India’s Outward Foreign Direct Investment: Closed Doors to Open Souk

Abstract: Spectacular liberalisation of trade and investment policies opened the floodgate of capital flows in and out of India from the mid 1990s. This colossal capital flows facilitated the rapid economic growth and raised the country’s profile as one of the super powers in the region. The recent surge of outward foreign direct investment (OFDI) from India has a significant balance of payments as well as enormous socio economic effect in securing the country’s position as a new economic power in the global context. Since the study on the OFDI is sparse, this paper attempts to contribute to the literature by examining the major determinants of OFDI from India using the cointegration and Vector Error Correction Model over 1970 and 2009. The results of our study indicate that the dramatic financial and trade liberalisation has instigated the gigantic outflow of investment and acquisition by India’s firms. Furthermore, the domestic economic environment including the growing human capital stocks, increasing international competitiveness, large influx of inflow of foreign capital and increased domestic savings are positively and significantly influencing India’s huge outward capital flows in recent decade. However, improvement in domestic technological capabilities, rising standard of living and increased interest rates are deterrents to the OFDI of the country in the long run. Granger causality test also indicates that while all the above mentioned independent variables are Granger causing OFDI, nevertheless, outward FDI does not Granger cause any of the factors determining the OFDI from India.Keywords: Inward FDI, Outward FDI, Economic Growth, India, Cointegration, VECM, Endogeniety test, Granger Causality Test

Real Exchange Rates and International Competitiveness of SAAR Countries: An Analysis of Bangladesh, India, Pakistan and Sri-Lanka for 1960-2000

In an attempt to measure the intra and international trade competitiveness, we construct the indices of real exchange rate (RER), the conventional measure of competitiveness, for four major South Asian Association of Regional Cooperation (SAARC) nations using annual data for the period of 1960-2000. The objective of the study is to examine the performances of the sampled countries especially after the economic reforms through trade liberalisation that have been taken place under South Asian Preferential Trading Arrangement (SAPTA) and comparing the evolution in Bangladesh, India, Pakistan and Sri Lanka. Our empirical results reveal that in terms of intra regional trade the smaller countries, namely Bangladesh and Sri Lanka reap the higher gains from openness in their trade regime. However, Bangladesh and India gained international competitiveness not until mid 1990s. Movements of Real exchange rates for Pakistan and Sri Lanka indicate that trade liberalisation efforts did not seem to have much positive gain in terms of international trade.SAARC, SAPTA, SAFTA, Trading Bloc, Intra- and international Competitiveness, Real exchange rate, Openness in trade regime

Mineralogical Constraints on Beneficiation of Low-grade Iron Ores: Case Studies from Jharkhand and Goa

Due to increasing demand of iron ores in India, much emphasis is given on beneficiating low-grade iron ores with a cut-off of +52% Fe instead of the traditional cut-off grade of +58% Fe. In such an attempt we have characterized bulk low-grade iron ores from two different sectors namely, Gua area in the state of Jharkhand and iron ore mines from southern Goa. An integrated instrumental method of characterization using optical microscope (OM), scanning electron microscope (SEM, +EDAX), and X-ray diffraction (XRD) reveal that while the Goan low-grade ores are mineralogically simple consisting primarily of martite and quartz, the ores from Jharkhand are complex consisting of hematite, goethite, clay, quartz, and gibbsite. The tenor/grade of the Goan ore is much less (~43% Fe) compared to the ore of Jharkhand which contains ~54% Fe. Alumina (Al2O3) which is the main problem in the low-grade ores of Jarkhand or generally in Eastern India is found to occur associated with clay, gibbsite and as adsorption in goethite. Textural evidences indicate that while it may be possible to remove these gangue phases from the inter-granular pore spaces it will be quite difficult to liberate the intra-granular impurities that are bound within hematite and goethite in micron levels. On the contrary, these problems do not occur in the studied Goan ores where the iron-bearing phases are not chemically contaminated and are liberated well by comminution. These mineralogical studies indicate that though the Goan ores are low in Fe content, these can be beneficiated to get a higher grade (+63% Fe) with a high recovery while it will be difficult to improve the Jharkhand ores to similar grade with higher yield

Macroeconomic impact of remittances and the Dutch Disease in a developing country

The magnitude of the flow of remittances to a developing country like Bangladesh and their rate of growth has become a significant factor in its economy. The huge flow of remittances affects the production sector and employment structure, as well as the scale of external trade competitiveness of the economy as measured by the real exchange rate (RER). Movement of the RER from its equilibrium position is very important and is also crucial in identifying the factors most influencing this movement. Using Johansen cointegration and Vector Error Correction models, this study has found that the flow of remittances is appreciating the RER and decreasing the external trade competitiveness of Bangladesh; thus, the procedure is slowly bringing about deterioration in the economy of Bangladesh, a process known as Dutch Disease. To counter this, a gradual relaxation of the trade barrier plus promotion of external trade diversification and diversion of the remittances flow from non-tradable sectors to priority investment areas will counteract the adverse consequences of remittances on the Bangladeshi economy in the long run

A study of fetal outcome in patients with premature rupture of membranes with gestational age more than 28 weeks

Background: Premature rupture of membranes is rupture of membranes before the onset of labour irrespective of gestational age. If it occurs before 37 weeks, it is called as preterm premature rupture of membranes (PPROM). Once PROM delivery is inevitable, so neonatal prognosis depends on gestational age at which PROM occurs. Neonatal complications include prematurity and its complications mainly, also pulmonary hypoplasia due to severe oligohydramnios, skeletal and joint deformities to foetus due to compression, increased risk of neurodevelopmental impairment and neonatal white matter damage. PROM is a still one of the most difficult and controversial problems in obstetrics. Methods: A prospective longitudinal study was conducted in Department of Obstetrics and Gynaecology at a tertiary care hospital from 2021 to 2023 (18 months). A total of 275 patients admitted with complaints of per vaginal leaking with gestational age more than 28 weeks were studied. A multivariate analysis was used to find association between PROM and foetal outcome. Results: In this study, 57% (157) new-borns had birth weight >2.5 kgs, 60% (166) new-borns had APGAR score 8/10, 71% (196) new-borns were term, 40% (109) had NICU stay, 6% (17) had respiratory distress syndrome (RDS), 3% (8) had neonatal sepsis, 2% (6) had neonatal hypoglycaemia and perinatal mortality rate was 1% (3). Conclusions: Once there is PROM, delivery is imminent. Neonatal outcome can be improved significantly after administration of steroids and antibiotics. To get that time short term tocolysis can be used. During that time foeto-maternal monitoring should be done for early detection of chorioamnionitis. Looking after preterm infants puts an immense pressure on family, economy and health care resources. The prevention of PROM is difficult so more focus should be on management of PROM

Sub aortic fibro muscular ridge with congenital bicuspid aortic valve

Congenital bicuspid aortic valve stenosis is estimated to occur in 1 to 2% of general population, making it the single most common congenital cardiac anomaly, but in association with fibro muscular sub aortic ridge (fibro muscular collar) is a rare combination of congenital cardiac anomalies. We present here a rare case of sub aortic fibro muscular ridge that is associated with congenital bicuspid aortic valve

India’s Outward Foreign Direct Investment: Closed Doors to Open Souk

Abstract: Spectacular liberalisation of trade and investment policies opened the floodgate of capital flows in and out of India from the mid 1990s. This colossal capital flows facilitated the rapid economic growth and raised the country’s profile as one of the super powers in the region. The recent surge of outward foreign direct investment (OFDI) from India has a significant balance of payments as well as enormous socio economic effect in securing the country’s position as a new economic power in the global context. Since the study on the OFDI is sparse, this paper attempts to contribute to the literature by examining the major determinants of OFDI from India using the cointegration and Vector Error Correction Model over 1970 and 2009. The results of our study indicate that the dramatic financial and trade liberalisation has instigated the gigantic outflow of investment and acquisition by India’s firms. Furthermore, the domestic economic environment including the growing human capital stocks, increasing international competitiveness, large influx of inflow of foreign capital and increased domestic savings are positively and significantly influencing India’s huge outward capital flows in recent decade. However, improvement in domestic technological capabilities, rising standard of living and increased interest rates are deterrents to the OFDI of the country in the long run. Granger causality test also indicates that while all the above mentioned independent variables are Granger causing OFDI, nevertheless, outward FDI does not Granger cause any of the factors determining the OFDI from India

India’s Outward Foreign Direct Investment: Closed Doors to Open Souk

Abstract: Spectacular liberalisation of trade and investment policies opened the floodgate of capital flows in and out of India from the mid 1990s. This colossal capital flows facilitated the rapid economic growth and raised the country’s profile as one of the super powers in the region. The recent surge of outward foreign direct investment (OFDI) from India has a significant balance of payments as well as enormous socio economic effect in securing the country’s position as a new economic power in the global context. Since the study on the OFDI is sparse, this paper attempts to contribute to the literature by examining the major determinants of OFDI from India using the cointegration and Vector Error Correction Model over 1970 and 2009. The results of our study indicate that the dramatic financial and trade liberalisation has instigated the gigantic outflow of investment and acquisition by India’s firms. Furthermore, the domestic economic environment including the growing human capital stocks, increasing international competitiveness, large influx of inflow of foreign capital and increased domestic savings are positively and significantly influencing India’s huge outward capital flows in recent decade. However, improvement in domestic technological capabilities, rising standard of living and increased interest rates are deterrents to the OFDI of the country in the long run. Granger causality test also indicates that while all the above mentioned independent variables are Granger causing OFDI, nevertheless, outward FDI does not Granger cause any of the factors determining the OFDI from India