In the contemporary era of globalization, international factor mobility, in the form of international migration and foreign direct investment, has become a decisive force in shaping India’s economic landscape. Therefore, this study investigates the factors responsible for Indian bilateral emigration and inward FDI stock and subsequently analyzes the nature of their interrelationship: substitute or complement. To conduct the analysis, we use a panel dataset, considering India as the reporting country with 88 partner countries worldwide from 2000 to 2020, and employ both single- and simultaneous-equation model estimation techniques. Our empirical analysis suggests that the gravity and cultural linkage measures – GDP source and host, distance, common language, and colony; trade openness of source and host countries; the migration-specific factors – remittances, employment rate, educational quality, internal conflict; and FDI-specific factors – exchange rate volatility, inflation rate, corporate tax, and natural resources are the primary drivers of Indian bilateral emigration and inward FDI. Furthermore, this study finds that an increase in bilateral inward FDI reduces emigration to partner countries by 61.53

This study aims to examine the impacts of country risks on outward foreign direct investment (OFDI) of emerging source countries (ESCs). This study disaggregates destinations as developed countries (DCs), emerging countries (ECs) and other developing countries (ODCs). Additionally, country risks are categorized as economic, political and natural risks. Hardly do there exist any earlier studies that have examined the source country's perspective and segregated destinations as per their level of development. This study uses a gravity model approach for a total of 166 countries and employs the Poisson Pseudo Maximum Likelihood (PPML) method, which is effective for estimating the FDI gravity model. The findings of this study show that the three risk factors are not responding in a similar manner to the FDI of both source and host countries. It is the nature of country risks of home countries that motivates outward FDI from emerging sources to select their destinations as DCs, ECs or ODCs. The results for bilateral export of ECs show that it is a potential complementary instrument that can be used as a learning mechanism to obtain foreign market-specific knowledge in the presence of country risks.

In this research, the direct and indirect effects of foreign direct investment (FDI) inflows on carbon dioxide (CO2) emissions in India are examined, covering the period from 1980 to 2014. To quantify the indirect outcome of the existence of FDI on CO2 emissions, in this study, the three mediating channels of FDI are considered. The three broad mediating channels of FDI inflows are energy structure, industrial structure, and high-carbon technology, by which foreign direct investments affect India’s carbon dioxide emissions. In this study, the unit root test, the Johansen cointegration, the Granger causality technique, and the seemingly unrelated regression (SUR) are used for the empirical analysis. The findings discover a process of cointegration in the long-run and reveal unidirectional causation between FDI inflows and CO2 emissions. The outcomes of the SUR estimation indicate that all the mediating factors substantially contribute to the level of CO2 emissions. In this paper, the findings reveal that FDI inflows affect the level of India’s CO2 emissions mainly via mediating factors compared to their direct effect. Finally, in this research, it is recommended that the concerned authorities should prioritize the redistribution of foreign direct investment from high carbon-intensive technologies to less carbon-intensive and cleaner technologies for India’s carbonless and sustainable future.

As one of the world's most populous and economically emerging countries, India's relative position in the global economy is much influenced by a dynamic linkage between the migration of its people and an increase in foreign investment. Therefore, this study investigates the inward FDI and its network effects on Indian emigration using bilateral emigration stock data. The empirical estimation of this study employs both static and dynamic panel data econometric estimation techniques, considering India as a reporting country with 88 partner countries for the period 2000-2023. Our analysis shows that the bilateral inward FDI that India received mainly from its 88 partner countries positively stimulates its bilateral emigration towards their partner countries. Additionally, this study also confirms that the network effects of both FDI and migration on an individual basis and their mediating interaction terms on a joint basis also significantly and positively impact bilateral emigration. Furthermore, the robustness test results also confirmed similar outcomes. Therefore, a set of holistic and strategic external policies needs to be effectively executed that can cater to the dynamism of India's international factor mobility and can improve India's economic benefits and contribute to its long-term prosperity.

The present study examines the extent and direction of horizontal, backward and forward spillover effects of FDIs on firms’ productivity. It also shows how the mediating factors (firm’s age, export and import intensity, R&D and advertisement intensity) contribute to the firms’ productivity. Further, the study also uncovers the importance of the ownership patterns of the firms that affect the spillovers. It uses a balanced firm-level panel data set from the Indian manufacturing industries over the available period 2003 to 2016 to examine the inter- and intra-industry spillovers of the FDIs. The estimation methods used in this study are the fixed effects approach and the generalised method of moments. The study also applies the Levinsohn-Petrin method to compute firm-level productivity. It finds a significant positive spillover backward effect and confirms the supportive role of the mediating factors in augmenting the spillover channels. However, the results do not support the existence of horizontal and forward FDI spillover effects for the overall manufacturing industries. They suggest that a comprehensive policy package approach be used, thereby underlining the importance of all channels of the FDI spillover effects and their relations to the downstream sector, particularly by keeping the performance of the firms and their external links in perspective.

Technical progress has a tremendous potential to reduce carbon dioxide emissions by reducing energy consumption, a major concern across production units. However, the existing empirical literature concerning technical efficiency and carbon intensity is scanty. Thus, this paper examines the relationship between technical efficiency and carbon intensity for the organized manufacturing sector of two states, Maharashtra and Odisha, and the all-India level from 2001 to 2018. The paper uses data envelopment analysis to estimate technical efficiency scores. It applies the 2006 Intergovernmental Panel on Climate Change Tier 1 methodology for estimating carbon intensity for each 3-digit manufacturing industry in all three sample cases. The study has used static panel regression and fractional logit regression techniques to examine the deterministic relationship between technical efficiency and carbon intensity. The result shows that technical efficiency is highly sensitive to carbon intensity in the Indian manufacturing industries. The findings also addressed that the size of the industries also reduces the technical performance of manufacturing units. This paper also confirmed that increased profit could boost the Indian manufacturing industries’ technical efficiency. Thus, this study addresses that carbon intensity as a proxy for the manufacturing sector’s potential to affect climate change plays a crucial role in explaining the technical efficiency variations across industries. Thus, it calls for better policies aimed at reducing the emissions of industries specifically to achieve sustainable growth for the Indian manufacturing sector.

This study examines the nexus among productivity, export, and flow of outward FDI among 23 categories of two-digit Indian manufacturing industries during the period of 2008-2016. For the empirical purpose, this study employs a panel ARDL-PMG method for cointegration and VECM Granger causality tests. We segregate 23 manufacturing industries into high, medium, and low productive groups based on their productivity performance, which is estimated by Levinsohn-Petrin (2003) productivity procedure. We find that the long-run and short-run relationship among these three variables varies across three groups. Further, there is a long-run and strong causality exists among the three core variables in all three categories irrespective of their variance in productivity performances. Thus, there is a need for a comprehensive and unified industrial policy in line with trade and FDI as the choice variables are well-connected in the long-run.

Although FDI determinants have been broadly studied, there is a lack of consensus on theoretical and empirical analysis from the perspective of emerging countries (ECs) as sources. However, this study aims to address the model uncertainty and non-universality in the empirical findings by performing two model averaging techniques as Bayesian Model Averaging (BMA) and Weighted Average Least Squares (WALS) approach. Using a bilateral FDI position dataset for the period 2009-2016, we investigate the robust FDI determinants of 24 ECs in developed, emerging, and other developing countries both at the source and destination level separately. Our findings reveal that the estimated FDI determinants are remarkably heterogeneous with change in the destination. Accordingly, the policymakers of ECs frame somewhat different strategies to channelize their FDI positions.

This chapter analyzes the various possible dimensions of modern-version-based economic security, including social welfare, fiscal prudence, monetary security, industrial, business, entrepreneurial security, and external security, including international trade and investment. Limiting the analysis to only the past twenty years and specific key policy schemes as reform measures, our objective is to assess the current status of India’s economy critically, its strength, and security promise therein. It also highlights the possible impediments and challenges that government intervention strategies face while addressing them and the way forward.

This study attempts to investigate how economic growth (EG), energy consumption (EC), and population (POP) hurt the environmental quality of five regions: South Asia, East Asia, Latin America and the Caribbean, North America, as well as the Middle East and North Africa. The Wald and NARDL bounds tests check asymmetry and cointegration among the variables, respectively. The study has used the panel non-linear autoregressive distributed lag (PNARDL) model to analyze the non-linear panel cointegration and the panel short and longrun associations among the variables. In the long-run, EG with a negative shock has a positive and significant impact on CO2 emissions for East Asia and Latin America and the Caribbean. In the Middle East and North Africa, EG with a positive shock has a positive and significant impact on CO2 emissions. In North America, a positive shock in the EG has a negative and significant impact, while the negative shock positively impacts CO2 emissions.There is no significant impact of the decomposed EG in South Asia on the carbon emissions. Thus, the EC has a positive and significant impact on the CO2 emissions in all the regions except the Middle East and North Africa. The POP is also directly proportional to the CO2 emissions in all the regions. The results of the PNARDL show that in the longrun, the decomposed EG with positive shocks has a negative association, whereas the adverse shocks have a positive association with CO2 emissions.

The sustenance of a clean, natural, and relatively less tampered environment is one of the most important apprehensions of contemporary households, firms, and governments in the globalized world. Both developing and developed countries rely heavily on foreign direct investments (FDI) and institutional arrangements for economic prosperity and have feedback repercussions about environmental quality. Thus, the current paper attempts to explore such a triplex integrated linkage among bilateral FDI, institutional quality, and environmental quality proxied by CO2 emissions intensity on each other for 19 selected G20 countries during 2009–2017. The empirical estimation of this paper takes into account three equations that jointly address the endogeneity problem by employing both static (such as seemingly unrelated regression and three-stage least square) and dynamic simultaneous econometric techniques (such as the system generalized method of moments) with a panel dataset considering host and source countries with 342-panel pairs for the selected sample time. The empirical results confirm that bilateral FDI reduces CO2 emission intensity and strengthens the institutional quality of G20. It also supports the idea that institutional quality has a favorable and considerable impact on bilateral FDI. This paper confirms a positive and considerable feedback between environmental and institutional quality. Further, this study establishes a triplex relationship between these three factors. This study argues that governments should use incentives like tax cuts and additional subsidies to promote greener FDI in G20 nations. This is because it facilitates the employment of more modern technology and clean energy-efficient technologies to minimize emissions and spur economic growth.

This study investigates the determinants of outward foreign direct investment (OFDI) for eight emerging Asian source countries vis-à-vis 107 host countries from 2009 to 2016. We employ Bayesian model averaging and the weighted average least squares technique to address the problem of model uncertainty. Our findings reveal that the OFDI position of Asian emerging countries targets developed countries for market- and asset-seeking purposes, emerging countries for market seeking, and most resource-seeking investments are directed to other developing countries.

This chapter investigates the level of empowerment of tribal women-artisans who earn their living through handicrafts production. Handicraft as a means for livelihood is undertaken with intent because, next to agricultural practices, millions of people possessing knowledge and skills of traditional techniques make a living by creating hand-crafted goods. The study was undertaken to enquire into the status of tribal women-artisans by carrying out an in-depth analysis of the socio-economic determinants based on their autonomy, mobility and participation in decision making. Based on the results we recommend that government should prioritise the upliftment of these tribal women by providing them free training and financial assistance and appropriate market price for their products. Secondly, it should be ensured that all welfare schemes and measures reach to the benefits of the entire tribal women-artisan community instead of a few pockets. Thirdly, the regulators should keep a keen vigil on the middlemen who purchase the handicrafts from the poor tribal women at throw-away prices and sell them in the market with huge profit margins. All artisans should be provided with identity cards, and local craft melas need to be organised at regular intervals for better marketing of the products.

A clean natural environment is a primary concern of contemporary lives, business investments, and governments. However, there is a lack of knowledge of how countries can achieve high investment across borders and better institutional quality while protecting the environment. Thus the current paper explores the effect of bilateral FDI, institutional quality, and CO 2 emission intensity on each other for 19 selected G20 countries over the 2009-2017 periods. This paper estimates the three equations that jointly address the endogeneity problem by employing both static and dynamic simultaneous econometrics techniques with a panel dataset. The empirical results confirm that bilateral FDI reduces CO 2 emission intensity and strengthens the institutional quality in G20. The results also support a positive and significant effect of institutional quality on bilateral inward FDI and CO 2 emission intensity. This paper confirms a positive and considerable feedback effect of CO 2 emission intensity on institutional quality. Further, this study establishes a triplex relationship between these three factors and consolidates vital policy insights to achieve sustainable growth concerning the nexus among environment quality-FDI-institution quality for G20 economies.

Focussing on the importance of FDI outflows (OFDI) from Asian developing countries, this study examines the impact of export, institutions and financial development on OFDI. Using a balanced panel of 10 Asian developing countries during 2002-2016, this study employs the Pooled Mean Group (PMG) cointegration test and Granger causality test of Dumitrescu and Hurlin (2012) to explore the long-run causal relationship. To validate the results robustness test is conducted. Overall, the findings show that improvement in institutions encourages OFDI in the short-run, but it impedes more OFDI in the long-run. The financial development and export are positively related to OFDI in the long-run. The Granger causality test confirms that there is a unidirectional causality that runs from the quality of institutions and financial development to OFDI, while OFDI induces more export.

Over the years, there has been an increasing debate over the role of the Central Bank in targeting the policy objectives and the extent to which the targets can anchor the expectations. The present study seeks to identify the linkage between monetary policy and financial stability in India. The study, based on quarterly data from January 2001 to July 2018, finds that the financial sector allied variables (BSE SENSEX index, Exchange Rate and Index of Industrial Production) have shown significant response to shocks in the policy rate, that is, reverse repo rate, except for exchange rate variable that was taken as a proxy for external sector stability. Also in the short‐run, when a shock is imparted to the policy rate, the response of the exchange rate is insignificant. Other than that, the corporate sector along with real output growth and banking sector variables induces a significant change in policy rate when a shock is introduced. With variables responding in the ideal direction to shock in the policy rate, it is inferred that the movement is in line with what ideally should hold over time. This leads us to conclude that the monetary policy safeguards financial stability in India.

Over the years, researches have witnessed incongruence nature and direction of relationship among product market competition and firm size with the growth of firms’ productivity across the globe. Considering these gaps, this study aims to establish both short- and long-run relationships among these three characteristics of Indian manufacturing firms and intends to find their directions of causalities. This study uses firm-level data over a period of 1998–1999 to 2012–2013. Using Panel ARDL-PMG method, the results reveal the existence of a long-run association among product market competition, firm size and productivity growth for the full sample and for subsamples, categorizing relatively efficient and inefficient firms, and innovative and non-innovative firms. From the panel VECM Granger causality test, it has been observed that there is the long-run feedback relationship among these three variables. The empirical evidence suggests that as the intensity of competition becomes stronger and the firm-specific capabilities expand, they impart improved productivity via within and between firm effects. This draws some major implications for policymakers to embrace more competitive prone policies along with encouragement to firm specificities to realise value-added productivity. JEL: C33, D24, L11, L60

Purpose The purpose of this paper is to empirically investigate whether market size and its growth rate, along with financial development indicators, affect human capital in selected south Asian economies over the time period from 1984 to 2015. Design/methodology/approach The stationarity of the variables are checked by LLC, IPS, ADF and Phillips–Perron panel unit-root tests. Pedroni’s and Kao’s panel co-integration approaches are employed to examine the long-run relationship among the variables. To estimate the coefficients of co-integrating vectors, both PDOLS and FMOLS techniques are used. The short-term and long-run causalities are examined by panel granger causality. Findings From the empirical results, the authors found that both the market size and financial development play an important role in the development of human capital in the selected south Asian economies. It is evident that a large market size and faster degree of financial development in the selected countries result in better human capital formation. Originality/value There are a number of studies on the impact of financial development indicators on human capital and economic growth, but there is hardly any study that considers market size and its growth rate along with financial development indicators with human capital in the context of south Asian economies. The study fills this research gap.