Purpose : The purpose of the study was to investigate the role of Research & Development (R&D) through innovation in enhancing a firm’s performance and value among Indian non-financial firms in India. Design/Methodology/Approach : The present research employed a quantitative methodology, based on a balanced dataset spanning 2010–2011 to 2023–2024 and comprising 335 companies. Dynamic panel regression models were drawn from the generalized method of moments estimation. Key Findings : The study results showed that R&D significantly increased market performance but negatively impacted short-run profitability. Moreover, Indian non-financial firms had moderate to high profit persistence. Practical Implications : In a dynamic business environment, R&D investments help to sustain competitive advantage. As such, managers need to strategically manage such investments in light of long-term growth and sustainability. In addition, policymakers should consider implementing incentives to foster innovation through R&D investments among Indian listed non-financial companies. Originality/Value : This study contributes by investigating the relationship between innovation and firm performance and the value relevance of R&D investments among non-financial firms in India.
Purpose : This study examined how financial literacy influenced financial inclusion, empowerment, and inclusive growth among economically disadvantaged adults in selected regions of India. Design : A survey of 2,470 respondents was conducted across seven Indian regions using multi-stage stratified random sampling. Data were analyzed using ordinal logistic regression, SEM, multilevel ordinal models, and robustness checks. Findings : Respondents showed reasonable literacy in budgeting, basic concepts, and digital transactions, but weaker confidence in comparing financial products. Financial literacy significantly supported inclusion and empowerment. NGO and digital initiatives were more effective than government-only programs, though regional, digital, and socio-cultural barriers remained. Practical Implications : The study recommended local-language, community-based, and digital financial literacy programs targeting women, youth, migrants, and disadvantaged groups. Originality / Value : The study validated the pathway financial literacy → financial inclusion → empowerment → inclusive growth using a large multi-region primary dataset.
Purpose : India crossed 150 million Demat accounts in March 2025, yet women remain under-represented (≈ 24% of new Demat openings in Fy2025). This piece diagnosed the main constraints behind women’s lower participation in equities and mutual funds and proposed actions to close the gap. Methods : This article engaged in a perspective-style synthesis drawing on official statistics (SEBI, AMFI, RBI, OECD, World Bank), secondary reports, peer-reviewed studies, and cross-country program examples. Key Findings : Women’s participation trails market deepening: women contributed ~30.5% of SIP assets and are reported at ~14% of direct-equity assets under management (AUM) and ~24% of mutual funds AUM. The primary bottleneck was framed as a financial literacy–confidence nexus: Literacy matters, but lower confidence and “permission-seeking” norms impede acting on knowledge; behavioral factors (stereotype threat, loss salience) and product complexity further reinforce the gap. Cross-country contrasts suggested defaults (auto-enrolment) and lifecycle education can materially narrow gender gaps. Originality : It shifted the policy focus from information deficits alone to confidence and agency, and proposed a five-pillar roadmap: School curriculum integration, opt-out workplace defaults for women, “gender-smart” adviser certification, SHG-based investment circles, and a national gender investing dashboard with quarterly reporting.
Objective : This research examined the extent to which retail investors in India trusted and expressed confidence, as well as their intention to adopt an automated trading platform utilizing explainable artificial intelligence (XAI). Methodology : The study used primary data based on a survey-based design, obtained through a structured questionnaire administered to retail investors located in Tier-I and Tier-II cities in India. A total of 378 respondents were considered for the study after due scrutiny. The questionnaire included the measures of “perceived explainability,” “trust,” “perceived risk,” “information quality,” “confidence,” and “intention to adopt” explainable investment platforms. In addition to reliability assessment, construct validity was measured, and the hypotheses were tested by examining the relationships between the variables using PLS-SEM path analysis. Multi-group analysis was also used to compare the investor responses from Tier-I and Tier-II cities. Results : Perceived explainability had a statistically significant effect on both investors’ trust and confidence, according to the results of the research. Both trust and confidence, in turn, played a major role in determining the likelihood that an investor intended to use/adopt an explainable investment platform. However, perceived risk was found to have a negative effect on investor confidence. Furthermore, observed differences between investors in Tier I and Tier II cities highlighted the influence of contextual factors on adoption behaviour towards AI-based investment platforms. Practical Implications : The results of this research indicated that investment platforms can improve investors’ trust and confidence when they provide clear, reliable, and transparent explanations along with automated recommendations. Originality/Value : Unlike previous studies, the current study is unique as it uncovered that explainability by building trust and confidence drives the adoption, which provides a clearer understanding of investor behaviour beyond traditional adoption models.
Purpose : This perspective explored the untapped potential of the Pradhan Mantri Mudra Yojana (PMMY) as a channel for climate finance, with particular emphasis on its extensive reach among women borrowers and micro-enterprises in India. It argued for the introduction of a “Green-Mudra” initiative that leveraged existing financial architectures to promote climate-positive economic activities at scale. Design/Methodology/Approach : The perspective proposed the addition of a simple “green tag” to Mudra loan applications and the integration of climate-relevant variables into existing credit-scoring methods. It also suggested that the aggregated carbon benefits of numerous small loans could have been pooled to finance a modest interest rebate, without requiring legislative amendments or new subsidies. Findings : Illustrations drawn from five climate-positive examples—namely electric vehicle services, solar irrigation, village cold storage, biochar production, and electronics repair—demonstrated clear potential commercial viability, measurable environmental benefits, and substantial scope for inclusive entrepreneurship within the existing Mudra framework. Practical Implications : The proposed idea, grounded in a risk-aware economic rationale and supported by a monitoring system, could have mitigated repayment risks for lenders, directed climate capital more effectively to grassroots levels, and strengthened livelihood resilience among micro-entrepreneurs. Originality/Value : The article uniquely positioned PMMY as a readily adaptable instrument for climate finance and underscored the simplicity and efficiency of refining an existing successful program rather than creating new financial mechanisms. The “Green-Mudra” concept highlighted a pragmatic pathway toward rapid, scalable environmental and economic impacts.
