Vikalpa, Volume 48, Issue 3, Page 233-236, September 2023.
Category Archives: Vikalpa
Gold Is Old: Noble Metal in the Indian Economy Through Ages
Vikalpa, Volume 48, Issue 3, Page 175-188, September 2023.
Indians have had a fascination for possessing gold since ancient times. I document the sacredness of gold, ancient references to jewellery, gold extraction and minting technology, its function as money and store of value, and specie inflow due to trade surplus with the Occident up until the medieval era. India’s gargantuan stock of about 28,000 tonnes of gold is hoarding and not savings. Today, gold demand is causing leakage from the circular flow of gross domestic product and trade deficit. Policy suggestions are made that will re-channel idle excess stock of gold into financial markets, reduce the trade deficit and contribute to gross domestic product growth.
Indians have had a fascination for possessing gold since ancient times. I document the sacredness of gold, ancient references to jewellery, gold extraction and minting technology, its function as money and store of value, and specie inflow due to trade surplus with the Occident up until the medieval era. India’s gargantuan stock of about 28,000 tonnes of gold is hoarding and not savings. Today, gold demand is causing leakage from the circular flow of gross domestic product and trade deficit. Policy suggestions are made that will re-channel idle excess stock of gold into financial markets, reduce the trade deficit and contribute to gross domestic product growth.
Rani Kamplapati (Habibganj) Railway Station Redevelopment: A World-Class Dream Coming True
Vikalpa, Volume 48, Issue 3, Page 220-232, September 2023.
Entrepreneurship-driven Migratory Behaviour Among the Tea Estate Workers in West Bengal: An Exploratory Study
Vikalpa, Ahead of Print.
Emotional Disorders, Dispositional Mindfulness, and Mediating Role of Acceptance in Undergraduate and Postgraduate Students
Vikalpa, Volume 48, Issue 3, Page 206-219, September 2023.
‘For after all, the best thing one can do when it is raining is, let it rain.’ (Longfellow, 1906)Mental health conditions, including depression, anxiety, and stress, affect a sizable proportion of university students. Yet, little is known regarding the incidence of mental health issues among Indian university students. These mental health issues are generally caused by a range of factors, including academic demands, interpersonal connections (Steptoe, 2007), future prospects, competitive exams, peer pressure, and professional considerations (Beiter et al., 2015). One of the most important mental health problems impacting a large population across India and the world is depression, leading to physical diseases, suicidal thoughts, and suicide, among other negative outcomes (Gururaj et al., 2016). According to the NCRB Report, 2021, the two age groups most susceptible to suicide were between 18 and 30 and 30 and 44. Suicide rates in both age categories were 34.5% and 31.7%, respectively. Family issues (3,233 victims), romantic relationships (1,495 victims), and illness (1,408 victims) were the three leading factors in suicides below 18 years of age, while the victims that were either students or unemployed made up 8.0% (13,089 victims) and 8.4% (13,714 victims) of all suicides, respectively. The objectives of this study were to understand and add to the body of knowledge on the role of mindfulness concerning depression, anxiety, and stress amongst university students; the role of mindfulness concerning avoidant behaviours amongst university students; and the mediating role of acceptance in the relationship between mindfulness and depression, anxiety, and stress amongst university students. The results of the study revealed that depression, experiential avoidance, and mindfulness are all strongly and negatively connected. The study discovered a strong correlation between experiential avoidance and depression, anxiety, and stress (psychological distress). Mindfulness had a considerable impact on the mediator, experiential avoidance, which was postulated.
‘For after all, the best thing one can do when it is raining is, let it rain.’ (Longfellow, 1906)Mental health conditions, including depression, anxiety, and stress, affect a sizable proportion of university students. Yet, little is known regarding the incidence of mental health issues among Indian university students. These mental health issues are generally caused by a range of factors, including academic demands, interpersonal connections (Steptoe, 2007), future prospects, competitive exams, peer pressure, and professional considerations (Beiter et al., 2015). One of the most important mental health problems impacting a large population across India and the world is depression, leading to physical diseases, suicidal thoughts, and suicide, among other negative outcomes (Gururaj et al., 2016). According to the NCRB Report, 2021, the two age groups most susceptible to suicide were between 18 and 30 and 30 and 44. Suicide rates in both age categories were 34.5% and 31.7%, respectively. Family issues (3,233 victims), romantic relationships (1,495 victims), and illness (1,408 victims) were the three leading factors in suicides below 18 years of age, while the victims that were either students or unemployed made up 8.0% (13,089 victims) and 8.4% (13,714 victims) of all suicides, respectively. The objectives of this study were to understand and add to the body of knowledge on the role of mindfulness concerning depression, anxiety, and stress amongst university students; the role of mindfulness concerning avoidant behaviours amongst university students; and the mediating role of acceptance in the relationship between mindfulness and depression, anxiety, and stress amongst university students. The results of the study revealed that depression, experiential avoidance, and mindfulness are all strongly and negatively connected. The study discovered a strong correlation between experiential avoidance and depression, anxiety, and stress (psychological distress). Mindfulness had a considerable impact on the mediator, experiential avoidance, which was postulated.
Interim Finance in Creditor-Oriented Bankruptcy Codes: A Study in the Context of Insolvency & Bankruptcy Code, India
Vikalpa, Volume 48, Issue 3, Page 189-205, September 2023.
This study examines interim financing with specific reference to the Insolvency and Bankruptcy Code, 2016 (IBC) in India. Interim financing is recognized as relevant to the successful outcome of the bankruptcy process. Internationally, bankruptcy regimes are considered robust if they contain enabling provisions allowing interim financing. IBC, hailed as creditor-friendly legislation, authorizes the insolvency professional (IP) to raise interim finance during bankruptcy. However, despite enabling legislation, the segment remains challenging. This study, through a qualitative methodology, examines the issues of mobilizing interim finance under the IBC. First, through a theoretical lens, this article discusses the importance of recognizing the distinct dimensions of interim financing under creditor-oriented regimes, like IBC, relative to the more established debtor-in-possession (DIP) financing model in the US (a debtor-friendly bankruptcy regime). This article argues that interim financing under creditor-oriented bankruptcy regimes faces certain inherent limitations (like lower lender motivation due to a lack of relationship banking or control/governance opportunities) relative to DIP financing, which primarily stems from who controls the firm during bankruptcy (IP or the corporate debtor). Through an interview method, this article then examines some specific issues in raising interim finance under the IBC. This research finds a lack of repayment visibility (quantum & timelines), narrow perception of interim finance and subtle differences between the objectives of the IP and lenders (resolution vs. recovery) are some practical impediments. From a normative perspective, this article suggests that improvements in IBC efficiency would improve takeout visibility to lenders. Greater stakeholder engagement will help alleviate conflicts and broaden the perspectives on the ultimate objectives of interim finance. Additionally, this article suggests learnings from the DIP model include a more early (ex-ante) consideration of interim finance (including potential sources). This article also calls for regulatory clarification on the inclusion of funding from the CoC in the technical definition of interim finance.
This study examines interim financing with specific reference to the Insolvency and Bankruptcy Code, 2016 (IBC) in India. Interim financing is recognized as relevant to the successful outcome of the bankruptcy process. Internationally, bankruptcy regimes are considered robust if they contain enabling provisions allowing interim financing. IBC, hailed as creditor-friendly legislation, authorizes the insolvency professional (IP) to raise interim finance during bankruptcy. However, despite enabling legislation, the segment remains challenging. This study, through a qualitative methodology, examines the issues of mobilizing interim finance under the IBC. First, through a theoretical lens, this article discusses the importance of recognizing the distinct dimensions of interim financing under creditor-oriented regimes, like IBC, relative to the more established debtor-in-possession (DIP) financing model in the US (a debtor-friendly bankruptcy regime). This article argues that interim financing under creditor-oriented bankruptcy regimes faces certain inherent limitations (like lower lender motivation due to a lack of relationship banking or control/governance opportunities) relative to DIP financing, which primarily stems from who controls the firm during bankruptcy (IP or the corporate debtor). Through an interview method, this article then examines some specific issues in raising interim finance under the IBC. This research finds a lack of repayment visibility (quantum & timelines), narrow perception of interim finance and subtle differences between the objectives of the IP and lenders (resolution vs. recovery) are some practical impediments. From a normative perspective, this article suggests that improvements in IBC efficiency would improve takeout visibility to lenders. Greater stakeholder engagement will help alleviate conflicts and broaden the perspectives on the ultimate objectives of interim finance. Additionally, this article suggests learnings from the DIP model include a more early (ex-ante) consideration of interim finance (including potential sources). This article also calls for regulatory clarification on the inclusion of funding from the CoC in the technical definition of interim finance.
A Reformist Thought to Fiscal Reform and Budget Management
Vikalpa, Ahead of Print.