ISSN (Online) - 2349-8846

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Increased Derivatives Trading in India

Based on a study of the futures and options on the National Stock Exchange’s benchmark index NIFTY and 10 other randomly selected NSE stocks, it is found that the spot market has been dominating the futures and options markets. The dominance of the futures market over options has diminished after the increase in the Security Transaction Tax. It is proposed that the STT on protective put and hedged call positions should be reduced to give a boost to the options market. Whether introduction of financial derivatives led to better price discovery in India is explored. Price discovery is analysed simultaneously in the three markets for the individual stocks—options, futures, and spot.

Mining and Industrialisation

People's movements in the various tribal districts of Odisha have been opposing plans for mineral extraction and industries that will deprive them of their land and livelihoods. However, the political and state machinery seems to have enthusiastically climbed aboard the development bandwagon, especially in the mining sector, and is little inclined to heed the voices of the poor, marginalised people. Money and greed being powerful motivators, the rapidity with which Odisha has been ceding rights to exploit its mineral wealth is alarming.

Paan or POSCO?

With a growing betel vine sector as well as thriving paddy cultivation and fishing, it is no wonder that villagers in Odisha's Jagatsinghpur district have resisted the state government's forceful acquisition of land for the POSCO project. Political parties of all shades as well as the intelligentsia are increasingly coming together in support of the agitation. The future of the anti-POSCO movement looks bright, but will it put an end to POSCO's plan?

Agriculture, Industry and Mining in Orissa in the Post-Liberalisation Era: An Inter-District and Inter-State Panel Analysis

The liberalisation process that started in India in the early 1990s has made Orissa potentially the most attractive destination for large capital-intensive projects by private-sector firms - typically mineral-based ones. These projects are facing opposition from the people, especially those likely to be displaced and those who will be indirectly affected. At the same time, the state's woes - poverty and unemployment - remain to be addressed. Against this backdrop, this article examines - both analytically and empirically - the path taken by the three important sectors of the state: agriculture, industry, and mining. Based on an inter-district and inter-state panel analysis, the paper highlights the serious decline in the Orissa's agricultural sector - still the only significant determinant of per capita income in the state - while the mining sector, be it in production or exports, has flourished.

People's Movement at Kalinga Nagar

This article describes the essential characteristics of various people's movements in Orissa against the backdrop of the recent Kalinga Nagar killings and also analyses how society reacts to such movements.

Agency, Externality and Corporate Governance

Corporate governance is generally defined as an area that seeks to create a structure to make managers accountable to stakeholders and to generate incentive-compatibility for 'proper' decisions to be taken by managers in a transparent manner. But even here it is not clear what 'proper' is and who the stakeholders are, as they can be viewed narrowly or broadly. Since the objectives of corporate governance are not clear in all cases, it can easily create second level agency problems such as those between a company and society at large.

Breaking B-School Barriers

The IIM fee cut decision taken by the former HRD ministry was to ensure that economically backward students had equal access to these institutes. But in reality, 'entry barriers' that include the high costs involved in every aspect of management education need to be tackled to ensure a true, more broadly defined equality.
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