Articles

This empirical inquiry delivers rigorous econometric insights into impact of social media on consumer buying behaviour in india (up to 2018) spanning 2012–2018. Using a panel of manufacturing firms from the Prowess database, we employ a dynamic panel GMM estimator to address endogeneity and persistence in productivity. The results indicate that policy support, measured by subsidies and tax incentives, positively affects total factor productivity (TFP), with a coefficient of 0.12 (t-stat = 2.45, p < 0.05). Additionally, R&D expenditure and export intensity significantly enhance TFP. The findings underscore the importance of targeted policy reforms to stimulate industrial competitiveness and sustainable growth.

Microfinance has been one of the most influential tools of financial inclusion and poverty alleviation in India since the 1990s. The Self-Help Group–Bank Linkage Program (SHG-BLP) pioneered by the National Bank for Agriculture and Rural Development (NABARD) sought to integrate marginalized women into formal banking systems by providing small collateral-free loans. By 2018, millions of women across India had joined microfinance institutions (MFIs) or self-help groups, enabling them to access credit, build assets, and participate in community decision-making. This paper examines the role of microfinance in promoting women’s empowerment up to 2018, with particular attention to decision-making autonomy, mobility, control over income, and social participation. Drawing on NABARD reports, secondary studies, and field-based surveys, the analysis demonstrates that microfinance has generated measurable gains in women’s confidence and household bargaining power. However, challenges remain, including over-indebtedness, mission drift, and uneven impacts across regions. The study concludes that microfinance is a necessary but insufficient condition for women’s empowerment, which requires integration with education, skill development, and supportive social policies. Keywords: E-Banking, Digital India, UPI, Customer Satisfaction, Mobile Banking, Internet Banking, Technology Adoption, Security, Trust, Service Quality

The expansion of e-banking in India between 2005 and 2018 represents a transformative phase in the country’s financial sector, transitioning from traditional banking practices to technology-driven services. With the introduction of internet banking, mobile banking, and the revolutionary Unified Payments Interface (UPI), banking became faster, more accessible, and more customer-oriented. This paper examines the evolution of e-banking during this period, focusing on customer satisfaction as a key measure of success. By applying models such as the Technology Acceptance Model (TAM) and SERVQUAL, the paper investigates how perceived usefulness, security, reliability, and service quality shaped consumer attitudes. Findings reveal that while younger and urban customers embraced e-banking for its speed and convenience, rural and elderly users expressed concerns about security, literacy, and infrastructure. The paper concludes that customer satisfaction was as much a function of institutional readiness and service quality as of technological innovation. Keywords: GST, MSMEs, Small Businesses, Compliance Burden, Tax Reform, Input Tax Credit, Liquidity, Digitalization, Indirect Tax, Indian Economy

Customer loyalty programs have emerged as an essential component of retail marketing strategies worldwide, including in India. With the rise of organized retail chains after liberalization and the subsequent proliferation of supermarkets, hypermarkets, and e-commerce platforms, loyalty programs became a vital tool for attracting and retaining customers. This paper examines the design, effectiveness, and challenges of loyalty programs in the Indian retail sector up to 2018. Drawing upon industry reports, academic research, and company case studies, it analyzes how loyalty initiatives such as point-based systems, discount cards, and digital apps influenced consumer behavior. The findings suggest that while loyalty programs enhanced customer engagement and repeat purchases, their long-term success depended on personalization, technological integration, and customer trust. The paper concludes that Indian retailers up to 2018 increasingly adopted hybrid loyalty models, blending traditional rewards with digital platforms, though customer stickiness remained fragile in a competitive marketplace. Keywords: Inflation, Indian Economy, Consumer Price Index, Monetary Policy, RBI, Purchasing Power, Economic Growth

Corporate governance refers to the system of rules, practices, and processes by which companies are directed and controlled. In India, corporate governance gained prominence after the economic liberalization of 1991, when increasing integration with global markets created new pressures for accountability, transparency, and investor protection. The introduction of Clause 49 of the Listing Agreement, the Companies Act of 2013, and the recommendations of committees such as those led by Kumar Mangalam Birla, Narayana Murthy, and Uday Kotak significantly shaped governance norms. This paper examines corporate governance practices in Indian companies up to 2018, analyzing the evolution of regulatory frameworks, the role of independent directors, disclosure requirements, and shareholder activism. Using secondary data from SEBI reports, corporate filings, and academic literature, the study evaluates the progress made as well as persisting challenges such as promoter dominance, weak enforcement, and corporate frauds exemplified by the Satyam scandal. The findings suggest that while regulatory reforms strengthened governance mechanisms, effective implementation and cultural change remained critical for ensuring accountability in Indian corporations. Keywords: NPAs, Indian Banking, RBI, Insolvency and Bankruptcy Code, Asset Quality Review, Public Sector Banks, Credit Growth, Financial Stability, India

Stock markets in emerging economies like India have long been characterized by volatility driven by domestic and global shocks. Investor behaviour in such contexts is shaped by a mix of economic fundamentals, policy measures, and psychological biases. This paper examines stock market volatility and investor behaviour in India up to 2018, with focus on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). It analyzes the drivers of volatility such as global financial crises, monetary policies, political events, and structural reforms including demonetization and GST. Drawing on secondary data, academic studies, and investor surveys, the study highlights herding, overreaction, and preference for short-term gains as dominant behavioural patterns among retail investors. The findings suggest that although Indian stock markets matured considerably by 2018 with stronger regulation and institutional participation, behavioural biases continued to amplify volatility, underscoring the importance of investor education and policy stability. Keywords: FDI, Liberalization, Globalization, Services Sector, Manufacturing, Make in India, Regional Disparities, Policy Reforms, UNCTAD, RBI

The Indian banking sector, comprising both public sector banks (PSBs) and private sector banks, has undergone significant transformation since the liberalization reforms of 1991. While PSBs have historically dominated the market in terms of branch outreach and deposit mobilization, private banks have increasingly gained prominence due to superior technology adoption, innovative service models, and better asset quality management. This paper examines the comparative performance of public and private banks in India up to 2018, focusing on profitability, efficiency, non-performing assets (NPAs), and customer service delivery. Using data from the Reserve Bank of India’s Report on Trend and Progress of Banking in India, annual reports of banks, and scholarly analyses, the study evaluates how these two categories responded to structural challenges such as rising NPAs, Basel norms, and digitalization. The findings suggest that while PSBs played a critical role in financial inclusion, they were constrained by high NPA levels and weak profitability. Private banks, by contrast, demonstrated higher efficiency and customer satisfaction, though their rural penetration remained limited. The study concludes that the future of Indian banking depends on leveraging the strengths of both through governance reforms, technological investments, and stronger risk management frameworks. Keywords: Microfinance, SHG, NABARD, Women Empowerment, Financial Inclusion, Credit Access, Decision-Making, Rural Development, Poverty Alleviation, India

Marketing strategies have undergone a dramatic transformation in the early twenty-first century, shifting from print, radio, and television advertising to digital platforms such as social media, search engines, and mobile applications. This paper examines the comparative dimensions of digital and traditional marketing up to 2018, focusing on reach, cost-effectiveness, customer engagement, and measurability. Drawing on secondary data from industry reports, academic research, and case studies, the study analyzes how businesses in India and globally adapted to the rise of digital media while continuing to rely on traditional channels. The findings reveal that while digital marketing provided unprecedented targeting precision and interactive capabilities, traditional marketing retained its strength in mass outreach and credibility. The paper concludes that effective marketing up to 2018 often combined both approaches, leveraging the scale of traditional media with the personalization of digital platforms. Keywords: E-Commerce, Indian Economy, Digital Transactions, Online Retail, Consumer Behavior, Technology Adoption, Digital India