Industrial Deregulation, Skill Upgrading, and Wage Inequality in India

We investigate the relationship between economic deregulation (delicensing), skill upgrading, and wage inequality during the 1980s and 1990s in India. We use a unique dataset on India's industrial licensing regime to test whether industrial deregulation during the 1980s and 1990s played a role in generating demand for skilled workers, as measured by the employment and wagebill shares of white-collar workers, and in raising the returns to skilled labor, as measured by the skill premium. Our analysis focuses not only on the difference between licensed and delicensed industries but also on the comparison of these differences during the 1980s, when India's external sector remained relatively closed to the world economy, and the 1990s, when India underwent massive liberalization reforms and became increasingly integrated with the global economy. We identify two main channels through which industrial delicensing affects the demand for skills and wage inequality: capital- and output-skill complementarities. Our analysis finds two important results. First, capital- and output-skill complementarities existed for firms in both licensed and delicensed industries but were stronger in delicensed industries both before and after 1991. The exception is output-skill complementarities with respect to the skill premium, where delicensed industries experienced lower output-skill complementarities compared to licensed ones both before and after 1991. Second, the contribution of industrial delicensing to both types of complementarities was considerably higher during the 1980s and much smaller after 1991. These results suggest that industrial delicensing benefited skilled labor via capital- and output-skill complementarities during the 1980s, the decade before India liberalized it's trade and investment regime. Thus, much of the increase in the demand for and returns to skill as a result of capital- and output-skill complementarities can be attributed to domestic reforms during the pre-1991 period in India.Capital-skill complementarities, industrial delicensing, trade liberalization, India

The Study on Investment Profiling of Retail Investors: An Empirical Examination

India is a growing economy and with this the investment needs of the people eventually grow which brings the opportunities for our capital markets to develop such products which support the financial needs of the customers. The Indian investors incorporate saving habits but being conventional in their approach they are still reluctant to make investments in modern investment options. The risk and return are the important component for an investment options and among the various investment avenues available, the investor tries to identify this important relationship. To study the same, using descriptive statistics and ANOVA we have done the investment profiling of investors for three classes i.e. business, salaried and professional class investors which explains style of individual preferences in investment decisions and their investment pattern. The results highlight that certain factors like education level, awareness about the current financial system, age of investor etc. make significant impact while deciding the investment avenue. Awareness was the biggest barrier for making investment in unconventional financial instruments. Keywords: ANOVA, Financial market, Investment pattern, Investor behavior, Investment avenues

Competing or Collaborating Siblings? Industrial and Trade Policies in India

This paper investigates the link between economic de-regulationdomestic as well as trade de-regulationand firm-level productivity using two unique data sets. We use the industrial licensing regime in India (operating from the 1950s onwards) and its gradual relaxation during the 1980s and 1990s to test whether industrial de-regulation that leads to more competition domestically, affects firm-level productivity. To our knowledge, ours is the only detailed data set on Indian industrial policy. Our firm-level data for the period 1980-94 is a census of firms in India and has been rarely used in literature. We also use the interesting chronology of reforms in India (industrial de-regulation in the 1980s and trade reforms in 1991) to test whether industries that faced more competition domestically tend to perform better when facing foreign competition. Our identification strategy uses an important institutional feature of Indian policy. Firms with assets below a certain defined rupee threshold were exempt from licensing requirements. This institutional feature provides us within-industry variation that allows us to identify the interaction between de-licensing and exemption status. We find that industrial de-regulation during the 1980s led to a significant rise in firm productivity. Further preliminary results suggest that there exists a strategic complementarity relationship between industrial and trade policiesindustries and firms that were de-licensed tend to perform better vis productivity after trade liberalization. Our results are robust to the inclusion of a wide variety of firm and industry fixed effects and controls for policies other than de-licensing that may affect productivity. This paper contributes to the literature by being the only detailed empirical analysis of the industrial licensing regime in India, especially the de-licensing that took place during the 1980s and by providing evidence of the crucial link between trade and industrial de-regulation.India, Trade liberalization, reforms, industrial policy, industrial licensing, firm-level productivity, market structure, complementarity

ANALYTICAL STUDY OF YASHTAYADI LEPA IN VIDALAKA KARMA

Lepa is considered as an important and initial Chikitsa in reference with Vranashotha chikitsa described by Acharya Sushruta and when the Lepa is applied around the outer surface of eyes it is termed as Vidalaka. Vidalaka a type of Kriyakalpa therapy which is mainly indicated in acute inflammatory conditions of eyes such as Daha (burning sensation), Updeha (discharge), Ashru (watering) Shopha (swelling) and Raga (redness). Different formulations are given in classic texts for eye diseases and one among them is Yashtayadi lepa mentioned by Acharya Sharangadhara in Sharangadhara Samhita. It is described as Sarvanetrarujahara Yoga and consists Yastimadhu, Gairika, Saindhav, Daruharidra and Rasanjana as its main ingredients. Yashtyadi lepa was prepared as per the guidelines given for Lepa in API (Ayurvedic Pharmacopoeia of India) and analyzed using various standard physico-chemical parameters given for Lepa such as Loss on drying, Ash value, Water extract value, Alcohol extract value and pH. There is no standard guidelines is given for pharmaceutical analysis for Yastyadi Lepa in API. With this background the present study was undertaken to find pharmacognostical and physicochemical qualities of Lepa as recommended in Ayurvedic Pharmacopoeia of India (API) and to use them as reference for future studies on Yashtyadi Lepa for different ocular diseases

Price effects of preferential market access : the Caribbean Basin Initiative and the apparel sector

Preferential trade arrangements should be evaluated by analyzing their effect on prices, rather than the total value of trade, as emphasized in the theoretical literature but rarely implemented empirically. The authors analyze the impact of the unilateral preferences granted by the U.S. Caribbean Basin Initiative (CBI) on the prices received by eligible apparel exporters. They use fixed effects generalized least squares (GLS) estimation to isolate the effects of various other factors (such as quality, exchange rates, and transactions costs) and identify the effects of tariff preferences. The authors find that CBI exporters only capture around two-thirds of their preference margin, despite the fairly competitive nature of the apparel market. This translates into a 9 percent increase in the relative prices they receive, but these numbers vary across countries and years. Countries specializing in higher-value items capture more of the preference margin while implementation of the North American Free Trade Agreement has a negative effect. The authors analyze the effect of Multi-Fibre Agreement (MFA) quotas imposed on third countries (such as China) and find that the benefits of CBI preferences will be significantly reduced once the quotas are fully removed in 2005.

ROLE OF JALAUKAVACHARANA IN NETRA ROGA

Raktamokshana (bloodletting) is a parasurgical procedure directed for the treatment of Raktajaroga (blood-borne diseases) along with many surgical diseases. Method of removing vitiated blood from body using Jalauka is considered as the most easier and convenient method. It is considered as most unique and most effective method of bloodletting. It is safely indicated in all mankind including the patients having poor threshold to pain. Application of leech mitigates diseases in eyes.Jalukavacharana has the property to subside immediately the pain, swelling, burning sensation and redness. Now days environment is being highly polluted, due to which there is increased chances of infections in the eyes. Prevalance of eye diseases is very high but medical science have limited number of drugs. Mast cell stabilizers, NSAIDs and topical corticosteroids are the treatment options, but only symptomatic relief is the outcome. There is no curative treatment but only palliative treatment. On the other hand, drug sensitivity, increasing resistance, preservative-induced dry eye as well as the complications of the corticosteroids, for example, cataract, glaucoma, and increased risk of bacterial and fungal infections restrict the long-term use of these medicines. In view of magnitude of problem, the discomfort it causes to the patient and the cost of treatment, there is a need of develop of a treatment which is free of side effects, cheaper and has a significant effect in relieving the symptoms of the patient

Competing or Collaborating Siblings? An Investigation of the Relationship between Industrial and Trade Policies

This dissertation investigates the relationship between industrial and trade policies and their impact on firm-level incentives to become more productive. In Chapter two we use a two-sector growth model and show that the impact of a rise in competition in the intermediate goods sector (that invests in quality-enhancing technology) is sensitive to market structure in the final goods sector. We find that more competition in the intermediate goods sector (due to industrial policy reform) can lead to rising investment in technology and hence rising productivity. Further we find that industries that face more competition domestically can perform better in the face of foreign competition. That is, there may be strategic complementarities between industrial deregulation and trade reform. We also find that a rise in competition in the final goods sector can affect investment incentives in the intermediate goods sector and hence affect productivity. This study highlights the importance of market structure assumptions in growth models. The third chapter tests predictions from chapter two using two unique data sets. We use the industrial licensing regime in India (operating from the 1950s onwards) and its gradual relaxation during the 1980s and 1990s to test whether industrial de-regulation that leads to more competition domestically, affects firm-level productivity. To our knowledge, ours is the only detailed data set on Indian industrial policy. Our firm-level data for the period 1980-94 is a census of firms in India and has been rarely used in literature. We also use the interesting chronology of reforms in India (industrial de-regulation in the 1980s and trade reforms in 1991) to test whether industries that faced more competition domestically tend to perform better when facing foreign competition. Our identification strategy uses an important institutional feature of Indian policy. Firms with assets below a certain defined rupee threshold were exempt from licensing requirements. This institutional feature provides us within-industry variation that allows us to identify the interaction between de-licensing and exemption status. We find that industrial de-regulation during the 1980s led to a significant rise in firm productivity. Further preliminary results suggest that there exists a strategic complementarity relationship between industrial and trade policies--industries and firms that were de-licensed tend to perform better vis productivity after trade liberalization. Our results are robust to the inclusion of a wide variety of firm and industry fixed effects and controls for policies other than de-licensing that may affect productivity. This chapter contributes to the literature by being the only detailed empirical analysis of the industrial licensing regime in India, especially the de-licensing that took place during the 1980s and by providing evidence of the crucial link between trade and industrial de-regulation

Crop Planning using Stochastic Visual Optimization

As the world population increases and arable land decreases, it becomes vital to improve the productivity of the agricultural land available. Given the weather and soil properties, farmers need to take critical decisions such as which seed variety to plant and in what proportion, in order to maximize productivity. These decisions are irreversible and any unusual behavior of external factors, such as weather, can have catastrophic impact on the productivity of crop. A variety which is highly desirable to a farmer might be unavailable or in short supply, therefore, it is very critical to evaluate which variety or varieties are more likely to be chosen by farmers from a growing region in order to meet demand. In this paper, we present our visual analytics tool, ViSeed, showcased on the data given in Syngenta 2016 crop data challenge 1 . This tool helps to predict optimal soybean seed variety or mix of varieties in appropriate proportions which is more likely to be chosen by farmers from a growing region. It also allows to analyse solutions generated from our approach and helps in the decision making process by providing insightful visualizationsComment: 5 page

MARMA CHIKITSA A NON- INVASIVE APPROACH TO DEAL WITH DIABETIC RETINOPATHY

Ayurveda represents a very effective alternative system of medicine with its effective therapies like Yoga, Mud Therapy, Ahara Chikitsa and many others. Among which Marma Chikitsa is developing and gaining importance. It is a precise art of touching an individual in exactly the right place at a critical moment in time, for the purpose of healing and bringing flawless results in a lot of disorders that are creating hindrances in healthy life of an individual. One of such lifestyle relayed disorders is diabetes mellitus which if not controlled later on leads to neuropathy, nephropathy and retinopathy. Today diabetic retinopathy has become one of the leading causes of blindness worldwide. So, attracting researchers to find out ways to control its progression and treating it well. Treatment involves laser, photocoagulation, viterectomy etc. They are effective for short time, but on the other side, having high reoccurrence rates and discomfort to an individual. Here hidden treasures of Ayurveda can be explored to help mankind. One of such hidden asset is Marma Chikitsa. Marma Chikitsa involves pressing Marma points which causes release of blockage of energy, removes excess Ama, facilitates easy flow of energy, nourishes the tissues, produces endorphins and cortisol like hormones in-turn induces calm shut off FFF response and improves blood circulation. All these activities cause better functioning of that particular area. Some of the Marma points stimulation that are related to eyes and some that helps in better metabolism like Apanga, Avarta, Sthapni, Vidhura, Kurcha, Kurchshira, Indravasti and Nabhi can play a good role in checking progression of retinopathy with pathya Ahara, healthy lifestyle, exercises and proper medication. Marma Chikitsa can be a safe, convenient, cost-effective adjuvant remedy in dealing diabetic retinopathy