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Advances in Economics and Business Management (AEBM)

p-ISSN: 2394-1545
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Economics and Management
University Center for Economic and Managerial Sciences,
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Advances in Economics and Business Management (AEBM)

Website: http://www.krishisanskriti.org/Publication.html

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Advances i n Economics and B usiness M anagement ( AEBM) (P rint ISSN: 2394 – 1545; O nline ISSN: 2 394 – 1 553) i s a
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 Advances in Economics and Business Management (AEBM)
Volume 5, Issue 5; July-September, 2018
Contents

Ground Realities of Self Help Groups–Bank Linkage Programme: 298-300

An Empirical Analysis of Haryana Region
*Ms. Suman Gulia

Challenges Faced by the Unorganized Sector in the Tourism Industry: 301-305

Special Case of Mumbai Transportation
Dr. Anshu Mala Gautam

The Role of Stakeholders in Corporate Governance Process 306-308

M.V. Suresh Kumar1 and Dr. C. Lakshmana Rao2

Decriminalization of Attempt to Suicide 309-313

Pradeep Kumar Bharadwaj

The Sources of Momentum in International Government Bond Returns 314-319

Adam Zaremba

Transfer of Equity Shares of Unlisted Companies Subject to Permission of RBI 320-320

M.V. Suresh Kumar1 and Dr. C. Lakshmana Rao2

A Fuzzy-Multi-Criteria Decision Making for Television Channel Selection 321-321

Arshia Kaul1 Sugandha Aggarwal2 and P.C. Jha3

British Era Governance Structures Impeding India’s Peaceful Rise to Prosperity: 322-330
A Case for Indigenous Overhaul
Arjun Shukla
Advances in Economics and Business Management (AEBM)
p-ISSN: 2394-1545; e-ISSN: 2394-1553; Volume 5, Issue 5; July-September, 2018, pp. 298-300
© Krishi Sanskriti Publications
http://www.krishisanskriti.org/Publication.html

Ground Realities of Self Help Groups–Bank Linkage

Programme: An Empirical Analysis of
Haryana Region
*Ms. Suman Gulia
Assistant Professor, UIMT, Universal Group of Institutions,
Lalru, Punjab, India
E-mail: sim_gulia@yahoo.co.in

Abstract—A self-help group is a village-based financial
intermediary committee usually composed of 10–20 local women or
men. A mixed group is generally not preferred. Most self-help groups
are located in India, though SHGs can be found in other countries,
especially in South Asia and Southeast Asia. Members also make
small regular savings contributions over a few months until there is
enough money in the group to begin lending. Funds may then be lent
back to the members or to others in the village for any purpose. In
India, many SHGs are 'linked' to banks for the delivery of micro-
credit. The present study differs from earlier studies as it covers
twenty nine quality parameters to evaluate the quality of SHGs based
on survey of literature. Further, this paper identifies the reasons for
the formation SHGs and the problems faced by them in the study
area. The study is undertaken in Sonepat, Karnal, Kurukshetra,
Panipat and Ambala Districts of Haryana during 2015-17. It is
observed that due to fast growing of the SHG-bank linkage
programme, the quality of SHG has come under stress. Some of the
factors affecting the quality of SHGs are the target oriented approach
of the government in preparing group, inadequate incentive to
NGO’s for nurturing their groups etc.
Keywords: Micro Finance, Quality Parameter, Quality Issues,
Quality Assessment Tools.
1. INTRODUCTION
A self-help group is a village-based financial intermediary
committee usually composed of 10–20 local women or men. A
mixed group is generally not preferred. Most self-help groups
are located in India, though SHGs can be found in other
countries, especially in South Asia and Southeast Asia.
Members also make small regular savings contributions over a
few months until there is enough money in the group to begin
lending. Funds may then be lent back to the members or to
others in the village for any purpose. In India, many SHGs are
'linked' to banks for the delivery of micro-credit.
Self-help Groups (SHGs) are playing a major role in removing
poverty in the rural India today. The group-based model of
self-help is widely practiced for rural development, poverty
alleviation and empowerment of women. Self-help as a
strategy for social development places emphasis on self-
reliance, human agency and action. Many public sector banks
that were in the forefront of SHG bank linkage are
approaching MFI for identifying a suitable agency to nurture
their credit linked SHGs. There is an increasing concern
among bankers about the quality of SHGs being promoted by
themselves or by other promoters.
2. REVIEW OF LITERATURE
Sa-Dhan (2003) made a comparative study of assessment
tools developed by various organization viz. NABARD,
BASIX, MYRADA, CARE, APAMAS etc. and have
identified eight broad thematic areas with various indicators
and their benchmarks.
Reddy (2005) observes that the state of SHGs identifies key
areas of weakness which undermine the sustainability of SHG
movement. He identifies the major areas such as financial
management, governance and human resource ranges from
weak to average quality for a majority of SHGs.
Singh (2006) also studied SHGs programme of Peoples
Education and Development Organization and makes an
attempt to evaluate social and economic impact on households
of SHGs members.
Kumar (2010) while comparing the differences in quality of
SHGs between SHGs under the umbrella of federations and
other SHGs which are not part of federation observes that
federation type SHGs are functioning well.
3. OBJECTIVES OF THE STUDY
The objectives of this paper are-
1. To study the grass root issues relating to quality
assessment of SHGs.
2. To access the normal practices of SHGs in the study area.
3. To access the problems of SHG members in the study
area.
Ground Realities of Self Help Groups–Bank Linkage Programme: An Empirical Analysis of Haryana Region 299

4. RESEARCH DESIGN AND METHODOLOGY 13 Rate of Interest Uniform = 1 ; According to purpose

=2
The research design and methodology devised in this paper is 14 Decision on who is to As decided by group representative
being presented which has been designed keeping in mind the be given loan
focused objectives and with the aim of acquiring accurate and elected) = 1
authentic data. The study was restricted to only Sonepat, Through group meeting = 2
15 Keeping emergency No = 0
Karnal, Kurukshetra, Panipat and Ambala Districts of Haryana
funds Yes = 1
region. Data has been collected from both primary and 16 Loan recovery Below 50% =1; 50% - 75% = 2;
secondary sources. A set of questionnaires are being prepared Above 75% = 3
for assessing the quality of the SHGs of the study area. These 17 Group loans is only No= 1 ;Yes = 2
questionnaires are framed suitably by studying the existing for productive
literature of quality assessment. The enlisted quality purposes
assessment variables are identified and tabulated in Table 1 III Financial
below: Management
18 Record/Book keeping Representative of outside SHG = 1;
Table 1: Selected Quality Assessment Indicators Group representative or a literate
member = 2
Sl. Indicators Weight 19 Level of maintenance Not maintained at all = 0;
No. of records Incomplete & irregular = 1;
I Organizational Regular, accurate & update = 2
Capacity IV Micro Enterprise
1 Kind of rules and Oral = 1 ; Written = 2 Development
regulation for running 20 Acquired vocational ≤ 25% = 0 ; 25- 50% = 1
the group skills 50- 75% = 2 ; > 75% = 3
2 Practice of update No = 0; Yes = 1 21 Started new micro- No = 1; Yes = 2
rules enterprises
3 Attendance in
< 50% members = 1 V Awareness and
meeting 50- 75% members = 2 Attitudes
> 75% members = 3 22 Social and No = 1; Yes = 2
4 Selection of group Nominated by SHPI/NGO/bank community action by
leaders SHG
staffs = 1 Nominated by members
23 Aware about issues ≤ 25% = 0 ; 25- 50% = 1
=2 of social harmony 50- 75% = 2 ; > 75% = 3
By election = 3 and social justice
5 Practice of rotating No = 0 ; Yes = 1 VI Networks and
Linkages
leadership
24 Organised No = 1; Yes = 2
6 Decisions take by No = 0 ; Yes = 1 community events
consensus Linkage with Banks/ No = 1; Yes = 2
25
7 No major No = 0 ; Yes = 1 Other agencies
disagreement that Empowerment and
VI
divides members Influence
8 Transparency in No = 0 ; Yes = 1 27 Self Reliance in No = 1; Yes = 2
operation managing Social
II Savings and Credit affairs
9 Regularity in savings < 50% members contribute 28 Self Reliance in No = 1; Yes = 2
regularly = 1 50-75% members managing
contribute regularly = 2 economic affairs
> 75% members contribute
regularly = 3 29 Self Reliance in No = 1; Yes = 2
10 Revision of No = 0 ;Yes = 1 managing group
mandatory savings affairs
11 Members deposit House-to-house to get the
savings contribution = 1; Deposit in
Accounts/ SHG =2
12 Fixation of rate of By group representative or
interest NGO/Bank/ Promoter = 1; By all
group members meeting = 2

Advances in Economics and Business Management (AEBM)

p-ISSN: 2394-1545; e-ISSN: 2394-1553; Volume 5, Issue 5; July-September, 2018
300 Ms. Suman Gulia

Further, for suitability of the quantitative study under the 6. CONCLUSIONS

selected Assessment Tool, the following scale is used keeping
conformity with the above cited weighted scale presented in The quality of groups is quite low in Sonepat, Karnal,
Table 2 below: Kurukshetra, Panipat and Ambala Districts as strict random
selection of sample could be one of the reasons. Overall
Table 2: Rating Grade Scale
environment in the districts and popular perceptions about the
status of SHG movement in the district appears to be aptly
Aggregate Weighted Grade Analysis Grade
Score
reflected by the grades of the groups. In most other studies, the
50 & above A Good quality of groups does not follow any definite pattern. Finally,
it is observed that due to fast growing of the SHG-bank
30-50 B Average linkage programme, the quality of SHG has come under stress.
20-30 C Poor Some of the factors affecting the quality of SHGs are (i) the
target oriented approach of the government preparing group,
Below 20 D Very Poor (ii) inadequate incentive to NGO’s for nurturing their groups,
(iii) lack of proper monitoring, (iv) absence of quality
5. PROBLEMS FACED BY THE SHGS: enhancement mechanism etc.

The problems faced by the Self Help Groups are described in REFERENCES
the following Table 3.
[1] APMAS,2006,Status of SHG Federations in Andhra Pradesh,
Table 3: Distribution of sample SHGs according to their response Retrieved from http://www.microfinancegateway.org
towards the problems faced by them [2] Centre of Micro Finance Research, Centre of Micro Finance
Research, Jaipur. Retrieved from http://www.goggle.com
Sl. No. Nature of Problem No. of Percenta [3] Devaprakash, R., 2005, Balancing Quality & Quantity in SHGs
SHGs ge in India, IBA Bulletin. Aug.25-39.
1. Difficulty to Approach the 18 12 [4] APMAS, 2006, Self Help Groups in India: A Study of the Lights
Authorities for Getting Loan and Shades. Retrieved from http:/ www.edarural.com
2. Poor Response of Authorities 28 18.67 [5] Govt. of Haryana, 2007, Haryana Community Forestry Project.
Self-Help Group Capability Assessment, Forest Department,
3. Delay in Sanctioning the Loans 32 21.33 Govt. of Haryana.
[6] Kumar, S., 2010, Centre for Micro Finance Research & BIRD,
4. Inadequate Loan Amount 22 14.67 Lucknow. Retrieved from http:/ www.birdindia.org.in
5. Lack of Administrative 27 18 [7] Reddy, C. S., 2005, SHGs: A Keystone of Micro Finance in
Experience India: Women empowerment & Social Security, Retrieved from
6. Lack of Cooperation Among 11 7.33 http:/ www.self-help-approach.com
Members [8] Sa-Dhan, 2003, Quality Parameters of SHGs: A discussion
7. Limited Number of Installments 12 8 paper, Retrieved from http:/ www.sa-dhan.net
for [9] Sa-Dhan, 2005, Technical Tool Series 2, SHG Performance
Repayment of Loan Measurement Tool. Retrieved from http:/www.sa-dhan.net
Total 150 100

It is found from Table 4 that the major problem faced by the

SHGs is delay in sanctioning the loan (21.33%) followed by
poor response of authorities (18.67%), lack of administrative
experience (18%), difficulty to approach the authorities
(12%), inadequate loan amount (14.67%) , limited number of
installment (8%) and the problem of lack of cooperation
among the members (7.33%).

Advances in Economics and Business Management (AEBM)

p-ISSN: 2394-1545; e-ISSN: 2394-1553; Volume 5, Issue 5; July-September, 2018
Advances in Economics and Business Management (AEBM)
p-ISSN: 2394-1545; e-ISSN: 2394-1553; Volume 5, Issue 5; July-September, 2018, pp. 301-305
© Krishi Sanskriti Publications
http://www.krishisanskriti.org/Publication.html
Challenges Faced by the Unorganized Sector in
the Tourism Industry: Special Case of
Mumbai Transportation
Dr. Anshu Mala Gautam
Assistant Professor, Sasmira’s Institute of Management Studies and Research (Mumbai)
E-mail: anshumalagautam@gmail.com
Abstract—Majority of the sectors of any industry comprise of two
components, the organized and the unorganized side. Similar is the
case with the tourism industry which itself consists of various sectors
like hospitality, travel, transport etc. However, the unorganized
sectorhas to deal with a lot of problems due to the priority given to
the organized sector and the heed paid to them. The transport sector
under tourism also faces many such problems. Although the problems
have been studied time and again by the researchers but in this study
focus is particularly laid on the Mumbai region. The analysis has
been conducted using the method of content analysis. The content has
been collected from secondary sources like articles in newspapers
and other domains. The study concludes that the auto and taxi drivers
face bulk of their problems due to the government rules and
regulations. The other source of problems that has been detected is
the presence of cab aggregators like Uber & Ola. The road
infrastructure and traffic congestion can be other prominent issues.
This study would be useful for stakeholders from travel &
transportation sector within tourism industry of India.
Keywords: Tourism, Unorganized Sector, Mumbai, Transportation,
India.
1. INTRODUCTION
Tourism is an important industry and one of the prime income
earners for many economies. It comprises of and provides
employment in various domains like transportation sector,
hospitality sector, the attractions & their caretaking and many
more (DnB, 2016). These components are all essential
elements of the tourism industry and together they make it
what it is for the tourists to enjoy and relish (Koch 1998;
Weiermair, 2006). As rightly pointed out by Weiermair(2006),
when a tourist spends vacations at a place he/she does not
consume the services of a single service provider but a range
of them and hence a bundle of services. These sectors are all
important, are marked by the presence of global players and
are highly competitive. The markets for all of them are highly
mature but they still need a lot of improvements and
developments.
Transportation, as has been pointed out is as important as any
other sector in the development of tourism industry. People
need to travel not only in and out of cities but also within
them. The tourists need adequate transport system in order to
travel from one place to another in order to cover all the
important and relevant places on their list. The experience that
a tourist gets is not only facilitated by but it more importantly
begins and ends with transport (Mammadov, 2012). The
Canada government in one of its articles/reports has brought
forward certain aspects that are important for the development
of tourism sector of their economy. An efficient transport
system has been pointed out to be one of the essential
elements for the same. They stressed on therelevance of all
types of transports including air, rail and road travel. The
interconnecting medium of travel in between these prominent
modes is also important. This role is usually played by the
local transportation system, public or private (Supporting
Tourism, 2014). As pointed out by Basorun & Rotowa (2012),
the public transport operations of the urban transport system of
Lagos Island are an important component of its transport
sector. Nonetheless, the public-private partnerships are always
a welcome scenario.
All the components domains of tourism industry, irrespective
of their size and prominence, have two sides to them, the
organized and the unorganized sides because nothing can be
perfect and structured. The hospitality sector has branded
hotels and motels that have high development costs. However,
it also has other options like hotels that are unbranded and not
so famous by name. Latter might not be as perfect and might
not be having arrangements that are as well thought-out as the
former options (Narayanan, 2015; Dinodia, 2014). Similarly
with the transportation sector, there is one distinction in the
form of public and the private transport but another prominent
distinction is between the organized and the unorganized
sector. The organized players slay the role of the unorganized
players in the market and leave them kind of distressed in their
growth plans.
The major portion of the Indian transport industry is
unorganized. More so in the case of urban transport system
which is comprised of a range of components. These
302
components are comprised of the non-motorized transport,
personal transport, public transport, private-public transport
and other small medium like bicycles etc. (Planning
Commission, 2013). The urban transport system thus has a lot
of scope for development and improvement. The public-
private transport, as of now, has a major 90% of its activities
taking place under the unorganized market (Red Seer
Consulting, 2014; Singh, 2016). However, the organized
sector is slowly taking over. The unorganized sector has been
resisting and making the organized players think twice. The
organized sector however has certain positives of its own that
is forcing the unorganized sector to bite the dust.
The problem statement of this study therefore focuses on
identifying the “Challenges faced by the unorganized sector in
the tourism industry in India” with specific emphasis on urban
transport (Autos and Taxis) of Mumbai, India. For this study
the case of Mumbai region has been considered because it is
the financial capital of the country. This accounts forits pivotal
role in the development of the country’s economy. It being a
shore town also highlights its importance not only as centre
for economic but also tourism activities. According to a report
published by Planning Commission, Mumbai had an
Urbanized Area Density of 384.5 hectares in 2000 (Planning
Commission, 2013). This fact combined with its strategic
importance in country’s economic and tourism scene makes it
worthwhile to discuss the urban transport system of this city.
2. LITERATURE REVIEW
Literature has been found that brings out the challenges that
are faced by the unorganized sector in general, the transport
sector in general and the unorganized transport sector in
particular. Studies depicting the same have been discussed in
this section.
The unorganized sector is formed as a result of the need that
crops up and hence is not necessarily organized. In it there
might not be any parent body that organizes them all or no
rules that are to be followed. The transport sector was
predominated by bullock carts and the likes in ancient times.
However, slowly and steadily with increasing needs they were
replaced and better mediums came up. There might be some
arrangement or organization of such mediums but it is not
mandatory. As has been pointed out unorganized sector forms
90% of the market in urban transport sector.
D’souza (2013) has highlighted various aspects of
unorganized sector ranging from its definition, need, problems
and the employment & unemployment scenario. The role of
the entrepreneur has also been underlined. The challenges that
have been highlighted include various aspects. It has been
pointed out that there is an immense shortage of capital for the
unorganized sector entities as they might not be backed by
high level global companies. The nature of the markets andthe
reach of unorganized sector entities of the same have been
cited as another reason. The small level of operation and the
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Dr. Anshu Mala Gautam
lack of preparation have been pointed out to be other reasons.
These challenges have been highlighted for unorganized sector
in general and might normally hold true for all the
unorganized sector enterprises.
The World Bank (2016) has pointed out the importance of
Indian Transport Sector, its various components and the
combined challenges faced by each of them. It has been
pointed out that the roads are congested and ill-maintained.
The lack of funds or there mismanagement might be the
reasons that cause the deterioration of road infrastructure of
the country. Especially the urban metropolitan areas are
severely jam-packed and hence cause interruption and delays
in the services of the urban transport system specifically those
running on the roads.
Pucher et al (2005) have talked about the problems of the
urban transport system of India which result into urban
transport crisis. It has been reported that the roads are of
inappropriate quality, the vehicles are unsafe and the drivers
are not well trained in their jobs. Traffic congestion has been
highlighted as another major problem that appears to be a
bottleneck in the working of the urban transport system. The
problem of traffic congestion and infrastructure inadequacy go
hand in hand. Poorer the infrastructure worse is the traffic
congestion problems. Increasing number of vehicles on the
road given the narrow size of roads is bound to cause traffic
congestion. The study by Basorun & Rotowa (2012) also
depicted the problems that are faced by public transport
vehicles during their operations in particular in the Lagos
Island. The major shortcoming that has been highlighted is the
poor quality of road infrastructure and the mismatch in
between the demand and supply of the transport medium.
Singh (2012) again focuses on the urban transport in India, its
issues and challenges and the way forward. The challenges
that have been highlighted most prominently in this paper are
those of emissions, congestion and road safety. The study
however has also suggested certain policy measures that can
be adopted in order to deal with these problems. These
measures included instructions for the public transport system,
the private transport system and the public-private transport
system. It was suggested that the public transport system
should be better developed. For the pricing strategy regarding
both the public and private transport system it was
recommended that strategies which are suitable for both the
vehicle drivers and benefiters should be adopted. Moreover,
management measures were suggested for both the demand
and the supply side. The private vehicle owners were however
suggested to be more inclined towards car sharing so that there
can be lesser number of vehicles on the roads.
Shlaes & Maini (2013) conducted a study on the urban
transport situation of the Mumbai city. The study was done
with the help of structured surveys conducted on auto-
rickshaw passengers & auto-rickshaw drivers and interviews
conducted with government officials. The challenges as
highlighted by the drivers included those concerning police
Challenges Faced by the Unorganized Sector in the Tourism Industry: Special Case of Mumbai Transportation 303

and traffic police problems. They accused the traffic police of implemented left the taxi drivers jobless and helpless. The
exercising over the top strictness and exuberant fines on them government rules, however necessary and profitable for the
and hence making their lives and working conditions environment, proved to be fatal for the taxi drivers. The
miserable. The drivers also said that passengers, traffic government, while implementing such rules, should also take
congestion and disagreements over fares are other problems. care of the alternative options that can be provided to the
The passengers on the other hand reported their own set of affected taxi drivers (Henderson,2013).
problems. They were found to be highly annoyed by the
Regarding the fare structure has equal effects on the auto-
refusals of the auto-drivers from taking trips and their constant
drivers as well as the passengers who have to pay high prices.
lack of availability. Disagreement over fares found a place on
The government takes price control measures in order to deal
their list as well, traffic congestion not being as prominent.
with this problem of high prices but in the process it ends up
3. RESEARCH DESIGN hurting the interests of the auto-drivers. The auto-drivers do
not have much scope when they quote prices and not many
This study is focused on identifying the problems that are options when they refuse to go to a particular destination.
faced by the unorganized sector players in Indian Tourism They refuse for the trips that do not give them any profit same
Industry particularly the auto-rickshaw and taxi drivers in the as the suppliers reject to supply their goods at lower prices
Mumbai region. The study was performed using exploratory (Ravichandar, 2010). The auto drivers agree with the problems
research method. In the literature review the challenges as of the passengers but are also firm on their demands of higher
faced by the unorganized sector, the transport sector and the fares as they have no other choices (Chaubey, 2014).
unorganized transport sector in Mumbai region have been Another prominent problem that the taxi drivers and
discussed. autowaalas have reported is that of the cab aggregators.
The data analysis was done with the help of various articles Recently there have been protests by the autos and taxi drivers
published on topics around the concern. Six such articles were in the unorganized sectors against the aggregators in Mumbai.
identified focusing on various problems in Mumbai region and The unorganized sector players complain that they have to
around. Content analysis technique was implemented in order face the low market price standards as set by the aggregators.
to identify the problems as pointed out in these articles. The These aggregators are big-level players and have a back
problems that are recognized through analysis are then support in monetary terms of national and international
discussed along with the evidences found in the literature. companies. They can thus afford the low rates of providing
services. The unorganized sector members on the other hand
4. ANALYSIS cannot afford to do so otherwise they’ll end up hampering
their living (Indian Express, 2016; Das, 2015).
The number of taxis in Mumbai has shown a significant
decline in their numbers over the years. From a quantity of
62,000 in 1997 to 32,000 in 2013, the taxis have decreased
significantly in count (Sen, 2013). Moreover, the shocking
trend is that despite an increase in the number of vehicles in
Mumbai by 55% over seven years, the amount of auto
rickshaws, taxis and BEST buses hasn’t increased much (Sen,
2014). This shows a grave scenario in which taxi-drivers and
auto-rickshaw drivers are demotivated due to some reasons
and hence there number is decreasing. This study therefore
focuses on the problems of these drivers.
The taxi drivers in the Mumbai region face a lot of problems
while they try to operate. If the drivers want to enter into the
business then they need to meet certain domicile requirements
without which they are not eligible for the same. Moreover,
the minimum set fare structure was found to be an
unacceptable policy. The fare structure, as it is set by the
government, leaves with the drivers nothing as earnings from
a trip (Subramanya, 2012).
It is not only in case of the fare structure but otherwise as well
that the government rules have created problems for the
drivers. The government rules have been unsuitable for the
taxi drivers and were inadequate in providing any kind of help Figure 1: Major problems faced by taxi and
to them. The rule of 20-year life for the vehicles on road when auto-rickshaw drivers in Mumbai

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304
On the other hand, the auto-drivers also face problem due to
the unregistered players in the market. The registered players
have to pay all the cost of registering themselves into the
network whereas the unregistered players reap the benefits
without paying any such costs(Umbrajkar, 2013).
Therefore the major problems that the taxi drivers and the
autowaalas face in the Mumbai region and otherwise can be
depicted by Figure 1.
5. DISCUSSION AND CONCLUSION
Various problems have been identified with the help of
literature review and analysis of the articles. The issues that
have been found through the analysis mostly mirror those that
were identified earlier by the studies done in the past. This
makes the problems more grave and urgent. The problems that
have been identified earlier and still pertain are the ones that
have been harming the society and the urban transport
structure from a long time.
The government is not much supportive of the unorganized
sector players. It has strict rules for them which are to be
followed by anyone who enters into this sector of the market.
The fine charges are also unreasonable and high. The police
and the traffic police are both harsh with the auto-rickshaw
and the taxi drivers. They are fined irrationally and held for
charges that they are not guilty of. The government
therefore needs to be a little more considerate about the well
being of these drivers who will otherwise no longer want to be
a part of the system (Shlaes & Maini, 2013).
The rules such as discarding of old cars which have had a
shelf-life of more than 20 years are reasonable. However its
consequences are what the government ignores and doesn’t
cater to. However, other rules like those regarding the
minimum fare strategy are unfair. The government might fix
the minimum fair as they deem necessary for fulfilling the cost
of living of the drivers. However, the government also needs
to take into account the other important costs like those of
education, health care and for owning basic human & financial
assets (Shales & Maini, 2013). Alluring the customers and
providing them the lowest cost possible is necessary but in a
hoard to do the same the needs of the drivers must not be
ignored. The unfair pricing strategies, if not taken care of,
might result in unequal equation of demand and supply of
urban transport (Singh, 2012).
Giving more hype to this unfair fare equation is the presence
of the aggregators who are organizing the taxis & autos and
presenting a challenge to the unorganized sector players
(D’souza, 2013). Those that come under the purview of these
aggregators offer lower rates of travelling to the passengers
thus making the unorganized sector players unattractive.
These aggregators are international players or are backed by
huge finances and therefore they can afford lower rates and
bear the costs. There needs to be a regulatory mechanism that
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Dr. Anshu Mala Gautam
fixes the lowest rates that can be quoted by any service
provider.
Traffic congestion and transport & road infrastructure
represent the next set of problem (The World Bank, 2016;
Pucher et al, 2005; Singh, 2012; Basorun & Rotowa, 2012).
Traffic congestion is a problem posed to public and private
vehicles alike. The traffic on roads affects the travel time and
convenience factor of all the vehicles on the roads. Therefore
efforts also need to be made from both the sides. The private
as well as public passengers should focus on ride sharing if
they are going to the same place or even area (Singh, 2012).
The public transport is already a mass transport system so the
ones who need to put an effort are the private vehicle
passengers and public-private passengers. The infrastructure
problems on the other hand are the ones that cannot be dealt
with by the drivers or the passengers but are the responsibility
of the government. The government not only needs to dedicate
more funds but also need to channelize those funds in the right
direction avoiding corruption. In India as a country these
funds are susceptible to go in the hands of corrupt people.
The problems faced by the unorganized sector are therefore
not unsolvable but needs dedication and efforts all the
stakeholders. This in turn will improve the transport sector and
lead to a more prosperous tourism sector as well.
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[17] Sen, S. (2014). Vehicles in Mumbai increase by more than half
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© Krishi Sanskriti Publications
http://www.krishisanskriti.org/Publication.html
The Role of Stakeholders in Corporate
Governance Process
M.V. Suresh Kumar1 and Dr. C. Lakshmana Rao2
1,2
K.L. University
E-mail: advocatesuresh69@gmail.com, 2lakshmanarao@kluniversity.in
1
Abstract—Corporate governance has emerged as a big issue in
corporate sector due to the scams and scandals that are taking place
to maintain equilibrium between economic and public goals and also
individually and collective goals.
The present paper is concerned with the role of stake holders in
corporate governance process also the importance of each
stakeholder in knowing about the disclosure level in the corporate
governance process.
The overall conclusion of the paper is that stakeholders should
contribute their portion with responsibility as it represents value
frame work, ethical frame work, and moral frame work of the present
day global business.
1. INTRODUCTION
In India the concept of corporate governance which focuses on
accountability and transparency in the system like Investment
decisions for a common person like share holders (who invest
in the company), creditors (who fund the company by way of
loans), financial analysts (who analyze the company position
in the market) and security consultants (who offer consultancy
on the buying of shares and securities) of the company is
based upon the disclosure made through corporate governance
only.
The concept of corporate governance has come into force in
India in the year 2006 after clause 49 was revised which is
mandatory for all listed companies and which directly leads to
maximization of share holder’s wealth resulting in higher
valuations of shares of the organization. Investors always like
to invest in well managed companies at large.
2. BACKGROUND
The first person to disclose the Corporate Governance which
came into existence in USA in the year 2002 is Sarbanes –
Oxley.
As per SEBI report disclosure is done by listed companies
based upon the listing agreement but the contents are not
adequate and are inaccurate on which investors make
decisions to invest
In the words of prithvi Haldea the information provided must
be accurate and complete as it forms main crux for markets
and shareholders.
3. IMPORTANCE OF RESEARCH
Corporate Governance acquired importance on account of lack
of transparency and poor disclosure procedure in the final
accounts of the corporate world which has shattered the stake
holder’s confidence to a large extent. In the year 2004 new
corporate governance code was introduced in India.
4. STAKEHOLDERS
The responsibility, role and challenges of the various
stakeholders is as follows
Shareholders
The market works with two types of shareholders, viz.
institutional shareholders and Individual shareholders,
according to the articles of association of the company and as
per law the basic rights are as follows
a) Right to have a share certificate issued for the shares held
with them in a company
b) The right to inspect the number of shares held by them in
the company from time to time
c) The right to attend share holders and general meetings
d) The right to vote at the meetings
e) The right to freely express opinions at the share holders
meetings
f) The right to receive a fair return on the shares held with
them
g) Corporate governance in addition to these gives the right
to ownership for the portion of the shares held with them
individually in the company
h) Corporate governance also gives the share holders to
make suggestions and comments on the company affairs
in the form of independent directors nominated
collectively by them to the board
The Role of Stakeholders in Corporate Governance Process
Board of Directors
The Board of Directors who has to deal with various issues
related to the organization is the pivot of corporate governance
and should have a range of skills and understanding power of
various things including share holders.
They should also have the ability to face the challenges and try
to improve the efficiency level during the performance of
tasks.
Board of Directors are expected to improve
a) The efficiency of management,
b) Good relationship with shareholders
c) Make technological changes to meet the market
expectations and
d) Easily make effective use and development of human
resource
Employees
The most valuable assets are Employees as per the belief of
stake holders in corporate governance and every step is taken
to ensure to employees fell proud and confident to work and
live with the organization
The stake holders keep trying to organize certain activities to
promote a collaborative working environment to drive
enhance and innovate the competence of the employees to
work overseas and inland on the projects allotted to them
Further the stake holder’s focuses on the health and safety of
the employees by focusing on certain issues concerned with
them on site and off site with a better remuneration package.
Creditors
The creditors (i.e.) lenders according to the stake holders in
corporate governance should follow certain terms and are
bound to certain obligations while giving loans and advances
to the company under corporate governance
a) Customers: In a business customers look for better quality
and affordable price which becomes the key factor for
stake holders in the corporate governance Likewise, it is
important for the company to maintain sustainable
relationships with the customers who seek support with
regard to product information and also problems
encountered in the process of trading with the company,
the Customers wants stake holders to ensure total
satisfaction.
b) Business partners: Stake holders in Corporate Governance
aims at working with the business partners looks for
upholding its promises and commitment made in trading
including guarantee of product quality and on time
delivery within the code of conduct under corporate
governance policy existing in company.
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Government
In present day Corporate Governance role of government is
very significant.
The role of the Government
a) Is to provide healthy environment to mobilize large
amount of investment from the investors
b) Check regularly the practices of the companies
The challenge before the government
a) Is to make regular amendments in acts for the welfare of
investors and also
b) To play the role of watching like a watchdog.
c) Government has to keep check on the policies made by
the company and also
d) constitute committees to improve the performance of
management
Accountants
In the process of corporate governance accountants play very
vital role in management decisions on the basis of financial
reporting provided by them to the Board of Directors and
Management.
Information’s should be made with statutory and ethical
obligations that the directors of the company could rely on it.
The financial reporting should be done on the basis of
Generally Accepted Accounting Practices and also to disclose
all the relevant information that are beneficial for the
shareholders.
Auditors
The role of Auditor in the effective implementation of
Corporate Governance is not limited to presentation of a good
financial report which should be fair and present true facts
regarding the financial position of the company from the point
of view of stake holders including the share holders, creditors,
Customers, Business Partners and Management.
The auditor’s Report should bring out the statistical analysis of
the company on which people can rely upon at all levels
Competitors
In business competition is inevitable in every business as it
exists according to stake holders in corporate governance it
should be relatively fair and according to the code it should be
conducted without any disputes and unlawful practices by the
competitors in business.
Society
Stake holders in Corporate Governance want to ensure that its
business operations are fair to all related parties in line with
business philosophy. The Group supports activities that
creates a better quality if life promoting happiness in the
community.
308
Stake holders in CG organize various projects and activities to
develop the potential of young people in different fields for
the benefit of society, In addition to relief at times of disaster.
Stake holders in CG encourage will promote employees to
take part in activities that benefit local communities and the
general public in achieving sustainable growth.
5. HYPOTHESIS
The study is based on the following hypothesis
1. Negative cases when there exists significant difference
between mandatory disclosure and voluntary disclosure in
corporate annual reports, there is significant impact of
percentage of directors on the board, there is significant
impact of percentage of family members on the board on
the disclosure level.
2. Positive cases when no significance difference is found
and there exists marginal impact of directors of the board
and impact of family members is limited to certain level.
6. METHODOLOGY
Research is based on a various companies after clause 49 was
introduced in India which form part of primary data (to be
collected through questionnaires and interviews of company
secretaries and the available journals, articles, newspapers and
magazines and reports of stock exchanges which form part of
secondary data.
The main objective of study involves descriptive and
analytical type research design which is adopted for accurate
results and with rigorous analysis done at every level
involving all sources at disposal. The secondary data is
intensively used for research in order to improve the
functionality of System.
7. RECOMMENDATIONS
1. For effective control under corporate governance stake
holders should make sure that independent directors form
part of the crucial controlling authority of the
management to run business in which family members
control the business.
2. Meetings should be held and reviewed regularly so that
importance of directors can be recognized in order to
abolish one man or family dominance over business
3. Experienced directors can play a vital role in disclosing
true and fair report of annual statements under corporate
governance in-order to check any fraud or cheating in the
matters of stake holders process of buying or selling of
shares
4. Under corporate governance a distinction between politics
and corporation should be made. Auditors should be made
accountable in the context of share holders and also share
holders should be self aware of their rights in the business
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M.V. Suresh Kumar and Dr. C. Lakshmana Rao
5. Corporate governance should bring out a strict
monitoring policy for misuse of corporate assets and
abuse in related party transactions and also in managing
Interest of all parties including Management, board of
Directors, and shareholders.
Corporate governance must be effectively implemented not
only to provide a solution to the problems but is must be
effectively conducted with a proper code for implementation.
8. CONCLUSION
Corporate Governance is useful for stake holders in knowing
about the disclosure level in corporate annual reports and to
academicians to know the current practices of corporate
governance followed by Indian companies. The study is also
useful for research scholars to build a proper disclosure model
which can be followed by the companies to fulfill the
corporate governance norm in India.
Corporate governance will be successful if everybody
contributes their share with responsibility as it represents the
value frame work, ethical frame work, and moral frame work
which forms the basis for business decisions.
Corporate governance has grown steadily over the years due to
public attraction and interest as public has realized the
importance for the economic health of corporation and society
in general and globalization of business due to the opening of
economies worldwide. The globalization of business is done to
enhance competitiveness for sustainable development in the
present environment of free and fair trade between countries
on the global platform
REFERENCES
[1] Book by Asish K. Bhattacharyya, ‘Corporate Governance in
India: Change and Continuity’, Oxford University Press (19
September 2016). 87 Journal of Economic and Social
Development – Vol 4. No 1., March 2017
[2] IICA, “Corporate Governance’, Taxmann; 2015 edition (2016).
[3] Book by Das S. C., Corporate Governance in India: An
evaluation, Taxmann; 2015 edition (2016).
[4] Book by Tricker, ‘Corporate Governance: Principles, Policies
and Practices’, Oxford University Press India; Second edition
(14 January 2013).
[5] Book by Fernando, ‘Business Ethics and Corporate
Governance’, Pearson Education India; 2nd edition (2012).
[6] Book by T. N. Satheesh Kumar, ‘Corporate Governance:
Principles and Practices’, Pearson Education India; 4th edition
(2011).
[7] Book by Prasad K, ‘Corporate Governance’, Prentice Hall India
Learning Private Limited; 2nd edition (2011).
Advances in Economics and Business Management (AEBM)
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Decriminalization of Attempt to Suicide
Pradeep Kumar Bharadwaj
K L University
E-mail: pkbharadwaj@gmail.com
Abstract—The law governing attempt to commit ‘Suicide’ as a crime
in India is going through several reforms. The government bodies
responsible for amending the laws are emphasizing the need to
decriminalize the act of attempt to Suicide. Attempt to suicide as such
is an effort of self-killing due to depression and disappointment about
few things or several things that is either unbearable or
unmanageable to cope up. Though suicide according to a few is an
act of cowardice, but the weak mind yielding to such an act is far
from applying rational to decide better ways to resolve his problems.
Suicide to the one who is tempted to commit is the easiest problem
resolving technique over the actual existence!
How should we handle this particular act of suicide under our
present statutes? Is it worthwhile in punishing such a weak mind as a
criminal when on the alternative, the temptation of committing
suicide is in itself is the ultimate voluntary self-imposed punishment?
Here is a need to amend our age old laws which still treats a person
attempting to committing suicide as a punishable criminal rather
than finding the need for reforming him to help resolve and lead a
better contended life.
This article on decriminalization of attempt to suicide makes an effort
to state the historical outlook and perspectives of Suicide both as a
phenomena and a procedure in law to be treated as a crime. This
article brings out the present need of the legislation to decriminalize
the attempt to suicide as a crime in the various perspectives of
sociological and psychological behaviors. Further, the article shall
also discuss several important judgments of the Supreme Court of
India to affirm that the act of attempt to suicide is a condition to be
reformed but not a crime.
1. INTRODUCTION
Suicide is an act of causing one’s own death intentionally.
According to the latest report of World Health Organization
(WHO),[1] Suicide is the second largest cause of death in the
world among 15-29 years olds. It also reports that close to 800
thousand people succumb to suicide every year and out of
these, about 17%, which is around 135 thousand people are
Indians. Suicide is no doubt a global phenomenon which
commonly happens due to the breakdown of the individual’s
ability to deal with various life stresses. Life is to live it’s full
but should not be let to end at one’s own mercy. It therefore
requires an urgent need to bring about comprehensive
multifaceted prevention methods to curb this societal epidemic
growing further. India as a country has continued to follow
several legislations from the good old times of its enactment in
the British period. One such law is Section 309 of Indian
Penal Code, 1860 where it is laid down that, “Whoever
attempts to commit suicide and does any act towards the
commission of such offence, shall be punished with simple
imprisonment for term which may extend to one year or with
fine, or with both”. Here is now the dichotomy on us to
determine whether an act of suicide or an attempt to commit
suicide should be branded as a crime as per Indian Penal Laws
or should it be categorized as one such essential mental
condition of a human being to self-immolate for being unable
to exist with body and mind any more. It is very necessary to
bisect into the annals of history, law and modernity to build up
the requisite rationale to continue punishing a person who is
all prepared to self-impose the ultimate punishment of death
upon himself voluntarily. Furthermore, this tiny paper should
help rekindle the minds of people in power and position to
amend the laws in decriminalizing such act viz., ‘Suicide’ to
be a crime anymore.
2. HISTORICAL PERCEPTION
The ancient Indian mythology has record of several instances
of self-incriminations which includes the Jala-samadhis
committed by Lord Rama and his brothers. In Mahabharata,
Pandava King Arjuna wanted to jump into fire after hearing
the news of his son Abhimanyu's death. In 298 BC, Chandra
Gupta Maurya with few Jain Saints and other Monks ended
their life deliberately by slow starvation in the orthodox Jain
manner as they believed that renunciation was praiseworthy.
Hitherto, several religious leaders have sacrificed their life by
voluntarily fasting unto death (pranarpana) largely being
influenced by sacrificial motives, sake of honor, religious and
sociocultural beliefs apart from psychiatric and other causes.
The practice of self-immolation of a widow, popularly known
as 'Sati' in India, was treated to be an obligatory altruistic
suicide according to the famous Sociologist Emile Durkeim.
Mahatma Gandhiji's popular movement of Satyagraha was in a
way a threat of ‘Fasting unto Death’ if the necessary demands
are not met.
On the contrary, the well-known thinkers through the annals
of history around the World viz., Pythagoras, Aristotle and
Plato have condemned suicide. The famous philosophers like
Socrates believed that any harm to the human body would be
310
an offence against the Divine Laws. During the Middle-Ages,
the Church excommunicated people who attempted suicide
and buried such dead bodies outside the graveyard. There are
scores of references both in India and around the world where
suicide and the attempt to commit suicide was not just
condemned but was also enlarged as a punishable offence.
However, there are few instances on how several small groups
during the Middle-Ages treated their suicide as Martyrdom.
Further, during the period of Renaissance and the
Enlightenment, suicide got to become a remedy and also an
act of courage. Moving further with the Western Legal
System, committing suicide was not considered illegal or
crime against the State except when it was committed by
soldiers, slaves and those punished with capital punishment.
There are references in Roman history that a person intending
to commit suicide could make an application to the Senate to
get permission. If the said Senate found such application
acceptable, the Senate would not only grant the permission but
also give a poisonous plant Hemlock free of cost to be
consumed.
3. LEGAL STANDPOINT
After the French Revolution in 1789, the European countries
decriminalized the attempt to commit suicide. England also
passed the Suicide Act in the year 1962, to decriminalize
suicide as an offence in itself but made it punishable for any
person who aids, abets, counsels or procures the suicide of
another. As early as in 1985, the Hon’ble High Court of Delhi
observed that the provision of Section 309 of IPC has no
justification to remain in the statute book.[2] The Hon'ble
Bombay High Court observed that Right to Life under Article
21 of the Indian Constitution should also contain the ‘Right
Not To Live’. The said High Court further opined that “those
who make the suicide attempt on account of the mental
disorders require psychiatric treatment and not confinement in
the prison cells where their condition is bound to worsen
leading to further mental derangement. Those on the other
hand who make the suicide attempt on account of acute
physical ailments, incurable diseases, torture or decrepit
physical state induced by old age or disablement need nursing
homes and not prisons to prevent them from making the
attempts again.”[3]
In the landmark case of Rathinam v. Union of India,[4] the
Division Bench of the Hon’ble Supreme Court held the Right
not to live a forced life is a part of Right to Life. Suicide is a
psychiatric problem and not a manifestation of criminal
instinct. The suicide prone persons require soft words and
wise counseling but not stony dealing by a Jailor following
harsh treatment meted out by a heartless Prosecutor. The
Supreme Court proclaimed repealing Section 306 in order to
humanize the Penal Code and laws contained in it.
But in the other popular case of Gian Kaur v. State of
Punjab,[5] the Hon’ble Supreme Court over-ruled the previous
judgments and upheld the constitutional validity of Section
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Pradeep Kumar Bharadwaj
309 of the IPC. The Supreme Court through this case again
clarified that the Right to Life could not be stretched to the
extent of including Right to Die under the ambit of Article 21.
Likewise, the 42nd Report of the Law Commission in the year
1971 proposed to repeal Section 309 by substituting it with
new penal provisions, and to punish only those who cause a
person to commit suicide with imprisonment of up to 3 years
and fine, was proposed.[6] Keeping in mind the
recommendations made in the 42nd Law Commission, the
Indian Penal Code (Amendment) Bill, 1972 intended to
‘decriminalize’ attempt to suicide was introduced and passed
in the Upper House of Parliament in the year 1978. However,
it could not pass in the Lower House as it was dissolved in the
following year 1979. Further, 156th Report of the Law
Commission in the year 1997, recommended ‘retention’ of
criminalization of attempt to commit suicide.
India is also a signatory to the UN Convention on Rights of
Persons with Disabilities and its Optional Protocol, adopted on
the 13th December, 2006 at United Nations Headquarters in
New York which came into force on the 3rd May, 2008.[7] In
October 2008, India signed and ratified the Convention on
Rights of Persons with Disabilities and Additional Protocols
of it. This was a step further to fulfill India’s international
obligations arising out of the above mentioned Convention.
The said Convention analyses the years of work by the United
Nations to change the attitudes and approaches to persons with
disabilities. Pursuant to that, the 18th Law Commission of
India on “Humanisation and Decriminalization of Attempted
Suicide” submitted its report in 2008. The Law Commission
then opined that it would be irrational and inhuman to put to
trial a person who wants to end his life and it would be
imposing a double punishment on him.[8]
Finally, in October 2008, the 210th Law Commission Report
chaired and presented by Dr. Justice A. R. Lakshmanan
recommended repealing of Section 309 of IPC. The
commission recommended the following: “Life is a gift given
by god he alone can take it. A person attempts to take his life
out of unbearable circumstances. Therefore, it would not be
just and fair to aggravate such person’s pain by punishing
him. In case any law is ineffective in curing the intended evil,
it should not exist. Section 309 of IPC is a stumbling block in
prevention of suicide. Rather, in such a case, the unfortunate
person deserves counseling, sympathy and treatment. Section
309 is inhuman, irrespective of whether it is constitutional or
unconstitutional.” Therefore, this Commission recommended
that suicide warranted medical and psychiatric care and not
punishment. Further, in view of the opinions expressed by the
WHO, International Association for Suicide Prevention, the
Indian Psychiatric Society and the representations received by
the Commission from various persons, the Commission
recommended the Government to initiate steps to repeal
Section 309 of IPC and thus decriminalize attempt to suicide.
The Government on 10th of December 2014, after taking the
views and responses of about 18 States and 4 Union
Decriminalization of Attempt to Suicide
Territories on the recommendations of the Law Commission
and considering the stand point of various Courts for over 3
decades, seems to have cleared the air by announcing the
provision of Section 309 to be deleted from IPC.[9]
The further need of modernity and compulsions from all
sections of existence to protect and safeguard human dignity
and life compelled the Indian Parliament to bring into force
‘The Mental Health Care Act (MHCA), 2017,’[10] which
virtually decriminalized ‘Attempt to Suicide’ under Section
309 of IPC, and emphasized the need to deal with the issue of
suicide and attempt to suicide with more humanitarian
approach than penalizing it. It further recognizes the problem
of attempts and commission of suicide as a psychological
disorder but not a crime.
3.1 The Mental Healthcare Act, 2017
The real turning point to the whole concern of
decriminalization of attempt to suicide came in as the Mental
Healthcare Bill of 2016 got the assent of the President of India
on 27th March 2017. The important aspect of the said Bill shall
be to presume that a person attempting to suicide shall be
suffering from severe stress (the words ‘mental illness’ in the
old Bill was substituted with ‘severe stress’) and hence,
exempt from trial and punishment. This act repealed the
Mental Healthcare Act, 1987 and decriminalized Section 309
of the IPC, 1860. The parent act of 1987, defined mentally ill
person as a person in need of treatment by reason of any
mental disorder other than mental retardation. The latest said
act of 2017 attempted to clarify the vagueness and redefined
the meaning of ‘mental illness’ as: A substantial disorder of
thinking, mood, perception, orientation or memory that
grossly impairs judgment, behavior, capacity to recognize
reality or ability to meet the ordinary demands of life, mental
conditions associated with the abuse of alcohol and drugs, but
does not include mental retardation which is a condition of
arrested or incomplete development of mind of a person,
specially characterized by sub normality of intelligence. Thus,
the said Act seeks to fulfill our country’s obligation to
harmonize its laws with the Convention on Rights of Persons
with Disabilities and its Optional Protocol, ensuring the Right
of mentally ill to be a part-of and not be segregated from the
society.
The Section 115 of the said Mental Health Care Act, 2017,[11]
clearly repeals and nullifies the criminal conviction or
punishment embedded in Section 309 of IPC stating that the
suicide attempters should be presumed to have been under
severe stress and thus they should not to be punished. It
further imposes duty upon the Government to provide care,
treatment, and rehabilitation to a person, having severe stress
and who attempted to commit suicide, and thereby to reduce
the risk of recurrence of such an attempt. Such a stabilized
confirmation and assurance from the law framers and the
enforcement authorities to decriminalize the act of attempt to
suicide might most likely lead to openly seeking help,
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311
improvement in epidemiological data, better planning, and
resource allocations.
We now see the paradigm shift from Legal repercussions to
Medical condition in treating the case of attempt to suicide.
The challenge earlier was to investigate the motive of the
crime and now it has shifted to establish the levels of stress
and susceptibility to get access to mental healthcare to be
provided by the Government. The accused who have escaped
their attempt to commit suicide should now be presented to a
Doctor for psychiatric consultations but not to be made a
subject to an unwarranted criminal trial upon unconfirmed
investigation report or charge-sheet by the Police. In this
context, it may also get to become the choice of the accused
who failed in his attempt to suicide to now choose either to be
prosecuted by law or seek medical assistance. If the accused
succeeds the presumption of stress and vulnerability, then the
State Government is at its duty to stabilize him, but on the
contrary, if the accused fails to establish the presumption of
stress, he will be justified in being tried under the charges of
committing a crime under Section 309.
4. THE CONSTITUTIONAL VALIDITY
The Constitutional validity of Section 309 was raised, and
whether ‘Right to Die’ was part of the Fundamental Right
under Article 21 was explored. The Division Bench of
Bombay High Court has held that Section 309 of IPC was
discriminatory and violative of Article 14 of the Constitution
and the ‘Right to Die’ was included within the ambit of ‘Right
to Life’ under Article 21 of the Constitution, and therefore, the
Right to Life under Article 21 of the Constitution of India
could also be interpreted as the ‘Right Not to Live a Forced
Life.’ Similarly, the Division Bench of Andhra Pradesh High
Court negated the constitutional validity of said Section 309,
and held that persons attempting to commit suicide should not
be subjected to prejudice or unwarranted harsh action but they
needed care and treatment.[12]
Further, the Supreme Court upheld a similar view in P.
Rathinam v. Union of India, as follows: “What is required is to
reach the soul to stir it to make it cease to be cruel. Let us
humanise our laws. It is never late to do so.” However, in Gian
Kaur v. State of Punjab, the Five-Judge Constitutional Bench
of the Supreme Court held that the Right to Life under Article
21 of the Constitution cannot be interpreted to mean ‘Right to
Die’. The Supreme Court held that it was not possible to
construe Article 21 to include the Right to Die as a guaranteed
fundamental right. The essence of the Apex Court’s ruling was
that suicide being an unnatural event; it cannot be harmonious
with the concept of Right to Life.
5. ROAD AHEAD
In the backdrop of the historical events, various cases decided
by the Courts in India and abroad, UN Conventions, Indian
Law Commission Reports and such other debates on whether
attempted suicide should be punished as an offence and the
312
provision of 309 to be repealed, India has passed the said new
law, the Mental Healthcare Act, 2017, which decriminalizes
the attempt to commit suicide but has not repealed Section 309
of IPC completely, nor has reduced the quantum of
punishment of up to One year for the offence of attempting to
commit suicide. It looks arbitrary that while ‘Suicide’ itself is
agreed to be a psychological disorder, temporary mental ill-
ness etc., the act of attempt to suicide is still a crime in the
Indian Penal Code.
The coward act of the deceased to die voluntarily, be it due to
one’s own stress, abetment or on advice from others, shall still
qualify to be his faint-heartedness more than alleging to have
been led by any other factors. The Law now requires to not
just easily decriminalize the act of attempt to commit suicide
but there is a grave necessity to also throw more light on the
criminality of abetment to suicide as described in Section 306
of IPC.[13] Several decided cases have from time to time
explained how and what constitutes abetment. Accordingly, to
attract the said offence under Section 306 of IPC, the accused
must have done some positive action proximate to the time of
occurrence of the incident, and further the most important
ingredients of instigation, provocation, incitement or goading
the deceased to commit suicide must exist in order to
constitute the said offence. However, in plethora of cases
registered under section 306 of IPC for abetment of suicide,
we can see fleeting instances of how the said provision has
been more misused than used, due to the ill-will, hatred,
vengeance, family feud etc. Moreover, even the deaths of the
married women under suspicious circumstances are often
charged with Section 306 read with Section 498A of IPC
(Husband or relative of husband of a woman subjecting her to
cruelty). The provision of Section 306 of IPC available to
punish the abettor of a suicide is misused as a tool to connect
every case of voluntary suicide to be an abetment. The
innocent spouses, friends, relatives have been victimized due
to the cowardice act of the person committing suicide, and in
many cases, such criminal prosecutions are initiated by the
deceased legal heirs hand-in-glove with the investigating
authorities for their mutual selfish gains.
The concept of what constitutes a 'crime' depends on the
values of a given society. Justice Krishna Iyer, in his book
writes: “What is a sex crime in India may be a sweetheart
virtue in Scandinavia. What is an offence against property in a
capitalist society may be a lawful way of life in a socialist
society. What is permissible in an affluent economy may be a
pernicious vice in an indigent community. Thus,
criminologists must have their feet all the time on terra
firma.”[14]
The moot question to be answered here would be whether all
those concerned authorities who do not fulfill such a demand
in a ‘Fast unto Death’ motion or those who support the person
leading such a motion, be made liable for abetment to commit
suicide? Similarly, can we attribute non-religiosity in the act
of suicide or call it as immoral? A stiff question that now
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Pradeep Kumar Bharadwaj
arises after decriminalizing suicide is whether, abetment of
suicide would continue to be treated as an offence in the light
of decriminalization of attempted suicide?
6. CONCLUSION
India being on the list of highest trends of suicide,
decriminalization must reduce the higher trauma of possible
prosecution in the aftermath of such a suicidal attempt. The
guilty mind to commit suicide if saved from the first attempt
may be reformed to live, rather than to be scared to face the
ugly criminal prosecution in the Courts. But having said that it
is a mechanism to reduce the rate of suicides, we equally
require effective medical and psychological assistances to
deliver free and fair essential mental health services to all
those who attempted suicide. No doubt, the newly enacted
Mental Healthcare Act, 2017 will be reckoned in the history as
a breakthrough to achieve legal reforms to decriminalize
attempt to commit suicide, but no better move than that of
completely repealing Section 309 from the IPC and further
detailing clearly, the various pros & cons of the way the crime
connected to occurrence and non-occurrences of suicide if any
should be clearly spelt out by the existing Code. It may be
argued that repealing Section 309 completely would lead to
lawlessness befitting the cause of terrorists and such other
suicide bombers and so on. Here, lastly, as a point to refute, I
wish to write the champion motto of our entire criminal
jurisprudence, that, “Let a hundred guilty be acquitted, but one
innocent should not be convicted.” Suicide is majorly a
tendency, a voluntary act and a mental condition that requires
evaluation and empathy beyond the shackles of Law to be
branding it as a Crime.
7. ACKNOWLEDGEMENTS
This work was supported in part by:- 1). Dr. Chintala
Lakshmana Rao, Asst. Professor, Law, K.L.University, 2).
Prof. Preeti S. Desai, Principal, Bangalore Institute of Legal
Studies, and 3). Miss. B. Sukanya Baliga, Advocate,
Bangalore.
REFERENCES
[1]http://www.who.int/mental_health/prevention/suicide/suicidepreve
nt/en/
[2]State v. Sanjay Kumar Bhatia, 1985 CriLJ 931
[3]Maruti Shripati Dubal v. State of Maharashtra, 1987 CriLJ 743
[4]AIR 1994 SC 1844
[5]AIR 1996 SC 946
[6]http://lawcommissionofindia.nic.in/1-50/Report42.pdf
[7]https://www.un.org/development/desa/disabilities/convention-on-
the-rights-of-persons-with-disabilities.html
[8]http://lawcommissionofindia.nic.in/reports/report210.pdf
[9]http://www.loc.gov/law/foreign-news/article/india-proposal-to-
decriminalize-attempted-suicide/
Decriminalization of Attempt to Suicide 313

[10]http://www.prsindia.org/uploads/media/Mental%20Health/Menta
l%20Healthcare%20Act,%202017.pdf
[11]Section 115: Presumption of severe stress in case of attempt to
commit suicide.—(1) Notwithstanding anything contained in
section 309 of the Indian Penal Code (45 of 1860) any person
who attempts to commit suicide shall be presumed, unless
proved otherwise, to have severe stress and shall not be tried
and punished under the said Code.
(2) The appropriate Government shall have a duty to provide care,
treatment and rehabilitation to a person, having severe stress
and who attempted to commit suicide, to reduce the risk of
recurrence of attempt to commit suicide.
http://legislative.gov.in/sites/default/files/A2017-10_0.pdf
[12 ]Chenna Jagadeeswar and anr. v. State of Andhra Pradesh, 1988
Crl.L.J.549
[13]Section 306: Abetment of suicide:— If any person commits
suicide, whoever abets the commission of such suicide, shall be
punished with imprisonment of either description for a term
which may extend to ten years, and shall also be liable to fine.
[14]Perspectives in Criminology, Law and Social Change (1980) at
pp. 7 and 8

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The Sources of Momentum in International

Government Bond Returns
Adam Zaremba
University of Dubai, UAE
Poznan University of Economics and Business, Poland

Abstract—This study aims to offer a new explanation for the
momentum effect in international government bonds. Using cross-
sectional and time-series tests, we examine a sample of bonds from
22 countries for the years 1980 through 2018. We document
significant momentum profits that are not attributable to bond-
specific risk factors, such as volatility or credit risk. The global bond
momentum is driven by the returns on underlying foreign exchange
rates. Controlling for currency movements fully explains the
abnormal returns on momentum strategies in international
government bonds. The results are robust to many considerations
including alternative sorting periods, portfolio construction methods,
as well as sub period and subsample analysis.
Keywords: government bonds, sovereign bonds, currencies, foreign
exchange, momentum, asset pricing, return predictability.
JEL codes: G12, G14, G15.
1. INTRODUCTION
Perhaps the most remarkable trait of the momentum effect,
which is the tendency of securities with high (low) past returns
to continue to over perform (underperform) in the future
(Jegadeesh and Titman 1993), is its pervasiveness. It has been
documented in virtually all major asset classes for remarkably
long periods (Geczy and Samonov 2017). Importantly, the
various types of momentum effects have also been
documented in government bonds, implying that the fixed-
income winners outperform fixed-income losers (Luu and Yu
2012, Hambush, Hong, and Webster 2015).
Although the finance literature extensively discusses the
sources of momentum in an equity universe, the specific
explanations for momentum in government bonds are rather
scarce. Usually, the momentum profits in bonds are either
justified with behavioural stories (e.g., Daniel, Hirshleifer, and
Subrahmanyam 1998; Barberis, Shleifer, and Vishny 1998;
Hong and Stein 1999) or attributed to macro risk factors,
including liquidity in particular (Asness, Moskowitz, and
Pedersen 2013; Cooper, Mitrache, and Priestley 2017).
This paper aims to contribute in two ways. First, we provide
new evidence on the momentum effect in international
government bond markets. Using cross-sectional and time-
series tests, we investigate a sample of government bonds
from 22 countries for the years 1980 through 2018. Thus, we
contribute to the literature on sovereign bond momentum
(Ilmanen 1997; Yamada 1999; Luu and Yu 2012; Moskowitz,
Duyvesteyn, and Martens 2014; Hambush, Hong, and Webster
2015; Zaremba 2017) and—in a broader sense—to the studies
of the cross-asset nature of momentum, incorporating the
fixed-income universe (Ooi and Pedersen 2012; Asness,
Moskowitz, and Pedersen 2013; Geczy and Samonov 2017).
Second, and more importantly, we offer and test two new
explanations of momentum. Our first hypothesis builds on
Conrad and Kaul (1998): we conjecture that the momentum in
bonds may simply capture the cross-sectional variation in
long-run returns. In other words, the top performing assets
continue to deliver higher returns because they exhibit
excessive risk exposure. In particular, we assume that the
winner (loser) bonds may display high (low) exposure to
duration and credit risks, which drive the excessive long-run
returns. The second hypothesis is that the momentum in bonds
might be driven by the returns on underlying currencies,
documented by Menkhoff et al. (2011) and Aloosh and
Bekaert (2018), among others. We speculate that government
bond momentum might not be a separate phenomenon per se,
but rather a manifestation of momentum in a different asset
class, namely, in foreign exchange returns. To verify our
hypotheses, we control for the major return drivers in
government bonds and foreign exchange—bond duration,
default risk, and long-run reversal—as well as currency
momentum and reversal. We incorporate these risk factors in
cross-sectional regressions and time-series spanning tests to
see whether they explain the abnormal momentum profits.
The primary findings of this study can be summarized as
follows. We document a strong and robust momentum effect
in government bonds. An equal-weighted portfolio of past
winners tends to outperform past losers by 0.24–0.35% per
month. The effect is not fully attributable to the risk factors in
government bonds, which explain 38–55% of the abnormal
profits. Nevertheless, the phenomenon is entirely explained by
the momentum in underlying foreign exchange rates, which is
consistent with our second hypothesis. Once we control for the
currency returns in cross-section or time-series tests, the
The Sources of Momentum in International Government Bond Returns
momentum alphas disappear. The results are robust to many
considerations, including alternative sorting periods and
portfolio implementation methods, as well as subperiod and
subsample analyses.
The article proceeds as follows. Section 2 describes the data
and variables. Section 3 discusses the research methods.
Section 4 presents the results. Finally, section 5 concludes the
study.
2. DATA AND VARIABLES
The study uses Thomson Reuters Datastream All Bond
indices. The coverage encompasses 22 developed and
emerging markets: Australia, Austria, Belgium, Canada,
China, Denmark, France, Germany, India, Ireland, Italy,
Japan, South Korea, Mexico, the Netherlands, Portugal, South
Africa, Spain, Sweden, Switzerland, the United Kingdom, and
the United States. The country universes are split into five
maturity buckets: 1–3 years, 3–5 years, 5–7 years, 7–10 years,
and more than 10 years, yielding 110 bond portfolios in total.
The sample period for monthly returns runs from January
1980 to May 2018. To enable comparability, we follow the
major international asset pricing studies (e.g., Geczy and
Samonov 2017) and convert all the data in a pooled sample to
U.S. dollars. The basic statistical properties of the research
sample are reported in Table A1 in the Online Appendix.
Following Asness, Moskowitz, and Pedersen (2013) and
Geczy and Samonov (2017), we use a straightforward
definition of the bond momentum signal (MOMB) as the
cumulative return in a certain trailing period, i.e., in months t-
k to t-1.1 We test a range of different formation periods, so we
discuss the length of the period k at a later stage of the paper.
Besides the momentum, we use a range of additional control
variables. The duration (DUR) is the value-weighted duration
of the bond bucket. The credit rating (CRED) is the average
quantified rating of the three agencies: Moody’s, S&P, and
Fitch. As in Zaremba and Czapkiewicz (2017), we transform
the ratings into numerical values by ranking them on a scale
from 1 to 22, as illustrated in Table A2 in the Online
Appendix. The long-run bond reversal (REVB) signal is the 60-
month return on the bond index lagged by the momentum
measurement period k, i.e., the cumulative return in months t-
k-60 to t-k-1. The currency momentum and reversal signals
(MOMFX, REVFX), are formed analogously to MOMB and
REVB, but based on foreign exchange rates instead of bonds.
In other words, MOMFX is the cumulative currency return from
t-k to t-1, and REVFX is the return in the period t-k-60 to t-k-1.
The currency returns are computed in so-called European
terms, so they correspond to the difference in payoffs between
the US$-denominated and local currency indices. All of the
variables stem from previous finance literature: the studies of
Ejsing, Grothe, and Grothe (2012), Asness, Moskowitz, and
Pedersen (2013), Geczy and Samonov (2017), and Zaremba
and Czapkiewicz (2017) argue that bonds with high duration,
high credit risk, and low long-run returns tend to outperform
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315
bonds with low duration, low credit risk, and high long-term
returns. Also, Menkhoff et al. (2011) and Aloosh and Bekaert
(2018) provide evidence for momentum and reversal effects in
currency returns.
1Importantly, we do not skip the most recent month because
we are not aware of any evidence of short-run reversal in
government bonds, nor do we find it in our data. Also, Asness,
Moskowitz, and Pedersen (2013, p. 937) apply this operation,
but admit that it is unnecessary.
The return predictive variables are largely independent and
uncorrelated in the cross-section (see Table A3 in the Online
Appendix for details). However, there are two notable
exceptions. The MOMB and MOMFX, as well as REVB and
REVFX, display average Spearman’s (Kendall’s) rank
correlation coefficients of 0.66 (0.45) and 0.45 (0.31),
respectively. This linkage between the currency and bond
movements suggests that the pairs of variables are likely to
rank bonds in a similar fashion.
3. METHODS
Following the advice of Fama (2015), we employ both cross-
sectional and time-series tests, as they provide unique
perspectives and complement each other. We begin with
regressions in the style of Fama and MacBeth (1973), where
we regress Ri,t, the contemporaneous excess return on the
country or industry index i in month t, on different return
predictive variables Ki,t outlined in section 2.
, = 0, +Σ , , =1+ , , (1)
where β0,t and βj,t are the estimated parameters, and εi,t denotes
the error term. The aim of this exercise is to check whether the
bond momentum predicts the future returns on government
bonds, and whether this relationship holds after controlling for
other return predictive variables.
We continue with time-series spanning tests (Huberman and
Kandel 1987) with implementation loosely following Blitz,
Hanauer, and Vidojevic (2017). To this end, we form long-
short equal-weighted momentum portfolios that go long
(short) a quantile of the bond indices with the highest (lowest)
bond momentum, MOMB. For robustness, we test three
different quantiles including 20%, 30%, and 40% of assets. If
the momentum phenomenon is present, we would expect these
portfolios to exhibit positive returns. To verify whether the
profitability is driven by other factors, we subsequently
regress the returns on the MOMB portfolios on a series of ad-
hoc factor portfolios formed on bond and currency return
predictive variables: DUR, CRED, REVB, MOMFX, and REVFX.
The portfolios go long (short) the bond indices with the
highest (lowest) DUR, CRED, and MOMFX, and the lowest
(highest) REVB and REVFX. Additionally, we include a bond
market factor (MKT), i.e., the equal-weighted portfolio of all
of the indices in the sample in excess of the U.S. three-month
T-Bill rate sourced from French (2018). The performance
316 Adam Zaremba

characteristics of the factor portfolios are summarized in Table
A4 in the Online Appendix.
Finally, to confirm the validity of our results, we apply a series
of additional robustness checks. First, we use a number of
different momentum sorting periods, including returns
estimated during the past 3, 6, 9, and 12 months. Second, we
test the performance within subsamples split by maturity (1–3,
3–5, 5–7, 7–10, and more than 10 years) and credit risk
(below-median and above-median ratings). Third, we
reexamine the results after dividing the full research period
into two roughly equal time spans:
January 1980 through March 1999 and April 1999 through
May 2018. Fourth, we check two alternative implementations
of momentum-based bond portfolios: value-weighted
strategies and portfolios composed of Datastream Tracker
indices, focusing on the most liquid and largest bond issues
(Swan 2008).
Table 1 further details our examinations with the Fama-
MacBeth regressions. The 8-month momentum displays a
positive regression coefficient which is highly significant with
a corresponding t-statistic of 3.42 (specification [1]).
Importantly, the predictive ability of MOMB remains
significant after controlling for bond risk factors DUR and
CRED (specifications [2] and [3]), as well as for the bond
reversal [4]. It is also not explained by the currency reversal
[6], but the variable that does matter is the currency
momentum [5]. In fact, when we control for MOMFX, the
MOMB coefficient becomes non-differentiable from zero,
whereas the MOMFX coefficients remain positive and
significant. This suggests that the predictive abilities of bond
momentum are driven by the foreign exchange momentum,
supporting our second hypothesis. In other words, the bond
momentum might not constitute a separate asset pricing
phenomenon, but rather, is a manifestation of the momentum
effect in currencies.

4. RESULTS Table 1: Results of the Fama-MacBeth Cross-Sectional

Regressions
Let us start with the review of the cross-sectional relationship
between the following month’s profits and past returns. Figure (1) (2) (3) (4) (5) (6)
MOMB 0.19*** 0.18*** 0.11* 0.20*** -0.03 0.21***
1 reports the coefficients from simple Fama-MacBeth
(3.42) (3.11) (1.74) (3.29) (-0.31) (2.80)
regressions estimated during different trailing periods: from 1
DUR 0.00*
to 36 months. 2 clearly, there is a strong and positive (1.76)
relationship in the cross-section between future profitability CRED -0.22*
and past short-term (1 to 12 month) returns, whereas in the (-1.70)
longer term, the momentum effect vanishes. The highest REVB -0.42**
regression coefficient is recorded for the 8-month sorting (-2.26)
period. Hence, we will use this number as the default MOMFX 0.39***
estimation period in our future tests, while also verifying (2.78)
alternative periods in robustness checks. REVFX -0.64**
(-2.21)
2 For better comparability of results across different formation R2 20.25 27.69 33.22 33.22 31.76 36.26
periods, we substitute the average log-returns. This
transformation is monotonic, so it does not affect the cross-
sectional ranking of the momentum signals in the cross- We now continue the investigations of the momentum-based
section, but the averaging makes them more comparable government bond portfolios, exhibited in Table 2. Panel A of
during different return measurement periods. Table 2 presents the basic performance characteristics. The
long-short momentum portfolios of government bonds
produced a mean monthly return of 0.24–0.28% with Sharpe
ratios from 0.41 to 0.50, confirming that top (bottom)
performing bonds in the past tend to continue to over perform
(underperform). Similarly, as in the equity universe (Barroso
and Santa-Clara 2015; Daniel and Moskowitz 2016), the
momentum strategies display negative skewness and moderate
excessive kurtosis.

Figure 1: Slope Coefficients and t-Statistics from

Fama-MacBeth Regressions
Note. The figure shows the slope coefficients along with the
corresponding t-statistics from Fama and MacBeth (1973)
regressions of government bond returns on past mean log-returns.
The horizontal axis indicates the length of the trailing period (in
months).

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The Sources of Momentum in International Government Bond Returns 317

Table 2: Performance of the Momentum Factor Portfolios

Note. The table reports the performance of long-short equal-weighted momentum factor portfolios. The portfolios go long (short) in 20%, 30%,
or 40% of bond buckets with top (bottom) cumulative returns in months t-8 to t-1. Panel A reports the basic statistical properties: the mean
monthly returns (R), standard deviation of returns (Vol), annualized Sharpe ratio (SR), skewness (Skew), and kurtosis (Kurt). Panel B reports
the results of time-series spanning tests when the returns on the momentum factor portfolios are regressed on the market risk factor (MKT), and
the long-short equal-weighted portfolios formed on bond duration (DUR); bond credit risk (CRED); bond reversal (REVB), i.e., the mean log-
return on a bond index in months t-68 to t-9; currency momentum (MOMFX), i.e., the mean log-change of currency rate in months t-8 to t-1;
and currency reversal (REVFX), i.e., the mean log- change of currency rate in months t-68 to t-9. α is the intercept from the time-series
regression, measuring the abnormal return not explained by the factor payoffs. The numbers in brackets are Newey-West (1987) adjusted (for
regressions) and bootstrap (for mean returns) t-statistics, and the statistical significance at the 10%, 5%, and 1% levels is indicated by the
asterisks *, **, and ***, respectively. R2 is the time-series coefficient of determination. R, Vol, α, and R2 are expressed in %.

Figure 2 also displays cumulative returns on the three long-

short momentum portfolios, providing some further insights
into the time-series behaviour of the government bond
momentum. The payoffs are far from stable in the long run,
displaying multiyear periods of mediocre performances.
Importantly, they share some similarities with momentum in
other asset classes, e.g., delivering disappointing returns in
2009 (Daniel and Moskowitz 2016).

Figure 2: Cumulative Returns on the Long-Short Momentum

Portfolios of Government Bonds
Note. The figure reports the cumulative returns (in %) on long-short
equal-weighted portfolios of government bonds from sorts on bond
momentum, i.e., the cumulative return in months t-8 to t-1.

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318 Adam Zaremba

Panel B of Table 2 reports the results of the time-series Specification [3] discloses the results of the application of all
spanning tests applied to the bond momentum portfolios based six factors—bond and currency ones—combined. The alpha in
on 20%, 30%, and 40% cutoff points. In line with the evidence this specification is consistently indistinguishable from zero.
in Table 1, risk factors derived from the bond market universe
Furthermore, some bond factors—such as DUR—remain
are not able to fully explain the abnormal performance of the
significant. However, the improvement in R2 in comparison to
bond market momentum. Indeed, all the coefficients related to
specification [2] is marginal, highlighting the vital role of
DUR and REVB are significant for all three types of portfolio,
currency movements in explaining the bond momentum
but the combined bond factors explain only about 38–55% of
profits.
the abnormal returns. The alphas amount to 0.13–0.22%
monthly and remain significant. So far, our results have established that currency momentum is
responsible for the emergence of the performance persistence
Specification [2] uncovers the results of the application of
in government bond returns. Table 3 reveals the results of
currency-based factors, namely, MOMFX and REVFX. Again,
some additional robustness checks. Notably, our results are
consistent with our findings from the cross-sectional tests in
robust across all the alternative frameworks. The bond
Table 1, the role of MOMFX appears to be essential. The
momentum effect is confirmed in the subsamples and sub
MOMFX coefficient equals 0.70–0.81 with exceptionally high
periods tested, as well as in alternative sorting periods. It also
t-statistics of 19.27–27.94. Most importantly, the alphas
works well when the portfolios are value-weighted and formed
decline virtually to zero, confirming that the past currency
from tracker indices. However, most importantly, in all these
returns are the crucial driving force behind the momentum
variants the abnormal returns are fully explained by the
returns in government bonds. Once again, these insights
considered risk factors, including MOMFX in particular.
support our second hypothesis about the source of momentum
profits.

Table 3: Results of Additional Robustness Checks

Note. The table reports the mean monthly returns (R) and alphas (α) from the factor model used in specification [3] in Table 2 of the long-short
equal-weighted portfolios going long (short) in 20%, 30%, or 40% of the bond buckets with the highest (lowest) past returns in a number of
alternative settings. The default ranking period is trailing eight months. The details of the robustness checks are discussed in section 3 of the
paper.

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The Sources of Momentum in International Government Bond Returns
5. CONCLUSIONS
This study explores the momentum effect in government bond
markets. We confirm the strong performance persistence in
government bonds. The effect is not explained by bond-market
risk factors such as duration, credit risk, or reversal. It is,
however, entirely explained by currency momentum. Once we
control for the past returns on the underlying currency, the
momentum in bonds becomes irrelevant for future returns. The
findings are robust to many considerations.
Besides new insights into asset pricing, this study also has
clear implications for investment practices. Portfolio managers
pursuing momentum strategies may find it beneficial to focus
solely on the foreign exchange market. A supplementary
exposure to bond markets might add only limited value in this
framework.
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[11] Ejsing, J., M. Grothe, and O. Grothe. 2012. “Liquidity and
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© Krishi Sanskriti Publications
http://www.krishisanskriti.org/Publication.html

Transfer of Equity Shares of Unlisted Companies

Subject to Permission of RBI
M.V. Suresh Kumar1 and Dr. C. Lakshmana Rao2
1
Koneru Lakshmaiah Education Foundation
2
Koneru Lakshmaiah Education Foundation
E-mail: 1advocatesuresh69@gmail.com, 2lakshmanarao@kluniversity.com

Abstract—Transfer from Resident to Non-residents by way of sale where

a) Where there is a deferment of payment of consideration to the extent of 25% of total consideration payable for a period
not exceeding 18 months from the date of agreement by non –resident
b) Transfer is done within the specified guidelines and for a price which falls outside the pricing guidelines and does not fall
under specific exception.
1. Transfer by way of gift by a Resident to Non-resident
a) The transferee a non resident is subject to FEMA regulations
b) Gift value does not exceed 5% of paid up capital of the Indian company
c) Transfer should be with reference to the sec 2(77) of companies act 2013
d) Transfer as gift should not exceed USD 50000 during financial year
e) The transfer is subject to submission of certain documents as per list
i. Details such as name and address of donor and done
ii. Done and donor relationship
iii. Valid reason for making the gift
iv. Share value certificate from chartered account in specified format
v. Certificate issued subject to confirmation of FDI cap by Indian company
2. Transfer of shares from NRI to non-resident
a) Subject to permission of RBI
Advances in Economics and Business Management (AEBM)
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© Krishi Sanskriti Publications
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A Fuzzy-Multi-Criteria Decision Making for

Television Channel Selection
Arshia Kaul1 Sugandha Aggarwal2 and P.C. Jha3
1
Asia-Pacific Institute of Management 3 & 4, Institutional Area, Jasola, New Delhi - 110025
2
LBSIM,11/07, Dwarka Sector 11, Near Dwarka Sector 11Metro Station , New Delhi, Delhi 110075
3
Department of Operational Research, University of Delhi, Delhi
E-mail: arshia.kaul@asiapacific.edu, 2sugandha_or@yahoo.com, 3jhapc@yahoo.com
1

Abstract—An important decision to make while advertising any product is the choice of media. Further, in today’s competitive
environment, a number of media options are available within any media. In this research paper, we present a case of a firm
which advertises its product through television. The firm needs to evaluate different potential channels and make the decision of
optimum combination of channels as per their product. This decision is dependent on multiple criteria. For such decision making
where selection has to be done keeping multiple criteria in mind, it is appropriate to use a Multi-criteria decision making
technique. In our paper we have used Fuzzy-Technique for Order Preference by Similarity to Ideal Solution (F-TOPSIS) to
tackle the real life decision making problem for a firm advertising for its men’s product. The choice of channels for advertising is
based on overall performance of the channels. This case is well depicted in our research which could further be used for future
decision making for any firm.
Keywords: Television, Fuzzy-TOPSIS, Selection.
Advances in Economics and Business Management (AEBM)
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© Krishi Sanskriti Publications
http://www.krishisanskriti.org/Publication.html
British Era Governance Structures Impeding
India’s Peaceful Rise to Prosperity:
A Case for Indigenous Overhaul
Arjun Shukla
Class XI, Dhirubhai Ambani International School Mumbai 400 018, India
E-mail: arjunshukla01@gmail.com
Introduction
“You must unlearn what you have learned”
The above quote is from one of my favourite movie series,
said by an aging teacher to his impetuous student. There are
multiple interpretations of this quote, but the one that I agree
with the most is the message of flexibility. It seems to me that
the teacher is urging his student to not staunchly stick to age
old conventions, but to be open to new techniques and wisdom
in order to succeed.
While the context of this piece of writing and the context of
the movie evidently differ vastly, the common message of the
quote applies to the state of India as well. Despite being a
bustling nation of 1.2 billion people, an ‘emerging
superpower’ and one of the fastest growing economies in the
world, India continues to suffer from bouts of drought and
famine, coupled with the evergrowing threat of penury.
If we were to take a look at the political and economic
structure of India and contrast it with its British counterparts,
we would not find much difference. After independence in
1947, the free Indian government inherited a country which
was largely modified by the British. British built
infrastructure, such as roads, railways and even architectural
styles were integrated and built upon by the government.
British legislation, created to exploit the state and benefit its
master, such as the Indian Penal Code (IPC) and Indian Police
Act, 1861, instead of being reimagined, were integrated in the
Indian political system and remain in this state today, with a
few amendments. The Indian political system was modelled
on the British political system, and they have many things in
common. Indian economic policies, such as import and export
have remained similar to the British Raj’s economic policies.
This similarity, arguably, is what is holding India back in
other sectors, such as the economy.
It could even be described as the, ‘development of the
underdevelopment’, as argued by the historian
A. Gunder Frank
Arguments made by many lay the blame on recent actions and
decisions taken by the Indian government and other nations.
However, in this paper, I argue that the root cause of these
problems lies in the actions of India’s former colonial
overlords, the British, and explore this through India’s
economy and political system.
Enchanted By The “Golden Bird”
When the British East India Company first arrived on Indian
shores in the 1608, they found a nation wealthier than
anything they could previously have imagined. The first
known intercourse between the reigning Indian monarchs, the
Mughals, and the British, was the arrival of William
Hawkins, a company employee, at Emperor Jahangir’s court.
Hawkins was not given a warm welcome, and was mocked,
his king insulted. But he came home with glorious tales of the
Indian subcontinent, and the cogs of colonization began to
turn.
The Mughal economy at that period in time was flourishing. It
was known for its brilliant handicraft and textile industries,
and exported a number of goods to Europe and South-East
Asia. These exports primarily included textiles, indigo,
saltpetre, sugar and ginger. Indian spices were also world
renowned. A succinct description of the Indian economy can
be found in the works of an American Unitarian, Jabez
Thomas Sunderland1:
Nearly every kind of manufacture or product known to the
civilized world—nearly every kind of creation of man’s brain
and hand, existing anywhere, and prized either for its utility or
beauty—had long been produced in India. India was a far
greater industrial and manufacturing nation than any in Europe
or any other in Asia. Her textile goods—the fine products of
1
Tharoor S, An Era of Darkness: the British Empire In India(Aleph
2016)
British Era Governance Structures Impeding India’s Peaceful Rise to Prosperity: A Case for Indigenous Overhaul
her looms, in cotton, wool, linen and silk—were famous over
the civilized world; so were her exquisite jewellery and her
precious stones cut in every lovely form; so were her pottery,
porcelains, ceramics of every kind, quality, colour and
beautiful shape; so were her fine works in metal—iron, steel,
silver and gold. She had great architecture—equal in beauty to
any in the world. She had great engineering works. She had
great merchants, great businessmen, great bankers and
financiers. Not only was she the greatest shipbuilding nation,
but she had great commerce and trade by land and sea which
extended to all known civilized countries. Such was the India
which the British found when they came.
Until the end of the sixteenth century, the Indian economy was
the largest in the world, as argued by the historian Angus
2
Maddison 2. It was an open economy which possessed
sophisticated industries producing items of high quality. An
example of high quality Indian goods is Indian textiles, which
was an extremely popular product in Europe. A certain Dr J.F.
Watson even said, regarding a textile form called ‘jamdani’ in
1866:
With all our machinery and wondrous appliances we hitherto
have been unable to produce a fabric which for fineness and
utility can equal the 'woven air of Decca’
The Indian economy before the arrival of the British was
robust and sophisticated, and had well established trade links
with neighbours and other countries. It is this economic
prosperity which attracted the British to India. Hawkins’
reports regarding the subcontinent enticed the British East
India Company, bolstering their aspiration to establish a,
‘large, well grounded, sure English dominion in India for all
time to come’. When the reins of the nation fell in their hands,
the Indian economy rapidly transformed from progressive to
subservient.
De-industrialization: A Case Study Of Textile Industry
The British systematically looted various princely states, and,
upon acquiring their territory, set about deindustrializing it of
its prized industries to fund their own ventures and ambitions.
In this process, India became dependent on Britain for
commodities. A famous example of this transformation from
exporter to importer is the destruction of the Bengali textile
industry.
The importance and fame of Bengali textiles has been
examined superficially in preceding paragraphs, and its true
value is revealed through quantification. In the 1750s,
Bengal’s textile exports were valued around 16 million rupees,
and were exported to South East Asia. These products were
also all the rage among the bourgeoisies societies of Europe,
and 5 to 6 million rupees out of the total export value is
2
Maddison A, Monitoring the world economy: 1820 - 1992(Development
Centre of the Organisation for Economic Co-operation and Development
2000)
3
Tharoor S, An Era of Darkness: the British Empire In India(Aleph 2016)
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3
attributed to European purchases . Bengali textile was cheap
and popular, crushing British competition, who cried foul.
The British were swift in crushing this vibrant and booming
industry. Crude measures such as the destruction of textile
mills and handlooms by Company soldiers were employed in
the early 1800.
A very popular Indian nationalist argument was the breaking
of the textile workers’ thumbs, ridding them of their
profession for life. To ensure that the industry was finished,
the British further imposed tariffs between 70% and 80%. This
cut away long standing trade links that Bengal had with other
nations, making the rapidly diminishing industry even less
important.
With the economic war in Bengal won, the British began
exporting their own product. Using Bengali raw material, they
manufactured cheap textile in steam mills and flooded the
Bengali market with them. The price of these textiles was even
lower than what the poorest Bengali artisan would sell his
products for. British exports to Bengal soared; 60 million
yards of cotton were exported in 1830, and the billion-yard
mark was crossed in 1870. As the historian Will Durant quotes
4
in his works 3:
We have done everything possible to impoverish still further
the miserable beings subject to the cruel selfishness of English
commerce. Under the pretense of free trade, England has
compelled the Hindus to receive the products of the steam-
looms of Lancashire, Yorkshire, Glasgow, etc., at merely
nominal duties; while the hand wrought manufactures of
Bengal and Behar, beautiful in fabric and durable in wear,
have heavy and almost prohibitive duties imposed on their
importation into England
To add insult to injury, the millions of unemployed artisans,
unable to ply their craft, became wholly dependent on the
land. This was the case in most Indian industries; they were
first deindustrialized, then made subservient to their British
counterparts. The resulting unemployed workers resorted to
agriculture, transforming the Indian economy and society into
an agrarian and backward one. A once exporter of fine and
finished goods began exporting primary sector goods, such as
jute and oilseeds. India began importing British goods; as the
historian Shashi Tharoor puts it, the nation became, ‘Britain’s
cash cow’. By 1939, 68.5% of India’s exports consisted of
primary sector goods, while 64.4% of its imports consisted of
5
manufactured British goods . In addition, Indian imports far
outweighed exports. In summation, what had once been a
powerful economy that dominated foreign markets, had
become a shadow of its former self, agrarian in nature, and
largely dependent on British imports of products that it used to
manufacture.
4
Durant W, The case for India, (Simon and Schuster 1930)
5
Maddison A, Class Structure and Economic Growth: India and Pakistan
since the Moghuls(Taylor & Francis 1971)
324
Furthermore, in order to avert the pain of creating a class of
Indian civil servants groomed to help in administrative affairs,
the British resorted to an almost feudalistic policy, a land
tenure system. English gentlemen were given Indian villages
to handle as landlords, a form of indirect rule. The landlords
majorly adopted the zamindari system of revenue collection,
and in some parts of the country, implemented the ryotwari
system, where land revenues were imposed directly onto
6 dominated by finished products, such as electrical and
cultivators 4.
With this context established, it can be argued that the existing
nature of the Indian economy still incorporates some of the
brutal modifications made by the British. For one, areas which
were ‘agrarianized’ have not exactly recovered and restarted
their ancient industries. The state of West
Bengal stands testament to the statement; agriculture is the top
7
employing industry in the state . The same cannot be said for
the once prosperous textile industry, out of the 65 mills
established in West Bengal, only 6 are operational. Some even
argue that the textile industry in the state is nearing
8 overload of workers, and, consequently, the overload of the
extinction . This does not come as a shock, considering the
fact that post-independence there was little effort made to
restore the textile industry to its former glory. The same can
be said for the sheep wool weavers of Gaya district in the state
of Bihar; they were the masters of their trade before the
British, and till today are floundering because of
deindustrialization, unable to compete in the market. They too
have not received any remarkable help or assistance from the
state government of Bihar, and are on the verge of collapse.
While the British land tenure system in India was abolished, it
still continues to have effects on the Indian economy today.
The British landlords exploited the Indian peasantry. They
made all efforts to extract as much revenue as possible from
the peasants, or as the popular British saying goes, they
squeezed the peasantry’s lemon till the pips squeaked. A
consequence of this was higher inequality in lands with an
increased landlord presence compared to lands free from the
landlords. Today, areas where cultivators managed the land
have higher agricultural productivity and investment than
9 to poor harvests, and are gradually crushed under debt. This is
areas where landlords managed the land . Furthermore, the
actions of the landlords led to the extreme fragmentation of
Indian agrarian land. Indian farmer holdings today are
characterized by small holdings.
6 95 American Economic Review 1190
Keyfitz N and Neale WC, “Economic Change in Rural India. Land Tenure
and Reform in Uttar Pradesh, 1800-1955” (1963) 18
International Journal 248
7
“West Bengal” (WikipediaJuly 10, 2017)
<https://en.wikipedia.org/wiki/West_Bengal#Economy> accessed July 12,
2017
8 <http://economictimes.indiatimes.com/news/economy/agriculture/economic-
“West Bengal cotton textile industry in dire straits” (West Bengal cotton
textile industry in dire straits)
<http://expressindia.indianexpress.com/fe/daily/19990706/fec06013.html>
accessed July 8, 2017
Advances in Economics and Business Management (AEBM)
p-ISSN: 2394-1545; e-ISSN: 2394-1553; Volume 5, Issue 5; July-September, 2018
Arjun Shukla
Indian export and import attitudes, while massively changed,
still retain key British changes. India continues to import more
than it exports; in 2015, it exported $264,381,003,634 worth
of goods, and imported $390,744,731,406 worth of goods,
running a negative trade balance. Indian exports primarily
consist of raw material, such as iron ore, precious metals and
cotton. 10% of India’s export income comes from primary
sector items, such as rice and jute. Imports, however are
industrial machinery. India also imports a considerable
volume of iron and steel, formerly a flourishing industry
10
which was put to the sword by the British .
As explained briefly before, the British deindustrialization of
India caused mass unemployment of skilled workers unable to
practice their old craft due to high tariffs and dues and British
oppression. These workers resorted to agriculture, however,
made enough only for subsistence; the high tax rates and arid
soil in certain regions limited their wages to, on an average,
$3.60 per month. It can thus be concluded that agriculture was
not a favourable occupation in India due to its absolute
land.
British Agrarianization Is Still Preventing
Reindustrialisation
Even with this understanding, this definitive conclusion, not
much has changed. As of 2014, 49% of the Indian workforce
is involved in the agricultural sector; most of who continue to
suffer. There have been few attempts to revive the industries
from where these agricultural workers came. Post-
independence, India depended on food aid and imports to feed
its population. This changed in the 1960s with the Green
Revolution, where the agricultural sector rapidly grew.
However, with the liberalization of the Indian economy in
1991, the agricultural sector suffered. Growth slowed down to
11
0.4% between 2004 and 20055 , and thousands of destitute
farmers, unable to support themselves or their families, have
committed suicide. Another prominent issue in this sector is
loans; many farmers take loans from local moneylenders due
a contributing factor to farmer suicide.
The Indian soil can support a certain number of farmers,
however, courtesy of the British, we have exceeded that
9
Banerjee A and Iyer L, “History, Institutions, and Economic Performance:
The Legacy of Colonial Land Tenure Systems in India” (2005)
10
“India Imports Data, Indian Importers Data, Indian Buyers Data, India
Trade Data.” (India Import Data | Indian Import Data | Imports trade Data)
<http://www.infodriveindia.com/india-imports-trade-data.aspx> accessed
July 9, 2017
11
Sally M, “Economic Survey: Agricultural growth to accelerate to 4.1%
from 1.2% last fiscal” (The Economic TimesJanuary 31, 2017)
survey-agricultural-growth-to-accelerate-to-4-1-from-1-2-last-
fiscal/articleshow/56901626.cms> accessed July 9, 2017
12
“Agriculture in India” (WikipediaJuly 7, 2017)
<https://en.wikipedia.org/wiki/Agriculture_in_India> accessed July 8, 2017
British Era Governance Structures Impeding India’s Peaceful Rise to Prosperity: A Case for Indigenous Overhaul
number. After all, the 49% of the nation involved in this sector
12
produce only 13.7% of India’s total output ; this contribution
to output is in steady decline. Furthermore, as per simple
economics, agricultural productivity makes labour costly and
constricts local industry, preventing it from flourishing. If we
were to apply this principle to India, the simple conclusion
that one might draw is that less agriculturally productive
regions would be more industrialised, and vice versa. This
holds true as per a study by economists Andrew Foster and
13
Mark Rosenzweig :
Our results are striking and, to our minds, unequivocal.
Growth in income from the nonfarm sector in rural India over
the last 30 years has been substantial, and the primary source
of this growth, the expansion of rural industry, is not
predicated on expansion of local agricultural productivity.
Indeed, as would be anticipated by a model in which rural
industry producing tradable goods seeks out low-wage areas,
factory growth was largest in those areas that did not benefit
from enhancement of local agricultural productivity growth
over the study period.
Agriculturally productive regions are thus preventing
industrialization and hampering the economy, as they yield
much less compared to an industrialized area. India’s National
Policy for Farmers, drawn up in 2007, prohibits the usage of
agricultural land for non-agricultural purpose, which, by the
aforementioned statement, is self-defeating. As argued by the
Nobel Laureate, Amartya Sen, it is quite damaging to prohibit
14
the use of agricultural land for industrial purposes , as
industrial production can generate many times more than the
value of the agricultural product in concern. Agriculture, thus,
cannot form the backbone of the Indian economy.
The current and previous Indian governments have tried to
increase agricultural growth, despite the fact that its
contribution to India’s GDP is slowly declining. However, the
main point that needs to be understood is that the agricultural
sector has, as a result of British actions, become saturated with
people. It produces a comparatively lower output in
comparison with industrial production. It further restricts local
industries from taking off.
Balance could be restored by assisting farmers in transitioning
over to other industries in order to ensure industrial
development. These farmers could be involved in industries
where they have roots in, the textile industry for one. The
government could also provide incentives to farmers to work
in industries predicted to grow rapidly, such as the food
processing industry. Farmers would receive employment and
would be able to earn a steady income rather than depend on
the fluctuating price of their crops. Agricultural productivity,
in turn, would lower. This would lower the currently
expensive labour costs, and would allow rural industries to
grow and flourish. Agricultural productivity, which is highly
varied across the nation due to the impacts of the British land
tenure system, would approach a more common value, and
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would thus reduce inequality and disparity within the agrarian
society. By implementing such measures, the Indian economy
would take steps towards sustainability.
Those who oppose this argument will undoubtedly question
the existence of these fantastic pre-colonial Indian industries
of old. After all, it has been over a century since the British
decided to deindustrialize the textile industry in Bengal. As
well as that, the industrialization of said industries would
produce ten times more revenue than the labour intensive
version of that industry. Or would it?
Despite the fact that the industrialized counterparts of these
industries would produce higher revenue, their labour-
intensive versions would still occupy a comfortable position
by focusing on the niche market. Their revenues would be no
soupçon, as the quality of handmade garments and items, in
most cases, far outweighs the quality of machine made goods.
As per the Indian Ministry of Textiles in a report made in
156
2015 :
“The level of artistry and intricacy achieved in the handloom
fabrics is unparalleled and certain weaves/designs are still
beyond the scope of modern machines.”
Even today, handmade textile products constitute 10% of
India’s textile exports, a considerable amount. The export
value of these products has been increasing every year; from
Rs 1252 crore in 2009-2010 to Rs 2246 crore in 2014-2015.
The textile industry, and other such industries in India are
growing every year, but, as explained, are constricted by
expensive labour due to agricultural productivity. Therefore,
this argument does not hold water.
An argument that may be made in opposition would be the
question of food security. Hunger is a big problem in India,
and transitioning farmers to other, local occupations would
reduce Indian food production, possibly creating an even
bigger conundrum than the one we have on our hands
currently. However, this argument does not hold true, as it is
not food production in India that is the problem. In fact, India
has a surplus of certain grains, and a shortage of some others.
Holistically speaking, India is the seventh largest exporter of
agricultural products, and thus is not slacking in food
production. The real problem hampering Indian food security
is food distribution, which is poorly organised and inefficient
due to corruption. The massive size of the agriculture sector is
also a huge roadblock in the process of modernizing it with
irrigation systems, and thus reducing its size by giving poor
farmers alternate employment opportunities would hence, in
part, help the government increase food security.
Railways Can Be Engine Of Growth And Employment
13
Foster ACAD and Rosenzweig MR, “Agricultural Productivity Growth,
Rural Economic Diversity, and Economic Reforms: India, 1970– 2000”
(2004)
14
52 Economic Development and Cultural Change 509
“Calcutta : Nation” (The Telegraph)
<https://www.telegraphindia.com/1070723/asp/nation/story_8094453.asp>
accessed July 11, 2017
15
http://planningcommission.gov.in/reports/sereport/ser/stdy_hndloom.pdf
326
Agriculture is not the only sector to have a strong colonial
influence; the railways too suffer from the same ailment. The
British East India Company opened the first railway in India
in 1853, which ran from the city of Mumbai to Thane. It was
overseen by a Railway Board, which consisted of British
gentlemen. By 1947, the British Indian Railways had built
55,000 km of track in the country.
It is worth noting that in the latter half of the Raj’s existence,
the British Indian Railways was rapidly turning into a decrepit
organization. During the Great War and the Second World
War, less and less economic support was given to the
organization as more funds were transferred to the British
armed forces in different theatres of the wars. Railroad
accidents were quite common, and passengers in IIIrd class
were not given basic amenities such as fans and lights,
especially harmful in a tropical nation such as India.
Post-independence, 40% of the railroads built by the British
was inherited by India. The Indian Railways was no different,
it operated just the same, with the difference of a Ministry of
Railways. In any case, the presence of the Ministry would not
make much difference, as the Railway Board still had greater
power, some say even greater power than the Minister of
Railways. The five-member Railway Board until 2016 decided
the railway budget, which was then presented by the Minister
of Railways.
The organisation of the Indian Railways has led to massive
corruption even in its apex body. A prior Minister of
Railways, Suresh Prabhu has admitted to this charge, even
revealing that one of the members of the Board was under
16
suspension . The Central Vigilance Commission reported
this year that there has been a 67% jump in corruption
complaints against the Railways, even stating in a 2011 report
that the Railways was the most corrupt government
17
organisation in the Government of India .7
Due to the shackle of corruption, the Railways’ performance
has been restrained. It is a highly centralised organization with
a hierarchical structure, and thus decisions are made in a
matter of years. Hence, the operating efficiency of the
organization has been low, consequently resulting in no rise in
passenger fare. The creation of new routes or stations is based
on non-economic reasons. Even if a new route or station were
to be made, it would take a long time to become fully
operational as the Indian Railways, due to its low operating
efficiency, is lagging behind with 451 projects worth Rs
4,83,511 unfinished.
16
http://www.thehindu.com/news/national/railway-minister-suresh-prabhu-
acknowledges-corruption-in-railways/article7015548.ece
17
P, “67% jump in corruption complaints; railways tops: CVC” (The
Economic TimesApril 13, 2017)
<http://economictimes.indiatimes.com/news/politics-and-nation/67-jump-in-
corruption-complaints-railways-tops-cvc/articleshow/58167812.cms>
accessed July 17, 2017
Advances in Economics and Business Management (AEBM)
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Arjun Shukla
It is important to understand that while a centralised structure
might work for the Railways in the United Kingdom, a
geographically small island nation, it will not work for India.
India is home to 1.2 billion people, and is vast. To have a
centralised structure, especially for an organization such as the
Railways which permeates the length and breadth of the nation
can be compared to driving a pickaxe in one’s foot. The
Railways must hence be reformed; such reforms could include
the creation of a more decentralised structure with a system of
executives for each district, city and state. The Railway Board
should either be dissolved or given limited power; the
responsibility for handling the Indian Railways should be
given to the Ministry of Railways. Those who oppose this
argument would claim such a task is impossible, considering
the sheer size of India. On the contrary, it is very possible. The
system of panchayati raj or village government was once and
still is widespread in India. While the comparison may be
unfair, it just proves that decentralization of organizations in
India is possible, perhaps even necessary.
Centralization Of Political Governance Structure
“Take up the White Man’s burden--
No iron rule of kinds,
But toil serf and sweeper--
The tale of common things.
The ports ye shall not enter,
The roads ye shall not tread,
Go, make them with your living
And mark them with your dead.”
Rudyard Kipling, the famed ‘prophet of the Empire’,
18
attempted to purify the concept of imperialism in his poem,
‘The White Man’s Burden’. In the quote above, he tries to
portray imperialism almost as a ‘big brother’ attitude to poor,
underdeveloped nations. He makes an effort to justify
imperialism as doing the right thing; defining it as the act of
empowering nations overseas for the greater good.
History tells a rather different tale, at least in the British case,
a tale of suffering, pain and exploitation. The fact that the
British profited from their depredations overseas has been
established time and again by various individuals.
Administering massive swathes of land with diverse cultures
and people was no easy task. At least in the case of India, the
British created a political system that worked towards their
benefit, and, at the same time, made use of their vague
understanding of the country. 8
In 1858, after the Queen’s Proclamation and the subsequent
Government of India Act, rule of India was transferred from
the British East India Company to the Crown of England. The
British Crown had taken it upon itself to rule and administer
India, and the Queen’s Proclamation listed the idealistic aims
and wishes of the Crown. Of course, with hindsight, it can
18
Kipling R, “Rudyard Kipling” (Literature Network) <http://www.online-
literature.com/kipling/922/> accessed July 9, 2017
British Era Governance Structures Impeding India’s Peaceful Rise to Prosperity: A Case for Indigenous Overhaul
undoubtedly be said that the Raj was nothing like the
Proclamation declared it to be. Its offices were dominated by
British civil servants. The admission of an Indian was highly
improbable, considering the high discrimination by the British
against the Indians.
When India became a part of the Empire, it was changed
massively in matters of administration in order to make it
easier for the ‘Indian’ Empire to handle the nation. India
initially consisted of a number of princely states as the power
of the Mughal empire waned, most of whom were absolute
monarchies. These princely states gradually came under the
British East India Company’s paramountcy, and finally
became part of the Raj in 1858.
A princely state under British paramountcy had limited
sovereignty; it could not make trade deals with other nations
or declare war on another. It was subject to British suzerainty;
the British could interfere at will. On many occasions the
British deposed rebellious rulers in these states, and installed
new, loyal rulers who would not cause them trouble. These
states were essentially protectorates of the British government.
The rulers of these states had limited powers. The real power
was vested in the hands of the British. During the Company-
era, princely states outside company land had a certain degree
of autonomy and from time to time were subject to indirect
rule from the Company. During the time of the Raj, however,
things were to change.
During the time of the Raj, princely states, being nominally
sovereign, were not considered a part of British India, but
were subject to a subsidiary alliance. The rulers of small states
had extremely limited rights, while the rulers of larger ones,
such as the Nizam of Hyderabad had treaties with the British
specifying what rights they had. Matters of defence, external
affairs and to a certain extent communications were under
British control. The British exercised great influence over the
internal politics of these states. Hence it can be said that the
Raj, while not containing princely states, dominated all of
India.
Within its own territories and beyond, the Raj began to make
drastic changes to administrative systems, down to local
administration systems. On a local level, executive and
judicial powers were originally dispensed by village
communities, known as panchayati raj. A detailed description
of the panchayati raj can be found in the works of the historian
19
Henry James Sumner Maine :9
“Of these [fragments of ancient society], the most instructive,
because the most open to sustained observation, are to be
found in India. The country is an assemblage of such
fragments rather than an ancient society complete in itself.
The apparent uniformity and even monotony which to the new
comer are its most impressive characteristics, prove, on larger
19
Maine HS, Village-Communities in the East and West: six lectures
delivered at Oxford(Adams Press 2007)
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experience, to have been merely the cloudy outline produced
by mental distance; and the observation of each succeeding
year discloses a greater variety in usages and ideas which at
first seemed everywhere identical.”
The Raj systematically destroyed these local governments and
centralized executive and judicial powers. In the place of these
local governments, powerless legislative councils were
created.
These were manned by a tiny fraction of the educated elite and
had no power. They were ‘legislative councils’ only in name.
The land tenure system mentioned in the previous section also
played a role in the unravelling of the pre-existing system.
To help in the administration of the country, the ‘Indian’ Civil
Service was set up. The ICS was an elite cadre of civil
servants who would carry out the Empire’s orders regarding
administration in India. Officers were recruited through
examinations held back in Britain, and it was mostly free of
corruption. From its establishment in the 19th century till the
end of the Raj in 1947, it always had a higher number of
British employees compared to Indian employees, contrasting
20
the Queen’s Proclamation :
“And it is our further will that, so far as may be, our subjects,
of whatever race or creed, be freely and impartially admitted
to offices in our service, the duties of which they may be
qualified, by their education, ability, and integrity, duly to
discharge.”
The ICS was not established to progressively empower the
Indian people, as advocated by Kipling, but to assist the
British sacking of India. It was designed as a ruthless imperial
instrument for exploitation, and not for the judicious
administration of the country.
In charge of the ICS was the British Raj; the de facto political
amalgamation for it was the ‘Indian Empire’. The British Raj
was essentially the British government ruling India and
Burma, based in Calcutta. It was headed by the Secretary of
State of India. The order of governance, from highest to
lowest began with the Imperial government in London, the Raj
and then various provincial governments. What is important to
note is that the Raj was a form of central government, a quasi-
parliamentary democracy without voting and other democratic
rights. It replaced the decentralised institutions that governed
India before, and changed the political outlook of India
completely. One might even argue that this form of central
government was created in order to place all power in the
hands of the British. This would make administering and
exploiting the nation much more efficient.10
The British created a police force as well. The Indian Imperial
Police was formally christened in the aftermath of the First
War of Independence in 1857 in 1861 under the Indian Police
20
“Queen Victoria's Proclamation – November 1, 1858” (GKTodayNovember
10, 2015) <https://www.gktoday.in/queen-victorias-proclamation-november-
1-1858/#Text_of_Proclamation> accessed July 15, 2017
328
Act. Where the Raj was the overlord of subjugation, and the
ICS its assistant, the police was the instrument which did the
Raj’s dirty work. Some of this ‘dirty work’ included arresting
Indian nationalists and enforcing the unjust, colonial law. As
21
per the British historian David Arnold , the Indian Imperial
Police exercised an “unprecedented degree of authority within
the colonial administration”.
The British further created a ‘comprehensive’ document
covering criminal law known as the Indian Penal Code in
1860. It was initially drafted on the basis of recommendations
of the Charter Act of 1833, chaired by a Lord Macaulay. The
IPC was not just and was ruthlessly implemented against the
Indian population in order to secure Crown rule. It was
designed as a colonial code of laws, i.e., a code of laws
designed to oppress the colonised population and benefit the
coloniser. Even Lord Macaulay22 agreed with this statement:
‘Be the father and the oppressor of the people, be just and
unjust, moderate and rapacious.’
Justice in this case was not blind. Justice was wide eyed, racist
and selective.
Current Governance Structure
Changes made by the British in India were drastic and
prejudiced in order to simplify the daunting task of governing
the nation. Well, seventy years after our freedom from the
British, things must have changed. Quite the opposite.
India’s political leaders, post-independence in 1947, had
almost unanimously made their mind over what the country’s
style of government would be. India would follow the
Westminster system of parliamentary democracy. This system
of government was originally modelled off the British
government, named ‘Westminster’ after the seat of the British
Parliament, the Palace of Westminster.11
It is impossible to know what compelled us to select such a
style of government. What we do know is that this style of
government is unsuited to India. The small British population
and geographical size permits a centralized administration to
work effectively. This would not work effectively in India,
larger both in terms of geographical size and population. For
example, while a British Member of Parliament would
represent a few thousand voters, his/her Indian counterpart
would represent a much larger amount.
This style of parliamentary democracy requires the electing of
a legislator to form an executive, however, this legislator has
turned out to be unqualified many times. Governments have
become much more focused on politics and winning re-
21
NIX, “Without police reforms, powerful own the truth” (The
New Indian Express)
<http://www.newindianexpress.com/opinions/columns/ravi-
shankar/2017/feb/19/without-police-reforms-powerful-own-the-
truth-1572104.html>
22
accessed July 18, 2017
Mehta US, Liberalism and empire: a study in nineteenth-Century british
liberal thought(Univ of Chicago Press 2007)
Advances in Economics and Business Management (AEBM)
p-ISSN: 2394-1545; e-ISSN: 2394-1553; Volume 5, Issue 5; July-September, 2018
Arjun Shukla
election rather than long term policy. The high degree of
centralization of the government has allowed corruption to
flourish at local levels in state departments, and it appears that
this indecisive system is not fit for India.
A prime example of this indecisiveness is the near-replicated
successor of the ICS, the Indian
Administrative Services (IAS). Known as the, ‘steel frame’ of
India, it is an example of high centralization. Decisions are
made at the highest levels, and when passed down, are slowly
transformed into something else. As Professor Varun Sahni of
Jawarharlal Nehru University puts it:
“By the time a state directive is transmitted from the
commanding heights down the intermediate levels of the state
to the trenches, it has either metamorphosed beyond
recognition, or else has been transmogrified, with only the
external shell remaining intact,”
While the IAS was meant to be a temporary solution to the
trauma of the Partition, it has been allowed to expand and
grow. This growth has led to the development of a massive
bureaucracy which has entered areas normally reserved for
private enterprise. Not only does this increase unnecessary
interaction between the people and the state, it promotes high
levels of corruption. The endless bureaucratic procedures have
suppressed Indian economic progress, especially ease of doing
business. Indian businesses find it hard to access credit, or to
pay taxes efficiently; India, even with its recent improvement,
th
is still ranked 100 on the World Bank’s Ease Of Doing
Business Index .
23
The IAS has also acted as a hindrance to the system of
panchayati raj, the right local governmental system for India.
rd th
Panchayati raj was instituted in the 73 and 74 amendments
of the Indian Constitution, with elected individuals for each
village and district. However, IAS officers, such as district
collectors do not answer to these elected individuals, they
answer directly to the state government. This thus thwarts the
attempts made by panchayats to improve their locality. Even
more appalling is the lack of accountability in the IAS. The
IAS lacks transparency, and in this confusion and darkness it
is easy for bureaucrats and politicians to indulge in corruption.
Where the British district collector had no issue carrying out
the multitude of tasks he was tasked with, the Indian district
collector is broken every day. Among other jobs he is required
to arrange private security for officials, attend court session,
handle local issues among the people and maintain law and
order. Shoddy governing, at times, is not just likely, it is
expected.12
A democracy fundamentally requires a hierarchy of
organizations under the government going down to the most
local levels. Bureaucracy must be split into different services,
each accountable to the government in service. Above all the
23
http://www.doingbusiness.org/data/exploreeconomies/india
British Era Governance Structures Impeding India’s Peaceful Rise to Prosperity: A Case for Indigenous Overhaul
goal must be to interact and work for the people. The IAS is in
direct contradiction of this, as it directly institutes state control
from a centralized position. It is in violation of the legal
practice of panchayati raj, as per the Constitution of India.
This is not surprising, considering the fact that it is almost a
replica of the ICS, a service created solely to administer an
enslaved, colonized people. The IAS may be one of the most
prominent examples of over-centralization, a British legacy
complicated by Indian indifference.
Indian Penal Code: Originally Designed To Manage A
Conquered Race
India’s criminal law code is a similar case. Lord Macaulay
initially created the Indian Penal Code with the purpose of:
“Legislating for a conquered race, to whom the blessings of
our constitution cannot as yet be safely extended”
India’s criminal law is defined by the IPC. Several infamous
sections which are irrelevant in today’s progressive, globalised
world still exist, such as Section 377 banning carnal relations
between
Indian nationals of the same gender. It is worth noting that the
UK, the nation that straddled India with this law based on its
own law, has progressively taken steps to give greater freedom
to its LGBT community. The same cannot be said about India,
which continues to use this anachronism.
The IPC was also created in order to give the British Raj the
power to suppress public dissent and prevent any criticism of
British policy in India by Indians. The IPC’s Sections 121-130
speak on the topic of sedition, with Section 124A stating24:
“Whoever, by words, either spoken or written, or by signs, or
by visible representation, or otherwise, brings or attempts to
bring into hatred or contempt, or excites or attempts to excite
disaffection towards, the Government established by law in
India, shall be punished with imprisonment for life, to which
fine may be added, or with imprisonment which may extend to
three years, to which fine may be added, or with fine.”
This section continues to exist in independent India and is one
of the most baffling laws to ever exist in a democratic state. A
typical right entailed by democracy is freedom of speech. The
criticism of a government and government policy is what
helps push the state forward, a perpetual cycle of feedback and
response. Yet this law seemingly prohibits any criticism of the
government whatsoever.
The amendment of this law has long been pending and must
be executed immediately. Not only does it go against the very
spirit of democracy, it is loosely worded, allowing a state to
exercise greater and immoral flexibility over its
implementation. There will be opposition who state that this
law must be retained in order to combat the anti-state
insurgency inside of India, including the Naxalites and the
Maoists. However, it must be understood that while it has
limits, freedom of speech does include criticism of
Advances in Economics and Business Management (AEBM)
p-ISSN: 2394-1545; e-ISSN: 2394-1553; Volume 5, Issue 5; July-September, 2018
329
government. This principle forms the foundation upon which
democracies are built. It is the participation and feedback of
the people that helps push a country forward. To outlaw
freedom of speech, whether in part or in whole, leads to the
imbalanced distribution of power, eventually leading to
corruption. It is thus imperative that the government amend its
sedition laws to expunge colonial writings and intentions, and
update India’s criminal law to the age of democracy.
Another argument that the opposition would make is that the
IPC has already been updated and modernised. As a senior
Indian Police Services Officer explained to me:
“Consequently it becomes a little simplistic to dismiss a law as
arcane simply because it was passed several decades ago.
Laws are organic instruments and they continue to evolve as
society does. The 2013 Criminal Law amendment is a good
case in point.”
While several amendments have been made to the IPC, it still
lacks change in the most crucial of sections, such as sedition
law and LGBT rights. It is also important to look at the
context of the amendment mentioned, the 2013 Criminal Law
Amendment. This amendment was instituted to ensure
progress in the prosecution of sexual offences. This
Amendment, however, had been lagging behind for decades.
The need for such an amendment was necessary; colonial laws
on sexual offences had to be updated fast. This amendment,
however, was not brought into force until one of the most
horrific crimes ever to be committed in independent India
occurred: the brutal gangrape of a female physiotherapy intern
in 2012.13
The Amendment also has numerous flaws. It has drawn flak
for giving women the legal authority to commit the exact same
crimes they seek protection for against men with impunity.
Several recommendations of the Verma Committee report, its
foundation, were also ignored. These recommendations
include martial rape and the reduction of age of consent.
Taking these factors into account, the evolution of Indian law
seems to be stagnating, with limited progress on areas of
significance and flaws in the attempts at amelioration made.
Finally, the Indian Police. Drawing most of its powers from
the British-drafted Police Act of 1861, the Indian Police has
seen much change, but is still hindered by its colonial past.
The Police Act continues to govern the power and purpose of
the Indian Police. The Police Act has no accountability
mechanisms, and gives the police a high amount of power.
According to the Human Rights Watch (HRW), the Indian
Police often bypasses arrest procedures and torture suspects in
custody. At least 591 suspects have died in the custody of the
25
Indian Police between 2010 and 2015 . This is attributed to
the power given to the police by the Act.
24
http://indianexpress.com/article/opinion/columns/section-124a-should-stay-
2/
25
https://www.hrw.org/news/2016/12/19/india-killings-police-custody-go-
unpunished
330 Arjun Shukla

The Police Act also allows for higher than normal state The control thus exerted over the police by institutions of the
involvement in the functions of policing. However, this has state is thus not a very new creation, but one planted decades
led to the wide politicisation of the police. As expressed by the ago by our former colonial overlords.
26
Khosla Commission of 1968 : In Summation
“Independent India must choose whether we will have a India has economically changed remarkably in its years of
people’s police or a ruler appointed police, or in other words independence; the Indian economy will grow with leaps and
whether the people should rule or whether the parties should bounds in times to come as the youth of the country take over
rule. The Constitution has laid down that the people should from the previous generation. India possesses some of the best
rule, so the police must also be the people’s police” services in the world, especially in the IT sector. However,
In many areas of crime, such as terror crimes, the some fundamental principles, such as import and export and
politicisation of the police has led to the arbitrary arrest and agriculture, require immediate attention. Both have been
detention of members of a certain religious community, based impacted by India’s former colonial overlords, and the
less on facts and more on political prejudices held by modifications made to them still continue to restrain the
policemen. For example, in the aftermath of the Malegaon country.
bombings of 2008, all suspects arrested by the Maharashtra Many Indians take great pride in living in the world’s largest
Police belonged to the Muslim community. The arrested were democracy. However, the democracy we have adopted is far
in fact innocent, and later investigation by an officer named from our own and unsuited to the needs and demands of our
Hemant Karkare led to the prosecution of the real perpetrators country. Hence, a guiding factor behind this unsuited style of
of the crime, eleven men linked to a Hindu terror group.14 government can be said to be the deep implications of the
Greater state control over the police has also led to its misuse colonial era on our government and governmental institutions.
by state governments. As per the Police Act, state
governments can establish their own police force. However,
the power over the police is vested in the highest ranking
political executive in the state, the Chief Minister. The Chief
Minister has the power to dismiss the ranking head of the
police in the state without any specific reason. The Chief
Minister can thus misuse the police and suppress dissent
against his or her own party, contrary to the idea of democratic
policing. An example of this is the misuse of the police by the
current Prime Minister of India, Narendra Modi during the
2002 Gujarat Riots. Modi was the Chief Minister of Gujarat
27
during that time. According to Sanjeev Rajendra Bhatt , a
senior IPS officer in the state, Modi gave specific instructions
to top police officials in the state of Gujarat to ignore the
Hindu riots against the Muslims, leading to death and casualty.
This led to around 2,000 deaths and more than 2,500 injured.
Politicians also exert considerable influence over police
officers, such as the transfer of certain officers to other regions
of India. Officers thus have to play to the whims and fancies
of politicians in order to live stable lives. As expressed by the
28
Bureau of Police Research & Development in a 2003 report :
“Today we have a police, which is politicised and politically
polarised. For it has become a pawn in the hands of its
masters. In return, the policemen get political patronage,
which has become essential for their survival”

26
https://blog.ipleaders.in/the-indian-police-act-and-police-reform-in-india/
27
http://www.thehindu.com/news/national/Gujarat-police-officer-implicates-
Modi-in-riots/article10321755.ece
28
Bureau of Police Research & Development, Ministry of Home Affairs,
Government of India: Data on Police Organisation in India, 2003

Advances in Economics and Business Management (AEBM)

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