strategy would would not only enable in retaining the certainly benefit both employer and existing talented employees for a employee. longer tenure but also help in attracting

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 new and fresh talent for a successful 3. The implementation of effective HR future with the organization. strategies would play a crucial role in the current scenario as far as talent 2. The hotel industry could adopt retention is concerned which will strategies like performance based enable an organization in retaining incentive schemes, comfortable and potential talented employees. Also friendly working conditions with a more importantly the efficiency of decent pay package would have a great those practices could be measured on a impact on talent retention, which regular interval for up gradation. would benefit the organization in establishing a good reputation in the market.

BIBLIOGRAPHY AND REFERENCES

• C. Ashton & L. Morton (2005) "Managing talent for competitive advantage: Taking a systemic approach to talent management", Strategic HR Review, Vol. 4 Iss: 5, pp.28 - 31 • F. Becker & M. Tews (2016): Fun activities at work: Do they matter to hospitality employees? Journal of Human Resources in Hospitality & Tourism. Jul-Sep2016, Vol. 15 Issue 3, p279-296. 18p. • H. Q. Zhang & E. Wu (2004) "Human resources issues facing the hotel and travel industry in China”, International Journal of Contemporary Hospitality Management, Vol. 16 Iss: 7, pp.424 - 428 • M. I. Hanif & S. Yunfei (2013) the role of talent management and HR generic strategies for talent retention. African Journal of Business Management, 7(29), 2827.

• R. DiPietro & S. Condly (2007): Employee Turnover in the Hospitality Industry: An Analysis Based on the CANE Model of Motivation, Journal of Human Resources in Hospitality & Tourism. 2007, Vol. 6 Issue 1, p1-22, 22p • S. P McGinley, L. Hanks, & N.D. Line (2017) Constraints to attracting new hotel workers: A study on industrial recruitment. International Journal of Hospitality Management, 60, 114-122.

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• S. Watson (2008) "Where are we now? A review of management development issues in the hospitality and tourism sector: Implications for talent management", International Journal of Contemporary Hospitality Management, Vol. 20 Iss: 7, pp.758 – 780 • V. Dyke, T. Sandra & S. Sandra (1990) "Recruitment, Selection and Retention of Managers in the Hotel and Restaurant Industry," Hospitality Review : Vol. 8: Iss. 1, Article 1. • V. Jauhari, (2006) "Competencies for a career in the hospitality industry: an Indian perspective", International Journal of Contemporary Hospitality Management, Vol. 18 Iss: 2, pp.123 – 134

Websites: www.HotelMotel.com www.businessdictionary.com www.managementstudyguide.com www.hrzone.com www.whatishumanresource.com www.wikipedia.org

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586

EVOLVING AGRIPRENEUR: A NEW WAY TO FORWARD SUSTAINABLE DEVELOPMENT IN AGRICULTURE

Prof. Devrshi Upadhyay, Assistant Professor, Rai University, Ahmedabad, Gujarat

Jethava Sumit , Student, School of Agriculture, Rai University, Ahmedabad, Gujarat

Dave Shivam, Student , School of Agriculture, Rai University, Ahmedabad, Gujarat

Abstract: As the successive meet towards sustainable development in agriculture now days there are several entrepreneurship boosting agripreneurs. Agripreneurs want to bring the new reform of the agri sectors that are more sustain and hold the different things in one way to establish their new startup ideas. In this paper we extract and reveal the startuper’s ideas and relate it with different sectors of agriculture. Also the collaboration in this sector is more helpful to setup new business and provides space to employment. It is more beneficial for marginal farmers those who are not aware by such information to maintain their farm and implant their products in market directly. We have to take Agriculture in a broad way including whole little strategy to enhance and blanch the acumen of the generation. Combining agriculture with different sectors as well as co act with together is little tough but not impossible. It’s a challenging a way for new startup. Together with startup we have to judge the challenging way and clear the hyperopic to establish successful business. Also it’s big opportunity to other sectors to propel their sectors in PM Narendra Modi’s way towards digitalization. It needs big hand to work together to catch up with a specific destiny. Keywords: Startup, Agripreneur, Entrepreneurship, Collaboration.

Introduction Agriculture said to be largest privet sector Agriculture changed the world in such a enterprise now a day. And it brings world a way that it is considered the Turing point new business hub by a new term that is, of human history. Agripreneurs = agriculture + entrepreneur

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 Agripreneurs expertise, and building the entrepreneurial in general, agripreneurs should be approach. proactive, curious, determined, persistence, Sustainable development is define as visionary, hard working, honest, integrity process of meeting human developments with strong management and goals while sustaining the ability of natural organizational skills. Agripreneurs also system to continue of provide the natural known as entrepreneurs. Entrepreneurs resources and ecosystem services upon may be defined as innovators who drive which the economy and society depend. change in the economy by serving new When the term sustainable combined with markets or creating new ways of doing agripreneur it makes the concept of things. Thus, an agripreneurs may be agripreneurship. someone who undertakes a variety of Agripreneurship defined as generally activities in agriculture sector in order to sustainable, community-oriented, directly be an entrepreneur. marketed agriculture. Entrepreneurship has been named as one of Level Of Skills In Entrepreneurship key drive of economic development. Skills can be described as the best and Agripreneurs are a new breed of proper way of carrying out tasks related to entrepreneurs combining their love of the farming business. The skills can be farming and agriculture with business. learnt through training which focus on Agriprenurs can range from any age group providing requisite information, however most are younger people getting experience, knowledge to provide a base back into the food business to bring for better decision making. The skills are healthy better choices to the consumer. imparted to the farmers through Institutes, Not all agriprenurs are farmers; some has EDC cells and Universities through an outside the box idea, and its spotting lectures, field work and demonstrations by opportunities where other people see none. organizing workshops, seminars etc The development of an entrepreneur refers to include to entrepreneurial skills into a I. The primary level of skills include: Basic common person, providing the desirable information of soil, tilling land with knowledge, getting higher the technical, equipments, effective communication, financial marketing and managerial team building, the competency level,

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 confidence, creativity, initiative, need for (recognizing and realizing business achievement, risk taking, desire for opportunities), strategic skills (developing independence etc. and evaluating a business strategy), II. The medium level of skills include: cooperation and networking skills Practicing more complex tasks such raising (networking and utilizing contacts).The loans, awareness about the inputs or last three skills are considered as real equipments, establishing the mini farms, entrepreneurial skills for running an use of technology, mobilization of money- enterprise i.e. food processing unit run by investment pattern and price mechanism, farmers in India designing the task etc. Sustainable agriculture culture denotes a III. The Enterprise skills: Which farmers holistic, system oriented approach to need to succeed in the business includes- farming that focuses on the professional skills (technical and interrelationship of social, economical and production), management skills (financial environmental process. and administrative), opportunity skills

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 Agripreneur and Sustainable In terms of agri-entrepreneurship now a development: A euphoric enigma day’s youth are collaborate with new We are working on an agri- innovative ideas. Collaboration is that entrepreneurship, we choose it, why? working with holding each one to produce Because from last era Agriculture is seen or gain something. With growing concerns to be as low-tech industry or business that around the long-term sustainability of limited for small area and bounded by traditional farming processes and certain numerous recessive things that not methodology collaboration in agricultural pay more attention towards agriculture. sector is more beneficial for start-up Now if we are talking about Agri-preneur preneur. it means any entrepreneur who want to We know that agriculture joined with relate their ideas in any sectors which are different sectors so collaboration, if we say belongs to agriculture or those who want likes a bonder pool to achieve new establish their business in agricultural innovation. As per our aim to establish sectors are Agripreneurs. sustainable development is an And Agri-preneurship is understood that agripreneurship is a great opportunity for generally oriented by agri-preneur, mainly entrepreneurs. However, to the focused towards establishing sustainable successfully achievement have to initiate development and inters relationships of collaboration between possibly linkage of social and environmental processes agriculture. For eco-sustainable between directly forwarded markets. development in agriculture, we have to But Agriculture is a very broad term in collaborate with rural farmers and urban means of investing newly ideas of markets as we know that agricultural sector entrepreneurship from ancient eras. Also if share more GDP alone. For eco-sustain we talked about our country agriculture is development it is necessary to balance both believed as the backbone of India. set-upping profitable collaboration and Agriculture is not a one way point directed, sustain innovative agri-integrated farming. it is cover several active areas so, if we Putting agriculture in a sustainable way is talking about boosting up this sector there a great opportunity to new innovators to so many areas that with we can make set up their ideas because agriculture self collaborations and chances to enhance it. cover so many sectors like seed industries,

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 IT industries and so many sectors so other contrary to popular belief agriculture is one than farmer so many people can of the most remunerative business which collaborate their ideas to this sector. Many can also be a glamorous one. With 60 per governments in developing countries cent of India’s population still engaged in attempt to foster agricultural development agriculture and allied activities, economists and innovation by setting up funding and policy makers often talk about the facilities, extension programs, and research need for creating new work avenues and centres and by subsidizing private-sector industries to shift a major segment of this and farm activities through fiscal population out of agriculture. But if young measures. However, when trying to entrepreneur want to hold opportunities to manage complex innovation processes set up their ideas in modern agriculture so involving many and different actors, they can merge their ideas with governments sometimes find it difficult to collaborative agricultural industries design effective interventions and therefore avoiding start-up challenges [Entrepreneur end up supporting and managing only the India]. public research and extension Enterprising young entrepreneurs who organizations that directly depend upon have flooded urban India with startups in them. Using government’s scheme young recent years have unfortunately neglected preneur can collaborate their business with the rural economy. Or to put it this way, other sector and reveal their business plan entrepreneurs who can transform the face to government. of the rural economy have failed to emerge If new entrepreneurs are looking for in rural India. Not only in developing opportunities in the agriculture industry, alternative sources of employment, the most profitable agricultural business entrepreneurship can also help radicalize ideas for young entrepreneurs are some farming techniques and bring innovation to of the best options to choose from. improve yields per hectare. But as if see Traditional agriculture might not sound too towards Indian economy merging with appealing to the youngsters of today, but sustainable development in eco via the modern agriculture has diversified into agripreneurship it is necessary for many areas which make for lucrative entrepreneur to largely avoid co-factors avenues that just might be their thing. And, that imbalance the one of them. Being able

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 to work with others is an important part of requirement for being able to collaborate being an entrepreneur, but keep in mind [Amy Rosen, Contributor, Partner at the and remind that during establishing our Public Private Strategy Group, ideas we have to perform sustainable Entrepreneur India, May 7 2015]. development without fluctuate any Role of Agripreneurship in national economy. Those who really get past this economy: concern understand that the entrepreneurial Agripreneurship plays various roles in the benefits of collaboration far outweigh growth and development of national whatever risk may be involved. In fact, economy through entrepreneurship more and more in the world of open development which increases the income platforms and the shared economy, great level and employment opportunities in new products are coming together as a rural as well as urban areas (Bairwa et al, result of many collaborators. And that is 2012, International Journal of Applied done extracting obstacles from that set-up, Research) advantages and disadvantages, challenges Agripreneurship also play following role in that come from that set-up and many the economic system: questions arise from it and how to solve • It helps in inducing productivity gains them? by smallholder farmers and integrating Entrepreneurs are not only good at sharing them into local, national and information and ideas; they are often eager international markets. for the opinions and reviews of others and • It helps in reducing food costs, supply include the best ideas of others into their uncertainties and improving the diets own thinking. While it may be possible to of the rural and urban poor in the unearth a brilliant idea by you, getting country. from inspiration to implementation as a • It also generating growth, increasing team of one is a very unlikely path. and diversifying income, and providing Successful entrepreneurs often cite entrepreneurial opportunities in both knowing what they don’t do well as critical rural and urban area. to their success. By definition, this is a

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 36 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 References:

[1] Acharya, S.S., (2007). Agribusiness in India: some facts & emerging issues, Agricultural Economics Research Review ‖, Vol.20 (Conference Issue) pp 409-424.

[2] Chengappa, P. G., Achoth, L., Mukherjee, A., Reddy, B. M. R., Ravi, P. C. and Dega, V.,(2007) Evolution of food retail chains in India, in Agricultural Diversification and Smallholders in South Asia ”, edited by P. K. Joshi, Ashok Gulati and R. Cummings (Jr), Academic Foundation, New Delhi, pp. 385-404.

[3] Harron, M. H., Shamsudin, M. N., & Latif, I. A. (2001). Challenges for Agribusiness: a Case for Malaysia. International Symposium on Agribusiness Management towards Strengthening Agricultural Development and Trade ” , 388- 400. doi: ISBN 974 – 657 – 555 - 4

[4] Punjabi, M. (2007). Emerging Environment for Agribusiness and Agro-industry Development in India: Key issues in the way forward, New Delhi: Food and Agri cultural Organization of the United Nations.

[5] Sridhar, G. and Ballabh, V., (2007). Indian agribusiness institutions for small farmers: Role, issues and challenges. InV. Ballabh (Eds.)Institutional alternatives and governance of agriculture ‖, (pp. 311-328). New Delhi: Academic Foundation.

[6] Mehra Kavita(2002), Entrepreneurial spirit of the Indian farmer-National Institute of Science Technology and Development studies, New Delhi India -Ownership and copyright Springer –Verlag Limited, AI & Soc.(2002)16:112-118.(AI& Society).

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586

ROLE OF DIGITAL INDIA INITIATIVE IN STARTUP INDIA B.Anantharaj, Head of the Department , CSE in Thiruvalluvar College of Engineering and Technology, Vandavasi, TamilNadu

S.Sivakumar, Head of the Department, MBA in Thiruvalluvar College of Engineering and Technology, Vandavasi, TamilNadu

Dr. S.Arunachalam Founder / Principal , Thiruvalluvar College of Engineering and Technology, Vandavasi, TamilNadu

ABSTRACT : The aim of this paper is to highlight the Digital India Initiatives taken by the government. Also highlighting the role of Digital India needed in different sectors and how the Startup India can contribute for the upliftment of the rural sectors. If the below mentioned areas are followed by providing essential knowledge to the rural youth, unemployment can be overcome and perennial employment opportunity can be generated for them. In turn more number of entrepreneurs can be uplifted and India can become super power.

Keywords: Employment opportunity, Digital India , Rural youth

1) E-Employment exchange − Uploading the scanned image of Creating a national level e-employment certificates and cross verifying it with exchange and integrate it with government respective boards. portals and further encourage the private − Creating separate domain for each organizations to participate in it for the professional. openings in their concern. For (e.g.) 2) Digitization of local MANDIs jobkhoj.com, chetanasforum.com, We can integrate the local MANDIs naukari.com platform. with National E-Commerce on-line − Making it compulsory for registration platform which may enhance their sales as in it after successful completion of it becomes more visible to the wholesale graduation. businessman, retailers and individuals to purchase from the nearby MANDIs.

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 3) Promoting National E-Ecommerce available in their own vernacular language platform for the Khadi Gramudyog & either by providing sub-titles or translation, PSUs the primary level kids will be tuned for All the Khadi related items can be better education and cope with the promoted for sale by integrating them in technology. National E-Commerce platform. 7) Cloud Computing for Aadarsh 4) Promoting IT Awareness to all Gram students at school level As pointed out by our honorable PM, Instead of making it specific for a we can make use of the cloud computing particular course, we can make IT as technology for rural areas that motivates compulsory for all the students irrespective them to make their village as “Aadersh of their course of choice so that Gram”. digitization can be introduced to all set of For (e.g) we can bring some social people irrespective of their awareness to the rural livings by residence/status. integrating the development in the 5) Authenticating smart Bio-Metric following are as. card which surpasses Aadhar Card Health care, Life style, Education, To avoid fraudulent behavior of the Laboratory, Women empowerment, citizens and make them tuned for the Nutrition, Waste management are some of proper utilization of Government benefits the topic of concerns which are to be smart biometric card can be initiated with highlighted to the rural people. This can be full fledged database of all the things of an made possible using cloud computing individual person. initiatives. 6) Interactive 3D Animation Some of the acute problem which storytelling to kids at primary level needs immediate attention the rural sector In Bill Gates, twitter account we can in toilet, Alcohol addiction, lack of clean check out for more details. If we encourage water, caring primary health centre and the students on this perspective the way of high school. learning becomes more fun and thus We can also bring the awareness to catalyze them becomes for study which is the rural families by ensuring them a lagging in rural India. If it is made sustainable income for a better life by

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 39 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 promoting the income generation activities 9) Promoting Incubation center of the community. ‘Get Skill and earn The graduates with their domain income’ should be the Moto to be taught expertise can register under this. Based on for them. this we can promote them for setting up of The skill development initiative incubation centre through which they can centers in the nearby location along with initially get the self employment then type of training can be made known to the become entrepreneur. Also they can guide rural youths. Unemployment can be their juniors of the same college from overcome by self employment. which they graduated or neighborhood Digital Kiosk graduates of their domain. This helps in 1. Announcement in villages reducing unemployment and gives 2. Confirmation of information confidence to the youth to become 3. Wi-Fi enables entrepreneur. This digitization makes the 8) E-Marketing initiative India a supreme power. When this is After acquiring skills and knowledge possible naturally the graduated youths on the particular domain if the rural youths will remain in their dumping of population provided the opportunity to manufacture in urban. It may even take a U-turn such some goods they need to know how to that the urban youth may try to acquire the market them. Digital India can assist them knowledge with rural youths. This helps in for e-marketing Pradhan Mandri Kaushal shifting of urban population to rural these Vikas Yojana skill development scheme by balancing the India. Also transportation helps to create an institutional framework is reduced and cost effective production for skill development in India. technology, marketing technology can be Ministry of skill development and realized. entrepreneurship assist initiatives both for 10) Making RTI mandatory in the private sector and government sector. website NSSA and NSDC aims to skill 500 million Details of government department can people by 2022. be available through RTI only on demand. The assistance of marketing their rural Instead it can be made as transparent to youths produced product is mandatory public that in turn builds confidence to the which can be got through e-marketing. public on that department.

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 40 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 11) Designing an Interactive touch cases like verification of documents can be screen in the government offices completed in a single sit. All the help like details from the TPG government offices can be embedded as The dream of Ram-Rajya can be software in the concerned offices. Without realized through TPG (Transport Public waiting for the person in that office, the Governance) which is designed for citizen should be able to get good guidance providing safety to its citizen. It will have pertaining to the office. zero social crimes, complete command and 12) Digitizing the judicial system supremacy, quickest action and immediate This helps to resolve cases at much response. faster rate in more efficient way. Simple

Police

others DMR Fire

Hospital Working Principle: CCTV camera

District monitoring room

Sequential monitoring system

Emergency Recognition software

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 41 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 Other areas that can be included for can be stored online district wise on digital India Startup are as follows: For every state government portal. all the below mentioned the Start Up India 2. Land owners, current, previous can initiative can provide assistance for Skill also be added. It can be extended to Development in Information Technology houses, apartments etc. which provides job opportunities for the 3. Payments with respect to selling Rural youths perennially. and buying of land, houses can be 1) Digitization of all records proposed to be made e-transfer of 1. Citizen record money with TDS and other taxes Birth certificate, PAN, Passport being cut from bank account during No, DL, Vehicle Registration, LPG such transfer. details can be merged into single 3) Banking related digitization database with biometrics. Net banking, Mobile banking, e- 2. State level record maintenance passbook, banking through apps promoting Providing contact details of all state e-services. Bank accounts to be merged government employees, office with PAN. bearers, location of significant 4) Consumer services government offices like EB, Water 1. Establishing e-platform for bill board, PHC, PO, Waste disposal payments through single portal centers, Civil supplies office. directly by using debit cards Providing online application of any 2. Complaints and suggestions for all state government services. departments to be made online in 3. Access data through website / easy format. helpline no. 3. Information like power cut, water 4. Criminal database. unavailability can be sent through 2) Digitization of real - estate / land SMS for registered mobile number. records 5) Transport, Health care services are to 1. Site dimension, type of land be digitized /(Agriculture, residential, 6) Digitizing Agriculture commercial, forest , government, 1. Online market price for agriculture lakes) all details pertaining to land products.

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 42 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 2. Historical data of agricultural 2. Subsidiaries from ministry, if products for analysis and research. available 3. Agriculture research Institute for 3. About tourist spot with photo effective soil a water resource gallery (time for visit, bookings management. with safety stay and travel) 4. Agriculture, farmer TV / Radio for 4. Database on authorized travel sharing information on monsoon agency / operators. data fertilizer usage, micro Conclusion: irrigation etc., same can be This paper attempts to disclose the areas applicable to livestock and explored / to be explored for digital india fisheries. in rural India which is going to produce 7. Promoting Tourism more entrepreneurs in the near future using 1. Website to tourism (tour packages) StartUp India Initiative.

REFERENCES [1] Aukur Tiwaris – http://www.aukurtiwaris.in/governance.html [2] Pradip N (Ninan) Thomas - Digital India: Understanding Information, Communication and Social Change.

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 43 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586

STARTUP IN LED LAMPS AND SOLAR PRODUCTS THROUGH MAKE INDIA CAMPAIGN-WILL IT BOOST CONSUMPTION?

Dr. Ashok Shripadrao Kurtkoti , Retired Professor & Mr. Ashraf Parwani , Partner in Raymond Retail Shop in Pune

ABSTRACT: Over the last 2 years there was awareness created by the present Indian government in using Light Emitting Diode (LED) lamps and solar products. Majority of consumers were aware that there are definite advantages of using these products. However these consumers were reluctant touse them due to higher prices. Indian government had given a boost to consumption of LED lamps by distributing these LED lamps very nominal prices. The major advantage of these electrical products is that they save power and power shortage will be curtailed. The major challenge faced by Indian manufacturers’ of these products is that they cannot compete as present foreign players like Chinese and South Korean companies offer very low prices. Make in India campaign can attract the foreign manufacturers to shift their base to India. This will boost employment to Indian skilled work force. The challenge for the Indian work force is to acquire new skill sets due to change in technology. The cost of these electrical products can substantially come down due to economics of scale and there are big opportunities in boosting the consumption of these power saving products. This will be win- win situation for India. In order to understand whether there will a boost in consumer demand of these products (after make in India takes off in full swing), a market survey was carried out in Pune city. The survey results indicate that there will a boost in consumer demand of these products after make in India even at about 15% higher prices than other present products subject to conditions that these products are tested for quality.

Keywords: Make in India, Light Emitting Diodes (LED) lamps and solar products, consumer demand.

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 44 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 Introduction few skilled work forces and this will In 2014, the Make in India programme was lead to strong labor unrest .3. You launched by the Mr. Narendra Modi, Prime cannot forget the unions. They will Minister of India. There are challenges and resolve to strikes.4. Report from opportunities for foreign players in setting Ernst& Young said in 2012, India up manufacturing units in India..Today we lags far behind other nations in live in an era of erratic and non-availability imparting skills training to its of power supply. About 45 percent of workers 5. The research and Indian costumers do not have access to development spending is very less electricity.the researchers wanted to find (MadhavanH,Times Feb 2016) out the opportunities and challenge for 2. We need to admit that India, form startups on the topic In order to understand technology point of view is lagging whether there will be boost in consumption the western world as far as of LED Lampsand solar productsafter manufacturing is concerned. Experts say that we are still a decade “Makein India” takes off in full swing, a behind advanced countries market survey was carried out in Pune city when it comes to usage of and the results are highlighted. technology and modern Literature Review manufacturing techniques. Usage of low cost technology often poses 1. Indian Prime Minister, Mr.Narendra problems in terms of product quality Modi attempted to Make India a ,reliability ,consistency and manufacturing power by declaring performance(Raj, A “Make in India campaign open to 2016 www.makeinindia.com) foreign investors .However there are 3. Renewable sources like wind, solar challenges such as 1.India lacks photovoltaic, solar thermal and bio- funds in building factories .Banks energy sources like municipal solid are unable to give loan due to non- and liquid waste, industrial waste, performing assets going up and bagasse and tapioca (bio- banks have failed to recover.2. With methanation) and small hydro plants automation used by many new have potential to develop in future. ventures, there will requirement of a

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 45 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 The clean energy technology action blocks and want to overcome red plan for Maharashtra, prepared by tape. With the new systems with Pune- based World Institute of emphasis on online transactions the Sustainable Energy (Wise), has top level corruption has reduced. estimated that Maharashtra State has However the lower level corruption a potential to generate 57,000 MW is a major concern and the present to 2, 13,000 MW of renewable government wants to reduce this energy. Wise recommended that aspect by going digital.The Indian Maharashtra make optimum use of government was already working its land and water resources to with all states. achieve low carbon and sustainable 2. Land acquisition bill . Due to energy for future development. 3 opposition from other parties, the central government hadto postpone

the land bill. Challenges faced in promoting 3. The GSTbill ispassed but LED and solar products startups implementation problems GST need to be resolved as quickly as via Make in India campaignwere possible. According to industrialist as follows: Adi Godrej,GST will boost the 1. Ease of doing business . A number Gross Domestic Product (GDP) by of permissions were required for about one percent and goods and starting a new business; this causes services will become cheaper. unnecessary delay. It alsorequires Overall it is a win-win situation for permission from central, state and all players and it will pick up the local authorities. Due to corruption demand subject to implementing it at different stages, files do not as quickly as possible. With the move and finally projects are either winter session of the parliament delayed or become economically washed off due to strong resistance unviable due to the delay.With the from opposition parties due to present Government, there is strong demonetisation. focus on reducing the tumbling

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 46 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 4. Funds required for startups 2. With the 7 th pay commission projects- the startups found very passed there will be higher difficult to get funds for their disposable income with the central projects. Even either angel investor employees. The special promotion or venture capitalists found to have programmes to central employees higher risks in extending funds to can be arranged by the producers so such startups. They were taxedat that these consumers will shift to higher rate of 20 percent than no Led lamps and solar panels. tax if the same funds are invested 3. India has the advantage of in the stock markets. demographic dividend. It is 5. Retaining manpower of startup expected that by 2030 India will projects lose skilled manpower to have about 65 percent population established players and found very below 25 to 30 years. This will hard to retain such skilled boost theeconomy as the domestic employees from leaving .Also consumption will go up. startups could not match salaries 4. The domestic market is large. India paid by established setups. being next to China in terms of 6. Investment in new technology due population. With a population to lack of funds startups found very about 125crores, it is a very large difficult to invest in new market. technology. 5. Higher productivity and low wages 6. India has high productivity and Opportunities inpromoting LED low wage structure and Solar products with regard to 7. Frequent supply interruptions and startups playersthrough Make in poor power quality has driven India campaign are as follows: many industries to develop captive generation plant having combined 1. India is an attractive market among capacity of about 25,000 MW the developing economies.

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 47 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 Table 1shows electricity consumption by consumer category –

Consumer Category Consumption Percentage (Gigawatt-hours) Domestic 89,736 25 Commercial 28,201 8 Industrial 124,573 35 Traction 9,210 3 Agriculture 87,089 24 Others 22,128 6 Total 360,937 100

Table1: Electricity consumption by consumer category There is good opportunity for startups to tap these consumers who are put in to hardship due to non-availability of uninterrupted power supply .

Government efforts in creating Statement of the problem awareness on usage of LED Lamps and 1. The solar energy and LED lighting solar products are expensive and consumers were 1. Government had distributed about 1 reluctant to shift. Can to these Crore LED Lamps at nominal products be made affordable to prices.LED Lamps The electricity common consumers after Make in distribute company consumerswill India campaign? have win -win situation as these LED 2. With many large foreign players Lamps last about 5 times long offering very low prices the startups runand can withstand better voltage can they compete in this competitive fluctuations. market? 2. There Indian government was active Research gaps in promoting solar products . Ongoing through we find that there is hardly any literature available on this

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 48 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 topic. With this research paper, the 3. To get suggestions from consumers research gaps can be understood. to increase awareness on LEDs and solar products. Managerial implications Research Design. Descriptive type. 1. If there is a delay in executing Make inIndia campaign then startups will be Scope of the study. Respondents in Pune will not be able start operations. city. 2. The startups who will participate in Duration of the study.August – Make Indiacampaign a should be December, 2016. ableproduce in very large quantities Type of Universe Approximately50Lacs. 3. In order to the consumers to go for repeat purchase the startups who will Sample Design. A purposive sampling participate in Make Indiacampaign design. they should ensure that these products Sample Size. 270domesticrespondentsand are quality products at affordable 30 startups of the topic. prices. Research Instrument. Questionnaire. 4. To boost exports international quality standards to be maintained by startups. Method of Data Collection. Both primary and secondary data was collected. Research Methodology Limitations in implementing Objectives startup culture through Make in 1. To study challenges and opportunities India campaign. in manufacturing andmarketing of LEDs and solar panels by Startups of a. Poor efforts by the government, social Make in India campaign. activists in creating awareness and customer education of products under 2. To examine the “Make in India” study. campaignand its impact on consumption ofenergy efficient power saving devices in-India.

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 49 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 b. Distribution companies are inefficient left for their home town due to lack of and are unable to provide uninterrupted money this has really effected startups. 24by 7 powers In order to understand whether startupswill c. No special incentives are given by the boost consumption,the market a survey government for using LEDs and xolar was carried out and the results are products. highlighted- d. There is a delay in implementing land Demographic Profile(for domestic acquisition bill, due to political consumers). opposition. Family Size 2 to 4 members. Gender135 e. Demontisation The startup employees male and 135 female consumers Ages 18 are busy standing in queue for getting to 60 years. new currency. The workers have also

Market Survey Results A. Table 2shows theconsumers’ response touseLED and Solar products. Count of Gender Column Labels % % Row Labels Female Male Female Male

Cannot Say 10 15 7.5 11.1 No 75 80 55.5 60 Yes 50 40 37 28.9 Grand Total 135 135 135 135

Table 2:Consumers’ response to use LED and Solar products. Referring to Table 2 key findings are – 1. Majority of respondents are not using consume LED and solar products 2. Thefemale consumer’s response usage of LED and solar productsis higher than male consumer’sresponse

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 50 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 B.The respondents comments of electricity consumers on the following statements is shown in Table 3

Statements to get electricity consumers Response response to the impact of startups via Make in Indiacampaign. Startups via Make in India will boost Yes No Cannot Say 1. Useof energy efficient LEDif prices 250 10 10 arereduced and quality is better 2. Useof solar heater cookersif prices are 255 15 0 reduced and quality is better 3. Use of products and brands of companies 185 65 20 which are starrated 4. Shifting to new premises only if they 200 25 45 areprovided with energy efficient lighting system.

Table 3: Statements to get electricity consumers response to the impact of startups via Make in India campaign Referring to Table 3, key findings of startups were 1. Use of LED lamps, solar products, will go up after Make in India due to affordability and subject to maintaining quality. 2. Use of solar heater and solar cookers would go up , if costs were reduced and quality was better 3. Use of products and brands of companies which are starrated would go up 4. When respondents were asked about shifting to new premises only if they were provided with energy efficient lighting system after Make India, they stated that they were willing do so only if startup ensure quality products at affordable prices. Startups consumers’ willingness to pay up to 15% higher prices for energy efficient LED lamps, solar heaters and solar cookers is shown in table 4

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 51 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586

Consumers’ willingness to pay 15% higher prices Response for energy efficient LED lamps, solar heaters and solar cookers.

1. Consumers’ willingness to pay 5% to 10% higher 211Nos. prices for energy efficient LED Lamps, solar heaters and solar cookers.

2. Not willing to pay higher price. 59 Nos.

Total 270 Nos.

Table4: Startups consumers’ willingness to pay up to 15% higher prices for energy efficient LED lamps, solar heaters and solar cookers.

Key findings - produce via “Make in India”campaign ) ‘Z’test was used for testing the difference Majority (211 numbers) startups between two means, after verification of respondentswere willing to pay higher normality of assumption. prices for LED lamps, solar heaters and Null hypothesis solar cookers. H0: Consumers’ were willing to pay to 15 % higher prices for energy efficient LED Specific comments from consumerswho lamps, solar heaters and solar cookers. are not willing to pay higher prices Alternate hypothesis i. The present LED and solar systems were not reliable and quality of products was not H1: Consumers’ were not willing to pay to 15 higher prices for energy efficient LED known. lamps, solar heaters and solar cookers ii. We expected utilitycompaniestooffer Sample size n= 270 Nos. incentives for using these products. Hypothesis testing Table value of ‘Z’ for one tail test at 5% level of significance is 1.64. To test consumers’ are willing to pay 15 % higher prices for energy efficient led If calculated value of ‘Z’> 1.64, accept the lamps, solar products (after startups hypothesis and accept H 1, otherwise reject H0.

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 52 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 Hypothesis testing details are (domestic consumers) is shown in the following Table

Criterion Importance Satisfaction ‘Z’Value Consumers’ are Mean S.D C.V Mean S.D C.V. willing to pay 5% to 10% higher prices for energy efficient LED lamps, solar heaters and solar cookers. 4.76 0.67 14.24 3.23 1.22 37.82 18.06 Table 7: Hypothesis testing.

Where S.D. is Standard Deviation and indicated that majority consumers were C.V. is Coefficient of Variance. willing to shift LED and solar products It can be observed that even 15% higher prices than other non-

‘Z’ value for this criterion was more power saving products subject to than the table value. We, therefore, conditions that these products are at accept null hypothesis and reject available at affordable prices and tested for alternate hypothesis. quality. It will also boost exports. Efforts are required by government, social Limitations of the study activists and consumers in creating Consumers were reluctant to express frank awareness and extensive usage of these opinion on this topic. power saving products to conserve energy, Scope for Further Study protection of nature. The biggest challenge A detailed study on this research topic can is how the prices can be made affordable be carried out in India to ensure comfortable living of Indian populations for mass usage by consumers. If the with the reduction in carbon footprints products are made affordable like mobile Conclusion phones, then one can ensure that sustainable growth can be achieved and With Make in India will give big boost to can also reduce carbon foot prints. startups of products. The survey results References 1. Chen, T.B., & Chai, L.T. (2010). Attitude towards environment and green products: Consumers perspective. Management Science and Engineering , 4 (2), 27-39. 2. Damle, M. (2010, May 19) State’s renewable energy potential is 2.13 lakh MW. World

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 53 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 Institute of Sustainable Energy Report Identifies The Policy And Framework, The Times of India,Pune ,p 4 3. Dunlap, R.E., & Van Liere, K.D. (1978). The New Environmental Paradigm: A proposed measuring instrument and preliminary results. The Journal of Environmental Education , 9, 10-19 4. Laroche M., Bergeron J., &Babaro-Forleo, G. (2001). Targeting consumers who are willing to pay more for environmentally friendly products. Journal of Consumer Marketing , 18 (6), 503-520 5. Polonsky, M., &Kilbourne, W.E. (2005). Environmental attitudes and their relation to the dominant social paradigm among university students in New Zealand and Australia. Australasian Marketing Journal, 13 (2), 37-48. 6. Roberts, J. A., & Bacon, D. R. (1997). Ecologically conscious consumer buying. Journal of Business Research , 40 , 79-89 7. Weigel, R.H., &Weigel, J. (1978). Environmental concern: The development of a measure. Environmental and Behaviour , 10 , 3–15. 8. www.csenet.org/ijbm International Journal of Business management,Vol.6,No6,June 2011 ADB Evaluation Study (2007, Aug.) Energy Sector in India - Building on Success for More results Retrieved Oct 06, 2008, from htpp://www.adb.org/documents/ Reports/SADE.com 9. Bana, S. (2009, Aug. 09) Powering India, Business India , p 84- 90 10. Business India (2009, Feb 08), Six Million Indians do not have electricity, p.144 11. www.makeinindia.com 12. ( December 12)https://www.ledluxor.com/top-10-benefits-of-led-lighting retrieved on 02- 09-16

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586

STARTUP IN INDIA AND VARIOUS FUNDING OPTIONS FOR STARTUP IN INDIA

Mr. Niraj Plaha Assistant Professor, Ahmedabad Institute of Technology- Ahmedabad E-mail Id – [email protected]

ABSTRACT: India is a vast South Asian country with various terrains. India is the second most populous country in the world, with 1,336,286,256 (1.3 billion) people (May 2016), nearly a fifth of the world's population. As a growing demand for entrepreneurship in India, we see a lot of startup companies coming up in recent years. The number of startup in Ahmedabad, Gujarat itself has crossed 450. Now it’s important to see how this startup will finance their ventures, how they manage their business and who their stakeholders are. As the dreams begin to take wings, funding becomes the inevitable wind beneath those wings. One could muster up his own sources for this funding or take outside help. There are various funding options available to startup today than were available in much of history.

The paper covers the different funding options that startup have at diverse stages, along with a brief description of each of them and what the startup look for while selecting them. It includes examples of some startup companies and the various factors that prompted them to go for that funding option. The paper concludes with a discussion of the pros and cons of each option, and certain pitfalls that need to be avoided. This research aims to investigate the challenges of financing startup in India.

Keywords: Entrepreneurship, Startup, funding

STARTUP INDIA Government, through this initiative aims to empower Startups to grow through The Startup India is a flagship scheme of innovation and design. In order to meet the the Government of India, planned to build objectives of the proposal, Government of a strong ecosystem for development India announced an Action Plan that innovation and Startups in the country. addresses all aspects of the Startup system. This will make sustainable economic With this Action Plan, the Government development and make large scale hopes to speed up spreading of the Startup employment opportunities. The movement from digital/ technology sector

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 55 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 to a wide collection of sectors including promoting bank financing for start-up agriculture, manufacturing, social sector, ventures to boost entrepreneurship and healthcare, education, etc. encourage start ups with jobs creation. It has been focused on to restrict role of The Action Plan is divided across the States in policy area and to get rid of following areas: "license raj" and hindrances like in land • Simplification and Handholding permissions, foreign investment proposal, environmental clearances. It was organized • Funding Support and Incentives by Department of Industrial Policy and • Industry-Academia Partnership and Promotion (DIPP). Incubation A startup is an entity that is headquartered Startup companies usually come in in India which was opened less than five different forms, but the term is often years ago and has an annual turnover less associated with high growth and than 25 technology-oriented companies. Investors crore (US$3.7 million). The Standup India are generally attracted to these companies, initiative is also aimed at promoting since they are distinguished by their entrepreneurship among SCs/STs, women risk/reward profile and scalability. That is, communities. Rural India's version of they have lower recovery costs and higher Startup India was named the Deen Dayal return on investment. However, there is Upadhyay Swaniyojan Yojana. also a higher risk in the initial stages. Many startups become successful because FINANCE FOR STARTUP IN INDIA. they are more scalable than an established Blood is the main source to survive the business, as they can grow rapidly with human body and to be alive; in the same limited investment of capital and way we can say that Finance is the blood resources. of the Business or any organization. As

human being cannot live without blood in STARTUP IN INDIA the same way the business also cannot be The campaign was first announced by survive in the market. Financing is Prime Minister Narendra Modi in his 15 necessary at every stage of a business life August 2015 address from the Red Fort. cycle. It is required to help MSMEs set up The main objective of this campaign is and expand their operations, and to based on an action plan aimed at develop new products. India has a well

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 56 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 developed financial system, comprising to the financing needs of the Micro, Small banks, financial institutions, n on banking & Medium sized businesses. Finance is financial companies and also venture required by a business enterprise at almost capital companies. every stage of the business life cycle. MSMEs often find it difficult to arrange All these institutions provide to the adequate finance for their operat ions as different financial needs of the Startups as well as for expansion and growth. These well as existing businesses. Various enterprises can raise finance by various schemes are being implemented by various methods. Below are some of the ways to banks and financial institu tions to provide raise long term and short term capital.

SOURCES OF FINANCE

The financial need of the organization or the startup business can be covered by the long term capital need and short term capital need.

Sources of Finance

Long term Short term Capital Capital

SOURCES OF LONG TERM CAPITAL The startup can take the advantage of long terms sources of capital as follow:

Issue of Shares Reinvestment of Issue of Profit Debentures

Loans from Sources of Public commerical banks/ long term Deposits Financial Institutions capital

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586

REINVESTMENT OF PROFITS LOANS FROM COMMERCIAL

The companies usually get the profit from BANKS/FINANCIAL INSTITUTIONS their business after sometime or after the It is not necessary that the organization or business get settled in the market. Now it the startup is setup by the own capital. is the responsibility of the organization Sometimes or most of the time the capital that how the profit is being used? The is borrowed from somewhere. Now it all company can reinvestment the profit in the depend on the time that how the capital is same startup project or in some other borrowed and now timely it is been paid. project or it may use it as to enjoy the Medium and long term loans required for profit as a dividend. The Profitable setting up projects can be obtained from companies do not generally distribute the banks and \or financial institutions for all whole amount of profits as dividend but, viable projects. Similarly, funds required transfer certain proportion to reserves. This for modernisation and renovation schemes may be regarded as reinvestment of profits can be borrowed from them. Such loans or ploughing back of profits. As these are generally secured by mortgage of the retained profits actually belong to the Company's properties; pledge of shares, shareholders of the company, these are personal guarantees etc. treated as a part of ownership capital. PUBLIC DEPOSITS Retention of profits is a sort of self For further the start-ups can even take the financing of business. advantage of public deposits. Companies The reserves built up over the years by often raise funds by inviting their ploughing back of profits may be utilised shareholders, employees and the general by the company for the purposes such as public to deposit their savings with the Expansion of the undertaking, Meeting company. The Companies Act permits permanent or special working capital such deposits to be received for a period requirement, etc. The company can take up to 3 years at a time. Public deposits can benefits of this source of finance by be raised by companies to meet their increases the credit worthiness of the medium-term as well as short-term company, reduces the dependence on financial needs. The company can take the external sources of finance, and enables advantage of these public deposits as rate the company to adopt a stable dividend of interest the companies have to pay on policy.

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 58 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 them is attractive, they are unsecured and • Preference shares : dividend is it is easier method of mobilising funds payable on these shares at a fixed rate than banks, especially during periods of and is payable only if there are profits. credit squeeze. Hence, there is no compulsory burden on the company's finances. Such shares ISSUE OF SHARES It is the most important method. The do not give voting rights. liability of shareholders is limited to the ISSUE OF DEBENTURES face value of shares, and they are also The startup company can take the easily transferable. A private company advantage of debentures also in the cannot invite the general public to modern era. Companies generally have subscribe for its share capital and its shares powers to borrow and raise loans by are also not freely transferable. But for issuing debentures. The rate of interest public limited companies there are no such payable on debentures is fixed at the time restrictions. of issue and the debentures have a charge There are two types of shares:- on the property or assets of the company, • Equity shares : the rate of dividend on which provide the necessary security. The these shares depends on the profits company is liable to pay interest even if available and the discretion of there are no profits. Debentures are mostly directors. Hence, there is no fixed issued to finance the long-term burden on the company. Each share requirements of business and do not carry carries one vote. any voting rights. SOURCES OF SHORT TERM CAPITAL The startup can take the advantage of short term sources of finance by following ways

Trade Credit

Bank Short term Discounting overdraft or sources of Bill of Cash Credit finance Exchange

Factoring

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 59 ~

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BANK OVERDRAFT AND CASH automatic increase in the volume of CREDIT purchases, and more of trade credit is available. It is a common method adopted by companies for meeting short-term financial DISCOUNTING BILLS OF requirements. Cash credit refers to an EXCHANGE arrangement whereby the commercial bank allows money to be drawn as advances This method is widely used by companies from time to time within a specified limit. for raising short-term finance. When the This facility is granted against the security goods are sold on credit, bills of exchange of goods in stock, or promissory notes are generally drawn for acceptance by the bearing a second signature, or other buyers of goods. Instead of holding the marketable instruments like Government bills till the date of maturity, companies bonds. Overdraft is a temporary can discount them with commercial banks arrangement with the bank which permits on payment of a charge known as bank the company to overdraw from its current discount. The rate of discount to be deposit account with the bank up to a charged by banks is prescribed by the certain limit. The overdraft facility is also Reserve Bank of India from time to time. granted against securities. The rate of The amount of discount is deducted from interest charged on cash credit and the value of bills at the time of overdraft is relatively much higher than the discounting. The cost of raising finance by rate of interest on bank deposits. this method is the discount charged by the bank. TRADE CREDIT

Companies buy raw materials, FACTORING components, stores and spare parts on The amounts due to a company from credit from different suppliers. Generally customers, on account of credit sale suppliers grant credit for a period of 3 to 6 generally remain outstanding during the months, and thus provide short-term period of credit allowed i.e. till the dues finance to the company. Availability of are collected from the debtors. The book this type of finance is connected with the debts may be assigned to a bank and cash volume of business. When the production realised in advance from the bank. Thus, and sale of goods increase, there is the responsibility of collecting the debtors'

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 60 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 balance is taken over by the bank on sources of capital. An entrepreneur has to payment of specified charges by the analyze various situations before selecting company. book debts may be assigned by a financing option, or deciding when to the seller to a FACTOR, who who will move from one option to another; the provide about 80 - 85 % or more of the correct decision taken at the correct time value of the book debt, as advance to the can result in great benefits, not only for the seller. The FACTOR will also undertake start-up venture and the entrepreneur, but the task of collecting the amount also for all the stakeholders involved. If we representing the debt (credit sales) from remain without external funding for too the debtors. Factoring is an important long, we may be unable to take advantage avenue of raising short funds against the of market opportunities. Now the big receivables for the MSME units. The question is – How do we prepare our charges payable to the FACTOR is treated business for fund raising? It’s better to as cost of raising the funds start from the beginning with good corporate governance as it might get hard CONCLUSION to go back later and try to exert fiscal Finance is the only tool to run the startup discipline. Thus we can take the advantage and servive in the market. If we want to of both the external and internal sources of grow really fast, we probably need outside finance.

REFERENCES

1. DR. LINA SONNE, OKAPI, A SNAPSHOT OF INDIA’S START-UP ECOSYSTEM, A REPORT BASED ON START-UP CONCLAVE 2015, NEW DELHI. 2. HENRY ONG, INTERNAL AND EXTERNAL SOURCES OF FUNDS FOR YOUR BUSINESS, ENTREPRENEUR PHILIPPINES, AUGUST 2012 . 3. HTTPS://WWW.ENTREPRENEUR.COM/ARTICLE/52718 4. MARTIN ZWILLING, TOP 10 SOURCES OF FUNDING FOR START-UPS, FORBES, DECEMBER, 2010. 5. WWW.GOOGLE.CO.IN 6. WWW.WIKIPEDIA.ORG

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 61 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586

MULTI CRITERIA DECISION MODELING OF STARTUPS’ SUCCESS FACTORS

Paulrajan Rajkumar, School of Management Studies, Bannari Amman Institute of Technology, (Anna University) Sathyamangalam 638401

ABSTRACT : Never before in the history of India, have so many influential forces congregated to promote startups and enable them to flourish globally. In the past few years, the Indian startup ecosystem has witnessed an immense growth, despite several roadblocks, adoption of play-to-win approach by the young and enthusiastic entrepreneurs was all time high. However, the direct involvement of government in empowering startups will certainly give a real boost. A lot of factors, including the globalization and rise of IT industry in the 90s were majorly responsible for the rise of entrepreneurship in India. Today, Indian Economy is undergoing an immense makeover with new strategies rolling into the market emphasizing and enhancing the role and contribution of startups. The start-ups in a sector influence employment change in the same as well as in other sectors. The study recommends this method by using TOPSIS technique. The technique TOPSIS use for setting a priority and thereby selection of component and use entropy method for giving coefficient to TOPSIS matrix. In this process, the statistical population to answer these questions is 42 of the startup company’s founders as experts. In this case we have extracted 11 possible components of success of startup in India as of today’s context.

Keywords: Start-ups, TOPSIS method, Entrepreneurship, Success Factors, MCDM

1. INTRODUCTION: policies play a vital role in the economic Startup is an entity that develops a and social development of a nation. In business model based on either product developing economies like India, these innovation or service innovation and policies extend support to entrepreneurs makes it scalable, replicable and self- and start-ups in overcoming the numerous reliant. Entrepreneurship and Start-up barriers while trying to promote their start-

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 62 ~ DYPIMS's International Journal of Management and Research ISSN: 2277-8586 ups. India, Brazil and China have initiated a number of activities for the significant market potential and these purpose. The 'Start-up India' programme is countries have been designing and intended to build a robust eco-system for promoting entrepreneurship/ start-up nurturing innovation and start-ups which policies among varied stakeholders will in turn drive sustainable economic towards filling their demand-supply gap growth and generate large scale and at the same time, creating employment employment opportunities in India. opportunities. Educational institutes in However, it is necessary to reflect upon the general and technical institutes in existing education system, the growth of particular play an imperative role in entrepreneurship education and training; shaping the Start up movement of a nation while creating a robust eco- system that (Hassan Farsijani et.al. 2012). can organically generate start-ups. This policy emphasizes the much-desired need Startup Policy of Government of India: for an appropriate start-up policy to propel The Government of India (GoI) has the youth of India through and beyond the announced the 'Start-up India' initiative for 21st century. Therefore, its vision has been creating a environment conducive for start- designed to underpin the nation's socio- ups in India. Different Ministries of the economic progress and development GoI have initiated several activities for this through promotion of technology driven purpose. The Government of India has student start-ups. It emphasizes the need announced 'Startup India' initiative for for a forward-looking, coherent, systematic creating an environment conducive for and comprehensive approach to design and startups in India. The startup Policy implement the 'Start-up India Programme'. announced by the Prime Minister on 16th An analysis of Indian entrepreneur profiles January, 2016 has intended to build a reveals that 32 years is the average age of strong ecosystem for nurturing innovations entrepreneurs and out of it 6 percent of and Startups in the country. This initiative them are women. Interestingly enough, the will drive sustainable economic growth majority of start-up entrepreneurs in the and will also create large scale country have a background in MNCs employment opportunities. The various (multinationals) and Indian tech companies Ministries of the Government of India have (35 percent and 27 percent respectively,

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 63 ~ DYPIMS's International Journal of Management and Research ISSN: 2277-8586 from a sample of the report). Only 13 policy. percent of start-up founders have The need for instruments such as absolutely no experience in the field before Technology Business Incubators (TBI) has launching their ventures. Student (owned) been recognized the world over for start-ups have started to contribute towards initiating technology led and knowledge market expansion and job creation. Most driven enterprises. Studies also show that of the student (owned) start-ups have such mechanisms help not only in the evolved from technology courses instead growth of technology based new of other liberal studies or social sciences enterprises but also in improving their disciplines. In recent years, a few survival rate substantially (from 30 per technological and entrepreneurship cent to over 70 per cent). TBIs also development institutions have initiated facilitate speedy commercialization of efforts to design Start-up policies for research outputs. The TBIs usually provide student ventures on their campuses. The following types of services: policy aims to create 100,000 technology • Market survey/ marketing assistance based student start-ups and a million • Business planning and training employment opportunities within the next • Organising management/ technical 10 years (2025). The policy plans on assistance achieving this by developing an ideal • Assistance in obtaining statutory entrepreneurial ecosystem and promoting approvals strong inter-institutional partnerships • Information dissemination on product among technical institutions. The policy is ideas/technologies aimed at guiding and grooming students to • Syndicating finances take up entrepreneurial careers and • Arranging legal and IPR services successfully launch their start-ups. The • Using facilities of the Host Institute policy highlights the areas and domains to (HI) at nominal charges be used, as necessary, for re-orientation in • Work space for a limited period academic curriculum as well as pedagogy • Common facilities of TBI such as to fulfill the needs of start-ups. The communication, conference, computers mentoring and handholding processes of Thus, the TBIs besides providing a student start-ups are also covered in the host of services to new enterprises (and

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 64 ~ DYPIMS's International Journal of Management and Research ISSN: 2277-8586 also to existing SMEs in the region) broadly combined under the clusters of also facilitate an atmosphere congenial Market Factor, Marketing Factor, Financial for their survival and growth. The Factor, Entrepreneurial Factor, essential feature of a TBI is that the Management Factor, Efficiency Factor, tenant companies leave the incubator Business Model Factor, Product Factor, space within 2-3 years Service Factor, Location Factor and Each TBI would focus on not more than 2-3 Regulatory Factor. Individually, ever thrust areas. The thrust areas for a TBI factor has sub-factors viz. Marketing would be identified based on the following: Factor - the level of marketing proficiency • Expertise and facilities available in the exhibited, the market launch activities HI conducted, the market information • Track record of the HI in the chosen gathering activities conducted, Financial areas Factor - stock Market performance (IPO), • Industrial climate in the region financial strength, cost of site operations, • Market potential/demand in the region Market Factor - market demographics, the • Information & Communication growth rate, competition, first entrant Technology (ICT) / Internet of Things advantage, Entrepreneur Factor - (IOT) management experience of the • Healthcare entrepreneur, the level of compatibility of • Manufacturing the entrepreneur with the venture capitalist, • Agriculture and allied fields the question of whether the venture • Clean-Tech capitalist was previously aware of the • Energy reputation of the entrepreneur, • Water Management Factor - identification of a • Services business idea that is clear and broad, planning time, planning breadth, the use of 2. LITERATURE REVIEW professionals in the start-up phase, Most of the startups are budding rapidly inability or ability to manage rapid growth during the recent years and there is another and change, Web Site Design And fact that most of them are facing special Efficiency Factor - efficiency of business challenges. Most of those challenges are model, whether the product or service is

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 65 ~ DYPIMS's International Journal of Management and Research ISSN: 2277-8586 digital or physical, web site design, also tries to identify and utilize development of web site loyalty, (commercial) product chances. It is establishment of virtual communities, identified that mostly innovators are customer service proficiency, the level of initiator of startup (Spencer and Guide customer trust, privacy and security 1995). But every startup follows their own attained, the consistency of execution and way of assessing market, arranging fund reliability of the website, Product or etc. and there are no universally accepted Service Factor - market acceptance of the procedure, as they seem to vary from one product or service, market demand, product to another and also from one product familiarity, the characteristics of industry to another (Sandanayake, et al. the product, product complexity, quality, 2008). This study approach applied with performance, degree to which product was systematic and efficient methods to digital or physical, reliability, identify success factors by variables and Entrepreneurial factor - be components and this research study used independent/own boss, use own creative the multi criteria decision modeling and skills, do enjoyable work, frustrated with linear mathematical modeling to identify previous job, Personal-opportunistic factor success factors (Sandanayake, et al. 2008). - able to work from home, make a lot of Russel and Taylor (1995) have introduced money, further career objectives, and this component as: business model factor, Market-opportunistic factor - meet a entrepreneurial factor, financial factor, service or need, exploit a market location factor, marketing factor, product opportunity, Financial needs factor - earn a factor and service factor. Melnyk and reasonable living, get off the dole. These Denzler (1996) have introduced this are also called framework of startup factor. component as: efficiency factor, Changing government policy and management factor, market factor, economical conditions are very important marketing factor, regulatory factor and to consider for making changes in startup service factor. Furthermore Lawrence and opportunities. These changes create some Lewis (1996) concluded that success chances and challenges at the same time. A factors in some United Kingdom startup successful startup company not only firms. Moreover, they found that there are knows business requirement challenges but three groups of factors decide the success

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 66 ~ DYPIMS's International Journal of Management and Research ISSN: 2277-8586 is management factor, product factor and launch in to market (Aghazadeh 2003). market factor. From the related literature TOPSIS method as a Multi Criteria review the components are selected, and Decision Making (MCDM) method is a then eliminate the repetitive components to well-known MCDM method provides an recognize all no repetitive component that effective framework for comparison based has introduced in these references, this on the evaluation of multiple criteria. component are: MCDM method has been one of the fastest • Business Model Factor growing areas of operational research, as it • Efficiency Factor is often realized that many concrete • Entrepreneurial Factor problems can be represented by several • Financial Factor (conflicting) criteria. It was described as • Location Factor the most well-known branch of decision • Management Factor making. TOPSIS method is based on this • Market Factor concept that chosen alternative should have the shortest distance from the • Marketing Factor positive-ideal solution and the longest • Product Factor distance from the negative-ideal solution. • Regulatory Factor TOPSIS defines an index called similarity • Service Factor to the positive-ideal solution and the

remoteness from the negative-ideal 3. METHODOLOGY solution. Then the method chooses an As mentioned, literature review of startup alternative with the maximum similarity to success elements, 11 components was and the positive- ideal solution. In this process, TOPSIS method was used, so that criteria the statistical population to answer these are startup success factors. Research has questions is 42 of the respondents of shown that the success factors startup companies. In this part, for each identification can help producing extracted component, questions have been significant benefits for new startup put forward that in every question the entrepreneurs to understand the process for impact of this component on any one of the startups, implementation of product or criteria has designed. service form conceiving concept to convert as commercial products, and successful

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 67 ~ DYPIMS's International Journal of Management and Research ISSN: 2277-8586 4. DATA ANALYSIS reduction as a criterion in startup Data in Table 1 show the geometric mean successes. Table 2 shows the weight of e very question. For example, geometric recognition matrix for asked criteria in mean of persons’ answer related to effect TOPSIS method. This Table shows that of Market Factor to inventory reduction is this criteria’s weight extracted from 8.45; this data show relatively extreme answer data matrix (Table 1) by entropy effect of this component on inventory method where Ej, dj and Wj are:

is number of components and is Table 2 value

Table 1 Data Matrix Impact Innovation Product Inventory Employee Criteria Value or Involvement

Component Service

Market Factor 8.19 5.61 2.97 8.45 4.89 Marketing Factor 3.87 4.40 4.69 5.32 2.90 Financial Factor 1.00 1.14 4.12 4.17 1.31 Entrepreneurial Factor 1.14 1.31 3.40 4.69 1.00 Management Factor 8.72 8.45 4.58 4.58 2.97 Efficiency Factor 1.00 1.14 6.23 4.69 1.00 Business Model Factor 3.40 2.97 8.45 7.45 5.26 Product Factor 1.98 2.78 5.43 3.58 4.12 Service Factor 1.14 1.14 1.40 4.58 1.14 Location Factor 1.22 1.84 1.22 1.22 1.00 Regulatory Factor 1.14 1.00 6.50 1.14 2.61 Column sum 32.80 31.78 48.99 50.12 28.21

13.45 12.19 16.30 16.61 21.00

Source: Hassan Farsijani et.al. (2012).

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 68 ~ DYPIMS's International Journal of Management and Research ISSN: 2277-8586

As depicted in table 3, ND Matrix or Table 1 Normalized Data has been established by product of normalization of Table 1’s data (Table 3) and Table 2’s data. After obtaining the V matrix, all of criteria conceptually are in this manner that it is better for them that they are more and more, thus the positive and negative ideal solution perform as:

A+ is positive ideal alternative and A - is negative ideal alternative.

Table 2 Weight Recognition Matrix for multi Criteria

Component W1 W2 W3 W4 W5 Market Factor 0.249 0.176 0.060 0.168 0.173 Marketing Factor 0.117 0.138 0.095 0.106 0.102 Financial Factor 0.030 0.035 0.084 0.083 0.046 Entrepreneurial Factor 0.034 0.041 0.069 0.093 0.035 Management Factor 0.265 0.265 0.093 0.091 0.105 Efficiency Factor 0.030 0.035 0.127 0.093 0.035 Business Model Factor 0.100 0.093 0.172 0.148 0.186 Product Factor 0.060 0.087 0.110 0.076 0.146 Service Factor 0.034 0.035 0.028 0.091 0.400 Location Factor 0.037 0.057 0.024 0.024 0.035 Regulatory Factor 0.034 0.031 0.132 0.022 0.090 Ej 0.884 0.883 0.946 0.948 0.919 dj = 1 – Ej 0.116 0.117 0.054 0.052 0.081 Wj 0.276 0.227 0.128 0.123 0.192 Source: Hassan Farsijani et.al. (2012).

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 69 ~ DYPIMS's International Journal of Management and Research ISSN: 2277-8586

Then in next phase:

d1+ = .074, d1- = .203, CL 1+ = .7328

d2+ = .144, d2- = .109, CL 2+ = .4308

d3+ = .243, d3- = .050, CL 3+ = .1706

d4+ = .244, d4- = .035, CL 4+ = .1254

d5+ = .050, d5- = .236, CL 5+ = .8251

d6+ = .245, d6- = .042, CL 6+ = .1460

d7+ = .165, d7- = .121, CL 7+ = .5769

d8+ = .194, d8- = .080, CL 8+ = .2919

d9+ = .243, d9- = .029, CL 9+ = .1066

d10+ = .248, d10 -= .023, CL 10+ = .0848

d11+ = .246, d11 - = .034, CL 11+ = .1214

Table 3 ND Matrixes (Normalized Data)

Component NV1 NV2 NV3 NV4 NV5 Market Factor 0.608 0.460 0.182 0.508 0.492 Marketing Factor 0.287 0.360 0.287 0.320 0.292 Financial Factor 0.074 0.093 0.252 0.151 0.131 Entrepreneurial Factor 0.084 0.107 0.208 0.251 0.100 Management Factor 0.648 0.693 0.28 0.275 0.299 Efficiency Factor 0.074 0.093 0.287 0.282 0.100 Business Model Factor 0.252 0.243 0.457 0.448 0.529 Product Factor 0.147 0.228 0.234 0.230 0.414 Service Factor 0.084 0.093 0.28 0.275 0.114 Location Factor 0.090 0.150 0.074 0.073 0.100 Regulatory Factor 0.084 0.082 0.069 0.063 0.262 Source: Hassan Farsijani et.al. (2012).

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 70 ~ DYPIMS's International Journal of Management and Research ISSN: 2277-8586 Table 4 V Matrix

Component V1 V2 V3 V4 V5 Market Factor 167.00 127.00 23.00 62.00 94.00 Marketing Factor 79.00 99.00 36.00 39.00 56.00 Financial Factor 2.00 25.00 36.00 39.00 25.00 Entrepreneurial Factor 23.00 29.00 32.00 3.00 19.00 Management Factor 178.00 191.00 35.00 33.00 57.00 Efficiency Factor 2.00 25.00 36.00 34.00 19.00 Business Model Factor 69.00 67.00 58.00 55.00 101.00 Product Factor 4.00 63.00 29.00 28.00 79.00 Service Factor 23.00 25.00 35.00 33.00 21.00 Location Factor 24.00 41.00 9.00 7.00 19.00 Regulatory Factor 23.00 22.00 8.00 7.00 5.00 Source: Hassan Farsijani et.al. (2012).

Also Table 5 shows the amount of component priorities in these companies and Table 6 shows the priority information about priority information about startup success component for these companies. As this table shows, the first five components show about 80 per cent of priorities in these companies and other components that they are 6 components, show 20 percent of priorities variation. Thus it is better for these companies that take care of these 5 components as first stage. This procedure used in factor analysis to select factors. In fact, the first five components are the selected components for these companies. Figure 1 (linear diagram) shows these facts.

Table 5 Component ranking by priorities Component Rank Distance Distance Market Factor 2 0.73 CL1 Marketing Factor 4 0.43 CL2 Financial Factor 6 0.17 CL3 Entrepreneurial Factor 8 0.13 CL4 Management Factor 1 0.83 CL5 Efficiency Factor 7 0.15 CL6 Business Model Factor 3 0.58 CL7 Product Factor 5 0.29 CL8 Service Factor 10 0.11 CL9 Location Factor 11 0.08 CL10 Regulatory Factor 9 0.12 CL11 Source: Hassan Farsijani et.al. (2012).

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 71 ~ DYPIMS's International Journal of Management and Research ISSN: 2277-8586

Table 6 Priority Information about Startup Success Component

Priority Components Distance Cumulative Cumulative Distance Distance Percent 1 Management Factor 0.8251 0.8251 0.2284 2 Market Factor 0.7328 1.5579 0.4313 3 Business Model Factor 0.5769 2.1348 0.5910 4 Marketing Factor 0.4308 2.5656 0.7102 5 Product Factor 0.2919 2.8575 0.7910 6 Financial Factor 0.1706 3.0281 0.8383 7 Efficiency Factor 0.1460 3.1741 0.8787 8 Entrepreneurial Factor 0.1254 3.2995 0.9134

9 Regulatory Factor 0.1214 3.4209 0.9470

10 Service Factor 0.1066 3.5275 0.9765 11 Location Factor 0.0848 3.6123 1.0000

Source: Hassan Farsijani et.al. (2012).

Source: Hassan Farsijani et.al. (2012).

Figure 1 Linear Diagram for Priority of Components

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 72 ~ DYPIMS's International Journal of Management and Research ISSN: 2277-8586 5. CONCLUSION 3. Business Model Factor The components that startup companies 4. Marketing Factor need to consider for successful and 5. Product Factor sustainable execution are different in different industries and companies. But the 6. Financial Factor common factors are listed below. Among 7. Efficiency Factor the common factors, the priorities and 8. Entrepreneurial Factor importance are different. A generic 9. Regulatory Factor formula which can be adaptable to all type of startups i.e all types of industries from 10. Service Factor Information Technology to service 11. Location Factor industry. The flow the logical priorities of This priority will be confirmed only if the factors are as per the following order: logical priorities those startups as a project 1. Management Factor substantially need to do not decompose. 2. Market Factor

REFERENCE: Aghazadeh, S. (2003). Inventory and competition in the global environment: a comparative study of American and Japanese values in auto industry, Cross Cultural Management 10 (4): 29-42. Government of India (GoI), (2016), Ministry of Commerce and Industry (Department of Industrial Policy and Promotion) Gaztte Notification New Delhi, G.S.R. 180(E), 17 February, 2016 Hassan Farsijani, Yasser Sobhani Fard, Maryam Akhavan Kharazian, and Mohsen Shafiei Nikabadi (2012). A Method for Identifying Critical Success Factors of Statrtup Implementation in Different Circumstances (Case Study: Appliance Industry), International Journal of Supply Chain Management Systems, Vol. 1 No. 1, pp 1-9 Lawrence, J., H., Lewis, (1996). Understanding the use of just-in-time purchasing in a developing country: the case of Mexico, International Journal of Operations & Production Management 16 (6): 68-90. Melnyk, S. A. and D. R., Denzler, (1996). Operations management, Value derived approach, Mc-Graw-Hill, New York, NY. Russel, R. S., and B. W., Taylor, (1995). Operation management: Focusing on quality and competiveness, Prentice-Hall, Englewood Cliffs, NJ. Sandanayake, Y.G., C. F. Oduoza, and D. G., Proverbs, (2008). A systematic modeling and simulation approach for organization performance optimization, Robotics and Computer- Integrated Manufacturing 6 (11): 735-743. Spencer, M. S., and V. D., Guide, (1995). An exploration of the components of Statrups: Case study and survey results, International Journal of operations and productions management 15 (5): 72-83.

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STARTUP INDIA: A CHALLENGING WAY OF THRONES

Mr. Jignesh N. Vidani , Assistant Professor- Management, Rai Business School, Ahmedabad-382260 Mr. Pradeep Kumar Chack , Chief Librarian,Rai University, Ahmedabad Mr. Divyarajsinh N. Rathod , Assistant Professor- Automobile Engineering, School of Engineering and applied science, Rai University, Ahmedabad

ABSTRACT: Start-up India a scheme by the Narendra Modi’s government and also an initiative towards better entrepreneurial development in India. The main aim of the government is to focus on the 70% of the young population of India who are leaving India for better opportunities. The government has made many arrangements for the youth to get into the field of business rather than going for the job. Actually speaking this is the right time for this as 65% to 70% of the total population in India is between the age group of 25 to 35 years, where actually a person can take challenges and works in the development of his/her career. There are many youngsters who have excellent ideas about the business but cannot get into it as they don’t get support from the friends or family. One of the challenges is that also where parents want their children to earn a fixed income though private or government jobs. Many ideas are crushed under the parents’ expectations during its birth stage itself. Second huge challenge is finance, as we all know there is no honey without money and business is one which needs huge amount of cash inflow. The lack of technical expertise of how the idea will work is also one of the challenges in the startups. In addition to that young populations don’t have that patience to wait for the business to prosper and give them fruits of their investment. Here in this paper an attempt has been made to look into the challenges that the startups face in India.

Keywords: Startup India, Technical Expertise, Entrepreneurship, Entreprise, Business

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 74 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 Introduction working towards innovation, development, The meaning of startup is any entity which deployment or commercialization of new is incorporated or is registered in our products, processes or services driven by country India not before five years, with an technology or intellectual property.” annual turnover not more than Rs. 25 crore Research Objectives in any of the preceding financial year, • To showcase the challenges that the working in the path of innovation young Startups India scheme faces in development, deployment or its implementation stage. commercialization of newly developed • To find out the top successful products, processes or services driven by startups in India. technology or intellectual Property. It also has a condition that this business Research Design should not be formed by either splitting up Research : To study challenges or reconstruction of a business which is Problem faced by new startups in already in an existence. India In addition to that the business entity shall Period of : 20 - 25 days conclude to be a startup if its turnover for Research the previous financial years has been Type of : Secondary exceeding Rs. 25 crore or it has also analysis completed 5 years from the date of its Data : Internet, Newspapers, registration. Collection Magazines and Videos According to the world bank’s report, India Method th is ranked 130 out of 189 economies on the Type of : Descriptive Research easiness of trading in international markets Research th and 157 in the easiness of paying taxes. Definition Startup Business Challenges For the purpose of Government scheme, Culture and awareness: “Startup means an entity, incorporated or The Indian culture has conditioned people to registered in India not prior to five years, look down upon failure. For failures, with annual turnover not exceeding INR 25 opinions do come by but encouragement Crore in any preceding financial year, rarely so entrepreneurship is often about

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 75 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 failing and learning from those failures and organizations is the lack of quality starting all over again. People need to start mentorship, especially in terms of industry accepting failures and allow second chances. knowledge/ support. Most common questions for anyone to Market structure : India markets are largely become an entrepreneur: unorganized and fragmented that create a what to do: problem related to creating a roadblock for startup to succeed. business idea, finding business opportunity Consumer behavior: behavior of Indian or having a vision. consumer changes in every 30- 50 km that why to do: issues related to makes it really difficult for a startup to reward/incentives analysis, risk evaluation create business or market strategy for their or any other benefits. products or services. Most startups generally How to do : issues relatedto legalities and get stuck in stagnancy and gradually shut requirements such as clearances , licenses, down. approvals. Issues related to resource Location: An important problem faced by availability including finances, technology startups is related to location of their and manpower supply. Most people think business. India is place of varied culture and that having a domain name, setting up a taste and thus every product might not be website, moving to a social media are welcomed equally in every region. complex, costly and time consuming. People Technology: are conscious about risk and rewards, and Technology infrastructure : appropriate IT India is reffered to as a price sensitive infrastructure has become a need for Indian market. People at a large are unaware about businesses given the growing number of how they can contribute to economic consumer online. It is absolutely vital for growth, generate employment, and new startups to train their employees for contribute to social development. handling critical customer information such Social issues: as that of credit cards numbers and related a Mentorship/guidance: most founders of data. failed startups feel that the lack of proper Cyber security : most startups have a B2B guidance and mentorship is a major reason business model. This is why cyber risk may behind their failure. An important factor rise as they are not aware of potential risks behind failures and slow growth of some that might exist for their startup business.

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 76 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 No back- up plan to keep the startup are unable to mitigate the gap between burn company running when an accident destroys rate and revenue. some key equipment in their data centre. Cash flow management : effective cash Financial issues: management is an important factor to Operational finance : most startups are self/ achieve objectives both short term and long family funded with limited workforce who term. Cash is still a preferred option for makes it difficult to maintain records both payments owing to the fact that electronic financial and operational. Flawed business payment has not achieved complete models and lack of innovative revenues penetration to tier 2 and tier 3 cities. Gap strategies have led to the failure of many between burn rates and revenues. Giving startups and they are forced to shut down rising competition from peers both from big operations. Overcoming unnecessary as well as small, it becomes imperative for business steps to manage business startups to scale up the business and require operations. external funding for the sustainability/ Funding/capital deficiencies: capital and growth in the market. Evolution on the basis access to capital has been a perennial of funding: mega funding and mega problem for startup. Government and private announcements have become a thing of the sectors investors have a set aside funds past, post consolidation on a large scale through investments channels but they are across the sector over the a lot few years. not available for all forms of business. The Both the investors and the investors and the biggest problem for such originations has entrepreneur are now more consciously been to attract investors and gain their trust focusing on innovation, capital efficiency with regard to their mode of operations. In and client/ customer satisfaction, a view the initial phase of operations, startups do which is bound to impact the funding not get funding from banks given no credit scenario hence forth. history of the firm. In addition, there is Sustainability Issues: The level of limited number of credit ratings firms for knowledge that business advisers have about small and medium sized enterprise. Depite ecological issues and their willingness to having raised good investments, startups discuss this with their clients is important in struggle to survive the competition. Startups creating business ventures. Lack of information- provision of more information

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 77 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 directly to business founders could help in Taxation issues: - taxes like octroi, vat, and the adoptions of more sustainable business excise create problems for entrepreneurs practice. Not aware of potential that might while starting up a business. NASSCOM has exist for their startup business. Role of batted for the exemption of both direct and public funding in promoting sustainable indirect taxes for all startups in India. enterprises is often overlooked. Taxation is a barrier for technology adoption Regulatory issues: multi window and proves to be an immense hurdle for clearances: budding entrepreneurs have to budding entrepreneurs. With taxations out of make multiple trips to government offices to the way, startups will be able to stem the register and seek clearances. Urgent need to cash outflow. scrap multiple regulatory clearances.

Top 10 startup deals 2011-2015

Year City Investor Investee Startup sector Startup Deal value sub sector (in US$mn)

2015 Gurgaon Warburg Ecom Logistics Ecom 132.70 pincus Express pvt Logistics ltd

2015 Gurgaon Unnamed Pisces Consumer Food tech 110.00 investors Eservices and rocket pvt. Ltd. internet AG Food panda.com

2015 Gurgaon rocket Pisces Consumer Food tech 100.00 internet and Eservices goldman pvt. Ltd. sachs Food panda.com

2014 Mumbai Softbank Housing.com Consumer Real estate 90.00 Corp - locon solutions Pvt. Ltd.

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 78 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 2014 Kanpur Tiger global Hike Consumer Apps and and bharti technologies tech Softbank Pvt. Ltd. 65.00 holdings Pte. Ltd.

2014 Gurgaon Falcon edge Pisces Consumer Food tech 60.00 capital and Eservices rocket pvt. Ltd. internet AG Food panda.com

2015 Banglore Tiger global Little internet Consumer Discovery 50.00 and SAIF Pvt. Ltd. platforms partners and Little angel investors

2015 Chennai Orbimed Net-Meds Health Consumer 50.00 and MAPE marketplace health tech advisory Pvt. group Ltd.Netmeds. com

2011 Banglore Intel capital, Happiest Enterprise Data 45.00 canaan minds infrastructure analytics, partners, technologies manageme soota and Pvt. Ltd. nt and other infrastruct founders ure

2011 Gurgaon Norwest Fashion and Consumer Retail 40.00 venture you- smile partner, group intel capital, sequoia capital india, nokia growth

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 79 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 Top 10 startup deals: 2015

Investor Investee City B2B/ Startup Startup Investment B2C sector sub sector value in US$mn

Warburg Ecom express Gurgaon B2B Logistics Ecom 132.70 pincus Pvt. Ltd. Logistics

Unnamed Pisces Gurgaon B2C Consumer Food Tech 110.00 investors and Eservices Pvt. rocket Ltd. internet AG Foodpanda.co m

Rocket Pisces Gurgaon B2C Consumer Food Tech 110.00 internet and Eservices Pvt. goldman Ltd. sachs Foodpanda.co m

Tiger global Little internet Bangalore B2C Consumer Discovery 50.00 and SAIF Pvt. Ltd. s platform partners & angel investors

Orbimed and Net- Meds Chennai B2C Health Consumer 50.00 Mape marketplace health tech adiscovery Pvt. Ltd. group Netmeds.com

Accel Portea medical Bangalore B2c Health Consumer 37.50 partners, Pvt. Ltd. health tech international finance corp, Qualcomm ventures and ventureast

Snapdeal, Nuvo logistics Gurgaon B2C Consumer Hyperlocal 36.00 sequoia, Pvt. Ltd. delivery SAIF Peppertap partners, Ru- net, JAFCO and beenext

Tiger global, Zostel Jodhpur B2C Consumer Travel & 30.00

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 80 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 orios venture hospitality Pvt. transport partners Ltd. Zo rooms

SAIF Trucks first Gurgaon B2B Logistics Ecom 30.00 partners services Pvt. logistics Ltd. Rivigo

SAIF partner, Urbanclap Delhi B2C Consumer On- 25.00 Accel technologies demand partners and india Pvt. services Bessemer venture partners

Conclusion: Indian startups. There may be more challenges also which the 90% of startups India has a number of opportunities but are facing which can be found out and a there are many key factors that leads proper solution can be given for the same. maximum startup fails as they cannot cop Also the research firms should find out pup with the existing situations. Thus various solutions to the challenges that are government should take a research study to been faced by the Indian startups. fulfill the challenges that are faced by the

References

[1] Shewta Jaswal, "Start-Up India plan on Jan 16: Modi on Mann ki Baat" , The Indian Express, 27 th January 2016, pg 6 [2] Neha Shah, "Start-Up India campaign: We are growing much faster, says Arun Jaitley : Delhi, News - India Today" , India Today Magazine, 30 th January 2016, pg 5 [3] Tarun Shah, "Start up India: This is the beginning of big bang start up boom in India, says Softbank CEO" , The Hindu Newspaper , 16 January 2016, pg 4 [4] Experts column, "RBI to create enabling framework for growth of start-ups" . The Hindu.2 nd February 2016, pg 5 [5] Expert’s column, "Startup India event Live: Adventure, doing the impossible is all entreprenership, says Uber CEO Travis Kalanick" . The Financial Express. financial express 16 th January 2016, pg 7 [6] Special Article, "Startup Mission to ink pact for innovation zone"

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 81 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586

TECHNOLOGICAL INNOVATION FOR SUSTAINABLE GROWTH AND IMPROVING ENVIRONMENT FOR TECH STARTUPS IN INDIAN HEALTHCARE

Bhagyashri Subhash Sangamnere,

Research Scholar (PhD), Business Analyst at Persistent Systems

ABSTRACT : This Paper reviews trends of innovation especially information technology in India with Healthcare organization’ perspective. Innovative practices today are necessities as they add value to the organizations as well as to the country. Organizations are encouraged to move towards sustainable and innovative processes hence they are struggling to innovate and implement processes that are unique, economically sustaining and reach deep down to every part of a population. Information technology and healthcare in this case is a match made in heaven as technology address key issues in healthcare whereas healthcare processes has technology as a backbone to cut cost without compromising on quality and scale its solutions throughout India and beyond. Currently Indian government want to effectively use its 'Make in India' and 'Digital India' campaigns to reach healthcare to the country's poorest of the poor. The Make in India program includes major new initiatives designed to improve ease of doing business in India. These initiatives mainly include new processes, new infrastructure and new sectors which help facilitate investment, foster innovation, protect intellectual property, and build best-in-class manufacturing infrastructure. A positive response has been received from within the country and outside for the 'Make in India' initiative. This paper focuses on the case of Sir H N Hospital & Research Centre which is renovated and being transformed into a state- of-the-art facility using advanced technologies.

Key words: Organizational Processes, Sustainable growth, Innovation, Technology, Healthcare, Hospital, Reliance Foundation

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 82 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 Introduction is neglected against access and India is a “dual economy” as on one affordability. hand it is the fastest growing economy on Technological Innovation its way of becoming global innovator in In India technological innovation solves key economic sectors like biotechnology, problems in two key ways: by acquiring or Information technology; IT-enabled developing technologies and by altering services (ITES) managing high-tech business models or capabilities. The products and services. On the other hand, Information and Communication India remains subsistence economy with Technology (ICT) as a powerful tool very low per capita income. India must drives societal transformation to empower, improve its innovation potential further to enlighten and enrich its people. It is the balance sustaining growth and address the continuous life-long learning committed to unmet needs of poor. innovation, helps in building the core In India, healthcare constitutes crucial competencies and competitive intelligence aspects of service which includes quality, of the people across the globe, thereby physical access to healthcare facilities and sustainable development and inclusive affordability. In absence of any of these growth. three factors patient does not get sufficient Innovative business practices today are health services hence they remain necessities as they add value to the unsatisfied. Also these aspects are organizations as well as to the country by interrelated as when physical access is increasing competitiveness, quality and unavailable people are bound to make sustainability. There is a need for unique efforts to acquire healthcare services either and practical business practice model that through increasing their expenditure or connects dots between key issues in each compromising on quality which eventually and every industrial sector. Not only increases the cost or deteriorate the quality. creating but implementing and Due to this overall healthcare become disseminating those innovative models unaffordable and inaccessible to lower efficiently and responsibly can make a real income group. However if access is impact on sustainable development in available quality is a challenge and in every sector be it in agriculture, healthcare Indian perspective most of the time quality

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 83 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 or education etc. eventually contributing to ‘Make In India’ initiative. Government economic growth. invited MNCs and other industrial Government Support and Initiatives corporations to consider India not just Whole world is pursuing the as a market but as a manufacturing hub. Innovation Agenda however the Indian Government had declared 2010-2020 ‘Make In India’ Promotion: "Zero period as a “Decade of Innovations” with Defect Zero Effect " is a slogan that signify stated plans for designing a National production mechanisms with no defects in Innovation Ecosystem to stimulate the products and the process through which public- private engagement on research product is made has zero adverse and development. Any particular nation environmental and ecological effects. The or organization is dependent on Make in India logo is derived from the Research, Innovation, Knowledge, Ashoka Chakra. The lion in the logo networking, and Competitive stands for strength and power while the intelligence. The world is looking wheels are a sign of development and forward to India as a source of progress. knowledge, information, and skilled resources. The global manufacturing landscape is evolving continuously. Various factors including cost, manpower and skills influence the decision making in manufacturing sector.

With focus on improving the industrial and manufacturing conditions in the country Mr. Narendra Modi, Make in India focuses on the following 25 Prime Minister of India, launched the sectors of the economy:

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 84 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 1. Automobiles 14. Mining 2. Automobile Components 15. Oil and Gas 3. Aviation 16. Pharmaceuticals 4. Biotechnology 17. Ports and Shipping 5. Chemicals 18. Railways 6. Construction 19. Renewable Energy 7. Defense manufacturing 20. Roads and Highways 8. Electrical Machinery 21. Space 9. Electronic systems 22. Textiles and Garments 10. Food Processing 23. Thermal Power 11. Information Technology & Business process 24. Tourism and Hospitality mgmt. 25. Wellness 12. Leather 13. Media and Entertainment

Policies: developed in identified industrial 1. New Initiatives: The Make in India corridors having connectivity, new program includes major new youth-focused programs and initiatives designed to improve ease institutions dedicated to developing of doing business in India. These specialized skills. initiatives mainly include new Here's what the government has processes, new infrastructure and new already rolled out in one year under sectors which help facilitate new initiative policy: investment, foster innovation, protect
Validity of industrial licence is intellectual property, and build best- extended to three years. in-class manufacturing infrastructure.
Environment clearances can be India’s manufacturing infrastructure sought online. and capacity for innovation is poised
All income tax returns can be filed for phenomenal growth: new smart online. cities and industrial clusters, being

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 85 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 2. Foreign Direct Investment: The multinational companies in the government has allowed 100% FDI manufacturing sector have vast in all the sectors except opportunities to tap through the “Make in Space(74%), Defence (49%) and India” initiative News Media (26%).
Global Economy on Recovery 3. Intellectual Property Facts: The mode: The campaign 'Make in India' Indian government has taken several has been launched during perfect initiatives to create a conducive time when global economy is in the environment for the protection of recovery mode and big shot foreign intellectual property rights of companies are expressing their innovators and creators by bringing interest in setting up manufacturing about changes at legislative and policy facility in India. level. The main aim of intellectual
Employment Opportunities: Under property rights (IPR) is to establish a Make In India policy government has vibrant intellectual property regime in vision to create 100 million additional the country, according to the ‘Make In jobs by 2022 in manufacturing sector. India’ website. This initiative is labor intensive and 4. National Manufacturing : The focus on creation of job in rural areas. National Manufacturing Policy is by It has objective of shifting more far the most comprehensive and workers into high-productivity sectors. significant policy initiative taken by
Foreign Direct Investment (FDI): the Government. The policy is Attracting investment as Industrial or unique for the manufacturing sector manufacturing growth is highly as it addresses areas of regulation, correlated to FDI inflows. Compared infrastructure, skill development, to peers India fares poorly on FDI. technology, availability of finance, Challenges & Problems: exit mechanism and other pertinent “Make In India” is projecting factors related to the growth of the India as feasible and competent place sector. to fulfil needs of MNC’s. The public Opportunities: Small and medium-scale relation initiatives, press conferences enterprises, Indian as well as and other promotional activities are

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 86 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 depicting the rosy picture however market; India needs to generate there are some challenges faced such millions of jobs to engage this as: population. India’s manufacturing
Share of manufacturing sector in sector is not yet flourished to absorb GDP: sufficient part of this workforce. Contribution of manufacturing to
Non-regulated administration: India’s GDP is devastatingly low i.e. For business friendly environment approximately 16%. According to the system should be efficient, hassle free, CII BCG Manufacturing Leadership with easier approval process and non- Survey 2014 shows that India expects stringent procedural & regulatory 8% to 10% growth in manufacturing on clearances. year-on-year basis with target of
Infrastructure Deficiency One of the enhancing manufacturing share in total most important issue faced by foreign GDP to 25%. manufacturers in India is
Competitive Pressures: underdeveloped Infrastructure. Power China announced a “Made in and Transport Infrastructure cited as China” campaign: to incentivize major bottlenecks. high-tech imports and research
Job-Skill Mismatch: Government is and development to boost its focusing on creating appropriate skill manufacturing sector. There will sets among rural migrants and the always be comparisons between urban poor for inclusive growth the “Make in India” and “Made in through various policies. China” campaigns on Make In India and Healthcare manufacturing targets. India As per World Bank country should constantly keep up its director in India Onno Ruhl, healthcare strength so as to outpace China's will be the key to success of the supremacy in the manufacturing government's 'Make in India' programme. sector. Ruhl also added that the national health
Demographic Problems: mission is an opportunity for the Every year very large number of government to build a good healthcare working age population is entering the system.

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 87 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 PM Narendra Modi advocates atmosphere is in favor of holistic ‘Make in India’ for healthcare too. Modi healthcare. government want to effectively use its Response to ‘Make In India’ initiative so 'Make in India' and 'Digital India' far: campaigns to reach healthcare to the A positive response has been country's poorest of the poor. He wants received from within the country and FDI to come into the sector and outside for the 'Make in India' initiative. manufacture expensive equipment required so far government has received Rs. 1,10 for medical treatments as these medical lakh crore worth of proposals from equipment are gaining importance by various companies that are interested in replacing doctor’s expertise to a large manufacturing electronics in India. extent. According to Modi "Today, the

Case Study:

Transformation of Sir HN Reliance Foundation Hospital, Mumbai

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 88 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 About Reliance Foundation , founded in Mumbai, Uttarakhand and Madhya 2010, is the philanthropic foundation of Pradesh. Reliance Industries Limited and one of the largest private foundations in India. Sir H.N. Reliance Foundation Hospital Its objective is to promote sustainable and Research Centre growth in India. Sir HN Reliance Foundation The Foundation is committed to Hospital and Research Centre is being its vision of “Health for All” and its completely rebuilt to global standards to integrated healthcare model provides provide world class tertiary care and this quality and affordable curative and transformation is managed by Reliance preventive healthcare through various Foundation. primary health centers, mobile medical The hospital is based out of clinics, health awareness and diagnostic Mumbai, it is 345-bed, multi-Speciality camps and a world class tertiary tertiary care hospital. It is ‘Patient and hospital. Family Centric’ hospital; having six core Reliance Foundation works specialty areas as Cardiac Sciences, towards leveraging technology to Nephro-Urology, Neuro Sciences, revolutionise the way healthcare is Oncology, Orthopaedics & Spine, and delivered. Through the convergence of Woman & Child Health. The new hospital technology and healthcare, the has planned latest technologies across Foundation aims to improve patient care these core specialties and it is being rebuilt and enable better and faster delivery. to deliver high standards of care. The Reliance Foundation supports hospital aims to bring about a paradigm various health initiatives in rural areas shift in the way care is delivered in India as well as urban locations. Health to move ahead in step with latest global Outreach the Reliance Foundation practices and emerge as a world class Health Outreach Programme proves health facility. medical care through Mobile Medical Units (MMUs) and Static Medical The hospital has collaborations with John Units (SMUs) at selected locations in Hopkins, MD Anderson Cancer Centre, Massachusetts General Hospital and

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 89 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 University of Southern California. The o Provides free and subsidised out- hospital is well equipped with State-of- patient and in-patient treatment to the-art Design, Architecture, Infrastructure the needy and advanced medical technologies
Infrastructure:
World-class care: o state-of-the-art infrastructure o High-Quality Care with No facilities Differentiation in Service (Health For All) o 19–storeyed, 800,000 square feet

o Scalable, Multi-Use In-Patient and o National and International Green Isolation Rooms Building Conformance.

o Operation theaters equipped with o rain water harvesting and recycling robotic surgery and online video of water conferencing, enabling live consultations with global
Latest Medical Technology: specialists o Cutting-Edge Technology,
Finest Resources: o Medical Equipment o Fully- o Manned by the finest professionals Digitised with global experience Transformation & Realignment of o Over 258 consultants in various Organization areas of specialization The original 7 floor hospital o Staff of 1,000, including building was built in 1925 which was paramedical and other support. renovated by Reliance foundation after 90+ years with the help of The

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 90 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 California-based firm TTG Corporation. A 22-story building behind the original
Hospital information system building was also renovated and jointly designed by a team of leading and
Information management 'We Care', an internationally renowned architectural app provided by SAP. It blends firm named Perkins and Will. smoothly with clinical workflow and the smartphone hands-free format of These renovated buildings were smart glasses re-opened after transformation on 25th October 2014 by the The Tower is a
India’s first hybrid cath-lab for newly constructed building, housing emergency heart operations Emergency Medical Services, the Out- Patient Department, In-Patient Services,
Diagnostics facility with Asia’s first Diagnostics, Operation Theatre Complex, new generation CT scan. Executive Health Check, and separate floors for Day Care, Woman & Child
Cloud and 4G for collecting and Health. It is proposed to have an entire storing records for all tests and floor for free and subsidised in-patient patients. beds. Located across two floors, the Intensive Critical Care Unit (ICU) has
Electronic medical records (EMR) beds configured to the single-room are maintained with accuracy for concept. There are Isolation Rooms on easy and real time access each floor.
The seamless integration of all our The hospital is equipped with radiology equipment like HIS advanced medical technology and (Hospital Information Systems) and information systems, which are the PACS (Picture Archiving and benchmarked with the best in the world. Communication System) for real-time Those technologies mainly include: transfer of data and reports across
Instant Access to Patient Medical hospital systems. Records

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 91 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586
state-of-the-art operation poor and needy people. Walk in clinics theaters equipped with robotic are also in operation for nearby slum surgery and on-line video areas. conferencing enabling live consultations with specialists Hon. Prime Minister Narendra Modi across the world Inaugurated and addressed aspects of healthcare
Google Glass in emergency care to look up the patients' past records, Prime Minister of India, Narendra including x-rays, and collaborate with Modi inaugurated the refurbished and other departments. partly new HN Reliance Foundation Hospital. PM Narendra Modi stated
International standard design and during the inauguration that “ just as equipments. MRI scan and CAT kayakalp (renewal) of the 98-year-old technology, advanced catheterization hospital by the Reliance Foundation, it laboratory and pathology laboratories. was possible to "renew and transform" the nation.”
Program piloted at the hospital to use cloud based software applications to Modi further stated that “I want FDI train medical professionals through to come into the sector. If hospitals like collaboration with the University of this are part of the network providing Chicago to improve clinical diagnosis medical advice through telemedicine, and supporting doctors in real-time and quality healthcare can reach people living evidence-based clinical decision- in remote areas for which Digital India making. It uses virtual patients and can come in handy. I want the Digital state of the art clinical reasoning tools India initiative to be effectively used for to reduce diagnostic errors and help in improving medicare and education” saving millions of lives globally. "If hospitals like this are part of the network providing medical advice through
Free mobile clinics are operated across telemedicine, quality healthcare can reach Mumbai which provides services to people living in remote areas for which

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 92 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 Digital India can come in handy. I want be shown to most of the all other areas. the Digital India initiative to be effectively Real time procedures are necessities for used for improving medicare and better service, satisfaction and efficient education," he said. coordination.

According to Modi India’s health Solutions offered: indicators need improvement – “let us SISPL equipped the OT room with all contribute to the best of our ability. centralized control surgical equipment, India should manufacture state of the including surgical devices, video monitors, art medical equipment. Focus on holistic video on demand and regulated it through healthcare. India can serve not only its a broadcast system that was specifically own people but others as well.” designed to remotely control the camera

systems (via the internet) and to remotely Specific case of Sir HN Reliance capture the video images and broadcast hospital technology integration by these, either live or on demand, to a secure Solutions India Systems Pvt. Ltd. audience using internet-based streaming (SISPL) video.

Also SISPL designed and developed Sir HN Reliance Foundation Hospital advanced tele-health solutions and Requirement: integrated operating rooms in a way to Sir HN Reliance Foundation Hospital is the world class hospital hence the demands improve patient experience, and facilitate anytime collaboration between doctors and are tremendously high to make use of hospitals. Their experts designed solutions cutting edge technology and keep it up to its brand name. Also multiple areas needs that include integrated Multipurpose Hall, Breakout areas, Training rooms and to be consolidated over a single modular system keeping the resolution and quality Operation Theatre. A range of projection and display equipment, anchored by intact but making it universal and easy to integrated rack-mounted systems were operate for all the staff installed in the hospital and it was centrally Challenges faced: controlled through Crestron Control Being hospital integration having surgery department, live surgeries needs to System and DM system. Each room has

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 93 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 been connected to central server room for accessible to lowest strata of the country. DM and Control so that they can internally Also inculcating technology in a current share the presentations or contents within healthcare practice will eventually improve themselves as well as over the video quality of health service and lower the cost conference from anywhere. Live of service hence increase efficiency to operations and surgeries are streamed to all make healthcare affordable. these areas as well as over VC using DM Being innovative and sustainable is system. High end NEC projectors, UHD agenda of various organizations including Monitors and other equipment are installed leading Reliance Foundation. Sir HN to complete the integration. Hospital is studied it is committed to the vision “Health for all” which is inclusive Conclusion and sustainable. The hospital is innovative Realignment of organizational in every aspect i.e. infrastructure, processes impacted positively. Various technology and resources as it has to companies helped and developed solutions maintain the brand. Multiple areas needed to solve healthcare challenges in the to be consolidated over a single modular hospital by leveraging technologies. system keeping the quality intact but making it universal and easy to operate for Technology innovation in India all the staff. They realigned the existing within Healthcare organizations is gaining good practices in order to integrate latest pace. Effective use of 'Make in India' and technologies so as to transform the old 'Digital India' campaigns in healthcare hospital to a new state-of-the-art health sector will further add value by being center hub.

References

1. “Make In India” Wikipedia https://en.wikipedia.org/wiki/Make_in_India

2. “Make In India” Official Website http://www.makeinindia.com/home

3. PMO www.pmindia.gov.in/en/news_updates/pm-rededicates-sir-h-n-reliance- foundation-hospital-and-research-centre-in-mumbai/

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 94 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 4. Boston Consulting Group (BCG) CII 13 th Manufacturing Summit 2014 “Make In India: Turning Vision into Reality”. www.bcgindia.com

5. National Portal of India http://india.gov.in/spotlight/business-opportunity-all-investors

6. DNA Article on PM Modi's 'Make in India' turns one: All you need to know about the initiative

7. Three Key Policies to a Successful “Make In India” Initiative, June 17, 2015 by cbcapitalresearch

8. Make in india - Challenges and way ahead. www.slideshare.net/avikrishna/make-in- india-challenges-and-way-ahead .

9. Narendra Modi's Make in India Campaign: Five challenges, September 27, 2014 http://zeenews.india.com/business/news/economy/narendra-modis-make-in-india- campaign-five-challenges_109098.html

10. Make in India Opportunities and Challenges by Deloitte, February 2015

11. Education, healthcare key to 'Make in India' success, says World Bank, January 20, 2015 www.businesstoday.in/current/economy-politics/education-healthcare-key-to-make-in- india-success-says-world-bank/story/214796.html

12. Brookings Institution Study Trip to India By William Haseltine, December 15, 2014 http://accessh.org/brookings-india/

13. www.gadgetsnow.com/tech-news/Google-Glass-may-enter-emergency-room-at- Reliance-Foundation-Hospital/articleshow/44983779.cms?from=mdr

14. www.sispl.co.in/case-studies/sir-h-n-reliance-foundation-hospital-and-research-centre/

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 95 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 RURAL WOMAN ENTREPRENEURSHIP: “FAKE OPPORTUNITIES AND REAL CHALLENGES”

Dr. Deep D. Shah , Assistant Professor, Rai Business School, Ahmedabad & Hardik V. Solanki , Assistant Professor, Rai University, Ahmedabad

ABSTRACT: Big nations such as china and India account for one third of world population and interestingly 70% of their populace in rural areas. Entrepreneurship is the professional application of knowledge, skills and competencies and/or monetizing a new idea, by an individual or a set of people by launching an enterprise. The entrepreneurship leads to the creation of capital as well led to the generation of many social benefits.

Rural women are now increasingly run their own business yet their entrepreneurial potential, managerial skill and socio-economic contribution remain largely neglected. Women entrepreneurship development is the instrument of women empowerment. Empowerment through entrepreneurship leads to self-fulfillment and makes women aware about their status, existence, right and their positions in the society. Women’s entrepreneurship is important for women’s position in society, and economic development of women will lead to development of family, community and country. It opens up new avenues for creating employment opportunities for women and men. The present paper focuses on parameters to be focused to enhance the entrepreneurial skill of rural women and in turn their empowerment.

Keywords : Entrepreneurship, woman empowerment, Social benefits, Socio-economic Contribution, Employment opportunities.

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 96 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 responsibilities. They want to be efficient Introduction workers and try hard to fulfill the job duties. Women Entrepreneurs may be The word ' entrepreneur' derives from the defined as the women or a group of women French word "Entreprendre" (to undertake) who initiate, organize and operate a in the early 16th Century it was applied to business enterprise. Government of India persons engaged in military expeditions, has defined women entrepreneurs as an and extend to cover construction and civil enterprise owned and controlled by a engineering activities in the in this 21 st women having a minimum financial century the meaning of entrepreneurs has interest of 51% of the capital and giving at changed. Entrepreneurship is more than least 51% of employment generated in the simply "starting a business." enterprise to women. Like a male The Indian economy has been witnessing a entrepreneurs a women entrepreneur has drastic change since mid -1991, with new many functions. They should explore the policies of economic liberalization, prospects of starting new enterprise; globalization and privatization initiated by undertake risks, introduction of new the Indian government. India has great innovations, coordination administration entrepreneurial potential. At present, and control of business and providing women involvement in economic activities effective leadership in all aspects of is marked by a low work participation rate, business. “Behind every successful man excessive concentration in the unorganized there is a women”, this saying equally sector and employment in less skilled jobs. contributes for the economic development of any country. “You can tell the condition Women are playing vital role in the of a nation by looking at the status of its progress of the country. The problems that women” - Jawaharlal Nehru. Definition by present day working women face can be the Government of India, “An enterprise traced back through history to the owned and controlled by a women having Neolithic times when a division of labor a minimum financial interest of 51 per cent already existed on the basis of sex. In those of the capital and giving at least 51 per days also, men hunted and women cent of the employment generated by the gathered roots and fruits. Women are enterprise to women.” conditioned with the multiple Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 97 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 But because of such circumstances or the based consulting firm Global culture of one particular society, she has to Entrepreneurship and Development face many challenges and cannot perform Institute (GEDI). Of the 17 countries with her initiation as well as with her surveyed India ranks 16th, just above power into the society. In order to find out Uganda. Countries like Turkey, Morocco the factors influencing the women to and Egypt have outperformed India. Status become entrepreneurs 18 attributes that of higher education in women in India can influence their decision were identified came out to be lower than most countries such as economic independence, in the world. At present, women’s dissatisfaction with existing job, entrepreneurial role is limited in the large unemployment, seeking challenge, self scale industries and technology based interest, self prestige, businesses. But even in small scale traditional/hereditary, employment industries, the women’s participation is opportunities, financial assistance, very low. As per the third all-India census technical knowledge, encouragement from of Small Scale Industries, only 10.11% of family members, use of idle funds, the micro and small enterprises were infrastructural facilities, entrepreneurial owned by women, and only 9.46% of them experience, market potentials, family were managed by women. While the members interest, social status and family number of women operating their own background business is increasing globally, women continue to face huge obstacles that stunt Status of women entrepreneurs in the growth of their businesses, such as lack India of capital, strict social constraints, and limited time Entrepreneurship is considered as one of Top Most Women Entrepreneurs the most important factors contributing to the development of society. India has been in India ranked among the worst performing There are top most women entrepreneurs countries in the area of women in different zone in our India. Some entrepreneurship in gender-focused global examples are Dr. Kiran Mazumdar-Shaw entrepreneurship survey, released in July (Chairman & Managing Director of 2013 by PC maker Dell and Washington Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 98 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 Biocon Ltd.), Indra Nooyi (CFO, Pepsico), women entrepreneurs are facing some Neelam Dhawan (Managing Director, major constraints Finance, Training, Microsoft India), Naina Lal Kidwai (Group Marketing, and Infrastructural and allied. General Manager & Country Head–HSBC, PROBLEMS AND India), Indu Jain (Chairperson (former), Times Group), Priya Paul (Chairperson of CHALLENGES IN WOMEN Park Hotels), Simone Tata (former ENTREPRENEURSHIP IN Chairperson of LAKME, Chairperson of INDIA Trent Limited), Mallika Srinivasan (currently the Director of TAFE- Tractors A. The problems faced by women and Farm Equipment),Chanda Kochar entrepreneur in India: Women in (MD & CEO–ICICI Bank), Sulajja Firodia India face many problems to develop Motwani (JMD–Kinetic Motors), Ekta and to manage a business. The Kapoor (JMD & Creative Director, Balaji problems and challenges faced by Telefilms), Ritu Kumar (Fashion women entrepreneurs in India which Designer), Shahnaz Hussain (CEO, can be further analyzed from different Shahnaz Herbals Inc), Jyoti nayak perspectives such as problems (President Shri Mahila Griha Udyog Lijjat regarding start up an enterprise, Papad), Ravina Raj Kohli (Founder & problems regarding managing the Executive Director, JobCorp), Preetha business and general issues women Reddy (Managing Director of Apollo faces as being women. Here, we focus Hospitals), Keya Seth (Founder of Keya on the general problems as faced by Seth’s Aromatherapy) etc. and skill. women as being woman. These are mentioned as below: The challenges and opportunities provided a. More Importance to Family Issues to the women of new era are growing and Relationships: Married woman rapidly that the job seekers are turning into has to make balance between home job creators. In India, the entrepreneurial and business. Generally women in world is still a male dominated one. India give more importance to Women in advanced nations are family issues and relationships. As recognized and are more prominent in the a result they would not be able to all sectors. But the Indian and Gujarati Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 99 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 give more time to business. Even woman entrepreneur suffers from they would not be able to think low risk taking ability about innovative ideas they have. B. The challenges for women b. Conflicts between work and entrepreneurs in India domestic commitments: In India the a. Start-up: The first challenge for primary responsibility of women women entrepreneur is the start-up can be considered to look after the of an enterprise. Many women children and other family members. entrepreneurs may fear the debt If women take care of all issues of associated with the start-up because family, they probably would not be they lack confidence regarding the able to give enough time to their start-up of a business. business or work commitments. In b. Lack of business skills: Many the reverse case if women spend women entrepreneurs lack in more time with the business knowledge of Information activities, probably they do not take Technology and business skills. care of issues such as education of c. Less mobility: Women entrepreneur their children, quality time with cannot travel as freely as men do. family members and family issues. Women have some problems like So, there is tradeoff between work staying out at night at distance and domestic commitments. A places. There is less freedom of woman has to make balance mobility for women entrepreneur. between domestic activities and They cannot focus on marketing business activities. and sales side of business because c. Inability to take risks: Generally of low mobility. They need to rely women do not prefer to take risk as on others for these sides of compared to male. Female business. tendency towards life led to d. Lack of Mentoring: Even after stability, intimacy and security. The start-up of the enterprise, women same psychology is applicable in need support and counseling. taking risk related to business. So e. Lack of Family Support: The women entrepreneurs cannot

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 100 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 succeed without the support of their Anshuja Tiwari (2014) attempted to family. The change in mindset of examine and highlight the role of financial family members about the women institutions in the development of women can help women to become entrepreneurship. successful entrepreneur and even to Dr. B Someshwar (2014) in his research manage balance between work and article had discussed about the following home. few Government Schemes, which aimed at f. Social Myth: The typical Indian empowerment of women, social welfare society is male dominated society and rural development in different aspects. and there is a myth in society that But the researcher emphasized that still doing business is the domain of there is no or less awareness about the men. government policies among the rural g. Lack of Government Support: people and particularly among rural There are no enough schemes to women. Hence, the voluntary organization train women for becoming and Non- Governmental Organizations entrepreneur. At present, there is no have to act to increase the awareness enough opportunities where women among the rural women on the government entrepreneur can update their policies. knowledge and get help regarding business skills. ParulTyagi and RichaNangia ((2012) in their research paper “Emergence of Indian Literature Review Women as Global Entrepreneurs:

Rhea Bhandari (2014) argues that women Opportunities and Challenges” finds that are the key agents of sustainable the government sponsored development development. In her opinion the activities have benefited only a small empowerment of women is closely linked section of women. to the issue of sustainability which was Dr. Mu. Subrahmanian (2011) finds that also the theme of the Rio+20 summit took there are various institutions in the place in Brazil in June 2012. financial sector extend their maximum support in the form of incentives, loans,

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 schemes etc. Even then every woman survey method was employed to collect entrepreneur may not be aware of all the primary data from 100 respondents in three assistance provided by the institutions areas from Nadiad. Framed questionnaire is used for data collection. Dr. Ajay Sharma, Ms SapnaDua and Mr. Vinod Hatwal (2012) studied the impact on Sampling Design: For the purpose of the women empowerment through micro study 100 respondents have been chosen in entrepreneurship development and SHGs. Nadiad city by using simple random sampling a questionnaire was prepared and Bharathi V Sunagar and MeghaJigulur administered in person to all the (2013) had covered the following respondents. The information collected objectives in their research article such as have been edited for reliability and to understand the socioeconomic back- consistency and presented in a master table ground of women entrepreneurs, problems for analysis. faced by them, support factors from government for women to involve in Tools for Analysis: In their study the raw entrepreneurial activities and reasons in data collected were classified, edited and running their enterprises efficiently and tabulated for analysis. The following were profitably. the some of the tools used. They are: Percentage Method. Research Methodology Results: Based upon the steps of research Area of the Study: The survey to be methodology the following results were conducted in a specific area. For Example concluded as shown below in the form of in a paper study was done in Nadiad city in tables. a Kheda district of central Gujarat. It’s a best area to conduct a study because here I Data Analysis and Interpretation as a researcher can easily get the From many years we were discussing that respondents from rural as well as urban the opportunities were given to the women area. to become an entrepreneur. But is it true? Sources of Data: The study has used both That they grab the opportunities, not at all. the primary data and secondary data. Field There were number of responsibilities they

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 102 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 have and sometime for that reasons only difference between the rural and urban area they were not think about to cross the entrepreneurship. boundaries of their home. Because of So, for identifying these fake opportunities undeveloped and unawareness prospects and real challenges I as a researcher collect also the rural women cannot able to some information through the identify the opportunities provided to them questionnaire which is figured out in the by government as well as there are few following tables with the responding result factors which can be easily identifies the and its analysis.

Table:1 Who advised you undertake present line of activity

Rural Urban Total Advisory Sr.No

Percentage Percentage Percentage Respondent Respondent Respondent

1 Husband 12 24% 16 32% 28 28%

2 Parents 8 16% 6 12% 14 14%

3 Friends and Other 9 18% 11 22% 20 20%

4 Self- decision making 21 42% 17 34% 38 38% Total 50 100% 50 100% 100 100%

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 103 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 Table:2 When you face any problem in business with who will you

Rural Urban Total

Particular Sr.No

Percentage Percentage Percentage Respondent Respondent Respondent

1 Own 17 34% 27 54% 44 44%

2 Advice from others 18 36% 16 32% 34 34% Advice from 3 15 30% 7 14% 22 22% husband/ Family Total 50 100% 50 100% 100 100%

Table: 3 How do you find the attitude of the family member as an entrepreneur?

Rural Urban Total Attitude of the Sr.No family members

Percentage Percentage Percentage Respondent Respondent Respondent

1 Helpful 12 24% 18 36% 30 30%

2 Non-helpful 16 32% 7 14% 23 23%

3 Flexible 14 28% 10 20% 24 24%

4 Sympathetic 8 16% 16 32% 24 24% Total 50 100% 50 100% 100 100%

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 104 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 Table:4 How do you feel being a housewife and entrepreneur?

Rural Urban Total

Factors Sr.No

Percentage Percentage Percentage Respondent Respondent Respondent

1 Highly Satisfied 29 58% 31 62% 60 60%

2 Moderately 6 12% 8 16% 14 21%

3 Satisfied 12 24% 9 18% 21 21%

4 Dissatisfied 3 6% 2 4% 5 10% Total 50 100% 50 100% 100 100%

Graphical Analysis

Chart: 1 Graphical analysis of respondents

35 31 29 30 27

25 21 20 18 18 16 17 17 16 16 16 Q-1 15 14 15 12 12 12 Q-2 11 10 9 9 Q-3 10 8 7 8 7 8 6 6 Q-4 5 3 2

0 Rural Urban Rural Urban Rural Urban Rural Urban

R-1 R-2 R-3 R-4

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 105 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 Interpretation Table: 5 Interpretation of collected data

Q. No Interpretation

When I asked them about who advised you for entrepreneurship activity, out of 100 respondents 38 respondents said that it was a self decision and out of this 38, 21 were from rural area while 17 were from urban. Furthermore out of 100 1 respondents 28 respondents were inform that it was advise from their husband which include 16 from urban and 12 respondents from rural. While the advice from parents, friends and others, the number of respondents from both rural and urban are less.

After choosing their career as an entrepreneur some time it may be possible that the women have to face any problem in business. With this concern I asked them a question that if some problem arises then with whom they concern for solving the problems. Here out of 100 respondents 44 respondents try to solve out the problem 2 by their own. Here out of these 44 respondents 17 respondents are from rural area while 27 are from urban. Furthermore there were 34 respondents said that the concern for the advice from other. This 34 include 18 respondents from rural and 16 from urban. While remaining 22 respondents out of 100 get the advice from their family/ husband.

The question regarding the attitude of the family member as an entrepreneur here 24 respondents said that their families are flexible, while 24 respondents said that 3 their family is sympathetic. There were 23 respondents who felt that their family members were non-helpful, while remaining 30 feels that their family is helpful.

By handling both work as a housewife and entrepreneur together, what is the satisfaction level of woman. To get the result I asked them a question and 4 analyzed that from both rural and urban, the combined respondents with highly satisfied scale is 60, while 14 respondents feel moderate, 21 feel satisfied, while only 5 respondents out of 100 feel dissatisfied.

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 106 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586

increase number of qualified and Recommendations to strengthen skilled women in the society. women entrepreneurship in India 4. Investments should be made/ increased on the physical and mental strength To foster the culture of women development of women by society and entrepreneurship in India, efforts should the government, so that women can focus to increase level of higher education, develop a mindset of becoming necessary skill, societal encouragement, entrepreneurs. and government support. Some 5. Government should promote women recommendations are given to make entrepreneurship through various effective development of women schemes which may provide start-up entrepreneurs and to encourage women support, continuous guidance, and with an entrepreneurial bent of mind. As a mentoring. result they can come up with the 6. Women Entrepreneurship innovative ideas and channelize their Development Cell (WEDC) should be efforts to give birth to new ventures. established by government agencies, 1. Women should be encouraged and and private sectors to promote and help supported by government and society the women to start their new ventures for technical and higher education. and can provide assistance to start the 2. Dedicated institutions, like schools, new ventures. Such cells may also be colleges, etc. for women should be governed by government at state and started/ permitted where women can national level to provoke women get education with least fees and entrepreneurship at large scale. expenses. This may help women from 7. The society and family should financially backward community to get encourage the women by giving necessary education. freedom, support and authority for 3. Special technical courses, management entrepreneurship. courses, and skill development courses 8. To create entrepreneurial attitude in for women should be started by women, workshops, seminars, and government and private institutions to training programmes related to

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 107 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 entrepreneurship encouragement infrastructure support, procedure of getting should be conducted in academic finance should be simplify, linkages institutions of higher studies. Such between product, services and sales centers programmes should also focus on for women. We can say that women necessary skill development for women comprise around half of the human community. population. But Indian society is still male –dominated and women are not treated as Conclusion equal partner, either inside or outsides the four walls of the house. But now days Women must be the part of the economic situation are change, govt. take various development because it will ensure the initiatives to promote women entrepreneur. economic and social development of the Entrepreneurship among women, no doubt women along with providing more human improves the wealth of the nation in resources to strengthen economy of the general and of the family in particular. country. The economic status of women is Women entrepreneurship must be sound now accepted as an indication of society’s with entrepreneurial traits and skills to stage of development. Woman gain meet the changes in trends, challenges in recognition, importance and secure status, global markets. Women entrepreneurs build her confidence and economic would be competent enough to sustain and independence due to entrepreneurship. strive for excellence in the entrepreneurial Women gain better freedom and develop area. Necessary support and their ability to run business. When women encouragement from the Government, move forward, the family moves, the Society and family is required to help them village moves and the nation moves to reach new heights in their business forward Government should start special ventures. entrepreneurship programme and adequate

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 108 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586

CAPACITY BUILDING THROUGH SOCIAL ENTREPRENEURSHIP & CSR INITIATIVES

Ms. Sumita Kumar , Assistant Professor , Mount Carmel College, Autonomous

Ms. Michelle Vaz , Assistant Professor , Mount Carmel College, Autonomous

ABSTRACT: Social entrepreneurship in India has progressed significantly over the last decade. India is unique in the diversity of its regions and people. Often local problems need local solutions. It is here that social entrepreneurship or social entrepreneurs or SOCENTS come into the picture and build bridges to social improvement. Social entrepreneurship in India is emerging primarily because of what the government has not been able to do. So the government is very keen on promoting social entrepreneurship through the Entrepreneurship and Skill Development Ministry. Social entrepreneurship is the application of business acumen, strategies and entrepreneur skills not for profit but to improve the conditions of human beings and the environment, and India does need it for effective social change, growth andreforms. The Corporate Social Responsibility (CSR) of the private sector with clearly earmarked funds and full-fledged action teams are playing an important role in sprucing up the image of Social Entrepreneurship. The focus of the paper is to study the growing trends of Social Entrepreneurship in India and the new initiatives taken by various Social Entrepreneurs through specific case studies.

Keywords: Social Entrepreneurship, Social Change, Corporate Social Responsibility .

The scale of need in a country like India 2016 said that India faces a serious challenge and consequently that of employment is of finding jobs for a growing population over enormous. the next 35 years. The report states that between 1991 and 2013, the size of the The United Nations Development ‘working age’ population increased by 300 Programme (UNDP) report released in April Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 109 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 million, of which the Indian economy could On another side, using varied resources, employ only 140 million. The report said social entrepreneurs, socents, seek to that by 2050, at least 280 million more develop, fund and implement solutions to people will enter the job market in India. Not social, cultural, or environmental issues only does unemployment lower the positively transforming societies at large, economy, it contributes to many deep social rather than transforming their profit margin, and emotional ills. unlike a classic entrepreneur. Interestingly, this has appeared to create other One of the reasons for unemployment is the paucity of appropriate employable skills. In entrepreneurs, creators of jobs rather than seekers of jobs. This offers options for endeavoring to address this, capacity unemployment and strengthens the economy, building and avenues of financial giving credence to the concept of the social independence become all the more urgent. entrepreneur and Corporate Social The Companies Act 2013, Section 135 and Schedule VII of the Companies Act and Responsibility is evolving into Corporate Social Entrepreneurship (CSE). CSE aims at provisions of the Companies (Corporate Social Responsibility Policy) Rules, enabling corporate houses and emerging startups to collaborate and develop more 2014 (CRS Rules) effective 1 April 2014, advanced and powerful forms of Corporate mandates companies to spend 2% of their profits on Corporate Social Responsibility. Social Responsibility (CSR). This has the potential to channelize about
Research significance of this paper 20,000 crores and is perhaps an important The focus of the paper is to study the step in taking these challenges head-on, hand growing trends of Social Entrepreneurship in hand with the social entrepreneur. in India and the new initiatives taken by various Social Entrepreneurs through An essential component of capacity building, specific case studies. according to the Urban Capacity Building It examines the role of CSR as a powerful Network is the process of equipping individuals with employable skills and tool that can indirectly and directly reach out and impact the disadvantaged in India. training, access to information and We have chosen two Bengaluru based knowledge that enables them to perform protagonists for the purpose of this effectively. research. They are

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 110 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 1. SURUCHI of Karnataka. The primary occupation was 2. BRIDGE program agriculture, but due to poor rains in those Objectives of this study areas, over 80% of the land remains • Identifying gaps in the execution of uncultivated. As a result, people were CSR dying of starvation, committing suicide or • Seeking to understand the human migrating to already overpopulated cities. connect through empathetic However, in the absence of employable involvement skills, their miseries remained. To counter • Examining collaborations to find out this, training programs in different skills what constitutes a successful were imparted, related to indigenous partnerships which prove to be not only materials. These were conducted for economically viable but also income several thousand over a period of time. generating Mrs. Joyce Prakash was deeply impacted • Forms of engagement programs that a by the positive influence of the program on social organization can utilize to the personal, emotional and social lives of implement or complement their CSR the women. She put all her energies into projects. being an enthusiastic volunteer to the extent that after her week’s work at the A brief profile of our protagonists – bank, she would then leave for her arduous SURUCHI weekend to the interior village of Genesis: Located at No.680, 45th Cross, Karnataka that she was assigned, to 8th Block, Jayanagar 8th Block, Bangalore conduct training workshops. She lived with – 560082 (+91)-80-33030240), Suruchi is them in their huts, facing and living their a not for profit organisation, founded by deprivations. It allowed her to understand Mrs.Joyce Prakash in 2010. the extent of impact of these programs on As a senior bank employee, she the families. They connected with the participated as a volunteer in a Bank of volunteers who became informal Baroda CSR program outsourced to a counselors, guides, support systems, prominent NGO. The purpose of the sharing their happiness, sufferings and program was to train and thereby empower dreams for a better living for themselves, women and youth in 11 very poor districts their children and their community.

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 111 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 She continued this for two years as she felt • Shares information and extends a an emotional responsibility towards the hands on approach to women who want people she was serving. She felt called to to launch their own ventures do something more. Her husband and Mrs. Prakash focused on cloth bags children encouraged her decision to take because she wanted to spread awareness on VRS to allow her to work more about the ban on plastic bags and efficiently and bridge some of the lacunae propagate use of paper and cloth bags as an that were a challenge. eco-friendly option. While the outreach program addressed the employability skills and vocational training Some of the work done in collaboration component of capacity building, Joyce with other social entrepreneurs and recognized that the journey remained companies CSR arm : incomplete. How were their products to • Paper bag making workshop : reach a market? Who would facilitate this, On 3rd September 2014, a team of two especially since they were in remote areas? volunteers from Suruchi trained It was being done is a rather random way. women in Badrapura village as the How were they to translate this into women evinced interest in paper bag sustainable income generation? making. Badrapura is a small village Mrs.Joyce Prakash started Suruchi , funded populated by the nomadic Hakki-Pikki by the money she received after VRS. The people who now have been given objectives of Suruchi guide their business homes by the government. The training and operational model. Their primary program was conducted in the position is of a platform to disadvantaged Panchayat hall. They joined hands women from urban slums, rural and remote with a company Indium Foundation villages that who contributed the raw material • Offers training in tailoring various needed to make these bags along with a kinds of paper and cloth bags required few tools. One kit was • Sells products made by the women, supplied to every participant, giving an SHGs and other ventures they are initial fillip to each of the 20 collaborating with enthusiastic women who could make and sell bags on their own. The

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 112 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 workshop covered aspects like various private and government organizations kinds of paper that can be used, place orders for different kinds of bags designing, marketing these products, with them. On an average, the women keeping the environment plastic free contributing to Suruchi earn and the relevance of paper bags. approximately 10,000 per month. Most • Encouraging local employment work from home using the time generating opportunities and between household duties. To date, collaborations: over three lakh bags have been sold. Adishakti Mahila Swasahalaya Sangha is a women’s group of 40 in Creating entrepreneurs : Gajendragadh in Gadag district of Amla is a housewife who has learnt paper Karnataka. They spin yarn from the and cloth bag making from Suruchi . Amla cotton they grow and weave it on wanted to branch off on her own. Joyce handlooms into fabric. This is sold to a Prakash is mentoring her and has enabled cooperative venture based in Sagar her to set up a cooperative venture for the called Sayli. Sayli tailors kurtis, kurtas slum women in her locality. She does this and jackets as well as takes on as she faced many problems in getting customized orders. On a fairly regular started and does not want such women to basis, according to the women’s ability face avoidable hurdles, waste time and get to supply, they sell to other NGOs and discouraged. organizations. Suruchi enabled these connections and is one such buyer. Work ethics: About 3000 women burn victims in Joyce Prakash has refused money Bengaluru are supported by a not for contributions offered by organizations as a profit organization called Agnirakaha part of the company’s CSR policy. Instead, run by Ms.Chitra. An order of hanging she accepts it in kind, for instance calendars was placed by Bangalore acquiring basic starter kits for some of the Press with Suruchi which outsourced training workshops. this order to Agnirakaha. Underlying all the work done with the There are many other such women by Suruchi , is the sharing of collaborations. Schools, colleges, values like learning to be satisfied with the

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 113 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 financial rewards of a person’s work, Robert Bosch Engineering and Business appreciating what they do, striving for Solutions Private Limited is a 100% owned what they can achieve but not be over subsidiary of Robert Bosch GmbH, one of ambitious and greedy and helping each the world's leading global supplier of other. technology and services, offering end-to- In an intangible yet a vital way, these end Engineering, IT and Business women at the grass root level are Solutions. With over 17,000 associates, it’s influencing the thoughts and attitudes of the largest software development center of their children, the country’s future youth; Bosch, outside Germany, indicating that it inculcating in them a respect for women, is the Technology Powerhouse of Bosch in for hard work, for striving and above all be India with a global footprint and presence independent productive members of in US, Europe and the Asia Pacific region. society. Bosch India is very committed to its CSR In this case, a challenge in the activity. implementation of CSR is to look at ways During a discussion at the Bosch office in in which this compulsory activity can be Bengaluru with Mr.Saveen Hegde in 2013, put forward to the employees such that the conversation shifted to the company’s they recognize the value of the service CSR activities. He was asked to design a offering to the less fortunate. program to enable capacity building. The company had the money and resources and BRIDGE Mr.Hegde was equipped with professional BRIDGE (Bosch’s Response and corporate educational training to India’s Development and Growth expertise. This synergy gave fillip to a through Employability Enhancement) is a beautiful blend of resources and flagship CSR program of Bosch Limited. It capabilities, emphasizing capacity building has been conferred with a CSR Award by through social entrepreneurship & CSR the Federation of Indian Chambers of initiatives, while strengthening the concept Commerce and Industry (FICCI) on of Corporate Social Entrepreneurship December 21, 2016. (CSE). The company: Bosch

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 114 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 Training partner: Mr.Saveen S Hegde , is also the anchor & narrator of Director and Founder, Unbox2learn: Punchtantraa – India’s Only Radical Mime This program was designed, prepared and team. He is the youngest member to be developed by Mr.Saveen S.Hegde. inducted onto Confederation of Indian Unbox2Learn is an experiential learning Industries (CII) Skills panel for South hub ideated by Saveen Hegde and is a India and is an award winning global provider of self paced training Toastmaster. solutions to educational institutions, The program: corporate houses and individuals, BRIDGE is an ongoing major CSR initiative empowering the learner with crucial skills by Bosch to help address capacity building for today’s marketplace. among school and college drop-outs from Mr. Saveen S.Hegde is an engineer by underprivileged backgrounds. education and after a short working stint Guiding Principles given by Bosch …the with a global automotive company, he brief made a conscious decision to follow his • Creating a storyline: The entire Bosch passion. He developed himself into a social engagement program has been creativity leadership specialist. He is an designed to create clear storylines award-winning Humorist and a TEDx according to the needs of the society and speaker, winner of ISB and Goldman to create long lasting impact on people’s Sachs’ Best Business plan, is featured in lives. It starts from identifying the the book ‘Million Dollar Solopreneur’ for beneficiary, moves on to training and the unique idea of combining ends with providing placement. entertainment principles for education • Sustainability: Short-term projects under the E3 framework. financed by one-time monetary support He has trained employees of several do not create permanent change. Fortune 500 companies on his framework Sustaining projects is a challenge. of LIVE LAUGH LEARN. He completed Therefore each project was evaluated for a ‘Neuroscience for Leadership’ intensive long-term sustainability and then only program from MIT, USA and another did they commit resources for it. Its course on ‘Design Thinking and progress is reviewed against intended Innovation’ Harvard University, USA. He objectives at regular intervals.

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586

• Scalability: Bosch is supporting the Objective : This job-oriented program projects that have been up-scaled in the utilizes Bosch’s already established skills mid and long-term to create scope for development competence to deliver a touching the lives of a larger number of unique vocational training model for under-privileged people. making underprivileged youth employable, • Bosch Value Addition: Bosch providing a pool of high quality skilled volunteers have and are adding value by manpower, mainly to the services industry. sharing their knowledge, experience and expertise in specific domains, thereby Beneficiaries: Bosch reaches out to school adding uniqueness to the programs. This dropout youth from underprivileged program continues to develop ‘a pool of backgrounds who are between the ages of trainers’ to address the need of trained 18 and 25, and Not in Education, and motivated trainers to impart quality Employment or Training (youth in the training. NEET category). • Monitoring: The CSR steering committee has developed a monitoring Overview of the program : The two mechanism and is responsible for it to month BRIDGE program prepares ensure effective implementation of the students to find their first job and includes project activities approved by the Board industry demand-driven modules: CSR committee.. Monitoring means they • Soft skills (for 5 weeks) visit the respective project site and create • Industry-specific and Job skills (for 2 first-hand reports, analyzing the project weeks) reports received from the implementing • Social Skills (for 1 week) partners and providing quarterly status • On-the-Job Training (for 4 weeks) update. Biannual evaluation of the Every day, students get one hour coaching approved projects are conducted by the on Spoken English, Basic Computers (with member of the Board CSR committee to hands-on experience) and Value assess the outcome of the implemented Education. projects. From 2017 onwards, the program is being extended to three months and will be implemented soon. In reviewing the

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 program, it appeared that many students in continuous innovation, adapting, learning, needed to further develop an attitude of acting boldly; without being limited by gratitude and think independently. resources and by exhibiting heightened accountability to the constituencies served Placement: Bosch provides 100% job and for the outcomes created. Social placement assistance to the candidates in entrepreneurs are reformers and finding jobs in the semi-organized or revolutionaries, as described by Schumpeter, organized sectors. They are guided by but with a social mission. BRIDGE Trainers and Coordinators at Peter Drucker considered the social their Center location, who are supported by entrepreneur as somebody who seeks social a full-time central Placement Officer. The change, reacts and replies to it, exploits it as typical job roles BRIDGE candidates have an opportunity, thereby changing the received include, but not limited to: performance capacity of society. • Customer Service Assistant Our Protagonists, Ms. Joyce Prakash and Mr. • Sales Assistant Saveen S Hegde rose to the occasion of • Warehouse Assistant capacity building despite their limitations. • Spare Parts Assistant Both applied social acumen and strategies • Retail Assistant and entrepreneurial expertise to improve the As of July 2016, more than 4,500 students conditions of people and the environment. (school dropout youth) from 65 centres India as a country does need effective social across India have been trained and placed. change and reforms. However the greatest need is perhaps good Conclusion: and generous hearted people like Ms. Joyce Social entrepreneurs, NGOs and now Prakash and Mr. Saveen S Hegde who take corporate social entrepreneurs act as change ordinary deeds, transform them, create a agents in the social sector by adopting a ripple effect leading to extraordinary impact. mission to create and sustain social value, They make a difference in the lives of people recognizing and relentlessly pursuing new who would otherwise find it difficult even to opportunities to serve that mission, engaging dream.

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 References: 1. Defining Capacity building. Hari Srinivas. Retrieved from https://www.gdrc.org/uem/capacity-define.html 2. Austin, James and Reficco, Ezequiel (March 3, 2009). Corporate Social Entrepreneurship, working paper. Retrieved from http://www.hbs.edu/faculty/Publication%20Files/09-101.pdf 3. Baron David P. Corporate Social Responsibility and Social Entrepreneurship (Research Paper No. 1916, Stanford University, October 2005. Retrieved from https://feb.kuleuven.be/eng/tew/academic/msi/_docs/workshops/2005-11-10.pdf 4. Bosch in India, Introduction to Bridge. Retrieved from http://www.boschindia.com/en/in/ sustainability_innovation_5/bosch_india_csr_bridge_1.html 5. CSR thrust area in Bosch. Retrieved from http://www.boschindia.com/media/in/ images_2/sustainability_innovation/csr_bosch_india/new/

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 118 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 WOMEN EMPOWERMENT THROUGH WOMEN ENTREPRENEURSHIP

Dr. R. Narayanan , Assistant Professor, Management wing, DDE, Annamalai University, Annamalai nagar, Tamil Nadu, India.

ABSTRACT: Women come together to form self-help groups in order to undertake income generating activities. Thus they have created an economic revolution in the country. Moreover they get economic status and thereby provide effective means to eradicate poverty. They contribute a lot to rural development and growth of the economy. However their potential is not utilized to the optimum level. Women Entrepreneurship plays a vital role in the industrial development. It also helps in strengthening the women empowerment and to remove gender inequality. There are many obstacles faced by them especially in finance and marketing of their product. This study tries to find out the growth and problem faced by women in business enterprises. Further the study also investigates to what extent they are aware of the various government schemes to support their enterprises. The methodology used in this study is simple random sampling. A structured questionnaire was prepared. It was given to appropriate entrepreneurs for collecting data. The data so received were subjected to analysis and to draw valid conclusions.

Keywords: Self-help groups, economic status, women empowerment, government schemes, gender equality.

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 INTRODUCTION not money minded hence will have that Have Ambition Audacity Action and show passion and thrive to achieve heights. If perseverance to reach infinity and beyond women start to enter in to this field then it will In terms of growth inspire the other young girls and women to Entrepreneurship is the process of creating take up on entrepreneurship. All they need is something new of value by devoting (giving) to bring out good ideation, getting loans won’t the necessary time and effort. A person who be a problem as Indian government itself is creates and manages change by the recognition encouraging women entrepreneurship and is of opportunities (needs, wants, opportunities, providing many schemes for loan through problems, and challenges) and develops people Msme, .It’s not that only educated can set their and manages resources to take advantage of career choice in entrepreneurship even the the resources to take the opportunity and uneducated can go along in this path. If creates a venture (profitable business) – Eston women's are going to enter this field the Kimani, MIT. Women have also started to set poverty in our country India will reduce their feet walkthrough the path of In Modern India, more and more women are entrepreneurship but yet a barrier is existing - taking up entrepreneurial activity - An Gender Bias. But to the scale of women’s initiative has been made especially in micro, becoming entrepreneurs must increase, making small and medium scale enterprises. Women women come in the field of entrepreneurship across India are displaying an attentiveness to will make her more independent and dynamic be economically independent.They have and will make her to become an expert in imprinted a niche for themselves in the male tackling the problems (Uncertain or certain dominated world. Indian women well manage risk).Women entrepreneurs may be defined as both burden of work in household front and the women or group of women who initiate meeting the deadlines at the work place. organize and co - operate a Business Gender equality and economic development enterprise. Women entrepreneurs must have are the two sides of the same coin. However the courage to face the consequence of their the entrepreneurial procedure is the same for mistake and must know to correct them. The men and women, there are however, in potential that the women has will be well practice, many problems and challenges are projected through Entrepreneurship while she faced by women. To make entrepreneurship to become an entrepreneur. Women's are mostly be a viable career choice - Entrepreneurship

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 must be included in education system even at everyone, and the empowered women can time of schooling to make the students to get smash scarcity - not only for themselves, but inspired. Women's individuality will be well for their families, societies, and countries too. shaped when she enters this field.Women Nandini Vaidyanathan in her book penned entrepreneurship empowers women i.e. it down that, women can have game changing helps in women empowerment. ideas and can be as much of trail-blazers in REVIEW OF LITERATURE: building highly successful enterprises. Even Tara Fenwick in her study emphasizes thata Mompreneurs are not just ‘livelihood’ growing body of theory research is exploring entrepreneurs any more, content with just to different women come to business starting at home something to ‘keep ownership, their unique leadership challenges themselves occupied’ but are serious surplus and strategies for success , their personal creators. change and the processes of leadership RESEARCH METHODLOGY: development they experience. This study is based on the primary data and In a Next big What website an unknown secondary data. The primary data has been author scripted a review on a book named collected through questionnaire and personal Case studies of women entrepreneurs as interview with the help of a well drafted, pre- Women’s Entrepreneurship as a space in focus tested and structured questionnaire. Secondary – both for discourse and action planning will data was collected from books, journals, not only boost the body of work but also websites etc. The primary objective of the provide examples to scores of women study is to identify if there exist a Significant considering the entrepreneurial path. Relationship between Women Entrepreneurs MuhammadUsama Anwar, Dr. Amber Gul and Initiative they take and also to find if there Rashid says that there is a dire need to give a exist a relationship between Women voice to these faceless and voiceless females entrepreneurs and Ideation along with Risk . who play a big – yet in general unseen – role Sample unit for the study is 100 respondents. towards making a household financially stable. Response was collected using random SarmisthaNandy and Shalini Kumar coins sampling method. Questionnaire was Women Entrepreneurship in their own distributed among 150 respondents out of perception to be as not only an act of business which 135 was returned and 100 was taken for ownership, it also boosts the economy for the study. Likert scale was used for scaling.

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 Tools used for analysis were simple percentage, Chi-square test and Correlation. DATA ANALYSIS Percentage analysis is the method to represent raw streams of data which provides easy understanding of the used data in form of percentage.Percentages are based on descriptive relationship, it compares the relative items. The percentage reduces everything to a common base and thereby allows meaning comparison. The demographic variables that is considered for this study is Age.

Table 1: Percentage Analysis

AGE OF THE No of AGE Percentage RESPONDENTS Respondent S. No

1 20 Years to 25 25 25 years

2 26 Years to 38 38 30 years

3 31 Years to 32 32 35 years

4 36 Years 15 15 and above

100 100

INTEPRETATION: The gender taken for analyzing the study were all women as my study is based on women centric.Maximum of the respondents belong to the age group between 26yr – 30yr , the above chart proves that Most probably every age category enlisted wants to take an initiative in the Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 122 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 field of entrepreneurship i n an average level once an initiative is boosted in to action then the economical level of India also has the chance of growing .

Table - 2

NO. OF QUESTION SCALE PERCENTAGE RESPONDENTS

Reason for taking : Strongly Agree 68 68% Agree 20 20% I had a desire to be Disagree 10 10% independent Strongly Disagree 2 2% Total 100 100%

Reason for taking up Entrepreneurship I have a desire to be independent

Strongly agree Agree Disagree Strongly disagree

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 123 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 CORRELATION Correlation is used to analyze the relationship between Women and impact of pressure from the society on taking up women entrepreneurship as career

Null Hypothesis (H 0): There is no significant relationship between women and impact of pressure from the society on taking up women entrepreneurship as career.

Alternate Hypothesis (H 1): There is significant relationship between women and impact of pressure from the society on taking up women entrepreneurship as career

Table 3: Symmetric Measures Assymp Std Approx Approx. Value Error(a) T(b) Sig. Pearson’s R .839 .032 15.291 .000(c) Spearman Correlation .810 .044 13.664 .000(c)

No. Of Valid Cases 100 a. Not assuming the null hypothesis b. Using the asymptotic standard error assuming the null hypothesis c. Based on normal approximation. R value is .839 Since R value is 0.839, Since the R value them – This creates pressure for the ones is above 0.1 a positive correlation has been who think out of box (Unique) – Like occurred proving a positive association taking up Entrepreneurship as a profession. between the women and impact of pressure For men it’s applicable and acceptable to from the society on taking up women take up entrepreneurship as a career to an entrepreneurship as career. This has extent but for women it’s still a highly happened because of the way the people of restricted area to touch when it comes to India has been brought up – They nurture setting a career for themselves. So utterly their children to take up engineer or say both are facing pressure from the society to doctor as a profession mostly making them peruse their dream on consider other profession to be less than Entrepreneurship.Mainly in the point of

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 124 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 time where many and many more women becomes an entrepreneur - she will entrepreneurs are in need in India – To be made to be as a role model for her eradicate the Un-Employment range and to family and to the society she lives in make our nation a developed making the other women's to think upon Nation.Especially when many Women take entrepreneurship as a career to excel, not up the role of entrepreneur she can inspire only women class but also the male class her family and can make their thought will get inspired to get in to this change – at least making the upcoming fieldmaking the employment opportunity generation to have Entrepreneurship as a to increase vastly hence the unemployment viable Career option. will get reduced drastically, imagine need for man power getting increased in CONCLUSION :India is facing high level industry making the poverty to get reduced of unemployment even in today's world. - to turn this imagination to become reality when you are going to educate one women Women's must start themselves to move in her family gets educated ,like wise if a to the room of women entrepreneurs.

REFERANCE • CITE HR Website. • Tara Fenwick, Asst professor - Department of Educational Policy Studies of Alberta, Canada, Women Entrepreneurs: A critical review of the literature, 23 January 2013. • Guest Author, Women Entrepreneurship (Case Studies of Women Entrepreneurs) , Next big what website , 25 March 2011. • Muhammad Usama Anwar, Dr. Amber Gul Rashid, Institute of Business Administration (IBA), Karachi, Female Entrepreneurs – A Review of the Literature and Proposed Conceptual Framework. • SarmisthaNandyandShaliniKumar,Global Journal of Finance and Management - ISSN 0975-6477 Volume 6, 9th November 2014. • Prof. NandiniVaidyanathanAlumnus, The London School of Economics & Delhi School of Economics in pothi website .

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 ROLE OF INDUSTRY ACADEMIA PARTNERSHIP IN STARTUP INDIA CAMPAIGN

G. Purushothaman Assistant Professor, ARM College of Engineering and Technology

ABSTRACT: Academia-Industry collaboration has always been a topic of great interest around the world. In an economy, Innovation is an essential tool for job creation and is a primary driver in solving daily life problems. India presently ranks a dismal 81 (at the bottom of the BRICS countries) in the 2015 Global Innovation Index which noted that the biggest issue facing the country is its education system. Courses at the technical and vocational training institutes are not currently geared towards a start-up economy. One outcome of the lack of adequate and appropriate skills is that entrepreneurs find it difficult to access the right kind of employees.” Thus, it is of paramount importance that the government fosters Academia-Industry collaboration through effective policy making. Conducting research at universities that is applicable or accessible to start-ups or the start-up ecosystem will ensure that more and more successful spinoffs emerge from Indian universities. The present paper focuses on the critical analysis of the role of industry academia interface in the success of the Start Up India policy. Further it explores the steps to be taken by the Research Parks and incubation cells to foster innovation and entrepreneurship, especially in the Product Start-Up Sector. The focus needs be on developing appropriate technologies to respond to local needs, providing business incubation services and imparting entrepreneurship education. This review research highlights the significant role to be played by the collaborative interface to build a long term research partnerships to sustainable growth of the Start Up Economy.

Keywords : Academia-Industry collaboration, industry academia interface, entrepreneurship education, sustainable growth.

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 Introduction Industry-Academia partnership to realize the objectives of Startup India program. Startup India is a flagship initiative Collaboration between academia and of the Government of India, intended to industry has been rather restricted in India, build a strong eco-system for nurturing in the past, possibly because of differences innovation and Startups in the country that in values and attitudes, lack of appreciation will drive sustainable economic growth of each other’s abilities, skills and needs, and generate large scale employment and the absence of economic compulsions. opportunities. The other developmental The students of Higher Education are not initiatives of the central government such getting desired practical benefits of as Make in India, Digital India and Skill education. This is equally applicable to the India have a closer impact on the each students of technical education also. This other. The objective of all these initiatives paper discusses on the emerging trends in can be realized only with the synergistic Industry and Academia Collaboration and cooperation among all these initiatives. efforts made and role being played by the This cooperation among these policy respective stakeholders. This paper initiative is possible only by the joint effort suggests various modes, modalities, from the all the stake holders namely methods of the Industry and Academia Government, academic institutions, Interaction. Industries and the professional bodies. Inculcating the habit of creative and The Present Scenario of Industry innovative thinking among the students Academia Interface in India and graduates to fulfill the demands and The Industry-Academia linkages are expectations of the industries is the prime considered to be the backbone of duty of the academic institutions. Despite technological innovations. In developed of the several initiative of the government nations, there is a strong handshake of at various time periods till the problem of Research and Development programs of skill gap persists in India. Though there is universities and industries and has led to a quantitative growth of diploma holders the most impactful technological and graduates the question of quality innovations of the world. However, in remains unanswered till today. This paper developing nations including India, argues that there is a great need for Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 127 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 Industry-Academia interactions have not of technology on both sides of suppliers been given due credit. India, a developing (academic institutions) and consumers country and presumably one of the (Industries). It is high time to look forward futuristic top global economy of the world, and put in integrated effort on the currently ranks 50th in university-industry revamping of the education system as a collaboration (Global Competitiveness whole to make the recent policies like Report 2015-2016). It has a vast network Smart city, Start up India, Digital India, of over 700 Higher Education Institutes Make in India and Skill India Program a comprising of universities, Indian Institute grand success. This integrated effort would of Technologies and National Institute of also result in bridging the gap in the Technologies, Indian Institute of industry ready professionals. Managements. It also has over 300 national research laboratories (1). Role of Higher Educational Institutions Foundation for Innovation and Technology towards Startup India Transfer (FITT) of IIT Delhi, The Science, Courses at the technical and Technology and Entrepreneurship Park vocational training institutes are not established by University of Pune, Tiruchi currently geared towards a start-up Regional Engineering College Science and economy. Similarly, schooling system in Technology Entrepreneurship Park India doesn’t focus on imparting (TRECSTEP) and so on are few successful entrepreneurship education to children. Industry Academia Interface cases in India, One outcome of the lack of adequate and but this is highly insufficient to bring India appropriate skills is that entrepreneurs find as one among the world’s top nations in it difficult to access the right kind of this competitive scenario. Other Asian employees. Thus, it is of paramount Countries that are considered to be importance that the government fosters competitors have strong foundation in Academia-Industry collaboration through research and development that has resulted effective policy making. Conducting in the increased number of patents owned research at universities that is applicable or by those nations. One of the strongest accessible to start-ups or the start-up reasons behind the success of those nations ecosystem will ensure that more and more is the faster pace of updating and adoption

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 128 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 successful spinoffs emerge from Indian preferred career choice. This is possible universities. only with the strong inter institutional and

The Startup report 2016 presented Industry academia partnership. This by NASSCOM highlighted that India is the partnership will not only pave the way for third largest ecosystem globally and the promoting new startups but also supports report has identified the three main the existing startups by providing geographical clusters the leaders (NCR, consulting and guidance from the experts. Bengaluru and Mumbai), the emergents (Chennai, Pune and Hyderabad) and the Startup policy by AICTE aspirants (Kolkatta, Kochi, Jaipur and Chandigarh, Indore etc.,).It has also Bridging the gap between pointed out since 2011 there has been a industries and technical graduates is a noteworthy growth in the number startups, worrying factor. More than seven lakh with India expected to cross 4,750 by the diploma holders pass out of our end of 2016 and India may host over polytechnics every year. Of them, around 10,500 startups by 2020 employing over three to four lakh fail to get jobs. Nasscom, 2,10, 000 people. An analysis of Indian CII and other industry bodies deny jobs to entrepreneur profiles reveals that 32 years them saying that they don't have the is the average age of entrepreneurs and that required skill sets. So imparting skills to only 6 percent of them are women. our technical students and making them Interestingly enough, the majority of start- job-ready is very important," AICTE has up entrepreneurs in the country have a decided to grant autonomy to the background in MNCs (multinationals) and engineering colleges and polytechnics to Indian tech companies. Only 13 percent of device and launch new courses, which are start-up founders have absolutely no relevant to their immediate neighbourhood experience in the field before launching and industries. The objective is to create their ventures. Though the start up more jobs and improve the employability economy has a healthy environment it is of local youth. Underscoring the need of right time to revamp the curriculum and industry-academia interaction, the AICTE pedagogy to teach students and encourage has also decided to recruit 20 % of its them to take up entrepreneurship as a faculty from various industries. Besides,

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 AICTE has also planned to tie up with the objective of this startup initiative. LinkedIn, a social media consultancy firm Startup Konnect, Startup Warehouse to provide jobs to trained graduates. The (create and support tech start up), NIPP AICTE has also planned to launch (NASSCOM Industry Partner Program), Hackathon- a 36-hour long competition Dev X and game Dev (focused developer among technical graduates, who would impact program) are considered to be the device digital solutions to local problems pillars of this initiative. Start up in various sectors including town planning, warehouses offer space for dozens of civic issues, agriculture, health and technology startups at a highly subsidized education (). Apart from these initiatives cost, in the heart of the city. Thus AICTE has also took up the task of NASSCOM contributes to the designing the 'Start-up Policy for AICTE Conclusion: Approved Institutions' to increase the efforts of institutions as they prepare Most of the government policies students for entrepreneurship. AICTE's that are aiming at development of industry Start-up Policy would outline roles of the academia interface focus on the top notch AICTE, Academic Institutions, and institutions of the country and the Technology Business Incubators) in universities that are located in the creating student entrepreneurs. urbanized area. The government policies that are devised and executed through 10,000 Start ups- NASSCOM UGC, ICSSR, AICTE etc., shall include the affiliated institutions and the India’s Premier IT industry body institutions that are located in the rural NASSCOM has introduced 10,000 Start areas. The Creation and active functioning ups initiative with a vision of fostering of the Entrepreneurship development cells entrepreneurship and build entrepreneurial at each affiliated higher educational capabilities at scale. To meet this vision institutions should be made mandatory by and objective of this initiative the program the universities that shall be monitored and brings together key stakeholders of the controlled by the Entrepreneurship ecosystem. NASSCOM has designed development cells at the respective FAME (Funding, Acceleration, Mentoring universities. Linkage of the Institutions and and Enterprise Connect) model to realize Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 130 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 the industries located in the same regions Similarly startup industries can be has higher advantages in creating supported by the established industries employment opportunities and foster the which highly demand the cooperation research and development activities among the industries. according to the industry demand.

References:

1. Mansimran Khokhar, Neha Batta, Radhika Trikha and Rupinder Tewari (2016) “Foundation for Innovation and Technology Transfer (FITT): A case study on industry– academia interface in India”, International Journal of Development Research, Vol.6(4), pp-7708-7718.

2. M.M. Gandhi (2014), “Industry-academia collaboration in India: Recent initiatives, issues, challenges, opportunities and strategies”, The Business & Management Review , Vol. 5(2).pp.45-67.

3. NASSCOM-ZINNOV report (2016), “Indian start up Ecosystem Maturing -2016”.

4. Praneeth Rao, Vaibhav Goyal, Agrima Singh and Simrat Singh (2016) The Need for Industry – Academia Partnerships in India, IPAN Research Team.

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 STARTUP INDIA AN EFFECTIVE TOOL TO PROMOTING SELF EMPLOYMENT WITH REFERENCE TO CHENNAI

R. Arumugam, Assistant Professor, Jaya Arts & Science College, Thiruninravur. Chennai,

ABSTRACT : Startups are new businesses organizations started by young budding people. The new startups giving a chance to development and employment opportunity to our beloved society. Basically the new startups are based on the innovative thinking about the existing system of processes and which drive them to produce in large scale. Now a days the funding for startups, capacity building and providing right man at the right place are major challenges. In the latest few years

India has got enormous growth in startups. Especially in the last year, 98,473 new companies were incorporated as new startups in India. India has large number of MSMEs in different sectors. But, existing startups focused on the use technology. Also they focused on innovation based companies using leveraging technology to solve consumer problems. An Nasscom survey, India’s 4400 startups gave employment to 85,000 employees. Up to 2015 the fund offered to startups is $6.5 billion. The ecosystem for both technology and traditional startups has been expanding at a quick pace to the entrepreneurs. These startups will surely put India as a developed country in 2020. India’s largest problem is unemployment to the young graduates, by the startup India surely we will eliminate the unemployment and poverty in India. This paper is done by a survey from 100 entrepreneurs by simple random sample and statistical analysis done by using SPSS version 21.

Keywords: S tartups, Capacity Building, Entrepreneur Unemployment.

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586

Introduction supply of man power is widening rapidly.

As per the thought of our beloved people In India, today’s educational and president Dr.A.P.J.Abdul Kalam, it is very vocational training institutes as well as the important to start the entrepreneurship curriculum are not sufficient to provide movement by each and every youth for opportunity and training to those who are generate employment for everyone. willing to start business in the Startup Startup services economy. The corporate sector startups often require non-financial observations are the current training support, including capacity building, scenario is outdated and out of feel with management advice, the need of startups and modern industry. improved business plans and networking, Even schooling in India today is not foster and specialist technical services such as skills for start entrepreneurship based skill accounting or training as well as curriculum. They are legal advice. Non-financial support is a following the route learning and traditional way of reducing the risk (of default) of the syllabus, surely it will never support and financial equip students for a modern knowledge support. According to a Nasscom report on economy. Also the lack of adequate and digital startups, India now has appropriate skills that entrepreneurs find approximately 110 now a days it is difficult to avail the right incubators and accelerators in India. person to the right job. The corporate Incubators work with startups to develop sector spends lot of efforts in retraining entrepreneurial skills such as building a their employees, the training cost is business around an idea, creating and depends the capability of them. In the 2014 testing a prototype and understanding the Global Innovation Index survey rates India market. Incubator programmes can be at the bottom of the BRICS countries. The relatively long-term – over a year. need for self employment in India is huge Accelerators offer usually shorter and and also it is undoubted need of the hour. more intense programmes to hone in on the Because every year India producing business model, the market opportunity engineering graduates in large scale and and the product the gap between the job vacancies and

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 Co-working spaces are shared offices that may become an entrepreneur by self- typically have open space and offer desk employment. House ownership might space as well as other facilities such as be important in the decision to become administrative help or services such as self employed because a house is couriers. In addition, there may be formal often used to obtain a loan from a or informal networks of mentors or bank. He looks the chance of transfer entrepreneurs based at the co-working from unemployment into self space. India's largest cities have a number employment is also an increasing of co-working spaces. function of wealth. Professional and technical services such Black et al . (1996) examines the as accounting, legal and financial expertise wealth and home ownership are are important for new startups that cannot noteworthy productive effort on self- afford to provide these services in-house. employment starting, involve the A number of service providers have presence of simple restriction. The emerged in recent years. notable impact of the wealth variable Objectives is, not specific huge and as the he 1. To study about self employment gave pre cautions: since they are practices in today’s trend at Chennai. roughly made substitute for the self net 2. To study the impact of startup on self worth, the results should be interpreted employment performance. with caution. 3. To identify the key strategies to Schaufeli W.B. and Bakker, A.B. (2004) improve performance of startups on has conducted a study on “Thirst of self self employment at Chennai. employment and their Relationship with Review of literature Burnout and Job resources: A multi-

sample study”. In this study the authors Johansson (2000) expressed Finish discuss the attitude and feeling of micro data to study transitions from the entrepreneurs regarding their work and self base of salaried employment to self- employment. The new entrepreneurs have employment. In addition to the wealth affection for their organization always variable, he adds an indicator of self- engaged. This will result in the reduction employment when, the person is of entrepreneurs’ intention to run a new having own house means easily he Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 134 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 enterprise and reduce the expenses and performance. The sample size of the study hold the long run retention of employees was 150 employees from a garment with the same organization. There is a industry. Correlation and Regression were positive relationship between used to evaluate the results of this study. entrepreneurs’ attitude and their self The findings shows that self employment employment and it will maintain the attitude is positively correlated with their employee-employer relationship also. performance and it is an added advantage Dalal, R.S (2005) has expressed in “self to the business oriented companies. The employment attitudes: Cognition and affect attitude brings involvement among the about the different attitudes are directly persons who start the self employment and correlated with job satisfaction and it gives the fruitful success in the execution Entrepreneur involvement”. The author of the same. Through that these argues that career satisfaction depends organizations achieve more productivity upon the attitude. It shows that in modern and huge profits when they are pay more decades it has developed other good salary to their employees. qualities of entrepreneurs such as Research Methodology organizational commitment, job involvement, performance and support to This paper concentrates on the impact of the organization. Positive relationship Startups on promoting self employment at exists between their attitude and their self Chennai. The researcher used both of the employment performance. This contributes primary and secondary data. Primary data to job satisfaction and retention of were collected through questionnaire, from potential business. 75 Entrepreneurs residing in Chennai using Harrison D.A, Newman et al (2006) have Random sampling used to collect the data. conducted a research on How important The sample was entrepreneurs doing are self employment attitudes?; A Meta- business through Startup. The analytic comparison of integrative Entrepreneurs purpose and influence of behavioural outcomes and time sequences. variables were measured using 5 point The intention of the study is to examine the Likert scale. The researcher used ANOVA, impact of attitude on self employment and Correlation and Regression analysis using evaluate the association of attitude on their SPSS version 21 to find the result.

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 135 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586

Hypothesis

Ho – There is no significance difference between Entrepreneur performance and their income.

H1 – There is significance difference between Entrepreneur performance and their income.

Table : 1 Opinion of Respondents towards Study Variables Based on Income.

Salary and Mean value Anova Result Below Rs. 5 Factors Rs. Lakhs Rs.10lakhs Above 20 F- value P- value 5 -10 -20 Lakhs Lakhs Lakhs Lakhs Entrepreneur Attitude 3.33 3.27 3.17 3.06 2.050 .107 Performance 3.30 3.20 3.09 3.03 40537 .003* Recognition In Markets 3.55 3.51 3.51 3.47 1.084 .969 Pay and Benefits 3.69 3.78 3.62 3.19 10991 .115 Career Satisfaction 3.19 3.40 3.32 3.36 6.303 .000* Involvement 3.74 3.42 3.53 3.47 4.052 .011* Industry Preference 3.55 3.48 3.44 3.44 6.014 .000* Source: Primary data, * Significant at one percent level, NS-Not Significant ** Significant at five percent level

Ho26: There is no difference of opinion The respondents getting salary between Rs. towards study variables based on Salary 5 Lakhs – 10 Lakhs are giving high of respondents. importance to pay benefits, Recognition ANOVA is used to test the the other level of importance are as variation between Entrepreneurs follows, involvement, Job satisfaction, performance and Salary level. The above Attitude and Performance. table shows that respondents getting The respondents getting salary between Rs. Income below Rs. 5 Lakhs are giving high 10 Lakhs – 20 Lakhs are giving high importance to involvement, pay benefits importance to pay benefits, Recognition and the other level of importance are as the other level of importance are as follows, Recognition, Attitude, follows, involvement, Career satisfaction, Performance and Career satisfaction. Attitude,, Performance, Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 136 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 The respondents getting salary above Rs. This result indicates that the five factors do 20 Lakhs are giving high importance to not vary significantly, but the remaining involvement, Recognition, the other level five factors namely performance, Career of importance are as follows, Career satisfaction, Involvement are significant. satisfaction, pay benefits, Attitude, This implies that salary is independent of Performance and working hours. Entrepreneurs Income. Table :2 Correlation

PERFORMANCE

DETERMINANTS R – Value P – Value

Industry Preference -.084 .121

Entrepreneurs Attitude .432* .000

Recognition in Markets .188* .000

Pay benefits .244* .000

Career satisfaction .124* .021

Entrepreneurs Involvement .426* .000

Source: Primary data, ** Significant at five percent level

To test the correlation between Ho9 : There is no relationship among the independent variables on dependent selected study variables and Performance. variable Pearson correlation was applied. From the result it was observed that there The independent variables of the study was positive correlation between all were Industry nature, Attitude, dependent variables and Performance. It Recognition, Pay benefits, Career implies that all independent variables satisfaction, Involvement dependent contribute to Performance. Some variable is Performance. The following independent variables are having lowest r- Hypothesis was formulated to test the value (r < 0.40) that is Work nature r value relationship. = -.084, Attitude r value = .432, Recognition r value = .188, Pay benefits r

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 value = .244, Job satisfaction r value = • The banks have to give considerable .124, Involvement r value .426 This subsidies for those who started implies that it contributes less to companies through Startups. Performance. From the p-value in the • The educational institutions have to correlation matrix, it was observed that the organize the Startup movement. level of all independent variables was Conclusion : significant at 0.001 levels. Hence, the null Startups are boosting the interest of begin hypothesis was rejected. So it is concluded new business in youngsters mind. The new that there is significant relationship Startups provide the opportunity for between Industry nature, Attitude, growth and employment generation. These Recognition, Pay benefits, Career are basically innovation, technology driven satisfaction and Involvement with and looking to scale. In today’s scenario all Performance. banks are giving loans for startups and it Suggestions : will boost the capacity to start new • The government have to conduct the businesses easily. In startups the major Startup awareness campaigns every challenges are finding the right people. year at all regions. India has seen unparalleled growth in • The ministry of HRD and UGC have to startups in the decade and also our young design and implement new syllabi for Graduates will surely execute the Startup India. movement of Make in India and Startup • The startup awareness and interest India. must be created from the school level. Reference :

1) Dalal, R. S. (in press). Job attitudes: Cognition and affect. In I. B. Weiner (Series Ed.) and N. Schmitt & S. Highhouse (Vol. Eds.) Handbook of psychology: Vol. 12. Industrial and organizational psychology. Hoboken, NJ: Wiley. 2) Johansson, E. (2000). ‘Self-employment and the Predicted Earnings Differential: Evidence from Finland’ Finnish Economic Papers, Vol. 13, Issue 1, 45-55.

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 3) Harrison, D. A., D. A. Newman, and P. L. Roth. 2006. How important are job attitudes. Meta -analytic comparisons of integrative behavioral outcomes and time sequences. Academy of Management Journal 49(2):315–325. 4) Meyer, B. D. (1990). ‘Why Are There So Few Black Entrepreneurs?’ NBER Working Paper No. 3537. 5) Schaufeli, W.B. and Bakker, A.B. (2004) ‘Job demands, job resources, and their relationship with burnout and engagement: a multi-sample study’, Journal of Organisational Behaviour, Vol 25, pp293-315. 6) Bains (2015) India Private Equity Report 2015 7) InnoVen Capital (2015) India Angel Report 2015 8) Nasscom and Zinnov (2015) Start-up India - Momentous Rise of the Indian Start-up Ecosystem 9) Niti Aayog (2015) Report of the Expert Committee on Innovation and Entrepreneurship 10) Sonne, L. and Jamal, A. (2014) Regional Social Enterprise Ecosystems in India: A Snapshot of Nine Regions. Report 11) Thillai Annamalai (2014) IITM India Venture Capital and Private Equity Report 2014 - A study of limited partners 12) Unitus Seed Fund (2015) Global Best Practices in Incubation and Acceleration

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 139 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586

“AN ENTREPRENEURIAL RIDE: THE RIPE RESULT FOR “START-UP INDIA”- TO GO, GROW, GLOW” Prof. Devrshi Upadhayay , Assistant Professor, Assistant Professor , Rai Business School, Ahemdabad

Zoya Saiyed , Management Student , Rai Business School , Ahemdabad.

Ramiz Katchhi , Management Student, Rai Business School, Ahemdabad

ABSTRACT: “Start-up India” is the flagship initiative of the Government of India, which intends for building a strong ecosystem for the nurturing of innovation and the start-ups in our country. This will led to the sustainable economic growth and also generated large scale of employment opportunities. It plays a vital role in facilitating start-ups and also provide new standard to the entrepreneurship in our country. The Global Entrepreneurship Monitor (GEM) research data presents worldwide that if an entrepreneur who has high potential makes on average as much as 3 times more jobs than compared to an entrepreneur who has an average potential and much as 15 times more jobs that with the low potential. The society contains only 6% of entrepreneurs that have average potential, and the majority of the entrepreneurs have low potential. Therefore, the growth can be generated only when we have a highly ambitious entrepreneur which helps in the quick growth of the company and vice versa increase the employment rate also. Basically, this paper includes the research in the area of Ahmedabad i.e. some of the Start-up ventures in the region and will have co-relation between the MBIT and the FFM of that particular area. Therefore, the main objective of the paper is to co-relate both the MBIT and FFM for the prediction of new business venture with the help of statistical data.

Keywords: Start-up India, Entrepreneur, Start-up ventures

Introduction family, and starting a business allows them to do that. Some find it exhausting to be Why do people start a small business? outside the house all day, dealing with Some want to spend more time with traffic, co-workers, meetings and Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 140 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 interruptions. Some people hate answering to budget, keep records and handle small to a boss all the time- needing permission business taxes. They must familiarize to schedule a dentist appointment or take themselves with employment laws if they the day off when they're sick. Some people want to hire staff. They also need a plan are unmotivated by the security of a for protecting their business and everything regular pay check and prefer the challenge that's tied to it if something goes wrong. of the direct rewards or losses that *Innovations – They are the main driving entrepreneurs see from their efforts. force behind economic development and Maybe you want to build an empire and the increase of productiveness in a become famous, or create a wealth- knowledge-based society. Startup generation machine that you can pass on to companies are the most suitable form of your children. Or perhaps you can't implementing inventions and consequently convince anyone to recognize your unique the best mechanism for commercializing vision and you've decided that it will never technological and other novelties. Startup come to fruition unless you strike out on companies contribute to a quick your own. Or maybe you're thinking of development of new technologies and the self-employment because you've been location where they operate. Large unemployed for so long that you feel that companies often buy startup companies you've exhausted all the other options. because of technology (fundamental ingredient) that they then integrate into Becoming a small business owner has their business and thus keep their unique challenges and rewards that aren't competitive advantage. At the same time, right for everyone. You must be driven, they provide knowledge as well as spin-off disciplined and able to identify a product and spin-out companies to the startup or service that people need - one that they environment, which wouldn’t be possible will pay enough for to allow you to live without a well- functioning startup comfortably. You have to develop ecosystem. marketing skills and be able to find your own work, because it won't fall into your *New jobs and economic growth – In the lap until after you're well established. long term, startup companies create a large Business owners need to understand how portion of new jobs and contribute to the

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 country’s economic growth. Considering connecting institutions as well as that startup companies are based on contributes to the applicative orientation of innovations, the potential of startup research work at universities and research companies represents the healthy core of institutions. Meanwhile it also works as a the economy. If the country wishes to role model and encourages students and encourage new employments in the long researchers to implement their ideas via a term, it is necessary for it to invest into the startup company. segment of companies that create the most *Bringing the values of proactively into jobs in the long run (in 10 years and more). the society – Startup entrepreneurship Startup companies are the ideal form and changes the values of the society and opportunity for employing and activating brings a new mind-set, in line with the the Y generation. society based on knowledge and *Bringing new competitive dynamics into creativeness. The population is starting to the economic system – Startup companies increasingly realize that they have a are the most dynamic economic responsibility for their work and career organisations on the market, since they development. provide additional dynamics and MBTI and FEM : Gateway to penetrate competitiveness to the economic system. in entrepreneurial life This means that the economy stays healthy, vital and diligent, while individual Myers-Briggs Type Indicator companies find it harder to fall asleep on Myers-Briggs Type Indicator is used to their laurels. decide the business world career Promoting the research-innovation system counseling, even developing management – High-tech as well as knowledge-based styles, team management and much more. service startup companies are very closely It is a theory of personality types which connected to knowledge institutions. An helps the managers with the job placement appropriate entrepreneurship ecosystem and even the career development. In this thus promotes the research & development test each employee is asked to take the as well as research & innovation approach MBIT test that has four scales in which of knowledge institutions, companies and two possible choices for each of the scale.

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 These preferences even determine an skills. The types of MBIT known as employee’s psychological type. Dichotomies are Extraversion/Introversion, Sensing/Intuition, Thinking/Feeling, and It is different from the other tests and Judging/Perceiving. This will help to judge measuring traits. This types and traits are the preferences in a better way. inborn, traits are use to improve akin to

TYPES OF MYERS-BRIGGS TYPE INDICATOR

E-I Dichotomy

EXTRAVERSION: 1) It focuses outward: people, things, action. 2) Uses errors and trials with confidence. 3) Seek variety and action. INTROVERSION: 1) It focuses inward: concepts, ideas, and feeling. 2) Considered before acting. 3) Wants time to be alone.

S-N Dichotomy

SENSING: 1) Perceiving with the 5 senses.

2) Physical realities.

3) More attention to details.

INTUITION: 1) Perceiving with memory and association (6th sense).

2) Seeing possibility.

3) Look at big picture.

T-F DICHOTOMY

THINKING: 1) Uses cause and effect reasoning.

2) Tough-minded.

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 143 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 3) Everyone treated equally.

FEELING: 1) Includes personal values.

2) Tender hearted.

3) Everyone treated as an individual

J-P DICHOTOMY

JUDGING: 1) Mainly focuses on completion of a task.

2) Goal oriented.

3) Regulating and Controlling.

PERCEIVING: 1) Focuses on starting of a task.

2) Open minded.

3) Adapting and Changing.

IMPLEMENTATION: SIGNIFICATION: 1. Increases self awareness for better self The MBIT includes 93 forced management. choice questions that have only two 2. It identifies the behavior trends which options. The participants can also skip result in positive outcomes. the question which they feel that they 3. It clarifies the personal or professional are unable to choose. After the development opportunities. completion of the entire question; MBIT is then scored and after that The BIG FIVE PERSONALITY participants are given readout of their TRAITS (FFM) score, which will include a bar graph The Big Five Personality traits or Five and the number of points they have Factor Model (FFM) is based on the scored on a certain scale. common language descriptors of

personality i.e. hypothesis. All the

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 descriptors are then framed together with interacting with them. There are high the help of statistical techniques called and low types of agreeableness. “Factor Analysis”. This model helps to 5) Neurotiusm: Focuses on the ability of describe the human personality and psyche an individual to control his/her with the help of five dimensions that helps emotions at the time of crises. There in hiring decisions and it is the most are mainly positive and negative common method for self reporting surveys. emotions. It is also used for the better prediction. SIGNIFICANCE: This is mostly used by the Human Resource professionals to help the • Provide explanation to leader and employees. follower tendencies. • Successfully works in many The Big Five Personality traits are: environments. 1) Openness to experience: It measures • Tends to be constant overtime. the ability of an individual to be open • Universally accepted across cultures. at any kind of experience that helps • Good profiling for corporate and that helps him/her to do the job occupational functions. efficiently and effectively. They are IMPLEMENTATION: High and Low openness to experience.

2) Conscientiousness: Focuses to extent • Emotional stability related to job an individual to which it shows satisfaction. consistent and reliable behavior in the • Extroverts tend to be happier in their organization. There are high and low jobs and have good social skills. types of conscientiousness. • Open people are more creative. 3) Extraversion: Focuses on the comfort • People can be good leaders. level of an individual in interaction • Agreeable people are good in social with other. There are both Extraversion setting. and Introversion type.

4) Agreeableness: Focuses on individual behavior towards others while How It Is Measured?

Several measures of FPM are: Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 145 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586

• Self Descriptive Sentence Research Objective Questionnaires. Research Objectives mainly divide in two • Lexical Questionnaires. segment namely Primary and Secondary • Self respect Questionnaires Objective which elaborate as under: The most frequently used measures of Primary Objective FFM are either in terms that are self descriptive sentence or in the case of 1. Identify the trends in new venture i.e. lexical measures, items that are single Entrepreneurship. adjectives. Much evidence is on measures 2. Relating MBTI and FEM with the new of this model relies on the self report venture i.e. Entrepreneurship. questionnaires which makes the report bias 3. Recognize the basic element in as it is difficult to deal with. It has also Entrepreneur. been argued that it does not create an 4. Visualizing attributes, traits, behavior accurate profile as the responses given may of entrepreneur. not be true in all the cases. Secondary Objective Research Methodology 1. Identification of Introvert and

Research Area Extrovert in entrepreneur. 2. Emotional stability, Risk averse and This paper mainly focuses on surrounding of entrepreneurial ride. Entrepreneurship and with its relation with Myers-Briggs Type Indicator and The Big Five Personality Traits (FEM).

Research Model

Dependent Variable Independent Variable “Entrepreneurial Ride “ 1. MBTI Test

2. FEM Test

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 146 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 Research Observation/Research entrepreneurs also displayed just as strong Analysis levels of conscientiousness, the trait that reports one’s orderliness, achievement - After examining these entrepreneurs we must now ask the question, what prominent strides, self - discipline, and cautiousness to achieve and retain the incredible levels commonalities begin to show regarding of success that these entrepreneurs did took their personality traits? To begin with, all just as much caution and careful the entrepreneurs showed extraordinarily calculations as it did bold leaps of faith. high levels of the trait openness to experience. Within this broad category trait The difference is that these leaps, often taken at the beginning of their careers, titled openness to experience there are were not reckless but instead the place several keywords used to break down the where their dutiful preparation met trait even more specifically. This opportunity. demonstrates that while openness to experience was a defining feature for each This observation correlates directly with the last prominent personality of these individuals, it manifested itself in multiple different faces, each contributing characteristic of our entrepreneurs: their beliefs regarding the purpose of their to their behaviors and ultimately their success and philanthropic activity. Each of success The fact that these entrepreneurs showed our entrepreneurs reached a point in their career in which they realized that earning these tendencies toward openness is not surprising given the natural entrepreneur's more money to meet their own needs was virtually pointless in that they could never reference for an often constantly changing spend what they already had in a hundred environment where innovation is required. High levels of instability and risk lifetimes. This realization would bring with it a change in their behavior perhaps even associated with being an entrepreneur are usually unappealing enough to drive away realignment with their true personality and desires. Each entrepreneur saw fit to use personalities not adventurously equipped. their talents and wealth to benefit man in This is not meant to say that all entrepreneurs should be reckless, risk whatever way they saw best. takers. Quite the opposite in fact. All these

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 147 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 References

1. Barrick, M. R., & Mount, M. K. (1991). The Big Five personality dimensions and job performance: A meta-analysis. Personnel Psychology , 44 , 1-26. 2. Barrick, M. R., Mount, M. K., & Judge, T. A. (2001). Personality and performance at the beginning of the new millennium: What do we know and where do we go next?. International Journal of Selection and Assessment , 9, 9-30. 3. Birkeland, S. A., Manson, T. M., Kisamore, J. L., Brannick, M. T., & Smith, M. A. (2006). A Meta-Analytic Investigation of Job Applicant Faking on Personality Measures. International Journal of Selection and Assessment, 14, 317-335. 4. Clarke, S., & Robertson, I. T. (2005). A meta-analytic review of the Big Five personality factors and accident involvement in occupational and non-occupational settings. Journal of Occupational and Organizational Psychology, 78 (3), 355-376. 5. Costa, P., & McCrae, R. (1992). NEO-PI-R and NEO-FFI professional manual. Odessa, FL: Psychological Assessment Resources. 6. Digman, J. M. (1990). Personality structure: Emergence of the five-factor model. Annual Review of Psychology , 41 , 417-440. 7. Hogan, R., Hogan, J., & Roberts, B. W. (1996). Personality measurement and employment decisions: Questions and answers. American Psychologist, 51, 469-477. 8. John, O. P., & Srivastava, S. (1999). The Big Five Trait Taxonomy: History, measurement, and theoretical perspectives. In L. A. Pervin & O. P. John (Eds.), Handbook of Personality: Theory and Research (2nd ed., pp. 102-138), New York: Guilford Press. Available at: http://www.ocf.berkeley.edu/~johnlab/pdfs/john&srivastava, 1999.pdf or http://www.uoregon.edu/~sanjay/pubs/bigfive.pdf. 9. Pittenger, D. J. (2005). Cautionary Comments Regarding the Myers-Briggs Type Indicator. Consulting Psychology Journal: Practice and Research, 57 , 210-221. 10. Zhao, H., & Seibert, S. E. (2006). The Big Five personality dimensions and entrepreneurial status: A meta-analytical review. Journal of Applied Psychology , 91 , 259- 271.

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 EXPLORING THE ROLE OF SOCIAL MEDIA IN DIGITAL MARKETING PERSPECTIVE OF MICRO AND SMALL ENTREPRENEURS –A NEW PARADIGM OF BUSINESS GROWTH

Dr Suvamay Bhowmick, Associate Professor, SRM University, Sikkim

ABSTRACT: Micro and small enterprises play a crucial role in the economic and social development of the country. The present scenario clearly states that our economical and social growth is impossible without the development and growth of these enterprises. Technological advancements, global competition and needs of consumers are continuously changing. Enterprises should recognize the complexities and fundamentals of markets to improve competitiveness. It has become vital for marketers to understand how information communication technology can be used to increase market access and business development. The digital marketing mainly social media has appeared as a cost effective medium and proper adaption of these medium can bring significant business growth. This paper attempts to highlight the impact of digital marketing especially social media marketing in expansion of business growth of micro and small entrepreneurs in North Bengal. The purpose of this study is to observe the impact of social media marketing on micro and small entrepreneurs’ performance. Quantitative research method approach has been applied. The data and information has been collected from primary and secondary sources. Primary data was collected from 180 respondents through a structured questionnaire. Respondents were mostly business owner or managers. Cluster sampling and then simple random sampling technique has been used to collect primary data. Collected data has been analyzed by correlation and other statistical tools with the use of Statistical Package for Social Science (SPSS). The study revealed that digital marketing mechanism especially social media facilitates the entrepreneurs to access greater market, create brand awareness, increase customer acquisition and retention and in turn accelerate the business significantly. The study also recommends proper infrastructure, training and policy should be developed to conquer bottlenecks and upgrade entrepreneurs towards business growth.

Keywords: Micro and small Enterprises, Digital Marketing, Social Media, Business Growth Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 149 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586

Introduction media marketing is one of the major Micro and small enterprises play a crucial instrument which is more effective to the role in the economic and social growth and development of the enterprises. development of the country. The present This permits businesses to convey scenario clearly states that our economical messages rapidly and economically with and social growth is impossible without the the customers. This develops a database development and growth of these that can be used to touch untapped markets enterprises. But many small enterprises and increase larger market coverage for wind up due to many challenges they long term business growth. Unfortunately, affront in their business activities. These these micro and small businesses have no required modifying the traditional business proper strategy to use social media as a model into a progressive, technologically marketing communication tool to capture improved and society adopted model. The the market. With the growth and expansion most common areas in which micro and of internet facility and smart phone small business have problems is marketing penetration, social media reaches large part (Huang & Brown, 1999). This is due to the of the society in many ways. Adoption of inability to carry out marketing activities social media led by Face book, Twitter, separately (Berthon et al., 2008; Moss et LinkedIn, Google+, YouTube and al., 2003; Gilmore et al., 2001). Large company blog etc offers immeasurable enterprises have immense opportunities. strength to the marketers to communicate They have huge financial strengths and target audience in a cost efficient way. marketing budgets and they can access Literature Review multi facet marketing dynamism. But Social media network facilitates companies micro and small enterprises have to communicate with customers in order to constraints of financial resources and have establish relationships and accomplish a limited options to market themselves. better understanding of customer needs Digital marketing provides leverage to and wants. Enterprises convey their micro and small entrepreneurs in cost messages by social medium sites to reach effective way. It has built mechanism for as many people as possible. (Halligan et al, achieving competitive advantage. Social 2009). Dandridge, Tom et al. (1998)

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 150 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 discussed about prospect and opportunities been selected from a wide range of of internet marketing to small businesses. varieties, ranging from manufacturing to Social media improves farm’s worthiness, service. Many of these enterprises use enhance the customer and supplier contacts different social media vehicles for their and bring to light where resources are marketing and promotional activity. The available. It also promotes innovation and purpose of this study is to investigate the help in the cultivation of strategic impact of social media marketing on micro partnerships (Zontanos and Anderson, and small entrepreneurs’ performance. 2004). Kim and Ko (2012) enlightened that Quantitative research methods have been social networking media as an online applied. The data and information have platform which simplify the been collected from primary and secondary communications, party collaborations and sources. Primary data has been collected the information dissemination about a through structured questionnaire from 180 product or service. Social media has micro and small enterprises whose become a powerful channel for marketing, investment does not exceed five crores but there are still business farms that rupees. Respondents are mostly business perceived it as a new adoption especially owner or managers. The questionnaire micro and small enterprises (Weinberg, converses how enterprises use social media 2009). Xiang and Gretzel (2010) studied strategies to retain their present customers that the number of people looking and add new customers. Various types of information on the internet has increased. data has been collected like time spent on Moreover, the role of social networks, social media, sales growth and customer blogs and media files shared information increase etc . Cluster sampling and then are vital in marketing of products or simple random sampling technique has services, which has become popular among been used to collect primary data. the internet users (Gretzel et al., 2006). Collected data has been analyzed by Research Methodology correlation, regression and other statistical This study explores impact of digital tools with the use of Statistical Package for marketing especially social media Social Science (SPSS). marketing of micro and small enterprises in North Bengal. The business farms have

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 Objective of the Study: 4) To find the impact of social media in The broad objective of the study is to customer accusation and retention. analyze the impact of digital marketing Hypothesis especially social media marketing in On the basis of above objectives following expansion of business growth of micro and hypotheses are being formed. small entrepreneurs in North Bengal . The H1: Use of social media as marketing study has attempted to asses problem and tools has no impact on increase brand prospects of social media marketing of awareness micro and small entrepreneurs. The H2: Use of social media as marketing specific research questions being addressed tools has no impact on customer by the study are as follows. acquisition. 1) To understand role and impact of social H3: Use of social media as marketing tools media marketing in micro and small has no impact to maintain relationship with enterprises. the customer. 2) To determine the effect of social media H4: There is a correlation between use of on customer relationship management. social media marketing and increase in 3) To study the effect of social media on sales growth. creating brand awareness.

Analysis and Findings Among the all respondents 139(79%) used social media and remaining 41(23%) did not use social media as a marketing communication vehicle . Table-1 Reason for not using Social Networking Media Reason s Percentage (n=41) Lack of Computer 4% Lack of technological knowledge and skill 29 % Lack of Internet facility 11 % Lack of knowledge abou t social media as marketing vehicles 17 % Not required to business 39 % Source: Computed data collected from survey

Table-1 represents reason for not using due lack of internet facility they didn’t use social networking media as a marketing social media. Whereas other respondents tool. 4 percent respondents reported due to reported due to lack of technical lack of computer and 11 percent reported knowledge (29 percent) and knowledge Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 152 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 about social media as marketing tool (17 percent use for customer relationship percent) they didn’t use social media. management, 43 percent use for promoting Majority of respondents (39 percent) brand awareness and 8 percent use for mentioned that social media marketing is market research (table-2). This result not applicable to their business. On the describes opportunities and challenges of contrary, out of 139 respondents 17 using and not using social media as a percent use for acquiring new market, 32 marketing communication vehicle.

Table-2 Reasons for using Social Networking Media Reasons Percentage (n=139) Acquire new markets 17% Maintain relationship with the customer 32% Promote the brands and create awareness 43% Market research 8% Source: Computed data collected from survey

Table-3 Model Summary Model R R Square Adjusted Std. Error of R Square the Estimate 1 0.497(a) 0.247 0.127 1.53217 a Predictors: (Constant), Brand awareness Source: Computed data collected from survey

Table 3 represents the summery of social media as marketing tool has an regression analysis of hypothesis H1 that is impact on increase brand awareness. the use of social media as marketing tools However the proportion of variability in has no impact on increase brand the dependent variable explained by R 2 awareness. The result depicts that the (coefficient of determination) is 24.5 regression coefficient R is 49.7 percent percent. This implies that apart from the (level of significance being 0.000). Thus R independent variable in the study, there are is significant and the model is justified. other variables which are not considered in The hypothesis H1 is rejected that is use of the study. Table-4 Model Summary Model R R Square Adjusted Std. Error of R Square the Estimate 1 0.329(a) 0.108 0.103 1.03921 a Predictors: (Constant), Customer acqusition Source: Computed data collected from survey

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586

Table 4 represents the summery of media as marketing tool has an impact on regression analysis of hypothesis H2 that is customer acquisition. However the the use of social media as marketing tool proportion of variability in the dependent has no impact on customer acquisition. variable explained by R 2 (coefficient of The result depicts that the regression determination) is 10.8 percent. This coefficient R is 32.9 percent (level of implies that apart from the independent significance being 0.000). Thus R is variable in the study, there are other significant and the model is justified. The variables which are not considered in the hypothesis H2 is rejected that is social study. Table-5 Model Summary Model R R Square Adjusted Std. Error of R Square the Estimate 1 0.403(a) 0.162 0.137 1.5821 a Predictors: (Constant), Customer relations Source: Computed data collected from survey Table-5 represents the summery of media as marketing tools has an impact on regression analysis of hypothesis H3 that is maintain customer relationship. However the Use of social media as marketing tool the proportion of variability in the has no impact to maintain relationship with dependent variable explained by R 2 the customer. The result depicts that the (coefficient of determination) is 13.7 regression coefficient R is 40.3 percent percent. This implies that apart from the (level of significance being 0.000). Thus R independent variable in the study, there are is significant and the model is justified. other variables which are not considered in The hypothesis H3 is rejected that is social the study Table-6 Karl Pearson ’s Coefficient of Correlation (r) Significance 0.537 0.016 < 0.05 Source: Computed data collected from survey

Table-6 represents correlation analysis of is 0.537 significance at 0.016 < 0.05. The hypothesis H4 that is there is a correlation Hypothesis is accepted and which between use of social media marketing and describes a significant correlation exists increase in sales growth. The result between use of social media marketing and represents the coefficient of correlation(r) increase in sales growth. Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 154 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 Limitations better customer relationship management, The impact social media marketing used enhance brand awareness and sales growth by micro and small enterprises has been which in turn accelerate business studied in North Bengal and the result of significantly. The study recommends that the study may differ in other place. Small government and other policy making sample size is another limitation of the agencies should frame favorable strategy study. Major research on social media to encourage the technological adoption marketing has not been undertaken in that would develop micro and small India. The study has spotlighted only on entrepreneurs . This is the era of micro and small Enterprises. information and communication technology. These entrepreneurs should Conclusion and Recommendation employ digital techniques to grab This study examines how social media opportunities in the competitive market marketing offers micro and small which would lead them towards long term enterprises excellent market accessibility, business growth.

Bibliography Adegbuyi, O. A., F.A. Akinyele, & S.T. Akinyele (2015). Effect of social media marketing on small scale business performance in Ota Metropolis, Nigeria, International Journal of Social Science and Management,2(3)

Berthon, P., Ewing, M.T., & Napoli J., (2008). Brand management in small to medium-sized enterprises, Journal of Small Business Management, 46(1), 27-45.

Dandridge, T., & levenburg, N., (1998). Web can catch mall firms seeking to expand, Marketing News, 32

Evans, D., & McKee, J., (2010). Social media marketing: The next generation of business engagement, Wiley Publishing, Inc., Indiana

Gretzel, U., Fesenmaier, D.R., Formica, S., & O’Leary J.T., (2006). Searching for the future: Challenges faced by destination marketing organizations. Journal of Travel Research, 45(2), 116-126

Halligan, B., Shah, D., & Scott, D. (2009). Inbound marketing: get found using Google, social media, and blogs, John Wiley & Sons Inc.,1

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 155 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 Huang, X., Brown A., (1999). An analysis and classification of problems in small business. International Small Business Journal 18(1),73-85

Kim, A.J., & Ko, E. (2012). Do social media marketing activities enhance customer equity? An empirical study of luxury fashion brand, Journal of Business Research, 65(10), 1480-1486

Moss, D., Ashford R., & Shani N., (2003). The forgotten sector: Uncovering the role of public relations in SMEs, Journal of Communication Management 8(2), 197-210.

Weinberg, T. (2009). The new community rules: Marketing on the social web. Sebastopol, CA: O’Reilly Media, Inc.

Zontanos, G., & Anderson, A. R. (2004) Relationship marketing and small business: An exploration of link in theory and practice, Qualitative Market Research: An International Journal, 7(3), 228-236

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A STUDY ON INVESTORS BEHAVIOUR TOWARDS INVESTMENT AVENUES: A STUDY WITH REFERENCE TO SALEM CITY

AMUDHAN S, Assistant Professor, AVS Engineering College, Salem & NAGAPAVAN, MBA Student, AVS Engineering College, Salem

ABSTRACT: In this modern era, money plays an important role in one’s life. In order to overcome the problems in future they have to invest their money. Investment of hard earned money is a crucial activity of every human being. Investment is the commitment of funds which have been saved from current consumption with the hope that some benefits will be received in future. Thus, it is a reward for waiting for money. Savings of the people are invested in assets depending on their risk and return demands, Safety of money, Liquidity, the available avenues for investment, various financial institutions, etc. Through this study, an analysis has been made into preferred investor’s behaviour towards investment avenues in Salem city. It has also studied the difference of opinion of age on investor behaviour while selection of any avenue.

Keywords: Investment avenues, Risk and Return, Liquidity.

INTRODUCTION differ from one avenue to another. Even Investment is a purchase of a if the individual does not select specific financial product or other item of value assets such as stock, investments are still with an expectation of favorable future made through participation in pension returns. Investing is a serious subject that plan, and employee saving programme or can have a major impact on investor’s through purchase of life insurance or a future well-being. Virtually everyone home. Employee behavior deals with makes investments. Investors have a lot analyzing the behavior of an employee of investment avenues to park their based on his psychographic and savings. The risk and returns available demographic factors like age, gender, from each of these investment avenues education and income groups. The

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 respondents of this study will consist of Moderate Risk Avenues: Mutual Funds, only the banking employees working in Life Insurance, Debentures, Bonds. private and public sector as they are High Risk Avenues: Equity Share Market, having knowledge of financial products Commodity Market, FOREX Market. available at large. They have unique Traditional Avenues: Real Estate features of safety, security, regular (property), Gold/Silver, Chit Funds. income, retirement benefit than the other Emerging Avenues: Virtual Real Estate, occupation people like business man. Hedge Funds/Private Equity Investments, Art and Passion. When it comes to investing, the volume of facts and information available LITERATURE REVIEW can be incredibly time consuming to wade through and for many individuals it Puneet Bhushan & Yajulu Medury is just too confusing. Yet we need a good (2013) concluded that women are more understanding of the financial options conservative and takes less risk and available to us to be able to make good significant gender differences occur in investment decisions. In India, many investment preferences for health investment avenues are available where insurance, fixed deposits and market some are marketable and liquid while investments among employees. others are non-marketable and some of V.R.Palanivelu & K.Chandrakumar them are highly risky while others are (2013) highlights that certain factors of almost riskless. The investor has to salaried employees like education level, choose Proper Avenue depending upon awareness about the current financial his specific need, risk preference, and system, age of investors etc. make returns expected. Different avenues are: significant impact while deciding the investment avenues. Safe/Low Risk Avenues: Savings Lalit Mohan Kathuria & Kanika Account, Bank Fixed Deposits, Public Singhania (2012) concluded that private Provident fund, Government Securities, sector banking employees were investing etc. a larger portion of their savings into safe and risk-free investment avenues, like

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 employee provident fund, public ready to invest for meeting their provident fund and life insurance policy financial, social and psychological need. and only forty per cent of the respondents But the investor always had a mindset of had high level of awareness regarding safety and security, higher capital gain, various investment avenues. secured future, tax benefit, getting D. Harikanth & B. Pragathi (2012) periodic return or dividends, easy indicated that there is a significant role of purchase and meeting future contingency. income and occupation in investment Syed Tabassum Sultana (2010) avenue selection by the male and female concluded that individual investor still investors. Geographical horizon of the prefer to invest in financial products investors, risks bearing capacity, which give risk free returns. The study educational level, age, gender and risk confirmed that Indian investors even if tolerance capacity etc, also impacts their they are of high income, well-educated, selection. salaried, and independent are Sanjay Kanti Das (2012) summarized conservative investors who prefer to play that the bank deposits remain the most safe in the market. popular instrument of investment Rajakumar (2008) states that customers’ followed by insurance and small saving attitude towards purchase of insurance scheme to get benefit of safety and products concludes that there is a low security of their life and investment. It level of awareness about insurance was found that there is a need for products among customers in India. increasing the financial literacy among Arvind Kumar Singh (2006) concluded the middle class households. that in Bangalore investors are more Meenakshi Chaturvedi & Shruti aware about various investment avenues Khare (2012) revealed that most investor and the risk associated with that and in preferred Bank Deposits as their first Bhubaneswar, investors are more choice of investment, secondly small conservative in nature and they prefer to saving scheme followed by the life invest in those avenues where risk is less insurance policies. like bank deposits, small savings, post Giridhari Mohanta & Sathya Swaroop office savings etc. Debasish (2011) states that people were

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 Ranganathan (2006) noted that financial OBJECTIVES markets are affected by the financial 1. To study the investment behaviour behavior of investors and consumer towards investment avenues in Salem behavior from the marketing world and city. financial economics had brought together 2. To study the perceptions of different a need to study an exciting area of age groups towards investment ‘behavioral finance’ and thus studying avenues. the behaviour of investors holds importance. HYPOTHESIS Kar Pratip, Natrajan & J P Singh (2000) concluded that the household’s H01: There is no significant investment in shares, debentures and difference between the perceptions of mutual funds was below 10% and the different age groups towards investment equity investor household’s portfolio was avenues. of relatively small value and undiversified. It was also found that one RESEARCH DESIGN set of households, in spite of their lower income and lower penetration level of Descriptive research is carried out consumer durables, were in the securities to describe the phenomenon. This study market, while another set of household is done to understand investment with higher income and higher behaviour of different age groups towards penetration level of consumer durables investment avenues. did not have investment in securities market. SAMPLING AND SAMPLE SIZE

Sujit Sikidar & Amrit Pal Singh (1996) For the present study the sample revealed that the salaried and self- size was 100 collected from the employed formed the major investors in respondents through convenient mutual fund primarily due to tax judgmental sampling method in Salem concessions. city.

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 DATA COLLECTION Statistical Software SPSS 19 through which mean and variance were revealed. The study was done with the primary data using questionnaire as a tool ANALYSIS AND INTERPRETATION to assess the investment behaviour. Since To test the reliability of data the aim of the survey is to allow every gathered for the current study Cronbanch person to list his opinion about alpha was used which showed that data investment avenues. A closed ended are reliable, as it came 0.829. questionnaire was prepared with total 30 characteristics of attributes to assess the RELIABILITY ANALYSIS - SCALE relative importance of each statement on (ALPHA) a five-point Likert scale. The secondary data was collected through various In reliability analysis, No of websites. Cases were 100 and No of Items were 30.Cronbanch Alpha is .829 which is TOOLS APPLIED greater than .75, hence the data is reliable The present study applied Mean and can be used for interpreting the and SD. The tools were applied through behaviour of investors.

Reliability Statistics

Cronbach's Alpha Based on

Cronbach's Alpha Standardized Items N of Items

.829 .840 30

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586

Combined Mean and Variance:

The combined mean noted was 3.523 and variance was .259 in the above study.

Summary Item Statistics

Minimu Maximu Maximum / N of

Mean m m Range Minimum Variance Items

Item Means 3.523 2.567 4.433 1.867 1.727 .259 30

Item 1.049 .461 1.789 1.328 3.880 .111 30

Variances

Individual means and variances of different age groups.

TABLE 1

AGE GROUP: “BELOW” 30

Summary Item Statistics

Maximum /

Mean Minimum Maximum Range Minimum Variance N of Items

Item Means 3.654 2.500 4.625 2.125 1.850 .358 30

Item

Variances .767 .214 2.268 2.054 10.583 .273 30

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 TABLE 2

AGE GROUP: “BETWEEN” 30-40

Summary Item Statistics

Maximum /

Mean Minimum Maximum Range Minimum Variance N of Items

Item Means 3.504 2.563 4.438 1.875 1.732 .278 30

Item

Variances 1.140 .250 2.263 2.013 9.050 .149 30

TABLE 3

AGE GROUP: “ABOVE” 40

Summary Item Statistics

Maximum /

Mean Minimum Maximum Range Minimum Variance N of Items

Item Means 3.400 2.000 4.333 2.333 2.167 .367 30

Item

Variances 1.209 .167 3.467 3.300 20.800 .810 30

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586

TABLE 4

SUMMARIZED MEAN AND SD OF IMPACT OF AGE ON INVESTMENT AVENUE

PARAMETER AGE(IN MEAN STANDARD.

YRS) DEVIATION

YOUNGER < 30 3.65 .60

MIDDLE 30-40 3.50 .53

ELDER >40 3.40 .60

RESULTS AND DISCUSSION depend on the number of respondents. These results are found with the help of After fact finding techniques and primary data collection through implementation of the mean and SD handmade questionnaire with statistical results, it was found that younger people analysis. are more interested in investment in comparison to elder and middle age According to the findings it was people. Significant of the research paper revealed that null hypothesis is rejected confidence goes with youngest investors. as there is a significant difference In future, updations of the research between the perceptions of different age

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 groups towards investment avenues. That more for their future. Facts revealed in means that investors belonging to this study highlight the perception of different age groups have different varied age group investors who desire to behaviour while doing investment and invest in different avenues which give there selection of any investment avenue high returns and growth prospect. highly depends upon their age. It was found that age affect investor’s Survey findings of this study have got preferences significant managerial implications that (Lewellen, Lease and Schlarbaum, 1977). can be used by investment companies in restructuring their existing practices and CONCLUSION finally innovating new ways of service delivery. The present study endeavored to give a look on behaviour of investors SCOPE FOR FURTHER RESEARCH towards investment avenues. The different avenues can be preferred 1. In this research, impact of age has provided it is put forth before young and been found out. The impact of different age group investors in the other demographics can also be desired form. If the younger generation researched. starts investing at such an early stage on 2. Relation between various factors can regular basis, they will be able to save also be researched.

REFERENCES 1) Bhushan,P. & Medury, Y. (2013). Gender Differences in Investment Behaviour among Employees. Asian Journal of Research in Business Economics and Management, 3 (12), 147-157. 2) Chaturvedi, M and Khare, S. (2012). A Study of saving pattern and investment preferences of individual household in India. International Journal of Research in Commerce & Management, 3 (5).

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 3) Harikanth,D. & Pragathi B. (2012). Role Of Behavioural Finance In Investment Decision Making-A Study On Select Districts Of Andhra Pradesh, INDIA .International Journal in Multidisciplinary and Academic Research (SSIJMAR), 1( 4). 4) Kanti Das, S. (2012). Middle Class Household’s Investment Behaviour: An Empirical Analysis . Journal of Radix International Educational and Research Consortium, 1(9). 5) Kar Pratip, Natarajan I and Singh J. P. (2000).Survey of Indian Investors. SEBI- NCAER. 6) Kathuria,L.M. & Singhania.K. (2012). Investment Decision Making: A Gender-Based Study of Private Sector Bank Employees. The IUP Journal of Behavioral Finance, 9(1), 45- 56. 7) Kumar Singh, A. (2006). A study of investment behaviour of investors, MBA dissertation report. 8) Lewellen, W., Lease, R. and Schlarbaum, G. (1977). Patterns of investment strategy and behavior among individual investors. Journal of Business, 50, 296-333. 9) Mohanta G. & Debasish S. (2011). A Study on Investment Preferences among Urban Investors in Orissa. Prerna Journal of Management Thought and Practice, 3(1), 1-9. 10) Palanivelu, V.R. & Chandrakumar, K. (2013). A Study on Preferred Investment Avenues among Salaried Peoples with Reference to Namakkal Taluk, Tamil Nadu, India. IBEA, International Conference on Business, Economics, and Accounting. 11) Rajakumar, J. Dennis, (2008). Studies of corporate financing and investment behavior in India: A survey. The ICFAI University Journal of Applied Finance, 14(12), 5-29. 12) Ranganathan K. (2006). A Study of Fund Selection Behavior of Individual Investors towards Mutual Funds: With Reference To Mumbai City. ICFAI Journal of Behavioral Finance, 3(2), 63-88. 13) Sikidar, S. and Singh, A. (1996). Financial services: Investment in equity and mutual funds - A behavioral study, In: Bhatia, B. and Batra, G., (Eds), Management of Financial Services, New Delhi: Deep and Deep Publications, 136-45. 14) Syed.S.T. (2010). An Empirical Study of Indian Individual Investors Behavior. Global Journal of Finance and Management, 2(1), 19-33.

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586

LIQUIDITY MANAGEMENT OF ENGINEERING GOODS INDUSTRY IN PUNJAB Dr. Anita Soni , Principle of Punjab College of commerce & Agriculture

ABSTRACT:

Purpose

The present study investigates the relationship between liquidity position of and profitability of engineering goods industry in Punjab. This research seeks to extend the effectiveness of working capital management practices and to develop strategies for remedial measures for the solution of industrial problems.

Design/methodology/approach

Tools of research utilized in research study are ratio analysis, regression, correlation test of significance (t-test & X 2 test). Out of the engineering industry of punjab 11 groups of units have been selected out of total registered units.

Findings

The present study finds the positive association of profitability and sales with working capital. It also finds the positive relationship between size of working capital and selected ratios by applying regression tests in some of the firms of engineering goods industry in Punjab.

Keywords : Working capital , Liquidity, Profitability

Introduction receivable and bills payable, is a Liquidity management, which refers to the continuous process and occupies a major management of current assets and current portion of financial manager’s time. The liabilities, aims to the protecting the importance of working capital in any purchase of assets and maximizing the industry needs no special emphasis. return on investment. Management of Management of working capital is one of current assets and liabilities represented the most important functions of corporate mainly by cash, inventories, bills management. Every organization, whether

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 profit oriented or not, irrespective of its industry in Punjab. However, the pinpoint size and nature of business, needs requisite objectives of the study are as follows; amount of working capital. The efficient i).To examines the effectiveness of working capital management is the most working capital management practices of crucial factor in maintaining survival, the engineering goods industries in Punjab liquidity, solvency & profitability of the by ratio analysis. concerned business. It is worth mentioning ii).To knows the association of working that a firm should have neither excess nor capital with sales and profit. inadequate working capital. The effective iii).To makes suggestion and develops management of working capital can do strategies for effective working capital much to ensure the success of a business, management and to prescribe remedial while its inefficient management can lead measures to encounter the problems faced not only to loss of profits but also to the by the industry . ultimate downfall. The adequate and Hypotheses of the Study timely flow of working capital determines On the basis of above mentioned the success of an industry. A positive objectives, the following hypotheses in the working capital means that the company is context of engineering goods industry in able to pay off its short-term Punjab have been developed. liabilities. However, a negative working i). Industry under study is facing capital means that a company is currently inadequacy of working capital. unable to meet its short-term liabilities .ii). Proper management of working capital (accounts payable, notes payable, accrued improves liquidity and profitability expenses payable, and taxes payable) position. with its current assets (cash, accounts iii). There is a significant relationship receivable, inventory, and marketable between working capital and profitability. securities) business’s short-term obligations. Source of Data The data for the study have been collected Objectives of the Study through interviews with the respondents, The main objective of the present study is personal observations, and occasional to examine the working capital informal discussion, however, the management in the engineering goods Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 168 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 experience in the collection of primary 3951 registered units for present study. data was not so encouraging. Various Sample units are selected mainly out of secondary sources from where data has code number 28, 29, 31, 34. An intensive been collected for the present mainly the and comprehensive survey of industry has secondary data was collected from the been conducted for the last five years .On Officials reports of Directorate of the basis of concentration of engineering Industries, various magazines, journals, units in the selected districts, proportionate books, websites and news paper. sample has been drawn from the four selected districts of the study state namely; Sample Size Ludhiana, Jalandhar, Amritsar and According to Directorate of Industries, Kapurthala, as more than eighty per cent of Punjab, the engineering industry of Punjab the engineering goods units are has been divided into 8 codes. It is evident concentrated in these districts only by from table 1 that eleven groups of engineering units have been selected out of applying multistage sampling.

Table 1.Sample Size : Product wise

Code No. Products Total Sample Products Total

Metal products Screw Valve 21 Steel furniture Safe, Hand tools, Nut 1158 28 Steel Furniture 2 bolts agricultural Implements Hand Tools 6 hardware items, utensil Pipe Fitting 5 Machine except electrical goods Machine & radiators investors combines etc. 17 1349 Machinery Part 29 machine tools parts

Accessories of non electrical Machine Tools 15 machine 31 Electrical Goods 152 Electrical Goods 12 Rail Components 18 34 Motor Vehicle & Trailors Parts 45 8 Motor Vehicles 8 Cycle Parts 12 35 Bicycle Parts, Auto Parts 834 Auto Parts 34 Total 3951 150

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 Tools of Analysis Sukhdev Singh , Agarwaland Mathuva Apart from using simple arithmetical tools stress the need of introduction of modern like; percentage, simple growth ,compound scientific inventory control techniques to growth and average growth, the statistical improve the operational efficiency and techniques like arithmetic mean, standard effecting the present level of operational deviation, co-efficient of variance, linear efficiency and opine for the need of re- regression analysis and test of Significance orientation of Inventory financing. Prasad , ( t-test & X 2 – test) have also been used. Kalchethy, Prasad and Erasi, Neelamgam Various accounting and statistical tools & lingo , have highlighted the different which have been used in the present study problem of working capital in small-scale are discussed in brief as Such as Ratio industry. Analysis and Statistical Tools Standard Dutta , Anita Shukla , Meenakshi Sundram , Deviation its Co-efficient of Variation, Kr. Ghosh , Nunn ,Santi Gopal Magi, Linear Regression Analysis ,trend Indices Filbeck, Soenen Greg Schwerer Robert and Coefficient of Correlation and simple Kieshnick, Abdul Raheman and Mohamad mathematical tools like; percentage, simple Nasr M. Kannadhasan and Jasmine Kaur average and compound growth rate have T.Chandrabai, also been used. The above mentioned synthetic and Research Gap. adumbrated studies by different scholars The crux of the foresaid predominant give no definite conclusion for specific studies reveal that the different scholars industry. Moreover, the present study have approached Working capital which is in the area of working capital management in different way at varying management with special reference to level of analysis. These different Engineering goods industries in Punjab approaches no doubt helped in the proposes to take analytical analysis of area emergence of more and more literature on not concerned in any form so far and the subject over time. A brief review of rational approach of Working Capital at these diversified efforts in the research operational level. Hence the study of field is attempted in the following management of Working Capital in Punjab paragraphs has been undertaken.

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 170 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 Results and Discussion Furthermore, the table depicts that the Current Ratio current ratio of all the industrial units was It is evident from the table 2 that average never upto the expected norms 2:1 during current ratio of the industrial units declined the study period which implies that these from 1.59 in 2006-07 to 1.46 in 2008-09. units are not maintaining adequate amount Average current ratio of units engaged in of liquidity to meet out their current screw valves was found 1.1 in comparison obligations .In hand tools units, current to 2.32 in hand tools. Further, analysis of ratio was found higher than accepted table reveals that current ratio of norms of 2:1 Standard deviation shuttled engineering goods units increased over the between 0.56 in 2006-07 to .23 in 2010-11. years except hand tools and steel furniture.

Table 2.Current Ratio of Engineering Goods Industry

Years Compound 2010 -11 2011 -12 2012 -13 2013 -14 2014 -15 Mean Units growth 1.49 Auto Parts 1.43 1.459 1.531 1.54 1.53 1.9

1.51 Cycle Parts 1.579 1.563 1.526 1.52 1.41 -2.5

Machine & Machinery 1.625 1.722 1.681 1.72 1.71 1.69 1.01 Parts Hand Tools 2.956 2.16 2.175 2.34 1.98 2.32 -6.9

Rail Components 1.319 1.308 1.314 1.35 1.37 1.33 1.08

Electrical Goods 1.297 1.149 1.365 1.32 1.29 1.28 1.28 Pipe Fitting Joints 1.168 1.15 1.151 1.44 1.46 1.27 6.9 Motor Vehicles 1.255 1.286 1.331 1.33 1.36 1.31 1.96 Machine Tools 1.467 1.479 1.477 1.44 1.58 1.48 1.22 Screw Valves 1.086 1.097 1.1 1.11 1.11 1.1 0.55 Steel Furniture 2.317 1.329 2.347 2.27 1.33 1.91 -5.58 MEAN 1.59 1.427 1.54 1.58 1.46 S.D. 0.56 0.30 0.39 0.39 0.23 C.V. 35.22 21.62 25.46 24.68 15.85 Source: Data Complied from Questionnaire Notes: Figures in parentheses denotes percentage

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 171 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 Liquid Ratio vehicles and machine tools units have shown a It is evident from the table 3 that mean liquid negative growth of 8.86, 4.52, 5.58 and 15.46 ratio of engineering goods industry ranges per cent respectively. Like current ratio, liquid between 0.76 times in 2006-07 to 0.74 times in Ratio has also been found less than the 2010-11, which is less than the accepted norms accepted norms in all the units under study of 1:1 in machine tools and rail components except hand tools, and steel furniture units units. Rail components, electrical goods, motor

Table 3.Liquid Ratio of Engineering Goods Industry Years Compound 2010-11 2011-12 2012-13 2013-14 2014-15 Mean Units growth Auto Parts 0.64 0.68 0.7 0.72 0.78 0.70 4.63 Cycle Parts 0.92 0.905 0.58 0.59 0.68 0.74 6.11 Machine & Machinery 0.58 0.64 0.56 0.67 0.7 8.84 Parts 0.63 Hand Tools 1.3 1.1 1.1 1.3 1.19 1.20 30.03 Rail Components 1.03 .86 0.79 0.78 0.79 0.85 -8.86 Electrical Goods 0.65 .64 0.75 0.73 0.75 0.70 -4.52 Pipe Fitting Joints 0.52 .56 0.55 .77 0.79 0.64 8.72 Motor Vehicles 0.83 0.787 .68 0.66 0.68 0.73 -5.58 Machine Tools 0.73 0.74 0.82 0.8 0.9 0.80 -15.46 Screw Valves 0.54 .56 0.57 0.59 0.64 0.58 0.1 Steel Furniture 1.49 0.9 1.5 1.47 0.8 1.23 104.5 MEAN 0.76 0.80 0.88 0.82 0.74 S.D. 0.57 0.72 0.86 0.80 0.20 C.V. 74.73 90.98 97.75 97.63 27.73 Source: Data Complied from Questionnaire Notes: Figures in parentheses denotes percentage

Absolute Liquid Ratio lowest in cycle parts units (0.14) The mean Absolute liquid ratio of engineering goods absolute liquid ratio of auto parts has units varies between 0.32 times and 0.37 increased over the years. However, in the times during the period under study which is case of all other units, the trend of absolute less than the accepted norms of 0.50:1.Table liquid ratio is mixed . To conclude, the 4 depicts that mean absolute liquid ratio was analysis holds that the size of current assets found highest in hand tools units (0.57) and and current liabilities has increased at the

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 172 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 faster rate than the current assets, hence, the the progressive basis has been recorded. In net working capital has dipped to its lowest addition to this, the analysis reveals that level towards the end of the study period. engineering goods industry does not enjoy Moreover, a wide fluctuation in increase or good liquidity position and the industry has decrease in the amount of current assets, failed to achieve the desired liquidity. current liabilities and net working capital on

Table 4 Absolute Ratio of Engineering Goods Industry Years 2010-11 2011-12 2012-13 2013-14 2014-15 Growth Units Auto Parts 0.31 0.33 0.33 0.34 0.38 4.25 Cycle Parts 0.26 0.21 0.18 0.14 0.30 -1.07 Machine & Machinery Parts 0.17 0.21 0.15 0.22 0.24 7.01 Hand Tools 0.49 0.57 0.50 0.48 0.45 -3.75 Rail Components 0.29 0.30 0.38 0.38 0.38 7.83 Electrical Goods 0.20 0.29 0.26 0.23 0.26 2.50 Pipe Fitting Joints 0.24 0.32 0.28 0.47 0.51 20.93 Motor Vehicles 0.28 0.36 0.37 0.30 0.25 -4.02 Machine Tools 0.34 0.32 0.40 0.32 0.35 0.78 Screw Valves 0.21 0.24 0.23 0.24 0.23 1.64 Steel Furniture 1.02 0.62 1.08 1.02 0.20 -24.42 MEAN 0.35 0.34 0.38 0.38 0.32 S.D. 0.24 0.14 0.25 0.24 0.10 C.V. 69.07 39.76 67.27 63.13 30.73 Source: Data Complied from Questionnaire Note : Figures in parentheses denote percentage

Working Capital Turnover Ratio units under study varies between 10.8 It has been observed from the table 5 that times to 14.7 times. The mean working mean working capital turnover ratio of the capital turnover ratio was found highest

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 173 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 (19.2 times) in the case of pipe fitting showed a decreasing trend .In the case of joints and the lowest in the case of hand pipe fitting joints, sharp decline in working tools (4.6 times). Significantly, on an capital turnover ratio over the years has average, the working capital turnover ratio been observed, which shows inefficiency of the units under study increased in management of working capital. gradually up to 2007-08 and there after it

Table 5.Working Capital Turnover Ratio Years 2010- 2011- 2012- 2014- 2013-14 Mean C.GR Units 11 12 13 15 Auto Parts 14.31 14.45 14.85 14.65 15.11 14.6 1.23 Cycle Parts 16.94 16.85 17.44 15.96 15.82 16.6 -1.89 Machine & Machinery 7.526 6.051 5.734 5.379 5.187 5.9 -8.26 Parts Hand Tools 4.423 5.07 4.807 4.505 4.327 4.6 -1.6 Rail Components 11.37 13.35 13.09 12.57 11.95 12.4 0.39 Electrical Goods 13.66 19.52 6.541 8.78 8.766 11.4 -15.51 Pipefitting 25.47 25.61 26.05 9.701 9.448 19.2 -25.57 Motor Vehicles 13.4 12.6 12.69 11.79 10.56 12.2 -5.2 Machine Tools 9.83 9.26 7.563 8.499 6.762 8.3 -8 Screw Valves 15.77 15.82 18.13 17.27 12.79 15.9 -3.2 Steel Furniture 10.74 23.85 10.3 10.57 36.36 18.3 17.64 MEAN 13.040 14.766 12.472 10.879 12.462 S.D. 5.498 6.597 6.444 4.087 8.762 C.V. 42.167 44.678 51.669 37.562 70.311 Source: Data Complied from Questionnaire Notes: Figures in parentheses denote percentage

Inventory Turnover Ratio 7.2 times, which unfolds that the variation Table 6 reveals that the mean inventory is very less. turnover ratio varies between 7.1 times to

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 174 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586

Table 6.Inventory Turnover Ratio Years 2010 -11 2011 -12 2012 -13 2013 -14 2014 -15 Mean C.GR Units Auto Parts 7.39 8.203 9.36 9.28 10.3 8.9 8.18 Cycle Parts 10.76 9.87 9.94 8.93 9.027 9.7 -4.4 Machine & Machinery Parts 4.30 3.87 3.37 3.35 3.408 3.6 -5.9 Hand Tools 5.31 6.09 5.61 5.50 5.367 5.5 -0.82 Rail Components 5.62 6.63 7.21 7.75 7.825 7.01 8.4 Electrical Goods 6.17 5.65 3.79 4.67 4.744 5 -6.92 Pipe Fitting Joints 8.2 6.59 6.71 6.38 6.667 6.9 -4.36 Motor Vehicles 5.08 5.47 6.21 5.90 5.54 5.64 2.4 Machine Tools 6.36 6.04 5.31 5.74 5.622 5.81 -2.95 Screw Valves 2.49 2.83 3.42 3.71 2.892 3.07 5.8 Steel Furniture 18.19 17.24 17.21 17 17.53 17.43 -0.87 MEAN 15.058 14.575 13.543 14.952 12.345 S.D. 8.945 8.899 8.101 8.268 7.908 C.V. 59.404 61.057 59.813 55.298 64.059

Source: Data Complied from Questionnaire Notes: Figures in parentheses denotes percentage

Mean inventory turnover ratio was found Receivable Turnover Ratio highest in the case of steel furniture (17.43 Receivable turnover ratio provides times) while, it is lowest in the case of screw information about the liquidity of receivables values (3.07 times). Inventory turnover ratios by indicating the speed with which receivables of different units have shown a declining trend are converted into cash. Generally, higher the during the period under study. Rail value of receivables turnover ratio, the more components, motor vehicles, screw values and efficient is the management of credit and steel furniture have shown a proportionate ultimately liquidity position of the firm. decrease in sales as compared to inventory A higher turnover of receivables should be which shows that there is a need of efficient accompanied by prompt collection of inventory management. receivables in order to maximize profitability. Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 175 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 The study of receivable turnover ratio of times) units while lowest in screw valves (4.8 different industrial units as shown in table 7 times) units. .Receivables turnover ratio in reveals that the mean receivable turnover ratio cycle parts, machine & machinery parts, hand of different units varies between 12.3 times to tools, electrical goods, machine tools ,steel 15.05 times. Mean receivable turnover ratio furniture has declined due to long debt was found highest in steel furniture (32.33 collection period.

Table 7. Receivable Turnover Ratio Years 2010-11 2011-12 2012-13 2013-14 2014-15 Mean C.GR Units Auto Parts 18.9 21.86 21.41 19.8 21.38 20.67 1.48 Cycle Parts 29.43 24.88 20.1 26.8 18.06 23.85 -8.63 Machine & Machinery 12.34 9.58 9.37 10.5 8.34 10 -6.69 Parts Hand Tools 11.57 8.95 7.35 11 5.861 8.9 -10.9 Rail Components 10.24 11.80 11.58 11.5 10.98 11.22 1.14 Electrical Goods 9.48 5.23 5.91 8.47 5.506 6.9 -5.88 Pipe Fitting Joints 12.38 15.6 14.6 15.8 15.32 14.74 4.48 Motor Vehicles 11.17 14.1 11.96 12.4 9.724 11.87 -3.97 Machine Tools 11.9 8.92 8.66 11 7.436 9.58 -7.05 Screw Valves 4.28 5.61 5.84 4.8 3.78 4.8 -3.96 Steel Furniture 33.94 33.75 32.17 32.4 29.41 32.33 -3.2 MEAN 17.978 16.044 16.939 17.190 14.780 S.D. 8.329 10.864 12.534 13.938 7.594 C.V. 46.331 67.713 73.996 81.083 51.377 Source: Data Complied from Questionnaire Note: Figures in parentheses denotes percentage

Cash Turnover Ratio cycle parts (42.5) and lowest in screw values It is evident from the table 8 that means cash units (6.9). In auto parts and cycle parts turnover ratio of different units varies units, the mean cash turnover ratio has between 14.7 to 17.9 times. Further, mean shown an increasing trend upto 2008-09, cash turnover ratio was found highest in before it came down during 2009-10.

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 176 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586

Table 8 .Cash Turnover Ratio Years 2010-11 2011-12 2012-13 2013-14 2014 -15 Mean C.GR Units Auto Parts 19.45 19.87 23.59 23.08 21.36 21.4 3.42 Cycle Parts 37.26 46.11 50.47 57.42 21.57 42.5 -8.36 Machine & Machinery 27.02 21.26 25.56 17.26 15.56 21.3 -12.29 Parts Hand Tools 17.56 10.26 11.38 12.48 9.49 12.23 -9.8 Rail Components 12.57 13.58 10.86 11.58 11.61 12.04 -3.13 Electrical Goods 19.85 10.13 9.22 12.24 10.01 12.29 -11.13 Pipe Fitting Joints 18.09 11.98 14.18 9.18 8.55 12.39 -16.17 Motor Vehicles 12.12 10.16 11.33 12.66 15.18 12.29 6.9 Machine Tools 13.65 14.05 9.11 11.9 11.32 12 -5.2 Screw Valves 6.37 6.39 7.79 8.08 5.92 6.9 0.87 Steel Furniture 13.81 12.6 12.83 13.21 32 16.9 18.8 MEAN 17.978 16.044 16.939 17.190 14.780 S.D. 8.329 10.864 12.534 13.938 7.594 C.V. 46.331 67.713 73.996 81.083 51.377 Source: Data Complied from Questionnaire Note: Figures in parentheses denotes percentage

Similarly, cash turnover ratio in machine Gross Working Capital and Sales: and machinery parts, hand tools, machine Regression Analysis tools, steel furniture and automobile units Regression test has been used by taking has also shown a declining trend during the average gross working capital as period under study. The compound growth dependent variable and average sale as rate was found highest in steel furniture independent variable. It is observed that (18.8%) and lowest in pipe fitting (-16.17 there is a significant effect of sale on the %) unit. gross working capital at 95% level of significance (Table9).

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 177 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586

Table 9.Average Gross Working Capital and Sales: Regression Analysis

Units Average Gross Working Average Sale Variables Capital Auto Parts 4.3 32.1 Cycle Parts 2.3 20.1 Machine & Machinery Parts 1.1 4.73 Hand Tools 1.9 11 Rail Components 1.6 6.86 Electrical Goods 2.4 16.2 Pipe Fitting Joints 0.6 2.83 Motor Vehicles 1.3 5.04 Machine Tools 0.7 10.5 Screw Valves 0.4 7.05 Steel Furniture 0.247 3.42 Linear Regression Equation R R2 T value Sig. Y=1.464+.176X .732 .536 3.223 .01

Source: Computed from Primary Data

Value of R2 shows 54% dependency of capital , regression test is applied by taking gross working capital on the sale, thus, working capital as dependent variable and showing a moderate correlation between profit as independent variable. (Table 10) working capital and sales. So null A significant effect of sale on the hypothesis is rejected as there is no inventory at 99 per cent confidence level significant relationship between sales and has been found. Value of R 2 shows that gross working capital. It has been observed there is 85 per cent dependency of working that the sales have increased proportionally capital on the profit. Thus there is at faster rate as compared to gross working moderate correlation between inventory capital. and sales. So null hypothesis is rejected that there is no significant relationship Gross Working Capital and Profit: between working capitaln and profit. It has Regression Analysis been observed that the working capital has increased proportionally at faster rate as To find the effect of profit on the working compared to inventory. Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 178 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586

Table 10.Gross Working Capital and Profit: Regression Analysis Units Average Gross Working Average Sale Variables Capital Auto Parts 6.09 1.51 Cycle Parts 3.6 0.8 Machine & Machinery Parts 1.97 0.39 Hand Tools 4.3 0.6 Rail Components 2.19 0.5 Electrical Goods 7.17 1.1 Pipe Fitting Joints 0.87 0.1 Motor Vehicles 1.75 0.25 Machine Tools 3.88 0.75 Screw Valves 4.84 0.8 Steel Furniture 0.53 0.04 Linear Regression Equation R R2 T value Sig. Y=.586+4.49X .922 .851 7.165 .000

Source : Computed from Primary Data

To sum up significant relationship has period which implies that these units are been found among current ratio, liquid not maintaining adequate amount of ratio, working capital turnover ratio, liquidity to meet out their current inventory turnover ratio, receivable obligations .In hand tools units current turnover ratio, cash turnover ratio and ratio was found higher than accepted operating cycle with working capital in norms. All turnover ratios of various auto parts, cycle parts, machine & components of working capital i.e machinery parts, hand tools, whereas no inventory, receivables and cash have significant relations ship has been shown a fall in their respective size which observed in electrical goods, screw shows ineffective working capital valves and steel furniture units. management. Inventory has been found main components of working capital Conclusion and Suggestion followed by receivables and cash. While in Current ratio of all the units was never up financing of working capital, current to the expected norms during the study

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 179 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 liabilities have been found the main source  Excessive investment in working of working capital. capital assets need to be reduced in favour of long term investments, which On applying Regression test a significant have an impact on production capacity effect of sale on the gross working capital and long-term profitability. Continuous has been observed, though there is a evaluation of holding costs of working moderate correlation between sale and capital levels is required and corrective working capital. However, effective action is to be taken to decrease the measures are required to improve the costs by expediting the turnovers of working capital to match with the sales, as inventory, receivables and cash. On it has increased faster rate as compared to working capital levels of financing, the working capital . A significant effect of costs of bank overdrafts to finance profit on the gross working capital has working capital investments need to be been observed. Further, a positive evaluated and credit agreements with correlation between profit and working suppliers is to be established and trade capital has been observed. Regression test credit should be use as an alternative is applied by taking working capital as a source of working capital financing. dependent variable and selected ratios as  Most of the units under study failed to independent variables to know the relation observe the norms suggested by the among selected ratio with working capital. Tandon Committee. To surmount Significant relationship has been found financial difficulties, the units must among current ratio, liquid ratio, working strengthen their internal resources of capital turnover ratio, inventory turnover finance. It may be added that funds for ratio, receivable turnover ratio, cash operations are the best of finance. For turnover ratio and operating cycle with better deployment of resources, the working capital in auto parts, cycle parts, firms are required to make frequent use machine & machinery parts, hand tools, of funds flow statement and cash flow whereas no significant relations ship has statement. been observed of these selected ratios with working capital in rest of the concerns.  Liquidity position of engineering industry is not satisfactory as analysed by applying different ratios. It has been Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 180 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 observed that profit is declining in In addition to this, it is also electrical goods units, pipe fittings due recommended to exploit external to decline in sale and bad liquidity source of finance in avoidable position. An immediate attention is circumstances to finance the deficiency required if its quest is to turn the not covered by internal sources. regularly losses incurring unit a  An innovative approach, combining profitable one. It is suggested that, the operational and financial skills and an units must adopt objective methods all-encompassing view of the rather than intuitive method for its company’s operations will help in proper cash management in general identifying and implementing and for cash planning and control in strategies that generate short-term cash. particular. For this, the relative This can be achieved by having the blocking of cash in different bank right set of executives who are accounts has to be mobilised and at the responsible for setting targets and same time, it is also expected to follow performance levels and should be held the concept of raising term funds for accountable for delivering, encouraged meeting long term requirement and to be enterprising and to act as change short-term funds to finance current agents. Effective dispute management assets. Furthermore, cash inflows ad procedures in relation to customers will outflows must be persistently go along way in freeing up cash regularized. otherwise locked in due to disputes. It  To check the deteriorated condition of will also improve customer service and liquidity and profitability, it is strongly free up time for legitimate activities recommended that internal source of like sales, order entry and cash finance must be generated from collection and hence overall, efficiency favorable fund by making operation a will increase due to reduced operating profitable venture rather than let it as a costs. loss incurring entity on regular basis.

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 181 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 References

1. Amit Mallick & Debasish Sur,“Working Capital and Profitability: A Case Study” The Management Accountant,November 1998, pp.805-809. 2. Islam, M. Nazrul (2000),“Working Capital Management of Sugar Industry in Bangladesh”, PhD Thesis, Rajshahi, and IBS, . XXV. 295, p.48, 3. Prasad, R.S (2001),“Working Capital Management in Paper Industry", Finance India, Vol. XV. No.1, pp.185 -188, 4.. Sarvanan,P (2001),“A Study on Working Capital Management inNon-banking Finance Companies", Finance India, Vol. XV, No.3, September, , pp. 987 -994. 5. Anita Shukla (2001),“Working Capital Management” Rajasathan Vidyapeeth RBS Publisher SMS Highway Jaipur ,. 6. Islam, M. Nazrul (2000),“Working Capital Management of Sugar Industry in Bangladesh”, PhD Thesis, Rajshahi, and IBS, . XXV. 295, ,2000, p.48, 7. Prasad, R.S (2001),“Working Capital Management in Paper Industry", Finance India,Vol. XV. No.1, pp.185 -188, 8. Manoj Anand & Chandra Parkas Gupta (2001), “Working Capital Performance of Corporate An Empirical Survey” Indian Institute of Management Development Institute Lucknow. Finance & Accounts, 9. Dulta, J.5 , (2001)," Working Capital Management of Horticulture Industry in H.P. -A Case Study of HPMC”, Finance India, Vol. XV, No.2, pp 644- 657. 10. Mohan Sesha V.V.(2008),“Working Capital Management in Corporate Sector in the state of Andra Pradesh” Finance India, Vol. XXII No 3, Sep 2008, PP.988-996. 11. Ioannis Lazaridis and Dimitriosd Tryfonids” (2006), “Relationship Between Working Capital Management and Profitability of Listed Companies in the Athens Stock Exchange” Journal of Financial Management and Analysis, Vol. 19, No. 1, January- June,pp. 12. Kaushik Chakraborty (2009), “Working Capital and Profitability: An Empirical Analysis of Their Relationship with Reference to Selected Companies In the Indian Pharmaceutical Industry” Icfaian Journal of Management Research, The icfai Vol . 15, No. 4, pp.41-59.

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 182 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 13. Sathyamoorthi C.R.WallyDimaL.B (2008), “Working Capital Management: The Case of Listed Retail Domestic Companies in Botswana” The Icfaian Journal of Management Research, Vol. VII, No. 5, pp. 7-24 14. Deloof, M. (2003), “Does Working Capital Management Affects Profitability of Belgian Firms?” Journal of Business Finance & Accounting, Vol 30, No 3 & 4, pp. 573-587 18..Filbeck, Greg Schweser ,American (2006),Journal of Business, Ball State University ISSN: 1935-5181 Produced at the Bureau of Business Research, Ball State University. : Finance Fall 2005: Vol. 20 No., 19..Kesseven Padachi (2006), “Trends in Working Capital Management and its Impact on Firms’ Performance: An Analysis of Mauritian Small Manufacturing Firms” International Review of Business Research Papers Vol.2 No. 2. October, pp. 45 -58. .

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 183 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586

ROLE OF REGULATION IN REVOLUTION OF TELECOM INDUSTRY IN INDIA

Hemant R. Dudhe , Research Scholar, Symbiosis International University, Pune. & Dr. Sanjaykumar M. Gaikwad, Professor, Dr. D. Y. Patil Institute of Management Studies, Pune.

Abstract : This paper is the overview of role of regulation in revolution of the telecommunications industry in India. This paper focuses on the developments in the telecommunications sector since the opening of telecommunications sector to private participation in India, during early 1990s. It describes issues in regulating telecommunications market. Telecommunications policies and regulatory authorities led telecommunications market in India to a current competitive market from government monopoly. A telecommunications market in India is second largest in the world as a result of development in telecommunications technologies and introduction of regulatory regime.

Keywords: Regulation of telecommunications industry, telecommunications revolution in India.

1. Introduction nations’ gross domestic product and job creation. Telecommunications industry in Telecommunications sector is one of the India, now, is the second-largest and one most important sectors for socio-economic of the fastest growing in the world with the development and empowerment of the major growth attributed to the mobile people worldwide. Telecommunications industry. With addition of about Rs. 9 services while providing connectivity Lakh crore economic value, mobile across the globe also contributes towards industry contributed approximately 6.5%

Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 184 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 to India’s GDP in 2016, by way of direct regulatory reforms, in last 20-25 years, that and indirect economic impact, and the with use of series of steps achieved same is expected to touch Rs. 14 Lakh introduction of competition in crore by 2020. In 2016, 2.2 million people telecommunications market in India. were directly employed by mobile industry Telecommunications policies and in organized and unorganized sectors while regulatory authorities led 1.8 million in other industries that rely on telecommunications market in India to a mobile ecosystem. It is expected that by current competitive market from 2020 mobile industry will support direct government monopoly (Sridhar, V., 2011). employment of 3 million and indirect 2. Regulation employment of 2 million people (GSM

Association, 2016; TRAI, 2016). Economists fever a perfectly competitive market for the welfare of the society. A The Indian telecommunications industry is perfect competitive market is characterized highly competitive with at least seven by easy entry and exit of competing firms telecommunications companies in each and the absence of information asymmetry. circle competing for market share and As a result a perfectly competitive market profitability. This makes India one of the is highly competitive. However, all most crowded mobile markets leading to industries are not essentially competitive aggressive pricing by telecommunications when left to market forces. And hence, companies. As a consequence, the government is required to intervene, or to industry’s key operating metrics such as regulate, so that interests of the Average Revenue per User (ARPU) and stakeholders and society at a large are Average Rate per Minute (RPM) have safeguarded. This planned control over declined. Telecommunications companies activities of social importance by are striving for economic efficiency to government/professional body is often remain competitive. Technology advances termed as regulation. Regulation can, both, helped reduce capital expenditure per restrict certain undesired behaviors or customer. Customers are benefitting from activities e.g. formation of network introduction of new service in addition to monopoly, and can promote desired falling tariffs on continued basis. However, behaviors for example regulation of this has not happened overnight. Thanks to Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 185 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 airwaves for preventing uncontrolled chaos society, such as polluting the environment in broadcasting operations. Regulation and rivers by dumping toxic waste. deals with market failures that arise due to Further, customer education and awareness conditions such as monopoly, asymmetric is also another objective to safeguard information, externality, anti-competitive interests of all the stakeholders, to ensure a behavior, public goods, etc. Market failure minimum level of service quality, and to results in economic inefficiencies as distribute essential and scarce commodities marginal benefit greatly differs from efficiently. Regulation generally is directed marginal cost. Regulatory authorities at commercial organizations; however, it across the world widely practices may equally be applied to non-profit regulation for control of prices, safety and organizations, individuals and government quality of services in providing services entities as well. Regulation often termed as such as electricity, gas, railway, constitutions, statutes, legislation, telecommunications and water services standards, rules, etc. and may be based on (Baldwin, R., Cave, M. and Lodge, M., single or multiple grounds (Baldwin, R., 2012; Ivan Png and Dale Lehman, 2007). Cave, M. and Lodge, M., 2012; Coglianese, C., 2012 ). Regulation aims at overall improvement and positive impact in solving economic 3. Regulation: Telecommunications problems as well as the problems of social issues importance. There are number of reasons Telecommunications industry is for regulation in order to change activities characterized by network externalities, of individuals and/or organizations. For economies of scale, economies of scope example, regulation of monopolies is and economies of density. While intended in curbing the tendency to either economies of scale reduces cost of service increase the price, to lower the output, or provision and in turn price to the end users, to exploit scale economies by a one or a network externalities improves utility each small number of firms for abnormal user derives as more and more customers profits. In another example of regulation of are added to the network. Economies of externalities, the aim is to restrain density also results in bringing down cost organizations and customers from passing per customer in densely populated urban the costs of production to third party or Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 186 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 area compared to sparsely populated area. networks, users need to subscribe to Economies of scale and economies of multiple networks to be able to reach density offer advantages on supply side in everyone. Moreover, over the period all the terms of reduced cost per customer. users may prefer to connect to the largest Economies of scope, on the other hand, network that have highest market share, take advantage of opportunities on demand which may result in monopoly of market side by offering multiple complementary leader driving all other networks out of products. The two most effective drivers market. A regulatory reform is other for growth of mobile telecommunications driving force laying guidelines for are technology advances and regulation. spectrum allocation, entry of new operators Technologies have historically accelerated and adoption of technology standards. market-related processes and have added (Gruber, H. 2005; Maclaran, P. ed., 2009 ; to the productivity and capacity of Sridhar, V., 2011). organizations at steady or even declining 4. Regulation of telecommunications costs. Started with very low capacity industry in India analog equipments, mobile communications technology advances with Telecommunications services in India have the advent of digital technology and passed through lot of changes during its growth in semiconductor technology. one and half century of history. Introduced Digital technology and standards such as in 1882 the telecommunications sector has GSM, 2G, 3G made better use of the radio a crucial role to play in Indian economy spectrum than analogue technology did with its contribution to Gross Domestic and could therefore accommodate more Product (GDP), employment generation subscribers. Lower unit costs could be and revenue generation for Government, as achieved by spreading fixed costs over well, by way of tax and licensing. The more subscribers. The value to end users overall teledensity, since then, has further increases when all networks increased to more than 75%. The increase operating in the market are interconnected, in teledensity led by increase in mobile enabling every user of the network to reach phones, with significant economic and every other user on all the networks. In the social impact, is mainly due to affordable absence of interconnection of all the handsets and falling tariffs. The majority

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 of the subscriptions in India are of the accelerate the growth of prepaid type employing the budget telecommunications sector. In 1986, telecommunications network model. India Mahanagar Telephone Nigam Limited has one of the lowest mobile tariffs in the (MTNL) was established to provide world, thanks to regulatory reforms in last telephone and telex services (in Delhi and 20-25 years. Mumbai only) and Videsh Sanchar Nigam Limited (VSNL) was established to cater As described by Gupta, S. (2015), to needs of international long distance Telecommunications industry in India can (ILD) services. The Telecom Commission be considered as passed through three was established in 1989 to implement the phases of development and is currently in telecommunications policies. Since 1991, its fourth phase, convergence. In the first focused telecommunications reforms have phase, the basic telecommunications been introduced for privatization and services were being solely provided by diversification in provisioning of Department of Post and Telegraph (DoPT) telecommunications services by until the mid-1980s and then by introducing mobile service, appointment of Department of Telecommunications (DoT) independent Telecom Regulator (Telecom of the Central Government. Regulatory Authority of India, TRAI), Telecommunications sector received less issue of telecommunications licenses to priority than other sector like electricity, private players and encouraging foreign transport, power, etc. and hence received direct investment, etc. limited resources. As a result, the growth Telecommunications equipment in telecommunications sector was manufacturing is de-licenced in 1991 restricted during the first phase. followed by opening of the value added The second phase can be considered as services to private sector in 1992. A major started with telecommunications services step in this phase is introduction of corporatized, equipments manufacturing National Telecom Policy (NTP), 1994. The de-licensed and private sector allowed main thrust of NTP 1994 was to encourage providing value added services. In 1985, private participation, attract private capital there was increase in plan outlay for and to expand resources required to investment in telecommunications sector to achieve the policy targets. It made way for

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 private companies to provide basic offering all the telecommunications services, cellular mobile telephone services services that were being provided by DoT (CMTS), radio paging, VSAT services, on PAN India basis except in Delhi and etc. except long distance services, both Mumbai. In 2000, the Telecommunications national (NLD) and international (ILD). Dispute Settlement and Appellate Tribunal (TDSAT) is created under the TRAI Act, The third phase of development in 1997 to settle and adjudicate disputes. In telecommunications sector can be marked February 2002, VSNL is privatised. The with opening of all the telecommunications amendment to NTP 1999 was made in the services for private sector, and separation year 2003 to issue Universal Access of policy making and licensing activities Service License (UASL) to facilitate from telecommunications service provision of both fixed and mobile services provision. In this phase, New Telecom using any technology. Mobile Number Policy 1999 was introduced that put in Portability (MNP) is also introduced and place the framework for reforms in implemented in this phase. telecommunication sector. The key directions includes allowing private sector Telecommunications industry in India is participation in offering all the currently in its fourth phase, convergence, telecommunications services including employing sharing of telecommunications NLD and ILD, strengthening the infrastructure by telecommunications regulatory framework, separating of policy companies in providing converged voice making and licensing activities from and data services. The developments in service provision activities, corporatizing digital technology made convergence of telecommunications services, and sharing networks possible thereby enabling network amongst operators. TRAI is provision of voice, data and video using a empowered to facilitate regulation. In single network. Unified licensing regime is October 1999, Department of introduced wherein all the Telecommunications Services (DTS) is telecommunications services can be carved out of DoT for provision of offered with a single license. The National telecommunications services. DTS is then Telecom Policy (NTP) – 2012 is an corporatized in October 2000 to form important policy initiative in this phase Bharat Sanchar Nigam Limited, BSNL, for with a vision of making available Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 189 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 affordable and effective Telecommunications industry in India, telecommunications services for the now, is the second-largest and one of the masses. NTP-2012 lays down a framework fastest growing in the world with the major for Broadband on Demand for enhancing growth attributed to the mobile industry. participation of individuals and businesses The number of wireline, wireless and total in the internet and web economy. Mobile subscribers from March 2005 to March Number Portability (MNP) which was 2015 is depicted in Figure 1 to Figure 3 limited to licensed service areas is (Source: TRAI Reports). The teledensity, extended on PAN India basis. Guidelines as shown in Figure 4, at the end of March, for spectrum sharing, spectrum trading and 2015 reached to the mark of 79.28% as mobile virtual network operators are compared to 9.08% at the end of March issued. 2005 (Source: TRAI Reports).

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586

Source: TRAI Reports

5. Discussion design – comprising three main agencies viz. DoT (Department of A mobile telecommunications market in Telecommunications), TRAI (Telecom India is second largest in the world as a Regulatory Authority of India) and result of development in TDSAT (Telecommunications Dispute telecommunications technologies, Settlement and Appellate Tribunal) – with introduction of regulatory regime and significant policy reforms led to major innovations in marketing. Regulatory

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 transformations in the telecommunication regulatory regime is separation of sector (TRAI, 2012). regulatory and operations activities. (Baldwin, R., Cave, M. and Lodge, M., Telecommunications services initially 2012; Gruber, H. 2005). In India too, the were considered as ‘natural monopolies’ first step in reforms in telecommunications due to high sunk costs involved and were sector is considered to be taken in the operated usually by a single government second phase with corporatization of entity. This single firm where different telecommunications services, de-licensing activities, with differing scale/scope of telecommunications equipment economies, were vertically integrated was manufacturing and opening of value added then regulated on end-to-end basis. This services to private sector. monopoly was the norm till reforms were initiated (Baldwin, R., Cave, M. and Using competition in the network Lodge, M., 2012; Gruber, H. 2005). In industries motivates competing firms India, in the first phase of natural improve their operations to be efficient, monopolies, the telecommunications and is a best remedy against monopoly. services were being solely provided by Competition encourages firms to improve Department of Post and Telegraph until the on all aspects of service provision viz. mid-1980s and then by Department of price, quality, and innovation. ( Baldwin, Telecommunications of the Central R., Cave, M. and Lodge, M., 2012 ). The Government. third phase of development in telecommunications sector in India is Both economic theory and political marked with opening of all the segments of practice support regulation of monopolies telecommunications sector for private to curtail economic inefficiency and sector, and separation of licensing and prevent firm exploit market power. policy function of government from Regulating monopolies involves telecommunications service provision. unbundling of value chain and allowing competition in different activities. Started Telecommunications industry in India is with USA and UK, reforms are introduced currently in its fourth phase, convergence, in telecommunication sector in various employing sharing of telecommunications parts of the world. The rationale for infrastructure by telecommunications

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 companies in providing converged voice spectrum trading may lead to consolidation and data services. Trend towards of telecommunications operations among convergence of telecommunications competing telecommunications service services that are independent of the providers. In addition to increasing underlying technology, of type of the user economic efficiency and competition device and also of the media is evident in major aims of regulation seems to be this phase. Recent introduction of mobile facilitating convergence. virtual operations, spectrum sharing and

References 1. Baldwin, R., Cave, M. and Lodge, M., 2012. Understanding regulation: theory, strategy, and practice. Oxford University Press on Demand. 2. Coglianese, C., 2012. Measuring Regulatory Performance Evaluating the Impact of Regulation and Regulatory Policy. 3. Department of Telecommunications, Annual Reports, 2006-07 to 2014-15. 4. Gruber, H. 2005. The Economics of Mobile Telecommunications. Cambridge University Press, Cambridge, MA. 5. GSM Association, 2015. The Mobile Economy India 2015, GSM Association, 2015. 6. Gupta, S., 2015. Telecommunications at the crossroads in India. IIMB Management Review, 27(3), pp.196-208. 7. Ivan Png and Dale Lehman , Managerial Economics, Blackwell Publishing, 3d ed. 2007 . 8. Maclaran, P. ed., 2009. The SAGE handbook of marketing theory. Sage Publications, pp. 494 – 511. 9. Sridhar, V., 2011. The telecom revolution in India: technology, regulation, and policy. Oxford University Press. 10. TRAI, 2012. Telecom Sector in India: A Decadal Profile, Telecom Regulatory Authority of India, 2012 11. TRAI, 2016. Study paper on shareholding pattern, financing pattern and capital structure of Indian private telecom access service providers, 2016. 12. TRAI Annual Reports, 2005-06 to 2014-15.

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586

WOMEN EMPOWERMENT AS CHALLENGES AND REALITIES IN CONTEXT TO INDIA

Tushti Bakrania, Asst. Professor, Metas Adventist College & Sonal Trivedi, Research Scholar, University of Kota

ABSTRACT: Women empowerment means to ever increasing educational, spiritual, social, political, economic and gender strength of folks and commune of women. In today’s world women empowerment is an important issue of massive discussion and consideration in few of the last decades in India. This topic is there in every list of all plans and programmes of government. This topic has given an immense effect in life of people, their thinking and their status in society. This paper studies about what are the challenges faced by women in today’s scenario and what are the opportunities for women in economic sector. Government is taking efforts by providing policies at local, state and national level in many of the sectors which includes participation in politics, violence based on gender, economic opportunity, education and health. Conversely there is major gap between actual practice of policies at community level and advancement of policy. In short we can say women empowerment is a process of protecting them from various form of violence. In India the population of women is more than 50% compared to men. But if we consider the social status women’s are not treated as equivalent to men in majority of places. The ironic position is such that sometimes women are considered as Goddess and many a times as a slave.

Keywords: Women empowerment, gender inequality, challenges, opportunities

Introduction of a business enterprise. Whereas Geoffrey According to American Heritage Meredeth as defined entrepreneur as a Dictionary an entrepreneur is an individual person with vision and ability to explore who is a risk taker, organizer and operator business opportunities. Kamala singh has Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 194 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 defined women entrepreneur as a women Literature review with creativity, confidence, innovative Empowerment is a multi spatial process, ideas and capability to gain economic which enables group of women or women independence personally as well as to recognize their full uniqueness and generating employment opportunities for authority in all sphere of life. others through establishing enterprise and (Rajamanamma and Surekharao, 1999) maintaining balance between personal and “Empowerment comes from group of official life. Whereas Medha Dubhanshi women’s who all seek to give power to Vinze has defined that a women with a themselves through greater self reliance. vision, remarkable diligence, commercial Women’s have authority to decide on their insights and willingness to take risk for it. own options in life. They also seek out to Thus a women entrepreneur is an have power over and admittance to entrepreneur who takes risk to establish an resources” “Empowerment is the sensation enterprise and manages it tactfully and gets which activates the psychosomatic energy success facing all challenges. In other to accomplish their own aims.(Indiresan, words, women entrepreneur is a women 1999).” In 1997 (Giriyappa) examined that who provides employment opportunities to the women empowerment with the others by initiating, organizing and equivalent levels of favouritism and combining factors of production into goods decision making effectiveness by several and services by running an enterprise. women in several rural activities and found Objective of study out that females who headed in household 1. To be acquainted with the necessity of work were more effiecient in taking women empowerment. decdions of work mobility, asset creation, , 2. To assess the understanding of women schooling healthcare and hospitality and empowerment in context of India. very poor in society participation. Even 3. To evaluate the feature influencing the UNESCO came up with a slogon to economic empowerment of women. support women empoerment that “educate 4. To recognize the obstruction in the a man and you educate an individual; pathway of women empowerment. educate a woman and you educate a 5. To propose useful proposal in the light family” Reddy et al., 1994 says in his of conclusion and findings study that “ women comprises of round to Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 195 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 50% of India’s population, who perfoms “Empowerment comes from group of two third of the her work and turn out 50% women’s who all seek to give power to of food products which are consumed by themselves through greater self reliance. the nation. They also earn one third of Women’s have authority to decide on their income and own only 10% of wealth of the own options in life. They also seek out to nation. have power over and admittance to resources” “Empowerment is the sensation Concept of empowerment which activates the psychosomatic energy Empowerment is a multi spatial process, to accomplish their own aims.(Indiresan, which enables group of women or women 1999)” to recognize their full uniqueness and Women empowerment :- an figment of authority in all sphere of life. your imagination or reality (Rajamanamma and Surekharao, 1999). There are various definition on In spite of remarkable change in the place empowerment array between defining it as of women in independent India, there are a largely personage progression of still huge difference of opinion between responsibilities and control for individual’s the reality of degradation and life and circumstances, and defining it as a constitutional circumstances. Whatever process of yielding individual hint of liberation has drift in society of constitutional rights and societal India, has been drawn and have benefit by righteousness to disadvantaged grouping of women’s in urban area. But people individual. From another point of view belonging to rural area are at a standstill empowerment is defined as an personal totally unscathed by the change in today’s process to admittance greater resources and scenario. These women’s are still living in knowledge, more sovereignty in decision wretched condition, ignorance, slavery, making which enable women to have steep in poverty, and in false notion. The better capabilities to plan their own lives, individual rights situation in the nation or to have greater have power over the continues to be miserable and depressing. situations that persuade their life’s and free Women are being abused, appeared and from imposed shock on them by practise, subjected to prejudice and exploitation. credence and religious customs.

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 In spite of banned on gender well as society, caste, spiritual parting etc. discrimination by our Government and women’s’ are kept as members of records women had been guaranteed equal only they are not actual an active member opportunity with male, yet there is a nor they are consulted during decision divergence between the human right and making process. Therefore, representative rights which are enjoyed in reality by of women are not at all free from male women. Still after nearly half a century of dominant society in rural areas and there is independent India, except for a few no change significantly in terms of power exceptions, majority of Indian women have and authority specially in rural areas. mostly stayed outside the authority and power of politics. In spite they constitute Challenges faced by women in India nearly half of the resident and over many In today’s world of 21stcentury there are years they have being participate by the various challenges which are faced by way of vote which has increased, yet their women in Indian society. Few of them participation and representation in law which we found out during our research making and law executive bodies are not are as follows:- very acceptable. In 73 rd and 74 th legal 1. Lack of awareness amendment acts have given admittance to Lack of awareness is a major problem. women in decision making process at base In rural areas people and family are level but their demonstration in the state still there who are not aware about legislature and Parliament is miserably women’s abilities and capabilities. poor. Public is not aware much about which At the base level insecurity is not allowing all are the rights of women as a citizen women leaders to recognize their ability to and what a women can do. Even be a leader. In political affairs when a man women’s those who are housewife are recommends a women they only overthrow not aware about women empowerment. them. In actual women legislature are 2. Lack of political will ornate in nature and political awareness is Due to political affairs and threatening not found amongst them. Women’s are of political leaders women’s have a pretentious by class divisions, partial fear to join political as well as legal nature of members of family and village as issues. Even they are scared on name Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 197 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 police and security. Women’s are mother does i.e do household work. So threatened, abused and mentally children doesn’t have any desire since harassed so mainstream of women’s her childhood. There are families who avoid joining constitutional affairs. boosts up by giving education but they 3. Lack of Education don’t want that their daughters, Since India got independence it has mothers or wife’s to be independent. being growing like leaps an bounds in There are girls and women’s like Nita terms of education. But where Ambani who gives equal importance to education is apprehensive there is family and work and have great dreams always a difference between men and to achieve. But there are many families women. In India educated males are who don’t support and be an hindrance 82.14% and 65.46% are women in their life. educated. State wise if we see in India 6. Gender inequality than Kerala is well-known for its The major problem withstand is of highest literacy ratio for women since gender biasness in India. Women’s are ages and still persist to be. not given equal opportunity, rights, and 4. Family responsibilities responsibilities in every sphere of life In context to Indian society and as men have in our country. Comparing religious customs there are still in every field like education, health and families which give preference to safety, professional inequality etc. family responsibilities by women then women are not given that significance. women’s working. Society believes The base root of all problems in India that for women their first responsibility is gender inequality. is family then other things. Women’s Steps undertaken in India for women are so weighed down with their family empowerment and everyday jobs that they even don’t 1) Considering the probable problem of get a moment to think for themselves. women empowerment, the aware 5. Absence of ambition for the Constitution Framers ensured that the achievement principle of Gender Equality is When a girl child is born since that day included in the Indian Constitution in she is taught that she has to do what her

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 its preface, Basic Duties and Directive and decision making in Social, Political Principles. and Economical life of the country. 2) The constitution also empowers the 7) The National Policy also intended at individual stated to implement reinforcement of legal system for measures of positive prejudice in eliminate favouritism against Women. favour of women. The real outcome for It also thinks about strengthening this was observed when under the partnership with Civil Society, Priministership of Mrs. Indira Gandhi, particularly Women’s organizations. a plan known as Indira Mahila Yojana Findings was launched. 1) Large proportions of population have 3) Also UNDP included concerns of got some respite due to globalization, women upliftment as Primary goal. liberalization and socio-economic 4) A variety of plans were declared for the forces. However, in India, Women women empowerment such as empowerment is still lacking in few Rashtriya Mahila Kosh, Mahila areas. Samridhi Yojana, Self help groups at 2) Mindset of the public in the nation Panchayat level and many more. needs a shift. Both women and men 5) In the direction of women have to wake up to a humanity which is empowerment in India, significant moving on the way to parity and milestone were foundation of National equity. For our own good it is better Women’s Commission and State this issues is addressed at the earliest. Women’s Commissions 3) There are numerous Government 6) The National Policy for the programmes and NGOs in the Country, Empowerment of women (2001) was still there is an ample gap that is an imperative step taken by the amongst those who are protected and Government of the period for those who are not protected. accelerating the rate of women 4) Poverty and uneducated ratio in women empowerment. The policy assured further add to these difficulties. The equivalent access to women to medical empowerment of women starts with an facility, quality education, involvement assurance of their healthiness and security. Dr. D.Y.Patil Institute of Management Studies (DYPIMS), Pune ~ 199 ~

DYPIMS's International Journal of Management and Research ISSN: 2277-8586 5) Improved economic and social status is 2) Changes in labour pattern of women the only factors through which 3) Changes in women’s right of entry and empowerment of women can be to have power over resources achieved. To achieve this we need to 4) Changes in women’s control over adopt economic and social policies Decision making process with a mindset of women’s total 5) Provide special education to women development and to recognize them 6) Self employ and Self help group that even they have that potential’s to 7) Providing smallest amount of needs be strong enough like men. like Nutrition, Health, Sanitation, 6) We must instigate women Housing empowerment to make a sustainable 8) The general public should change the world. way of thinking towards the word women Suggestion 9) Encouraging women to extend

1) Changes in mobility and societal knowledge in their fields they are good interface of women. at and make a better career and future.

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DYPIMS's International Journal of Management and Research ISSN: 2277-8586 6. Kadam, R. N. (2012). Empowerment of Women in India- An Attempt to Fill the Gender Gap. International Journal of Scientific and Research Publications, 2(6), 11-13. 7. Kishor, S. and Gupta, K. (2009), Gender Equality and Women
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