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Management Board: Shri Devendra Kumar Muchhal - Chairman, SVIM, Indore
Shri Kailashchandra Agar - Vice-Chairman, SVIM, Indore

Shri Giridhargopal Nagar - Secretary, SVIM, Indore
Shri Manish Baheti - Joint-Secretary, SVIM, Indore
Shri Vishnu Pasari - Treasurer, SVIM, Indore
Advisory Board: Dr. Upinder Dhar -Vice Chancellor - Chairman

Shri Vaishnav Vidyapeeth Vishwavidyalaya, Indore
Dr. Santosh Dhar- Dean - Member
Faculty of Doctoral Studies & Research, SVVV, Indore
Prof. P. N. Mishra
Director and Professor, Institute of Management Studies, Devi Ahilya University, Indore
Prof. Nageshwar Rao
Professor, Pt. J. N. Institute of Business Management, Vikram University,Ujjain.
Prof. Rajendra Prasad Das
Professor, Institute of Management, Pt. R. S. University Raipur- 492010 (C.G.)
Prof. P. K. Jain - Director, F.M.S MLS University, Udaipur
Prof. B. A. Prajapati - North Gujrat University,Patan
Prof. G. C. Maheshwari - M.S.University, Baroda, Gujarat
Prof. H. J. Jani - Director MBA Program, Sardar Patel University, Anand
Gujrat.
Prof. Renuka Garg - Professor & Head, Department of Business & Industrial
Management, South Gujarat University, Surat
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Management, Gandhi Nagar
Prof. Pramod Paliwal - Professor, Marketing, School of Petroleum
Management, Gandhi Nagar
Editorial Board: Prof. (Dr.) Rajeev Shukla, Director In-charge, Chief Editor
SVIM e-journal of Applied Management, SVIM, Indore
Dr. Uttam Rao Jagtap, Associate Professor, Editor
Mr. Chetan Nagar, Assistant Professor, Editorial Team Member
Dr. Kshama Ganjiwale, Associate Professor, Editorial Team Member
Dr. Digamber Negi, Associate Professor, Editorial Team Member
SVIM E-JOURNAL OF APPLIED MANAGEMENT VOL-V, ISSUE-I, June 2017, ISSN NO-2321-2535
S. No PAPER TITLE & AUTHOR Page No

1 A Study On Consumer Perception Towards Maggi Noodles Pre And Post 1-11
Re-Launch
Dhruv Dr.Mamta Joshi, Rahul Purohit, Bhavesh More
2 Social and Economic Impact of India’s Demonetization Fiasco – A Study 12-24

Ankit Walia
3 Teaching Effectiveness and Strategies: A Promotional Tool for 25-33

Entrepreneurship Education Programmes in Multicultural Perspective
Arun Saxena
4 Building High Performance Institute through ICT: A SWOT Analysis 34-44

Prachi Nikam, Dr. Kshama Ganjiwale
5 Change Management in Indian Banking Industry 45-50

Rachna Kacchwah, Dr. Rajeev K Shukla,
SVIM E-JOURNAL OF APPLIED MANAGEMENT VOL-V, ISSUE I, June 2017, ISSN NO-2321-2535
A Study on Consumer Perception Towards Maggi Noodles Pre and

Post Re-Launch
Dr.Mamta Joshi1
Rahul Purohit2
Bhavesh More3
1
Associate Professor, Shri Vaishnav Institute of Management,
2
BBA VI Semester, Shri Vaishnav Institute of Management
3
BBA VI Semester, Shri Vaishnav Institute of Management
ABSTRACT
The research study includes comparative study on the instant noodles manufacturing
organizations which are existing in market since very long time, and had a very good market
share but few months ago when some sampling were done so their products failed in quality
testing and were banned and in the same while other competitors did unethical practices to grab
the consumers from the market. The research paper discusses the unethical practices done by
competitors to cover the before and after market share of the products which was ban.
Introduction
Instant Noodles and its Market
Noodles are sold in a precooked and a dried noodle form with flavoring powder and oil. The
instant noodles category in India was, created in market with its Maggi attracting the children
and their mothers too, changing time and lifestyles have changed the consumer eating food
habits. the instant noodles concept has done a work for instant snack to the generation to satisfy
their hunger easily at a very cheap price not only by children but it is been eaten world wild at
the working places ,colleges etc consumers in India hold the notion that noodles are unhealthy,
Maggi and top ramen have their ‘Atta’ noodles, while hotlinks foodless was launched entirely on
the health platform, with the noodles made from wheat or multiple grains and including a
vitamin-supplying “health maker”.
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VOL-V, 7, ISSN NO-2321-2535
World Wild consumption of Instant Noodles –
(https://instantNoodles.org/en/Noodles/img/report_img_graph.png
https://instantNoodles.org/en/Noodles/img/report_img_graph.png)
Instant noodles are been consumed worldwide in 2014 china and Hong Kong are the largest
consumers of noodles as their consumption is 40,430 per capita and the lowest consumption is
done in Mexico that is 830 per capita .India stands at 8th position worldwide in noodles
consumption with 3,260 per capita consumption
https://image.slidesharecdn.com/final-130725001501
130725001501-phpapp02/95/the-Noodles-of-japan-25-638.jpg?cb=1374711498
638.jpg?cb=1374711498
Instant noodles are been consumed

onsumed world wild in 2016 as there is the average consumption of
14.37 per person where again china and Hong Kong are the largest consumer a snidely changed
consumption form 40,430 per capita (2014) to 44,030 (2016) and India has increased the
consumptionn per capita from 3,260 (2014) to 4,360 (2016).
2
Maggi Instant Noodles
Maggi Company was started by Julius Michael Johannes Maggi The aim of introducing
precooked soups, Maggi sauces & Maggi was to improve the nutrition of workers families and
became the first one to bring Protein rich Legume meals to the market in 1986. Instant Noodles
are most popular in India and Malaysia, Nestle has 39% market share in Malaysia, where
"Maggi" is synonymous with instant Noodles, and had 90% market share in India.
Maggi market share before ban -

(https://www.google.co.in/search?q=Maggi+market+share+before+ban&source=lnms&tbm=isch&sa=X&ved=0ahUKEwi8lKGt9enSAhUBPJQ
KHa_mDPQQ_AUIBygC&biw=780&bih=363#imgrc=c7UBzoSKDqj5WM:)
The market shares of various instant noodles manufacturer in India including Maggi and it is
very much clear that Maggi has the largest market share and sales in the market of 85%
FSSAI Ban Maggi Noodles is India
Food Safety and Standards Authority of India (fssai) ban Maggi instant noodle after which, the
market share for instant noodle was reduced to 53% in India. After which Malaysia, fried
noodles made from Maggi. In June 2015, tests in India found high amounts of lead in Maggi
noodles. the food safety and standards authority of India ordered a national recall for all 9
variants of Maggi instant noodles and oats masala noodles ,Maggi cuppa mania - is an instant
noodle product by nestle launched in mid 2008 variants, ‘masala yo!’ and ‘chilli chow Yo!’.
According to the renowned newspaper article, it is specified that an officers from fssai checked
and did sampling of Maggi before its ban where Maggi was found healthy without any problems,
but as it was ban again the officer took sampling for the Maggi where again everything was fine
in it but due to a laud of Maggi which was not checked was quiet preferably having some large
amount of lead which was not checked properly thus which became a reason for its ban. It can be
3
very clearly seen from the above picture that many states have banned Maggi and stopped it’s
consumption after fssai reporting for Maggi the states relied on reports of Fssai and immodestly
banned the Maggi manufacturing.
Maggi Strategies to Come Back in the Market
Emotional and Nostalgic memories- starting from we miss you too, till Maggi mother &
welcome back Maggi the brand has emotionally attracted costumer towards it with nothing like
Maggi which was really very brilliant task as they bought again the emotional attachment of
Maggi with people touching emotional side of the messes.
Branding through survey – Magi did a great job by returning into the market with 55% share as
it not gained its market again but raise its percentage of people consuming it.
No Brand Ambassadors for a Period of time- their contract with Amitabh Bachchan and
Madhuri Dixit had elapsed. Moreover, at the current scenario, they weren't looking for brand
ambassadors but having campaigns
Used Mothers as Brand Advocates– using mothers to stamp their seal of approval was obvious,
and perhaps the only route to take, the strategy went some way in assuaging doubts about the
safety of the product, but still it will be quite a while before everyone stops thinking about it with
a little suspicion.
Partnering with Snap deal (Web store with nationwide delivery and coverage) for exclusive
sale – As Maggi was not available in many states, so they were providing them through snap
deal, with a small message, to connect with the customers during Diwali. It’s timing and
exclusive availability on preorder basis created a demand and curiosity amongst its clients.
Traditional Strategy – • before Diwali, several grocery stores and departmental chains across
Mumbai placed a special display on their gate written in bold letter "Maggi is back."
• They had decorated the shelves with stickers and posters.
• Users of apps like Haaptik, received the alert when Maggi arrived.
Digital Marketing –
• Set up 24x7 toll-free consumer services to connect with the customers

• Television and print campaigns, engaging was done with customers via face book and twitter.
• They had a digital acceleration team, which was responsible for the same
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Maggi Market Share (2016 - After come back)
(https://www.google.co.in/search?q=noodles+market+share+in+ind
https://www.google.co.in/search?q=noodles+market+share+in+india+2016&source=lnms&tbm=isch&sa=x&ved=0ahukewjp_lhu9ensahvjhjqkh
ia+2016&source=lnms&tbm=isch&sa=x&ved=0ahukewjp_lhu9ensahvjhjqkh
chkb6sq_auibygc&biw=780&bih=363#imgrc=lwrf4nrhwddrmm
chkb6sq_auibygc&biw=780&bih=363#imgrc=lwrf4nrhwddrmm:)
It can be very clearly seen till now that Maggi was been ban by the fssai due to harmful lead and
other chemicals in it but ,Maggi dint lose hope and returned back to the market with a boom and
eagerly gaining the shares in market as shown above in the figure as people are vow again
favoring the Maggi.–––
http://img.etimg.com/photo/47583625/n3.jpg
Maggi hits the nestle shareholders as although Maggi is regaining its market share but ultimately
shareholders of nestle are facing trouble to gain profit as there is a huge question mark raised on
other products of nestle too.
5
Literature Review
• Dehashish Sakumia and Ruchi Jha (2016) they found how Maggi had faced the market
crisis by its competitors when it was ban and how brilliantly it used strategies to come
back to market with cases of companies facing a crisis. In such situations, crisis
management is one important art to learn. As we learn from Maggi's incident, the crisis
can hit at any moment and to believe that it will never happen to a company can be one
big mistake. They concluded that daily headlines are filled with cases of companies
facing a crisis. In such situations, crisis management is one important art to learn. As we
learn from Maggi's incident, the crisis can hit at any moment and to believe that it will
never happen to a company can be one big mistake.
• Shareena.P and Dr.Mustiary Begum (2006) they found consumers’ perceptions, health
concerns, and opinions in accordance to despondence, willingness to buy after the re-
launch of Maggi in market they concluded their study shows that consumers want Maggi
to be in the market and they are willing to buy the same in the future only if they include
ingredients which are good for health of them.
• Aayushi Jain (2006) found and showed that why Maggi was banned in India ,what were
public reactions on the same and how Patanjali Atta noodles were launched during the
same time she concluded nestle Maggi suffered greatly because of the ban and incurred
quarterly losses for the first time in last 17 years. In spite of many allegations and ban,
Maggi made a comeback and people whole-heartedly accepted it which is evident from
this survey conducted on 100 people randomly, but situation is not completely rosy after
this ban. Several consumers have shifted to other brands due to health and safety reasons.
• Dr. Moloy Ghoshal And Ms. Megha Vohra, they found and showed research on Maggi
launch, it was ban what were public reactions and behavior before and after ban of the
same and is it healthy or not they concluded - after analyzing all the reports studied from
the newspaper, online magazines, TV reports, and the survey held on Maggi and studying
the marketing mix of Maggi, it can be concluded that the controversy of Maggi did not
affect the loyal customers of Maggi noodles.
• Sajitha S Kumar (2016) They found that the complete launch of Patanjali company how it
works and manages the working where was it ,where is it now, and what are the future
prospects of it his conclusion - "swamiji believes whatever has to be done, should be
done big." is Patanjali too dependent on Ramdev? He admits that currently it is.
"Gradually, i'll step back, “he says. "We would like our principles to be in the forefront."
he has even given thought to succession planning. “globally, corporate houses are run by
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VOL-V, 7, ISSN NO-2321-2535
CEO’S, but Patanjali will be run by sadhus and acharyas like balkrishna and me after we
depart," he adds. "We are preparing 500 sadhus to take over. They will run the company
the Patanjali by their own way.
Objectives of the Study
• To analyse market share, consumer buying behavior and overall sales before and after
ban in market.
• To analyse unethical moves & activities performed by origination to grab the customer
toward them.
• To aware people regarding product and its ingredients, that what is right to use and
what’s not to use.
Research Methodology
In Research we have taken Secondary Data on the basis journals, Magazines, News paper articles
and various reports. We had done comparative analysis on the basis of secondary data was
collected.
Analysis
Before ban Maggi had a market share of 85% before it’s ban, but after words when it came back
to market its shares reduced as seen above but people still are preferring it if it has changed to
healthy ingredients . It can be interpreted that most of the people were happy after hearing the
news of Maggi is re-launch. .
People reaction on re-launch

launch of Maggi-
Maggi
(http://www.internationalseminar.org/xvii_ais/ts5a_pdf/3.dr.%20moloy%20ghoshal_megha.pdf
http://www.internationalseminar.org/xvii_ais/ts5a_pdf/3.dr.%20moloy%20ghoshal_megha.pdf
http://www.internationalseminar.org/xvii_ais/ts5a_pdf/3.dr.%20moloy%20ghoshal_megha.pdf)
7
Repurchase after re-launch of Maggi-
(http://www.internationalseminar.org/xvii_ais/ts5a_pdf/3.dr.%20moloy%20ghoshal_megha.pdf)
The market shares of Maggi goes down but still according to the CSE study on the link above it
can be concluded that out if 100, 81 people will still buy Maggi noodles after the re-launch and
19 will not prefer to buy it. It can be interpreted that most of the people are still eagerly waiting
for the product to be once gain sold in the market and are ready to purchase it. It shows that the
recent controversy did not had an extreme impact on the loyal customers
Challenger to Nestle Maggi
Patanjali Ayurveda-
The Patanjali ayurved limited is an Indian fact company. Baba Ramdev established the Patanjali
ayurved limited in 2006 along with Acharya Balkrishna with the objective of establishing
science of Ayurveda. Patanjali is the fastest growing FMCG Company in India. It is valued at 30
billion and some predict revenues of 5,000 crore for the fiscal 2015–16. Patanjali tied up with
Kishore Biyani's future group which has hiked up with Patanjali sells about 30 crore worth of
Patanjali products every month. It – nearly has 4,700 retail outlets, does online selling, has
outlets at railway station, airport, & also sales at reliance retail & hyper city & star bazaa
Patanjali Atta Noodles
Patanajali instant Atta noodle were launched on 15 November 2016. It is made in rice bran oil as
against the palm oil which other company uses. The masala mix has all the healthy spices in it
including turmeric, cumin seed, onion, garlic and ginger
FSSAI Slaps a Notice to Patanjali
patanajali instant Atta noodle were prone to ban by food safety and standards authority of India,
they sent a notice to the company for closing down the instant Atta noodle manufacturing units
as Patanjali was not been granted with permission for manufacturing the noodle & it also
violated norms & rules by ( fssai )
8
Study of Common Ingredients in Maggi and Patanjali which are Hazardous for Health
Sr.No Name of ingredient Maggie Patanjali

1 Acidifying acid 330 < >
2 Flavor enhancer 627 > <
3 Calcium carbonate > >
4 Saturated Fatty Acid < <
5 Color 150d > <
6 Hydrolyzed > <
Groundnut
7 Natural identical < >
flavors
From the above table, it is clearly seen that, the harmful effects of lead and MSG to a human
body
http://www.internationalseminar.org/xvii_ais/ts5a_pdf/3.dr.%20moloy%20ghoshal_megha.pdf)
Unethical Practices Done By This Organization
Baba Ramdev’s Unethical Desi V/S Videsi War- Baba Ramdev said in his statement that our
country doesn’t needs a videshi product which spreads poison ,he said that Maggi contains lead
in it and if children have Maggi then they can be prone to heart, kidney, liver failures and cancer
too .he states that Patanjali Atta noodles are deshi and healthy whereas Maggi is videshi which is
hazardous without any proofs, Ramdev not only opposed Maggi but also said wrong thinks about
other health drinks brands for children like Brounvinta , Complain , Horlicks and said his
projected product Power-Vita is save & healthy for used . Calling himself a not-for-profit
manufacturer of domestic products, the he cleverly made the whole thing look like a domestic
versus foreign issue.
Patanjali Did Not Take Permission From Fssai To Manufacture Noodles- the food safety
and regulatory authority of India’s chairman Aashish Bahuguna (fssai) said that Patanjali atta
noodles are not approved by the agency, but yoga guru Baba Ramdev said that all legal
procedures were done adhered during the noodles’ manufacture., Ramdev said that there must
have been miscommunication between the two parties, and the company has all the rights and
permissions to make the same.
9
Patanjali Was Fined Rs 1100,000 For Misleading Advertisements- Patanjali was find rupees
11lacs for misleading ad’s the court of Lalit Narain Mishra, Haridwar's Additional District
Magistrate, found the company, which was eyeing at doubling its revenues from the Rs. 5,000
crore to almost Rs 10,000 crore by the next financial year, is found guilty of "releasing
misleading advertisements+ by selling certain products with its labels although they were being
manufactured by some other firm." on November,2012 a case for the company was filed at the
ADM’s court after the sampling the products honey , salt , mustered oil , jam & Besan of
Patanjali on august 16 2012 failed quality test .the case is still ongoing ever since & Patanjali is
unethically selling all the product in the market today also .
Conclusion
Nestle Maggi From journey of its start, crossing it’s Ban, and the strategies used by it till it’s
comeback to the market and analyzing It’s challenger Patanjali Ayurveda, both of their
ingredients and features we can conclude that whatever a company does to exist in market but
ultimately Instant noodles are not good for health but still are preferred by children, youngsters
and every age group.
Suggestions
• Though Instant Noodles are mostly referred by all people and touching 7th sky of liking
by all, so the companies who are manufacturing the same should take care of ingredients
that they use to manufacture the noodles they must healthy and nutritious
• The companies should have proper and legal documentations of approval so that it
doesn’t loses its image in society
• The companies should always be ethical towards the society and challengers to it , which
builds a goodwill of the company
• Companies should provide a valid and authentic report of revenue generated and sales
made of its products throughout a financial year.
References
• Sakumia Dehashish and Jha Ruchi (2016) “Case study on Nestle Maggi ban in India”
imperial journal of interdisciplinary research vol 2, no 10 in Feb-2016.
• Shareena.P , Mustiary Begum, “Case study on Consumers Perceptions towards Maggi
Instant Noodles after It’s Relaunch” volume: 5, issue: 2, ISSN - 2250-1991, February
2016.
• Jain Aayushi, “Case study on Maggi ban and simultaneous launch of Patanjali Atta
Noodles” Feb-2016.
10
• Ghoshal Moloy , Vohra Megha, “The Recent Controversy on Maggi: Myth or

Reality”January-2016.
• Kumar Sajitha S, “Patanjali Ayurved Pvt Ltd. Baba Ramdev”, 7.1- June-2016
Webliography
• http://timesofindia.indiatimes.com/city/bengaluru/samples-of-Maggi-will-be-tested-
again/articleshow/49345635.cms
• http://www.marketingteacher.com/public-relations-pr/
• http://www.marketingteacher.com/personal-selling/
• http://www.marketingteacher.com/sales-promotion/
• http://www.india.com/news/india/Patanjali-ayurved-doubles-its-profit-in-one-year-set-
to-catch-up-with-rivals-1051546/
• https://www.nestle.in/aboutus
• https://www.nestle.in/aboutus/anoverview
• https://www.nestle.in/aboutus/presenceacrossin
• http://www.investopedia.com/terms/s/swot.as
• http://www.ndtv.com/topic/Maggi-lead-controversy
• http://indianexpress.com/article/explained/explained-noodles-in-the-soup/
• http://www.hindustantimes.com/india/nestle-s-Maggi-noodles-found-safe-by-govt-
approved-lab/story-
4vyaihs37iphodvwfxtmbp.htmlhttp://timesofindia.indiatimes.com/city/ludhiana/ban-
lifted-Maggi-lovers-rejoice-on-net/articleshow/49742546.cms
• http://timesofindia.indiatimes.com/business/india-business/Ramdev-eyes-Maggis-space-
with-cheaper-atta-noodles/articleshow/49201668.cms
11
Social and Economic Impact of India’s Demonetization Fiasco

– A Study
Ankit Walia*
*Lecturer, School of Management,
Sanghvi Institute of Management and Science, Indore (MP)
Abstract
Demonetization refers to withdrawal of a particular form of currency from circulation. On 8
November 2016, this is third time in Indian history that this bold step is taken by government of
India. The currency was demonetized first time in 1946 and second time in 1978. The chaos was
created in every strata of the society whether upper, middle or lower. Where some welcomed the
move as it was seen for curbing black money, many are suffering by this movement. But the
supreme sufferers of this move were the informal sector of Indian economy, where cashless
transactions are minimal.
Whenever this decision is initiated by government of India, only for the betterment of economy
as well as society. The move is targeted towards tackling black money, corruption, counterfeit
currency and terrorism. After initial euphoria, it is big question mark in the mind of every
citizen, Now what will be consequences of this step in the view of impact on GDP growth,
Inflation, Tax revenues etc.
Therefore it is imperative to evaluate the short term and medium term impacts of such sudden
and shocking decision. Further the impact of such a move would vary depending upon the extent
to which the government decides to remonetise.
This paper elucidates the impact of such a move on the availability of credit, spending level of
activity, social chaos and government finance.
Key words – Demonetization, Black money, credit, social and economic impact, Cashless
transactions, tax evasion.
12
Introduction
Demonetization is defined as act of stripping a currency unit of its status as legal tender. It refers
to cessation of current currency and replacing it with new currency. Demonetization is not a new
concept; in the past also it has been utilized by various countries as well as India to curb
currency. Some failed very badly with this move. There are various countries which previously
banned the currency and there were favorable and unfavorable impact on the economy of the
countries.
COUNTRY YEAR OF DEMONETIZATION IMPACT
GHANA 1982 UNSUCCESSFUL AND MADE ECONOMY

WEAK
NIGERIA 1984 ECONOMY COLLAPSED AND USUCCESSFUL
MYANMAR 1987 UNSUCCESSFUL BECAUSE OF MASS PROTEST
SOVIET UNION 1991 UNSUCCESSFUL
AUSTRALIA 1996 NO SIDE EFFECTS AS IT WAS JUST TO

REPLACE PAPAER WITH PLASTIC CURRENCY
NORTH KOREA 2010 UNSUCCESSFUL
ZIMBABVE 2015 UNSUCCESSFUL
PAKISTAN 2016 UNSUCCESSFUL
There is divided view of economist on demonetization which was enacted by government of

India in November 2016 -
Nobel Laureate and eminent economist Amartya Sen said, "The demonetization of currency was
a despotic act as the government broke the promise of compensation that comes with a
promissory note .Demonetization goes against trust. It undermines the trust of entire economy.”
"Demonetization was ostensibly implemented to combat corruption, terrorism financing and

inflation. But it was poorly designed, with scant attention paid to the laws of the market, and it is
likely to fail. So far its effects have been disastrous for the middle- and lower-middle classes, as
well as the poor and the worst may be yet to come.” Stated by leading economist Kaushik Basu.
Former Prime Minister Manmohan Singh slammed the demonetization of Rs 500 and Rs 1,000
notes and called it a "monumental mismanagement" that might bring GDP down by 2 per cent.
13
"In my opinion that the way the scheme has been implemented will hurt agricultural growth in
our country, will hurt small industry, will hurt all those people who are in the informal sector of
the economy and my own feeling is that the national income, that is the GDP, can decline by
about 2 per cent as a result of what has been done. This is an underestimate," Economist and
former Indian representative to the IMF Arvind Virmani reportedly said “Demonetization is a
useful method of flushing out black money, given that a large percentage of cash holding is in
these two denominations. The manner in which it was implemented is not surprising - such
actions are always secret till announced, so that insiders do not take advantage of the information
at the cost of the outsiders,"
Member of the Niti Ayog Bibek Deb Roy responded to the critics of demonetization and said
that “Critics are unaware of the situation on ground, the extent of financial inclusion that has
been undertaken by the Modi government, and how the revenue generated will help in enhancing
public investment. Economists who live out of India normally do not have access to the latest
data, and are hence more prone to drawing conclusions that may not hold true in the present
situation. They base their understanding essentially on reading English newspapers. Otherwise,
how would they know? English language newspapers understood many things wrongly.”
Surjit Bhalla wrote in The Indian Express that the demonetization move a 'bold step'. "There
should be no question that this BJP policy is bold and courageous. The trading community has
long been identified as the BJP's core constituency and Prime Minister Narendra Modi has gone
against this powerful support group. So let us give Modi a considerable amount of credit for
taking a bold step for the country - genuinely in the name of the nation.He also argued the fight
against corruption and black money in India has just begun. Most of the spending of this black
money is for expenditures on gold, purchase of foreign exchange, and purchase of real estate.
Transfer of money abroad into 'anonymous' accounts is now a difficult exercise for all the
world's black money residents. Gold purchases and hoarding are also becoming more difficult.
So, the prime outlet for big-time black money use is real estate.”
This move is expected to cleanse the formal economic system and discard black money from the
same. The reasons are to tackle black money in the economy, to lower the cash circulation in the
14
country which is directly related to corruption in our country, to eliminate fake currency and
dodgy funds which have been used by terror groups to fund terrorism in India and the move is
estimated to scoop out more than Rs 5 lakh crore black money from the economy.
History of Indian Demonetization

India had an experience of demonetization of its currency twice before November 2016. The first
was when Rs. 1000, Rs. 5000 and Rs 10000 notes were taken out of circulation on 12January,
1946. The highest denomination note ever printed by RBI in India was Rs. 10000 note
introduced for the first time in the year 1938. However all three of Rs. 1000, Rs 5000 and Rs.
10000 notes were again reintroduced in 1954. The second phase of demonetization was done on
16 January 1978 when an ordinance was promulgated to phase out notes with denomination of
Rs. 1000, Rs 5000 and Rs. 10000. On 12, January 1946 demonetization was resorted to but the
Direct Tax Enquiry Committee in its interim report observed, “Demonetization was not
successful then, because only a very small proportion of total notes in circulation were
demonetized in 1946 and its worth was Rs. 1,235.93 crore”.
On 16 January 1978, demonetization of high denomination notes was introduced. The high
demonetization notes as on that day amounted to Rs. 146 crore and total notes tendered to RBI
amounted to Rs. 125 crore as per data available till August 1981.
Objective of Study
• To understand the concept of demonetization
• To study the history of demonetization
• To study the social impact of demonetization
• To study the economic impact of demonetization
• To study the consequences of demonetization on Indian economy
Research Methodology
The study is based on secondary data. The data has been collected from journals, articles,
newspapers and research studies.
15
Notification on Demonetization by RBI for Currency Exchange from 8

November to 31 December 2016
• RBI asks banks to allow exchange of old notes up to Rs4,000, over-the-counter (OTC)
withdrawal of up to Rs10,000 per day aggregating to Rs20,000 per week, limit ATM
transactions to Rs2,000 per day per card, which would then be raised to Rs4,000 from 19
November. RBI says that banks and ATMs would be shut on 9 November.
• RBI issues guidelines around ATM recalibration to ensure Rs500 and Rs1,000 notes are not
dispensed to public.RBI asks banks to ensure that adequate Rs100 notes are available to
ATM companies.RBI asks banks to keep branches open on 12 November (Saturday) and 13
November (Sunday) as regular working days.
• RBI clarifies that daily OTC limit of Rs10,000 is not applicable on withdrawals by interbank
transfers, post offices, airport money changers and white label ATM manufacturers. RBI says
payment systems such as NEFT (National Electronic Funds Transfer), RTGS (Real-time
gross settlement systems) and cheque clearing will remain open on 12 and 13 November.
• RBI asks banks and other financial services companies to offer pre-paid instruments to
foreign tourists in exchange of foreign exchange tendered.RBI asks banks to monitor and
report amounts debited to bank accounts and instances of counterfeit notes while exchanging.
RBI says government departments may be allowed to withdraw more than Rs10, 000 a day
OTC, after submitting request in writing and at the discretion of branch officer. RBI issues
statement reassuring the public at large about availability of cash in the banking system, asks
them to maintain patience and exchange currency at convenience. RBI urges public to utilize
alternative payment facilities.
• RBI revises daily exchange limit to Rs. 4, 500, ATM withdrawal limit to Rs. 2,500 and
weekly OTC withdrawal limit to Rs.24,000. RBI asks banks to make separate queues for old
and disabled bank customers. RBI asks banks to monitor and report daily withdrawals by
bank account holders at ATMs and OTC.
• RBI asks banks to waive ATM charges on withdrawals between 10 November and 30
December. RBI constitutes task force to oversee recalibration and reactivation of ATMs,
under deputy governor S.S. Mundra. RBI allows current account holders to withdraw up to
16
Rs.50, 000 a week, all in Rs. 2,000 denomination notes. RBI allows banks to hire retired
employees for a short period of time to reduce work load at branches. RBI asks banks to open
bank accounts for workers at plantations, sugar cooperatives, dairy farms and other such
groups. RBI asks banks to use mobile vans to allow exchange, deposit and withdrawal
services in unbanked areas.
• RBI asks banks to use indelible ink on right index finger of customers who have exchanged
cash at their counters, to avoid repeated requests.RBI asks banks to collect PAN (permanent
account number) details of customers depositing more than Rs.50,000 in bank accounts not
seeded with PAN.
• RBI revises limit for OTC exchange to Rs .2, 000, available only once to a person.RBI
reiterates the availability of cash and asks customers to maintain patience and not hoard
cash.RBI allows merchants to enable withdrawal facility of up to Rs.2, 000 per day at their
point of sale terminals, without any charges.RBI refuses to change ATM withdrawal limits
from Rs.2, 500.
• RBI announces that banks have received Rs 5.44 trillion worth old high-denomination notes
through deposits and exchange services.RBI allows farmers to withdraw up to Rs25,000 a
week from their loan or deposit accounts. RBI allows traders registered with APMC
(agricultural produce market committee) and mandis to withdraw up to Rs.50, 000 a week
from their current accounts as well.
• RBI enhances limits on prepaid payments services providers to load up to Rs20,000, instead
of Rs10,000 before.RBI asks banks to not accept demonetized notes in small savings
schemes.
• RBI discontinues old currency exchange services at banks and allows it only at RBI counters.
RBI asks banks to ensure adequate cash supply for pensioners and armed forces personnel.
RBI asks banks to use the deposit guarantee facility to move old currency notes from
branches and decongest them.
• RBI allows exchange of up to Rs.5, 000 per week for foreign tourists visiting India. RBI
reiterates weekly withdrawal limit of Rs.24, 000. RBI asks banks to maintain 100% cash
reserve ratio on deposits garnered between 16 September and 11 November to manage excess
liquidity.
17
• RBI introduces district-level deposit guarantee scheme for branches to maintain old high-
denomination notes they have.
• RBI states that banks have garnered old high-denomination currency notes worth Rs8.45
trillion in deposits and exchange services from 10-27 November. RBI allows withdrawals
beyond the Rs24,000 weekly limit to the limit of customers deposit legal tender in their bank
accounts.
• RBI limits withdrawals from Jan Dhan accounts to Rs10, 000 per month. RBI allows higher
withdrawals from Jan Dhan accounts at the discretion of branch managers.
• RBI warns banks to not consider any fake guidelines being circulated in social media and
only refer to the central bank’s website for clarity. RBI announces revision of ceiling under
market stabilization scheme (MSS) to Rs 6 trillion from Rs 300 billion to manage excess
liquidity. RBI advises large banks to equally distribute currency notes in their currency chests
to their own branches and other smaller banks.
Operational and Implementation Issue of Demonetization
The government is facing a lot of operational difficulties and implementation is a major problem
due to the scale of the issue. Since 86% of the money in circulation was constituted by 500 and
1,000 denominated notes, this has put a temporary and instantaneous brake to a portion of the
economy.
The plan of government to facilitate exchange of currency and deposit excess cash with Banks
failed partially due to factors beyond control. Exchanging/depositing money of population of 125
crore people is a herculean task.
The issue worsened as most of the ATMs ran dry due to unavailability of cash in the form of 100
rupee notes. The ATM machines are not calibrated to dispense new currency notes of 500 and
2000 which are smaller in size. Further, ATM machines required new programming to
understand the 2000 note denomination and daily limit.
18
Critics call it bad planning, was it so? Answer is not at all. Any planned calibration exercise prior
to demonetization would have surely defeated the move. Secrecy has no acquaintances; any one
acquainted with secrecy is its first enemy. More are the acquaintances lesser are the chances of
survival for secrecy.
Social and Economic Impact of Demonetization
I. Tax:
Having closed the voluntary disclosure window for undisclosed money, it has been reported that
government will keep a close watch on deposits over Rs 2 lakh in cash. This would mean
increased tax net, higher tax collection and a better tax to GDP ratio. As the money gets
accounted and more taxes are collected, government might be tempted to reduce tax rates going
forward.
II. Interest rates:

One of the biggest impacts of demonetization would be high value transactions, especially land
and gold. This would result in lower inflation, tempting the central bank to reduce interest rates.
But the bigger impact on interest rates will be the liquidity with which banks will be flushed.
CLSA’s points out that banks would benefit with higher CASA (current account savings
account) growth as a part of the $ 190 billion cash pile gets deposited with them. Higher deposit
growth and continuing weak credit growth would create opportunities for lending rate cuts and
investment activities to pick-up.
III. Liquidity:
Movement of goods and money will be hit in the short. Wholesale channel forms over 40% of
the sales for the Indian consumer firms. This channel works mainly on cash transactions and will
likely witness liquidity constraints in the near term. This could disrupt the supply chain and
impact growth in the December quarter.
19
IV. GST:
Demonetization comes at an important as the country heads to a new tax regime with the
implementation of GST. Demonetization would increase the tax net and along with GST result in
reduction of black money generation. Along with GST, demonetization will lead to a higher
tax/GDP ratio, says CLSA.
V. Financial Assets:
As money lying idle comes in the main economy it would move to higher yielding and liquid
assets. Money is likely to move to financial assets from gold, precious metals, real estate and
plain cash. Equities might reflect the panic in the economy in the short term, but the move is will
be beneficial in the long run say most of the broker’s report and expert comments.
VI. Effect on parallel economy:

The removal of these 500 and 1000 notes and replacement of the same with new 500 and 2000
Rupee Notes is expected to remove black money from the economy as they will be blocked since
the owners will not be in a position to deposit the same in the banks, Temporarily stall the
circulation of large volume of counterfeit currency and curb the funding for anti-social elements
like smuggling, terrorism, espionage, etc.
VII. Effect on Money Supply:

With the older 500 and 1000 Rupees notes being scrapped, until the new 500 and 2000 Rupees
notes get widely circulated in the market, money supply is expected to reduce in the short run.
To the extent that black money does not re-enter the system, reserve money and hence money
supply will decrease permanently. However gradually as the new notes get circulated in the
market and the mismatch gets corrected, money supply will pick up.
VIII. Effect on Prices:

The Price level is expected to be lowered due to moderation from demand side. This demand
driven fall in prices will be mainly in consumer goods and real state. Prices of consumer goods
20
are expected to fall only marginally due to moderation in demand as use of cards and cheques
would compensate for some purchases. Real Estate and Property prices in this sector are largely
expected to fall, especially for sales of properties where major part of the transaction is cash
based, rather than based on banks transfer or cheque transactions. In the medium term, however
the prices in this sector could regain some levels as developers rebalance their prices. The Indian
real estate market which is largely fragmented and unorganized has had a reputation of being a
safe haven for black money and therefore we expect to see impact on period of time till the
market adjusts to a new normal. It will not have any impact on the primary residential segment as
the buyers in this sector are driven by mortgage. The impact will be felt in the secondary market
and the unorganised developers’ community where there were still cash dealing. Prices coming
down to more reasonable levels in the housing market cannot be ruled out. In the immediate
future, the sector will be under serious pressure with volume and number of transactions in
residential and land markets seeing a substantial downward trend. This decision along with real
estate regulatory law, GST and Real Estate Investment Trusts would further improve
transparency and increase investor confidence in the real estate market.
IX. Effect on Various Economic Entities:

With cash transaction lowering in the short run, until the new notes are spread widely into
circulation, certain sections of the society could face short term disruptions in facilitation of their
transactions. These sections are agriculture and related sector, Small traders, SME, Services
Sector, households, political Parties, professionals etc.
X. Effect on GDP:
The GDP formation could be impacted by this measure with reduction in the consumption
demand. However with the recent rise in festival demand is expected to offset this fall in overall
impact. Moreover, this expected impact on GDP may not be significant as some of this demand
will only be deferred and re-enter the stream once the cash situation becomes normal.
21
XI. Effect on Banks:

As directed by the Government, the 500 and 1000 Rupee notes which now cease to be legal
tender are to be deposited or exchanged in banks (subject to certain limits). This will
automatically lead to more amounts being deposited in Savings and Current Account of
commercial banks. This in turn will enhance the liquidity position of the banks, which can be
utilised further for lending purposes. However, to the extent that households have held on to
these funds for emergency purposes, there would be withdrawals at the second stage.
XII. Effect on Online Transactions:

With cash transactions facing a reduction, alternative forms of payment will see a surge in
demand. Digital transaction systems, E wallets and apps, online transactions using E banking,
usage of Plastic money (Debit and Credit Cards) etc. will definitely see substantial increase in
demand. This should eventually lead to strengthening of such systems and the infrastructure
required.
XIII. Impact on housing finance:

With demand down and lower property prices are going to impact loan to value ratio, increasing
the risk of portfolio. Further chances that cash will be a thing of past in property deals, while
actual price may go down, book prices will increase. With no black cash chasing the property,
demand is going to go down further. Another factor that earlier lead people to buy multiple flats
for various reasons, benami properties becoming risky and all payments through accounted
money is likely to reduce demand from this segment as well. This will put pressure on housing
finance companies.
XIV. Impact on RBI:

As the bank deposits increase, the banks will deposit excess money with the RBI. RBI will have
to pay interest on these bank deposits thus adversely impacting its profitability, unless the same
can be lent to government.
22
XV. Low spending on subsidies:

Linking of Ration cards, Aadhar card with bank accounts and PAN card is one of the best step
taken by the government. This has ensured that to the extent possible, none of the subsidy spend
goes to non-deserving person. Thus, people who were taking government subsidies based on
counterfeit income certificates etc. will now be marked by the government and leakage of
subsidies meant for poor will come down.
XVI. Risk of future Credit Defaults:

It is expected that there could be drop in the income in form of cash disposable income could be
reduced and may put pressure on EMI payments. The actual impact will only be known once
situation stabilizes
XVII. Real Estate Prices:

It is common knowledge that barring few exceptions, property transactions had cash component
as an integral part of the deal. With Benami properties becoming risky, cash being not available
to buyers and demand for real estate is bound to suffer. With such a parallel cash payment
system, out of the mainstream now will lead to decrease in demand and subsequently in property
prices.
XVIII. Purchasing Power and currency in circulation:

Public has purchasing power through bank deposits, cash in hand and in extreme case through
liquidation of assets. The demonetisation will impact purchasing power available in form of cash
in hand. At present cash in hand can be broadly divided into two buckets- cash in hand but in
circulation and cash in hand but hoarded and not in circulation on daily basis. Most families have
some cash hoarded for future rainy days. Both types of cash can be further bucketed into
legitimate cash and illegitimate cash. With the demonetisation drive almost all legitimate cash
will come back to system either in form of deposits or exchange of currency. A very small
portion may not come as public may miss dead line or are unable to deposit as they may not be
able to justify high cash hoarded.
23
Conclusion
Demonetisation is an initiative to mitigate the problems of black money and counterfeit notes,
but it should be immediately followed by remonetisation as government of India has introduced
new notes of Rs 500 and Rs 2000. Our efforts should be directed more towards e-banking
channels and e-commerce in order to support government and also to achieve sustainable growth
of Indian economy. It is early to evaluate the long term impact of demonetisation on Indian
economy as major reflections are yet to come in-front which might be favorable or unfavorable.
Hence we can only speculate future macroeconomic effects of demonetisation.
References
1. Mali,V.(2016). Demonetization : Step towards modified India. International journal of
economics and management, 2(12), 35-36.
2. Sinha, A & Rai, D (2016). Aftermath ofdemonetization on rural population. International
journal of research in economics and social science, 6(11), 223-228.
3. Ramdurg,A.I. & Basavraj, C.S. (2016). Demonetization : Redefining Indian economy.
International journal of commerce and management, 2(12), 7-12.
4. Singh, P. & Singh, V. (2016). Impact of demonetization on Indian economy,
International conference on recent innovation in science, technology, management &
environment, New Delhi, 2016. New Delhi: Indian federation of united nation
association.
Webliography
5. http://www.sesgovernance.com/pdf/home-reports/Demonetization-
India%E2%80%99s%20BLEXIT%20Black%20Cash%20EXIT.pdf
6. https://www.reliancemutual.com/LearnAndInvest/WhatsNew/Duration-Funds-View-Post-
Demonetization.pdf
7. http://www.geojit.com/Admin/NewsMedia/Demonetization%20%20a%20game%20changer%20
for%20the%20economy%20and%20markets.pdf
8. http://www.businesstoday.in/current/economy-politics/top-economists-are-divided-on-
demonetisation-who-said-what/story/241412.html
24
9. http://blogs.timesofindia.indiatimes.com/cash-flow/demonetization-in-1946-and-1978-stories-
from-the-past/
10. http://www.livemint.com/Industry/WWhlfsa3RUvtFmOTvAAAHJ/RBI-notifications-on-
demonetisation-since-8-November.html
25
Teaching Effectiveness and Strategies: A Promotional Tool for

Entrepreneurship Education Programmes in Multicultural
Perspective
Arun Saxena
Assistant Professor,
Prestige Institute of Management and Research, Indore
Abstract
Entrepreneurship plays a vital role in social and economic development of the society and education is the
most important pillar for the development of the entire nation. Thus, business schools and universities are
paying their attention to promote entrepreneurship education programmes. But these programmes are
being provided at numerous levels and there is a great need to assess the effectiveness of these
programmes for different diversified cultures. Culture and teaching strategy play an important role in this
area and it can be considered as a wise contribution in theory as well as in practice. The aim of this
research is to find out the relation of different cultures and ethnicity, along with teaching methodology of
courses and to suggest the most appropriate strategy for entrepreneurship education in multicultural
classrooms.
Key Words: Teaching Effectiveness, Teaching Strategy, Entrepreneurship Education, Multicultural

Business Schools.
Introduction
Business schools and universities are welcoming and registering the application forms from various
countries which result in different ethnicity and culture in the same class as students are coming from
diversified cultures. Different Multicultural teaching styles are then not just about being politically
correct, but rather should focus on effectiveness and opportunities for students to exchange cultural
experiences that will enable them to operate in a global context. In order to do that, the research is
primarily focused on cultural variations and an appropriate teaching strategy for Entrepreneurship
Education Programmes(EEPs). It is also the duty of the specialised teachers to teach effectively and
promote strategically for welfare and development of the students. Entrepreneurship in an international
context is gaining interest but there is a lack of literature in the multicultural area and now there is a need
26
for demystifying the subtle aspects of research in the same area by different countries, so that the
relationship between entrepreneurial skills and cultural difference can be more clearly identified. Critical
factors for the academy to establish and legitimize entrepreneurship education as effective instrument for
economic development therefore lie in the development of a theory of entrepreneurship and on the
capability in pushing the surrounding entrepreneurial communities to be a learning environment for
research and education. The purpose of this paper is to provide an overview of contemporary trends in
educational evaluation and the challenges specifically associated with the assessment
of entrepreneurship education programs. It proposes practical considerations for faculty and
administrators involved in developing assessment initiatives for entrepreneurship education programs,
including, the importance of reaching consensus on learning outcomes, the use of a stakeholder‐driven
approach for setting assessment priorities, and the need to allocate resources to assessment initiatives so
they can be sustained in long term.
Review of Literature
Stanford University economist Edward Lazear (2005) found in his study that variety in education and
work experience was the most important trait that distinguished entrepreneurs from non-entrepreneurs.
Uschi Backes-Gellner (2013) found that a diverse social network was also important in distinguishing
students that would go on to become entrepreneurs. Ruskovaara, Mattila and Rytkola (2010) found that
“teachers do not know enough about the curricula or the education strategy” Entrepreneurship education
is an area where lots of research is required to teach someone ‘how to be an entrepreneur’ is a critical
process. To teach entrepreneurship should be based on the combination of theoretical and practical
knowledge. A person who is only involved in teaching and has not any experience to run the enterprise is
not an appropriate and at the same time that is quite successful in business need not necessarily can guide
another person about entrepreneurship (Fayolle, Gailly and Clerc, 2006). “There is a lack of research
regarding the outcomes of entrepreneurship (Block and Stumpf, 1992; Garavan and O’Cinnedie, 1994;
Hoing, 2004) and significant methodological concerns have been raised regarding that issue” (Hindle and
Cuttlig, 2002, Peterman and Kennedy, 2003).
Entrepreneurship education is a popular intervention around the world, supported by private groups,
governments, and development organizations as a way to help young people develop skills that allow
them to create jobs for themselves and others (World Economic Forum, 2011; Valerio et al., 2013). It has
been argued that the earlier students are exposed to entrepreneurship, the more likely they will be to
exhibit entrepreneurial traits later in life (Kourilsky and Walstad, 1998). Entrepreneurship education is
27
often cited as a possible antecedent to economic growth as it stimulates innovation and job creation
(Hanesmark, 1998). One of the anticipated, but untested, longer-term effects of entrepreneurship
education programs (EEP) for youths and young adults is the creation of a new generation of responsible
entrepreneurs (McKenzie & Woodruff, 2012; Valerio et al., 2013). Increasingly, youth entrepreneurship
education programs are being funded and developed around the globe as countries adopt strategies to
promote and incorporate EEPs in their national education frameworks. Despite the universal surge in
popularity of youth EEPs, little evaluative work of their impact has been conducted (Valerio et al., 2013;
Henry et al., 2005a; Henry et al., 2005b; Peterman et al., 2003).
Sulkowski and Deakin (2009) state that to consider international students are important in terms of
teaching and monitoring students from different cultural backgrounds. Most of the colleges and
Universities are struggling to find strategies to tackle a class of students from various cultural
backgrounds. Marchesani and Adams (1992) also lamented that due to lack of understanding of, or
possibly ignorance of, cultural influences on learning, many university lectures tend to replicate
unexamined ideas about appropriate teaching practices in a multicultural classroom. Failing to understand
the implications of culture on students’ approaches to learning, behaviour towards lectures and peers is
likely to result in misconceptions about their motivation and intellectual abilities. For example ‘to be
critic ‘is appreciated in some culture but in other cultures this practice is not much appreciated. In some
cultures learners are expected to have a good idea about their research project but in other culture guides
are responsible to show the path to the learner students who go to other countries for their higher studies
sometimes take long time to understand the teaching patters on another country and in the meantime
tutors make different opinion about them. It is very much essential to consider the culture of the learners
while designing the course.
Deakin and Sulkowski’s (2007) initial research suggested a reflection of Hofstede’s (1980) dimensions in
students’ attitudes and behaviour, whereby a number of findings could be related with the previous data.
It is interesting to see the findings which are based on the relation to students’ attitudes to learning and
teaching, views of the tutor-student interaction and preferred teaching and learning method. There seems
to be widespread recognition that entrepreneurship is the engine driving the economy and society of most
nations (Brock and Evans, 1989; Acs, 1992; Carree and Thurik, 2002).
For Entrepreneurship Education Programmes (EEPs) particular Vesper and Gartner (1997) listed 18
criteria, ranked in order of importance by expert respondents. The top five criteria were:
28
1. The number of courses offered

2. Publication by teachers
3. Impact on the community
4. Venture creation by students and young graduates; and
5. Resulting innovations
However teaching strategy should also be considered in the list because it is very much relevant to
produce effective results. At the same time to give a good importance to culture also open various
avenues to work towards effectiveness of EEPs. Though entrepreneurship is not a new concept, it has
gained increasing interest and research attention over the past 15 years: today entrepreneurship is
considered the essential lever to cope with the new competitive landscape (Hitt and Reed, 2000).
Sulkowski & Deakin (2009) found the positive relationship between culture and learning approaches and
recommended that further studies should focus more into the influence of culture on students’ learning
experiences. In their study they found a number of underlying reasons to explain the challenges
international students are facing in British Universities. The frequent were:
1. Language problems (Beaver and Tuck, 1999; Maxwell et al., 2000; Robertson et al., 2000)
2. A mismatch between teaching and preferred learning styles (Chan, 1999; De Vita, 2001,
Robertson et al., 2000).
3. Unsuitable assessment methods (De Vita, 2002)
4. Differing views about the interaction between lecturers and students and among peers
(Buthcher and McGrath 2004; Maxwell et. al, 2000).
5. Cultural distance may lead to alienation from the system resulting in low levels of confidence
and disruptive behaviour (Gunara ,2000)
Approach towards Learning and Teaching
An alternative approach is action-based entrepreneurship education programs. This is sometimes also

labelled as venture creation programs (VCP). In these programs the students launch a new business as an
integral part of the learning process. The main interest of the students migrating towards multicultural
learning programs is the intense desire to learn out of traditional learning. The initial study conducted by
Deakin and Sulkowski (2007) showed that: Students from acquired cultures with comparatively high
scores in power distance, collectivism and long term orientation perceived that there career would be
influenced by their family, Generally, students from a collectivist background placed more emphasis on
improving their standing with their peers than students from individualistic cultures who were found to
29
act largely out of self-interest, were comparatively less reluctant to stand out in the classroom and seemed
more self-contained. Both in literature and practice there is sometimes confusion between the terms
‘entrepreneurship’, ‘enterprise’ and ‘small business’ (Alberti,1999).
International Dimensions in Entrepreneurship Education and Training
The major problem relates to balance like much of an emphasis on knowledge and not on competence;
too much emphasis on information transfer learning methods and not on individual small group learning
methods such as project teams, peer exchange, individual counselling and workshops. There is very little
evaluation of the effectiveness of such programmes. There is a lack of evidence on how learning
strategies influence the development of entrepreneurial competences and how these competences transfer
into new project/venture formation. There is also a lack of comparative research to identify
commonalities, and differences in terms of design and structure.
Globalization and Effective Entrepreneurship Education Program Strategy
Globalization of human capital through international migration is no longer about global physical
presence only; it is also about global applicability of skills across various fields of specialization. This
marks the main characteristics of skilled migration from India to developed countries in the twenty-first
century. The focus is shifting away from professionals in specific occupations, like doctors, engineers,
scientists, architects, bankers, to information technology (IT) professionals embodying, in a way, more
generic skills. In other words, it is the generic applicability of information and communications
technology (ICT) which has led to large-scale migration of Indians skilled in IT. Moreover, the exodus
comprises not only the fully trained and educated workers going abroad for employment, but also students
- the semi-finished human capital - pursuing higher education in onshore as well as offshore universities
of the developed countries.
The new emigration is directed towards traditional host countries in the West such as the UK,
Canada, and the US, but also towards newly emerging destinations in continental Europe
(Germany, France, Belgium, Italy, Denmark), Australasia (Australia, New Zealand), East Asia
(Japan, Republic of Korea), and South-East Asia (Singapore, Malaysia).By using mainly current
information and informal data as reported in the media, this article perceives emerging trends
and changes in the context of the global labour market for skills, and suggests a possible
framework towards evolving strategies of remedial development.
30
Effective Implication of Entrepreneurship in Multicultural Perspective
The results of this study imply that unique cultural context has differentiate the “knowledge and ability of
venture creation,” “recognition of the importance of entrepreneurship education” and “intention of
overseas venture creation with teamwork.” Moreover, the impact of entrepreneurship education in each
country is different because of each country’s unique culture in regards to entrepreneurship. This study
also analyzes the entrepreneurship education between college students. Entrepreneurship education and
teaching strategy provides students motivation, knowledge, and skills. The U.S. is quite familiar with
entrepreneurship. On the other hand countries like Japan, China and India recently announced its plan to
launch entrepreneurship education to improvise teaching strategy and effectiveness. American
entrepreneurs are great cultivators of entrepreneurial programs, have greatly contributed to economic
growth within the U.S. by creating and successfully managing effectiveness of education program by
ferreting the multi cultural teaching desires and aspects.
Conclusion
Entrepreneurship Education Programmes EEPs are very important nowadays and different courses are
provided by different countries and universities at various levels. However there is lack of knowledge in
this field of appropriate teaching strategy and pedagogy for the courses and according to the need of the
participants. It is important to do more research efforts in this area so that the participants, aspirants and
sponsored organization can achieve their goals. Relation of entrepreneurship with culture is a well known
field and entrepreneurship education is also gaining attention in this century but the challenge is to find
out the appropriate teaching strategy for entrepreneurship education programmes which can fit in a
multicultural classrooms. Moreover such programmes must be promoted and implicated in an organised
way by universities and colleges at international platform.
References:
• Alberti, F. (1999). Entrepreneurship Education. Scope and Theory. In Salvato, C., Davidsson, P.,
and Persson, A. (eds), Entrepreneurial knowledge and learning. JIBS Research Report No.
5/1999, Jönköping: JIBS Ltd.
• Beaver, B. and Tuck, B. (1999) The adjustment of overseas students at a tertiary Institution in
New Zealand. Conference Paper, presented at the HERDSA Annual Interest Conference,
Melbourne, 12-15 July
31
• Block, Z. and Stumpf, S.A. (1992). Entrepreneurship Education Research: Experience and
Challenge.In Sexton D. L. and Kasarda J. D. (eds.), The State of the Art of Entrepreneurship.
PWS-Kent Publishing Company.
• Brock, W.A. and Evans D.S. (1986), The Economics of Small Businesses: Their Role and
Regulation in the U.S. Economy, New York: Holmes and Meier.
• Butcher, A. & McGrath, T. (2004) International students in New Zealand: needs and responses.
International Educational Journal. Vol. 5, No. 4; pp 540 – 551
• Carree, M. A. and Thurik A.R. (2000). The impact of entrepreneurship on economic growth. In
Audretsch, D.B. and Acs, Z.J. (eds.) Handbook of Entrepreneurship, Boston: Kluwer Academic
Publishers.
• Carree, M.A. and Thurik A.R. (1999a), Industrial structure and economic growth, in: D.B.
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33
Building High Performance Institute through ICT: A SWOT Analysis
Authors Profile
1. Prachi Nikam
Assistant Professor
SVIM,Indore
E-Mail-devkar.prachi@gmail.com
m-9893951564
2. Dr Kshama Ganjiwale
Associate Professor
SVIM, Indore
E-Mail-kshama2424@gmail.com
m-9981507273
ABSTRACT
ICT has become a part and parcel of life. The discoveries and inventions in science and
technology have improved the speed of communication. By making use of available tools, ICT is
helping common man to fulfill his needs. It has become integral part of new era. ICTs provide an
array of powerful tools that may help in transforming the present isolated teacher-centered and
text - bound classrooms into rich, student – focused, interactive knowledge environment.
“Any technology which increase the rate of learning would enable the teacher to teach less and
the learner to learn more”
Globalisation has bought many challenges in developing countries and information and
communication revolution is one of the major challenges amongst them. And it is important for
developing countries to prepare their people, societies and government for this revolution.
Government organizations, policy makers, non- governmental organizations, educationists and
even common citizens are concerned with the importance and need to make their country and
society competitive enough in the information and communication revolution;ICT is basically
the study of Information, Communication and Technology. ICTs are set of tools and resources
used to create, gather, communicate, process store and manage information or data. Information
and communication technology is the major reason behind the economic growth period of last
two decades. This study analyze use of ICT IN management Institution with the help of SWOT
generates a new perspective that in consonance with changing paradigms of technology as a
learning tool; it becomes mandatory for the faculty to be well versed with technology so as to
facilitate and guide learning through technology.
34
“Technology will not have a significant impact on student learning until teachers change the way
they teach.”Larry Cuban, 1986.
Key Words: Management Institute, ICT, Student Learning and Knowledge Environment
INTRODUCTION
According to a United Nations report (1999) ICTs cover Internet service provision,
telecommunications equipment and services, information technology equipment and services,
media and broadcasting, libraries and documentation centres, commercial information providers,
network-based information services, and other related information and communication activities.
According to UNESCO (2002) information and communication technology (ICT) may be
regarded as the combination of ‘Informatics technology’ with other related technology,
specifically communication technology.
The various kinds of ICT products available and having relevance to education, such as
teleconferencing, email, audio conferencing, television lessons, radio broadcasts, interactive
radio counselling, interactive voice response system, audiocassettes and CD RO Ms etc have
been used in education for different purposes (Sharma, 2003; Sanyal, 2001; Bhattacharya and
Sharma, 2007).
All the sectors of economy witnessed an increased use of ICTs because of globalisation and
technology innovations and education is no exception. ICTs uses in education sector is
increasing and growing continuously across the globe.
BACKGROUND TO THE STUDY
Knowledge is power and education is fundamental to the development of a dynamic labour force
capable of accessing and integrating knowledge into social and economic activities and
participating in today’s global economy. With the evolution of Information Communication
Technology (ICT), the delivery of education and training is changing rapidly. ICT is affecting
university education and how research is conducted. It is currently being used effectively in
higher education for information access and delivery in libraries, for research, development, for
communication, teaching and learning (Jacobsen, 1998).
In the last few years, the extent of ICT usage in the world at large has increased dramatically.
For instance, the web is used for various purposes; from surfing for pleasure to finding
information. The availability of ICT, its ease of use and the numerous immediate needs it can
meet, have turned it into a key player culturally and socially in the 21st Century (Beno, 2009).
ICT is seen as a diverse set of technological tools and resources used to communicate, create,
disseminate, store and manage information (Tinio, 2003), which include radio, television, video,
digital versatile device (DVD), telephone, radio, satellite systems, management information
systems, computer and network, hardware and software, as well as the services associated with
them, such as videoconferencing and electronic mail.
35
Mbakwem (2008) observed that ICT is all about the technologies that aid in the communication
process of passing messages from the sender to the receiver. Also, Okenwa (2008) concurs that
technologies have advanced the development of communication and multimedia equipment that
are capable of accepting data, processing data into information and storing both the data and 4
information for future use and reference purposes. He noted that computer-based technologies
include: teleconferencing machines, computers, electronic books (e-books), computer graphics
technology, instructional satellite, video conferencing and web television. Nevertheless,
innovation in teaching and learning, especially in view of the changing context of higher
education, is inevitable (Clarke, 2003).
According to McKenzie et al. (2000), many of the reasons for this vulnerability include the
concerns about poor access to the network, faculty members’ dispositions to change, innovation
adoption and general unwillingness to move out of their comfort zones and develop new skills
and competencies in order to be able to cope with new phenomena.
REVIEW OF LITERATURE
This review of literature focuses on engagement theory which advocates for ICT-based education
which keeps learners involved in hands-on activities by the use of computer technology. This is
supported by Motamedi and Sumrall (2000) in Tuckman and Monetti (2011, p. 502) who
contend that “the use of computer has contributed significantly to the recent success of the
mastery learning/teaching approach.” Tuckman (2000) in Tuckman and Monetti (2011) contend
that “the use of computer-mediated class activities resulted in significantly better results than
teaching the class in a traditional way. In talking about effect of computers on what people learn,
Gagne et al (2005, p. 209) suggest that “many ideas and topics that have been left out of school
curricular because of the limitation of traditional instructional media and delivery methods, such
as blackboard, paper and pencils, and books, can now be introduced.
Particularly, this section concentrates on four variables namely; competence, application,

perception and the place of ICT integration on student behavioral change.
Engagement theory has emerged from the authors' experiences of teaching in electronic and
distance education environments (Shneiderman, 1998; Shneiderman et al, 1995 & Kearsley,
1997). The fundamental idea underlying engagement theory is that students must be
meaningfully engaged in learning activities through interaction with others and worthwhile tasks.
While in principle, such engagement could occur without the use of technology, it is believed
that technology can facilitate engagement in ways which are otherwise difficult to achieve. So
engagement theory is intended to be a conceptual framework for technology-based learning and
teaching and hence, a guide of this study. Although not directly derived from other theoretical
frameworks for learning, it has much in common with many such frameworks. For example,
with its emphasis on meaningful learning, it is very consistent with constructivist approaches.
36
Because it emphasizes collaboration among peers and a community of learners, it can be aligned
with situated learning theories. Because it focuses on experiential and self-directed learning, it is
similar in nature to theories of adult learning (Kearsley, 1997).
Integration of Information Communication Technology (ICT) in higher education is of

paramount importance in combating digital divide which Gagne, Wager, Golas, and Keller
(2005) define as the gap between those who have access to and those who do not have access to
information technology. In addressing the issue of digital divide, Marshal and Taylor (2005, p. 2)
indicated that “Unless we get a greater level of access and adoption of ICT for education… we
will miss the opportunity to turn the "digital divide into a digital opportunity… particularly for
those who risk being left behind and being further marginalized.” ICT-Based education can be
described as a system of instruction that involves combination of computers (Information
Technology) and communication technologies. The term involves “everyday use of computers
for the production of teaching materials … used in a standard classroom situation to the
transnational linking of learners around the planet for a shared learning experience that would
have been quite impossible a generation ago” (Fallows and Bhanot, 2005, p. 1). Slavin (2009)
contends that word processors, electronic spreadsheets, and presentation software are the most
common electronic technologies that educators can use for instruction. Moore (2009, p. 208)
holds that “computer use in the class can highly be motivational. Computers tend to increase
student self confidence and determination. Indeed when computers are integrated into the content
areas, learners are more apt to learn.”
The coming of information and communication technology brings about a paradigm shift in the
process of teaching and learning from teacher centered to student centered whereby the teacher
passes the information quicker and in a more understandable manner (Ajoku, 2014). Yusufu,
Kajuru and Musa (2014) support this when they say the potential powers of computer usage in
the teaching/learning process have contributed to a change from traditional instructional methods
to modern ways of teaching which emphasize on learner’s active participation. According to
constructivism point of view, learners have to create their own knowledge under the guidance of
the teacher; thus, the role of the teacher changes from teaching to facilitation.
As the world is speedily changing from analog to digital technology, mode of delivery in higher
education system needs to change in order to adopt current trends. This is supported by Wilen-
Daugenti and McKee (2008), who came up with the document of Cisco Internet Business
Solutions Group (IBSG) regarding key trends for higher education in the 21st century, along
with the role of technology in each. The document stipulates that adults of 18–26 ages are the
first to adopt new technologies and bring these technologies onto higher education system,
expecting their schools to have the infrastructure to support the latest technologies. “Because
students spend much of their time online, university professors should see the value of posting
37
academic materials on … popular sites where students can download and interact with the course
materials in a location where they also seek entertainment” (Ibid, p. 6). This background places
ICT-based education at the top most importance in the contemporary society of teachers and
learners in higher education.
The essence of ICT-based education in contemporary time is advocated by a number of writers

and researchers. Larkin and Chabay (1992) regard ICT-based education as a system that provides
an opportunity for online data reporting with which both teachers and students can follow
individual progress. The study of Sharma, Gandhar and Sharma (2011) concludes that ICT-based
education helps to keep students updated and enhances teachers capacity, creating a live contact
between the teacher and the learner through internet, emails and e-learning. Joy and Ishikaku
(2012, p. 68) argue that “teachers whose responsibility is to build the nation through their
transfer of knowledge and skills acquired through education and training must be ICT competent.
It will be of no sense to talk about integration of ICT without looking at educators’ competence.
ICT competence is one of important prerequisites for effective ICT integration in teaching-
learning transaction. Gagne et al (2005, p. 2009) hold that “people need to be technologically
literate in order to use electronic resources such as internet, search engines, internet development
tools.” Even when Higher Education Institutions are well furnished with ICT resources, it will be
of no benefit if educators do not have sufficient knowledge on how to integrate the resources. It
should also be clear that, it is not enough for educators to have ICT skills and be able to use them
in teaching their students. Instead, they need to be able to help the students become collaborative,
problem-solving and creative learners through ICT integration so that they will be prepared to be
effective citizens and members of the society.
38
IMPACT OF ICT:
On the curriculum
On teaching/learning process
On teacher’s role
On educational management
On assessment/evaluation
Students accept more responsibility for their own learning and its assessment, developing
expertise in the process. Teacher application of curriculum can be monitored by analyzing test
results. This can be used by teachers for assessing and improving their own performance meeting
state and national standards.
SWOT Analysis of ICT
STRENGTH WEAKNESS
• All teachers are using IT to create • Continuous support from technical

educational materials staff is needed for selection and
• Trans-disciplinary approach to installation of necessary hardware
education and software.
• IT directs the learning process • Lack of training to teachers for
towards reality using ICTS.
• It is a strategy based on active • Private and social preference of
learning traditional classroom teaching
• An important role in the because lack of physical presence
collaborative construction of may lead to indiscipline and
teaching and learninig unpunctuality among students.
• Positive effects by stimulating self- • ICTs may lead to lack of genuine
esteem work because availability of data
• It offers the proper frame for the may lead to piracy.
developing of the complex • A layman cannot understand the
cognitive capacities. use of highly technical software.
• ICTs with the facility of E- learning • The initial set up of ICTs and the
has helped thousands of people subscription of e-books and e-
across the globe who cannot avail journals is very costly.
the benefits of higher education due • Lack of availability of quality
to several constraints like time, teachers to apply ICT to education.
cost, geographical location, age, • The colleges at rural locations lack
language etc. basic infrastructures such as
• ICT has enhanced the quality of classrooms, internet connectivity
39
education and it also focuses on etc.

teacher training to develop their
own teaching material with the help
of online teaching resources and it
has a positive impact on the
professional development of
teachers.
• With the use of ICTs the overall
efficiency of educational sector has
enhanced.
• Management and administration in
the colleges has improved with the
help of ICTs.
• Paper and wastage of resources is
saved through ICTs.
• Creative skills are developed
amongst the students and teachers.
OPPORTUNITIES THREAT
• Teaching across the curriculum • The students associate the computer

• Collaborative teaching with PC games and tend to treat
• Strong support from the local them not seriously enough
Authorities to increase the use of • Internet is an important means of
ICT information, but information is
• In-training courses for the teachers redundant sometimes and may
based on the use of ICT in the generate chaos
classes . • Teachers may have the tendency to
• Exposure to technologies: as the use ICT just for the sake of it,
students use the websites and ignoring the need to use it
gadgets frequently they will be combined with the traditional
more upgraded technologically. methods
• Access to experts, professional s
and leaders in any field across the
globe has became easier with the
help if ICTs.
• Many leading universities across
the globe are offering some of their
courses through ICTs and teachers
are now able to reach to the remote
40
areas and the learners are able to

access qualitative learning
environment from anywhere ant at
anytime (Distance education).
• Student performance can be related
to curriculum content as the ICT
helps to develop and upgrade the
curriculum as per the industry
requirements.
Higher education has undergone profound transformation due to recent technological
advancements. Resultantly Management Institute students have a strong base to utilize
information technology for their professional development. Studies over recent past reflect a
striking change in pattern of technology usage amongst management students expanding
prospects exponentially by e-books, science apps, readymade power-point presentations,
evidence based medicine, Wikipedia, etc. Technology in higher education and to gauge
student’s dependence on the same for seeking knowledge and information. ICT use amongst
management students is a part of their daily routine. Most of the students actually depend on
it for ready retrieval of information. They are proficient in using technology and feel that it
should be a mandatory part of higher education curriculum not only to learn how to use it
efficiently, but also to realize its fallacies and inadequacies.
CONCLUSION
ICT Integration is important in combating digital divide, bringing about digital opportunity
and paradigm shift from teacher centred to student centred learning, whereby the teacher
passes the information quicker and in a more understandable manner. There is a need to
foresee the role of technology in education and take appropriate measures to equip the
stakeholders for adequate and optimum application of the same. Incorporation of need based
basic information technology training as a part of medical curriculum should be pondered
upon. A judicious admixture of time tested and newer technologies in teaching learning
should be emphasized to make learning an enjoyable and memorable experience. Finally, the
study established a positive and strong relationship between competence and application of
ICT in teaching-learning transaction. This implies that the higher the competence, the
likelihood of educators to integrate ICT in teaching-learning transaction.
41
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44
Change Management in Indian Banking Industry

Rachna Kacchwah
Ph.D Scholar, Shri Vaishnav school of Management
Dr. Rajeev K. Shukla

Director, Shri Vaishnav school of Management,
Abstract
The focus of this paper is to analyze organizational change management in Indian Banking
Industry. And the main objective is to determine the strategic change approaches that may
influence organizational effectiveness. This study explored public and private sector employee
perceptions regarding what strategies are required to create change that achieves desired results
in public and private sector organizations. Literatures and documents relevant to the problem
were exhaustively reviewed in order to provide a theoretical foundation upon which the
recommendations were made. The theoretical framework for this study is the Lewin’s Three-
Step Model recommended by Kurt Lewin. This study concludes with an identification of
proposed future areas for research to complement the finding outlined.
Keywords: Change Management, strategies, effectiveness, Human Resource.
Introduction
In the dynamic environment the Indian economy is getting integrated with the rest of the world.
This induces the demands of corporate sector for banking services which will definitely change
in size, quality and its composition. The globalization has brought competition in the Indian
banking domestically and internationally too. This process of reforms has brought competition
not only from India but also from overseas. In order to compete with these competitors, Indian
banking sector has tried to reorganize by adopting various strategies. These strategies includes
mergers, acquisitions, spin off, joint ventures, diversities etc. There are many models that can be
used for successful organizational change. Public and private sector banks adapt those models
according to their need. Some adapt, learn and act quickly and some try to control and master
change in the environment. It is important for the managers to identify and use a model for
transformation that will help their organizations survive and grow in the next century.
45
Literature Review
Ron Coram and Bernard Burnes (2001) believe that no “one best way” (p. 96) to manage
organizational change exists. They argue that no single approach is suitable for all circumstances
and objectives; so they propose the following two approaches to change management: the
planned approach and the emergent approach. Wyatt Warner Burke (2008) states that cultural
factors function in this model to influence leadership, with links to organizational performance,
mission and strategy, and the external environment. Burke believes that cultural dynamics
influence the process of organizational change and thus should be considered at the beginning
stages of a change. Lau and Woodman (1995) indicated that each individual determines through
his/her perceptual filters whether change is a threat or a benefit. Each individual’s unique
“schema” of what change is or of what change represents adds to the formulation of attitudes and
reactions to change. Barell, Savaie and Mennier, (2007) concluded in their study despite these
low success rates, organizations still continue with the organizational changes in an attempt to
adapt and respond to the changing economic conditions, technological innovations, customer and
client expectations and a shifting workforce. It was estimated that 56% of organizations are
undergoing three or more complex changes at one time or another. Buyens and De Vos, (2001)
indicated that The human resource function in increasingly seen as one of the key functions in
the development and implementation of strategic responses to increasing competitive pressure as
both public and private organizations are forced to adapt to domestic and international
competition, technological advancements, slower growth and declining markets. Goodman &
Rousseau (2004) detail the reasoning behind the second step of linkage analysis, mapping the
change pathway in order to identify obstacles, as a way to provide a, “positive feedback system
where knowledge sharing improves engagement performance, which leads to more knowledge
sharing, which, in turn, accelerates knowledge sharing and the subsequent cycle.” Price &
Chahal (2005) list “communications and workforce engagement” as step number four in their
six-step process.
46
Managing Organizational Change
In the dynamic environment the Indian economy is getting integrated with the rest of the world.
This induces the demands of corporate sector for banking services which will definitely change
in size, quality and its composition. The globalization has brought competition in the Indian
banking domestically and internationally too. This process of reforms has brought competition
not only from India but also from overseas. In order to compete with these competitors, Indian
banking sector has tried to reorganize by adopting various strategies. These strategies includes
mergers, acquisitions, spin off, joint ventures, diversities etc.
Besides improvement in cost and profit efficiency, merger and acquisition could also lead to
increase in its customers, employees, and turnover and reduces NPA, eliminated loss making
departments. It also increases banks services in terms of branches, ATMs, off shoring, overseas
markets, core banking.
The thrust of ongoing banking sector reforms has been to improve productivity and efficiency of
the industry on a sustained basis. Consolidation of banks through and acquisition is the next step
in the industry’s advancement. As the bottom lines of banks come under increasing pressure and
the option for organic growth exhaust, banks in India will have to innovate to expand
inorganically. The country’s accelerated economic expansion will unleash the forces of
consolidation of the banking industry in future.
Public and private both the sector banks can adapt the Lewin’s three step model for change
management. In Lewin.s Model, there is a stipulation for three distinct steps in change
management if it is to be effective. Those are unfreezing the present, moving from the present
and freezing. If this model is not followed, then changes will be short-lived. In other words, you
can cause needed change to occur. However, in order for change to be permanent, you must
dismantle the present (and the capability to move back to the present), move from the present to
the future and put in place the people and processes to ensure permanency (Lewin, 1951). This
model is still relevant in terms of what to do. However, the speed at which it must be done has
increased dramatically. Lewin.s Model is one for planned change, not responses to unplanned
47
change. Yet it is applicable when unplanned change occurs, particularly if we know in advance
that there is some probability that the change will occur.
Change Management Strategies
Price & Chahal (2005) developed a strategy for change management based off literature review,
case studies, interviews, and personal experience. Their strategy incorporates six steps: (1)
Prepare the organization, (2) Develop the vision and implementation plan, (3) Check or review,
(4) Communicate and build workforce engagement, (5) Implement, (6) Evaluate. Price and
Chahal (2005) recognize that the process made need adjustment and feel that adjustment can
occur at the local level. They also see the whole process as a continuing circle that eventually
becomes the driver for a new change. Schmidt & Jackson‟s (2005) feel a balance culture is key
to managing change. They define culture as, “how you get things done” and include examples
such as, “Execute and operationalize your vision and strategy; Communicate internally and
externally; Solve problems and make decisions; and Launch and support teams and run
meetings.” Building a balanced culture is broken down into six key steps: (1) Create urgency –
address points of pain, (2) Establish direction, (3) Charter a change team, (4) communicate, (5)
Align and empower leaders and employees, (6) Align infrastructure and increase accountability.
Schmidt and Jackson (2005) believe that once leaders are educated in the process of balancing
culture they can use that culture as a “rocket booster of change.”
Conclusion
All organizations go through change. Some organizations proactively opt to change to take
advantage of new growth and opportunities; other organizations are forced to quickly change to
survive and remain competitive. Successful organizational change management requires a
commitment to transform from what an organization is into what it wants to be. Organizations
need more than a model that simply help an organization move from the current state to a future
state. The management should encourage change process in the banking organizations. The rate
of organizational change has not slowed in recent years, and may even be increasing. The rapid
and continual innovation in technology is driving changes to organizational systems and
48
processes. Many companies spend a lot of time and effort to accept new economic trends, while
others adopt them easily. To strategically enhance the business competitive advantage, HR needs
to master how to lead the change process now and in the future. HR needs to be effective to
implement change and monitor its progress.
REFERENCES
1. Anuradha Chawla, E. Kevin Kelloway, (2004). Predicting openness and commitment to
change. Leadership & Organization Development Journal, Emerald Group Publishing,
25, 6, pp 485-498.
2. Becker, B.E., Huselid, M.A. and Ulrich, D. (2001), The HR Scorecard: Linking People,
Strategy, and Performance, Harvard Business School Press, Boston, MA.
3. Beckhard, R. and Harris, R. (1987), Organizational Transitions: Managing Complex
Change,Addison-Wesley Publishing Company, Reading, MA.
4. Burke, W.W. (1982), Organization Development: Principles and Practices, Little, Brown,
Boston,MA.
5. Burke, W.W. (2002), Organization Change: Theory and Practice, Sage, Thousand Oaks,
CA.
6. Collins, J.C. and Porras, J.I. (1997), Built to Last: Successful Habits of Visionary
Companies, HarperCollins Business, New York, NY.
7. Cunningham, J.B. (1976), “Action research: toward a procedural model”, Human
Relations, Vol. 19No. 3, pp. 215-38.
8. Cunningham, J.B. (1993), Action Research and Organizational Development, Praeger,
Westport, CT.
9. Eisenhower, D.D. (1957), speech to the National Defence Executive Reserve in
Washington, DC,
10. Ferguson, A. Employee engagement: does it exist, and if so, how does it relate to
performance, other constructs and individual differences. Macquarie University,
www.lifethatworks.com/Employee-Engagement.prn.pdf.
11. Gilbert, C. and Bower, J.L. (2002), “Disruptive change: when trying hard is part of the
problem”, Harvard Business Review, May, pp. 94-101.
49
12. Guy, G.R. & Beaman, K.V. (2005). Effecting change in business enterprises: Current
trends in change management. The Conference Board.
13. Hammer, M. and Champy, J. (1993), Reengineering the Corporation: A Manifesto for
Business Revolution, Harper Business, New York, NY.
14. Herman, S.M. (1970), The Organization as an Iceberg: Proceedings of Organizational
Development Network Conference, Chicago, IL, September.
15. Kahn, W.A. (1990). Psychological conditions of personal engagement and
disengagement at work. Academy of Management Journal, 33, 4, pp 692-724.
16. Kotter, J.P. (1990, 2007), “Leading change: why transformation efforts fail”, Harvard
Business Review, March-April, pp. 56-67.
17. Lewin, K. (1969), “Quasi-stationary social equilibria and the problem of permanent
change”, in Bennis, W.G., Benne, K.D. and Chin, R. (Eds), The Planning of Change,
Holt, Rinehart & Winston, New York, NY.
18. MacNamara, M. and Weekes, W.H. (1982), “The action learning model of experiential
learning for developing managers”, Human Relations, Vol. 35 No. 10, pp. 879-901.
19. Miles, R.E. (1965) Human Relations or Human Resources? Harvard Business Review. 43
(4): 148-157.
20. Price, A.D.F & Chahal, K. (2006). A strategic framework for change management.
Loughborough University-Construction Management and Economics, 24, pp 237–251.
21. Revans, R.W. (1981), “The nature of action learning”, Omega, Vol. 9, pp. 9-24.
50

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Management Board: Shri Devendra Kumar Muchhal - Chairman, SVIM, Indore

Shri Kailashchandra Agar - Vice-Chairman, SVIM, Indore

Advisory Board: Dr. Upinder Dhar -Vice Chancellor - Chairman

S. No PAPER TITLE & AUTHOR Page No

2 Social and Economic Impact of India’s Demonetization Fiasco – A Study 12-24

3 Teaching Effectiveness and Strategies: A Promotional Tool for 25-33

4 Building High Performance Institute through ICT: A SWOT Analysis 34-44

5 Change Management in Indian Banking Industry 45-50

A Study on Consumer Perception Towards Maggi Noodles Pre and

Instant Noodles and its Market

World Wild consumption of Instant Noodles –

Instant noodles are been consumed

Maggi Instant Noodles

Maggi market share before ban -

FSSAI Ban Maggi Noodles is India

Maggi Strategies to Come Back in the Market

• They had decorated the shelves with stickers and posters.

• Set up 24x7 toll-free consumer services to connect with the customers

Maggi Market Share (2016 - After come back)

Objectives of the Study

People reaction on re-launch

Repurchase after re-launch of Maggi-

Challenger to Nestle Maggi

Patanjali Atta Noodles

FSSAI Slaps a Notice to Patanjali

Sr.No Name of ingredient Maggie Patanjali

Unethical Practices Done By This Organization

• Ghoshal Moloy , Vohra Megha, “The Recent Controversy on Maggi: Myth or

Social and Economic Impact of India’s Demonetization Fiasco

GHANA 1982 UNSUCCESSFUL AND MADE ECONOMY

MYANMAR 1987 UNSUCCESSFUL BECAUSE OF MASS PROTEST

SOVIET UNION 1991 UNSUCCESSFUL

AUSTRALIA 1996 NO SIDE EFFECTS AS IT WAS JUST TO

NORTH KOREA 2010 UNSUCCESSFUL

ZIMBABVE 2015 UNSUCCESSFUL

PAKISTAN 2016 UNSUCCESSFUL

There is divided view of economist on demonetization which was enacted by government of

"Demonetization was ostensibly implemented to combat corruption, terrorism financing and

History of Indian Demonetization

Notification on Demonetization by RBI for Currency Exchange from 8

Operational and Implementation Issue of Demonetization

Social and Economic Impact of Demonetization

II. Interest rates:

VI. Effect on parallel economy:

VII. Effect on Money Supply:

VIII. Effect on Prices:

IX. Effect on Various Economic Entities:

XI. Effect on Banks:

XII. Effect on Online Transactions:

XIII. Impact on housing finance:

XIV. Impact on RBI:

XV. Low spending on subsidies:

XVI. Risk of future Credit Defaults:

XVII. Real Estate Prices:

XVIII. Purchasing Power and currency in circulation:

Teaching Effectiveness and Strategies: A Promotional Tool for

Key Words: Teaching Effectiveness, Teaching Strategy, Entrepreneurship Education, Multicultural

1. The number of courses offered

Approach towards Learning and Teaching

An alternative approach is action-based entrepreneurship education programs. This is sometimes also

International Dimensions in Entrepreneurship Education and Training

Globalization and Effective Entrepreneurship Education Program Strategy

Effective Implication of Entrepreneurship in Multicultural Perspective