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Working Papers | 2010

Leveraging the Integration of Sales Career Cycle with Brand Life Cycle in Indian Pharmaceutical Firms

Basant Kumar Purohit

This working paper confines its scope to performance of National Agricultural Insurance Scheme (NAIS). It examines the progress of NAIS in India and in one selected state, Gujarat. The two dimensions considered are coverage over time and across the states. It is further disaggregated for different seasons. The performance was studied with respect to number of performance indicators, namely, farmers covered, area covered, sum insured, premium collected, subsidy to small farmers, claims made and farmers benefited. The state-wise performance gives the comparative picture of NAIS among the states. Detailed performance was studied for Gujarat. Again the progress was examined over time and among the districts. Though the data shows impressive growth over time it cannot be termed as satisfactory. The coverage of area as well as loanee farmers has been disappointing. The scheme has many flaws. The mandatory aspect has not been appreciated by farmers.

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Working Papers | 2010

Performance of NAIS

Gurdev Singh

This working paper confines its scope to performance of National Agricultural Insurance Scheme (NAIS). It examines the progress of NAIS in India and in one selected state, Gujarat. The two dimensions considered are coverage over time and across the states. It is further disaggregated for different seasons. The performance was studied with respect to number of performance indicators, namely, farmers covered, area covered, sum insured, premium collected, subsidy to small farmers, claims made and farmers benefited. The state-wise performance gives the comparative picture of NAIS among the states. Detailed performance was studied for Gujarat. Again the progress was examined over time and among the districts. Though the data shows impressive growth over time it cannot be termed as satisfactory. The coverage of area as well as loanee farmers has been disappointing. The scheme has many flaws. The mandatory aspect has not been appreciated by farmers.

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Working Papers | 2010

Crop Insurance in India

Gurdev Singh

This working paper discusses the dependence of Indian agriculture on uncertain rains. In addition the farmers experience other production risks as well as marketing risks related to different crop enterprises and for different agro-climatic regions and areas. It then argues on the need for crop insurance as an alternative to manage production risk. It then takes up the historical overview of crop insurance products and their performance. It is followed by the discussion on the currently available crop insurance products for specific crops and regions. It discusses at length the two important products, namely, National Agricultural Insurance Scheme and Weather Based Insurance Scheme. It also reflects on some deficiencies in these products.

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Working Papers | 2010

Executive Blogging: Indian Corporate Heads in the Blogosphere

Smeeta Mishra and Kannan Rajesh

This study analyzes the content, usability, interactivity and connectivity of Indian executive blogs. Results indicate that among the Indian CEOs and top executives who blog, most are associated with the Information Technology and Internet sectors. A content analysis of the blogs shows that popular blogging topics include industry outlook, technology trends and tips, current affairs and insights on the economy. Executives working with privately-held companies blog more about their personal lives and topics such as entrepreneurship, marketing and advertising, and entertainment than those with public companies. The blog posts of these executives are often in the nature of individual opinions. The executives also provide actionable tips on various topics and products on their blog. While the blogs score high in the interactivity category and do reasonably well in the usability category, most suffer from poor connectivity in terms of providing links to other blogs and websites in the blogroll. Indian executive bloggers need to break out of their isolation and get better exposure by improving connectivity.

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Working Papers | 2010

IIMA in HealthCare Management:
Abstract of Publications (2000-2010)

K. V. Ramani, Poonam Trivedi, and Imran Malek

The Indian Institute of Management, Ahmedabad (IIMA), was established in 1961 as an autonomous institution by the Government of India in collaboration with the Government of Gujarat and Indian industry.

IIMA's involvement in the health sector started with the establishment of the Public Systems Group in 1975. In the initial period, our research focused on the management of primary healthcare services and family planning. We expanded our research activities to include the management of secondary healthcare services in the 80s and to tertiary healthcare services in the 90s. Currently our research interests focus on the governance and management issues in the areas on Rural Health, Urban Health, Public Health and Hospital Management.

In June 2004, IIMA Board approved the setting up of a Centre for Management Health Services (CMHS) in recognition of IIMA's contributions to the health sector in the past and the felt need to strengthen the management of health sector in the context of socio-economic developments of our country. The overall objectives of CMHS are to address the managerial challenges in the delivery of health services to respond to the needs of different segments of our population efficiently and effectively, build institutions of excellence in the health sector, and influence health policies and wider environments. All our research projects are externally funded and we have developed research collaborations with 15-20 international universities in USA, UK, Europe, and Asia. CMHS has also established strong linkages with the Ministry of Health and Family Welfare at the national and state government levels, particularly in the states of Gujarat, Maharashtra, Rajasthan, Madhya Pradesh, Chattisgarh, Orissa, and Bihar.

This working paper is a compilation of the abstracts of all our publications in the last 10 years, which include 40 referred journal articles, 54 Working Papers, 19 Chapters in Books and 18 Case Studies.

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Working Papers | 2010

Economics and Efficiency of Organic Farming vis-à-vis Conventional Farming in India

Charyulu Kumara D. and Subho Biswas

Organic farming systems have attracted increasing attention over the last one decade because they are perceived to offer some solutions to the problems currently besetting the agricultural sector. Organic farming has the potential to provide benefits in terms of environmental protection, conservation of non-renewable resources and improved food quality. India is bestowed with lot of potential to produce all varieties of organic products due to its diverse agro-climatic regions. In several parts of the country, the inherited tradition of organic farming is an added advantage. This holds promise for the organic producers to tap the market which is growing steadily in the domestic market related to the export market. In India, the land under certification is around 2.8 million ha. But, there is considerable latent interest among farmers in conversion to organic farming. However, some farmers are reluctant to convert because of the perceived high costs and risks involved in organic farming. Despite the attention which has been paid to organic farming over the last few years, very little accessible information actually exists on the costs and returns of organic farming in India. The empirical evidences of efficiency analysis of organic and conventional farming systems are scarce or even absent. So, the present paper focuses mainly on the issues like economics and efficiency of organic farming vis-à-vis conventional farming in India. Four states namely Gujarat, Maharashtra, Punjab and U.P were purposively selected for the present study. Similarly, four major crops i.e., cotton, sugarcane, paddy and wheat were chosen for comparison. A model based non-parametric Data Envelopment Analysis (DEA) was used for analyzing the efficiency of the farming systems. The crop economics results showed a mixed response. Overall, it is concluded that the unit cost of production is lower in organic farming in case of cotton and sugarcane crops where as the same is lower in conventional farming for paddy and wheat crops. The DEA efficiency analysis conducted on different crops indicated that the efficiency levels are lower in organic farming when compared to conventional farming, relative to their production frontiers. The results conclude that there is ample scope for increasing the efficiency under organic farms.

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Working Papers | 2010

Price Impact of Block Trades and Price Behavior Surrounding Block Trades in Indian Capital Market

Sobhesh Kumar Agarwalla and Ajay Pandey

We analyze the permanent (information effect) and temporary (liquidity effect) impact of block trades transacted in the National Stock Exchange of India. Block trades are identified using multiple criteria based on trade value and trade volume. Overall, the permanent price impact is more for block purchases than for block sales indicating that block purchases are more informative than block sales, which may be motivated by liquidity need. Unlike in other markets, we observe that the temporary impact is greater than the permanent impact in case of block purchase.
We classify the block trades as All-or-None (AON) and Not-AON trades depending on the number of transactions through which a block order is executed. As expected, the price impact is higher for Not-AON trades as compared to AON trades (which can be assumed to be pre-negotiated trades). Further, arrival of multiple block trades increases market confidence on the information. The permanent price impact is higher for days where there are more than one block trade of similar nature than for days with only one block trade.
To analyze the speed of market response to the information associated with block trades, we have used the 'transaction time event approach', as used by Holthausen et al. (1990). We find that the prices start increasing (front running) 8 minutes before block purchases but not in case of block sales i.e. some information about the impending block purchase is factored in by the market when the block trade is for purchases. Further, in the case of block sales, prices revert quickly leaving very small permanent price impact.

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Working Papers | 2010

Efficiency of Organic Input Units under NPOF Scheme in India

Charyulu Kumara D. and Subho Biswas

India had developed a vast and rich traditional agricultural knowledge since ancient times and presently finding solutions to problems created by over use of agrochemicals. Todays' modern farming is not sustainable in consonance with economics, ecology, equity, energy and socio-cultural dimensions. The entire agricultural community is trying to find out an alternative sustainable farming system, which is ecologically sound, economically and socially acceptable. Sustainable agriculture is unifying concept, which considers ecological, environmental, philosophical, ethical and social impacts, balanced with cost effectiveness.The answer to the problem probably lies in returning to our own roots. Traditional agricultural practices, which are, based on natural and organic methods of farming offer several effective, feasible and cost effective solutions to most of the basic problems being faced in conventional farming system. With having such a due importance of organic farming in India, the government has initiated the programs like National Programme for Organic Production (NPOP) in 2000 and National Project on Organic Farming (NPOF) in 2004. Availability of quality organic inputs is critical for success of organic farming in the country. Setting up of organic input units are being financed as credit-linked and back-ended subsidy through NABARD and NCDC under NPOF Capital investment subsidy scheme. Three types of organic input production units namely; fruit/vegetable waste units, bio-fertilizer unit and vermi-hatchery units are being subsidized @ 25 per cent of their total project costs respectively. Around 455 vermi-hatchery units, 31 bio-fertilizer units and 10 fruit and vegetable waste units were sanctioned across different states by NABARD till May, 2009. But, NCDC has so far sanctioned only two bio-fertilizer units in Maharashtra state. This paper made a humble attempt to know the present status of these units, capacity utilization and their efficiency. A sample of 40 vermi-hatchery units were selected for the present study from four states namely; Gujarat, Maharashtra, Punjab and U.P respectively based on their weights in total population. A model based non-parametric Data Envelopment Analysis (DEA) was used for analyzing the efficiency of organic input units. Multiple regression models are also used to estimate the drivers for efficiency in vermi-hatchery units. The average installed capacity of the sample unit was 150 TPA. But, the mean production was around 76.2 TPA. The average capacity utilization rate was only 50.8 per cent which indicates nearly half of its full potential. Across different states, this value was the highest in Maharashtra (124.6%) followed by U.P (70.0%), Punjab (22.0%) and Gujarat (16.1%). The main reasons for low capacity utilization were lack of demand, poor production skills and insufficient infrastructure. The estimated mean technical, allocative and economic efficiencies of sample vermi-hatchery units under DEA-CRS model were 63.7, 50.95 and 32.95 per cent respectively. The results clearly indicate the low technical, allocative and economic efficiency of sample units. Correspondingly, the mean values for DEA-VRS model were 83.39, 59.42 and 50.24 per cent. These values conclude that organic inputs are suffering from both allocative inefficiency as well as scale inefficiency. Factors like size of the unit, contribution of family labor have shown positive relation with technical as well as scale-efficiencies. Participation in the training programs was also enhancing technical efficiency. The age of the unit and subsidies discouraged the scale-efficiency.

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Working Papers | 2010

Commercialisation of Microfinance in India: A Discussion on the Emperor's Apparel

Sriram M S

The paper looks at the growth and commercialization of microfinance in India. It starts out be looking at how the commercial microfinance has evolved internationally by discussing two specific examples and then moves on to examine the specifics cases of four large microfinance institutions in India.

The basic argument of the paper is that most of the early microfinance in India happened through donor and philanthropic funds. These funds came in to not-for-profit organizations. However as the activities scaled up, it was imperative to move to a commercial format. The paper examines the growth imperatives and the transformation processes.

The paper then proceeds to look at the implications of the transformation process and its effect on the personal enrichment of the promoters of MFI as well as the governance implications. Basically it questions the moral and ethical fabric on which some to the large microfinance institutions are built. It ends by answering a set of questions that may emanate out of this discussion.

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Working Papers | 2010

Reform of the Fiscal and Subsidy Regime for the Petroleum Sector (Based on a Report Commissioned by the Petroleum
Federation of India)

Sebastian Morris, Jayanth R. Varma, and Samir K. Barua

Reform of the oil sector is long overdue. The problems in the sector emanate from the structure of central taxes and the system of subsidisation through prices. Solutions to the problems necessarily have to address both tax and subsidy simultaneously. The social losses include, misuse / wasteful use of scarce petroleum resources, diversion, adulteration, other avoidable negative externalities, improper substitution between products, tax arbitrage, distortion of consumer preferences and input choices of industries, and international cross hauling of petroleum. Nearly all these costs, and problems arise not because of subsidisation per se but due to the use of varying retail prices that are used to subsidise. Prices for the same product vary for different consumers besides. They also vary across products. These tax /subsidy variations are the root cause of nearly all problems in the sector. Autonomous price variations (i.e. those resulting from the actions of firms (under a regime of non-distortionary subsidies) would be small and not subject to 'arbitrage' i.e. to the realisation of rents through diversion and adulteration.
Tax reform-viz casting all taxes in the form of value added taxes has not taken place in the sector despite the passage of nearly 15 years since such reform was put in place in nearly all other sectors of manufacturing. Complete deregulation of the sector allowing oil producers, oil refiners, marketing companies, and integrated operators to price their products as they deem fit. Recast central indirect taxes (excise whether specific or ad valorem) into a value added tax, as for any other product., i.e., allowing input credit for all registered intermediate users of petroleum products is overdue. Central government revenues can be protected by working out a revenue neutral value added tax rate. This we have estimated approximately to be 110-120% of value added uniformly to all segments in the industry. Such a tax regime would also be neutral to the degree of vertical integration and remove the biases in the use of products. The Public Distribution System (PDS) is not necessary and ought to be dismantled. Kerosene would then be sold in the open market for all consumers. Kerosene could also be sold by retail outlets, kirana shops, other retail outlets, and by current PDS retailers on par with kirana shops/ ROs. Ditto for LPG. Subsidies are administered through endowments defined upfront, which allows the subsidised consumer to access his/her endowments, trade the same, convert the same into cash all without the causing any distortion. Only pipelines are subject to regulation by the Petroleum and Natural Gas Regulator.
The second best proposals involve the changes/recommendations as before but additionally creates a "Crude Price Stabilisation Fund" (CSF) that allows crude prices (both sharp rises and sudden falls) to be moderated, so that pass thru is influenced by the managers of the CSF. It is important that the CSF is set up as in independent body and insulated from the government and is governed by strict and automatic rules that make rapid price adjustment (to the market prices) necessary when the fund position is low, so that the probability of the fund going bankrupt is kept at nearly zero. A fund between $ 25 to 40 billion is envisaged. A fund of $40 billion (Rs. 200,000 crore) envisaged as a credit line would work in most situations. The fund would operate with strict limits on the quantum of the credit line used to pay out stabilization subsidies during the boom phase of the price cycle as also on the accumulated reserves built up from stabilization taxes during the bust phase of the price cycle. To ensure that such crude stabilisation measures do not affect the competitiveness of the industry exports of product (and crude) are taxed when crude is subsidised, and subsidised when crude is taxed. Appropriate conversion factors would apply. The conversion factor should be based on a refinery loss of between 10 and 7% say 8.5%.

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IIMA