Tuesday, 30 May 2017

INFLUENCE OF SOCIAL MEDIA IN BUSINESS DEVELOPMENT

Abstract : Social media allows customers and prospects to communicate directly to your brand representative or about your brand with their friends. Social media introduced a new, complex and uncontrollable element in consumer behaviour presenting a new challenge both to the academia and the marketers. The objectives of the paper are to find out what is the importance of social media in business development, and the merits and demerits of social media in business development. With this research it provide insights to the social media literature and online consumer behaviour, in general, and merits and demerits of Social media on business development, which are interesting for both academics and online marketing practitioners. The answer can help discover how to engage with different types of audiences in order to maximize the effect of the online marketing strategy.
Key Words: Social media, word of mouth (WOM), consumer behaviour, business development.

INTRODUCTION

The Internet and especially social media have changed how consumers and marketers communicate. The Internet has distinct characteristics, such as:
- The ability to inexpensively store vast amounts of information at different virtual locations - The availability of powerful and inexpensive means of searching, organizing, and disseminating such information
- Interactivity and the ability to provide information on demand
- The ability to serve as a transaction medium
- The ability to serve as a physical distribution medium for certain goods (e.g. software)
- Relatively low entry and establishment costs for sellers.
One of the advantages of internet is that it enables businesses to reach a worldwide customer population, so that customers can analyse, select, and purchase products and services from businesses around the world.
In particular, peer communication through social media, a new form of consumer socialization, has profound impacts on consumer decision making and thus marketing strategies. Consumer socialization theory predicts that communication among consumers affects their cognitive, affective, and behavioural attitudes. Social media, especially social networking sites, provide a virtual space for people to communicate through the Internet, which also might be an important agent of consumer socialization. With this research it provide insights to the social media literature and online consumer behaviour, in general, and merits and demerits of Social media on business, which are interesting for both academics and online marketing practitioners.

SOCIAL MEDIA

Social media provides numerous venues for consumers to share their views, preferences, or experiences with others about brand, as well as opportunities for make decision based on other consumer’s decisions. It allowed people to share their ideas (e.g. Twitter), or form connection (e.g., Linkedin). It is some of the most powerful ever devise. Consumers can be linked together easily and spread their favourite brand by sharing pictures, videos, blog. It has created opportunities for consumers as well as marketers who have made demands for new brands to help of comments and observation to be posted by others in the social media. It has brought into the mix a wide range of online, word of mouth (WOM) forums which now play important role in influencing consumers who are searching for a new brand and product. Extension of WOM on social media provides remarkable power of information for new market where each one of consumer can influence on the conversations with another in cyberspace.

Social media as an online interactive platform without any special and temporal restrictions, have changed the nature of the relationship between brands and customers, thus ultimately impact upon the consumer decision and behaviour. According to a fresh HT-MaRS Youth Survey 2013, 46% youth in India log onto the networking sites daily. With cheapest mobile phones (Rs. 2000 onwards) in the market allowing users to access social media websites, this trend is not surprising. Social media has gained huge popularity in last few years, especially among the youth. And the reason is simple, it’s powerful and a great fun at the same time. It brings the world at your disposal. Social networking has allowed people to connect with a larger world. From news and views to pictures and even ordinary updates about their daily life, people share everything on the social networking sites. However, the use of social media is growing for several reasons, especially because of its massive business potential. Companies are using social media for web marketing and creating a brand value. Nobody can deny the power of social media.

IMPORTANCE OF SOCIAL MEDIA IN BUSINESS DEVELOPMENT

Using social networking for marketing and promotion is the latest tool employed by almost all organizations – big or small – these days. Equipped with features such as share and like, social networking sites viz Facebook, Google+, Twitter allows you to showcase and promote your products and services to a huge number of target audiences. Social media marketing campaigns stand on building and developing a relationship and credibility, and connecting with your target audience. Humans being social animals always feel a natural need to socialize, share their feelings and stay connected.

The consumer's new voice: Creating a virtual home for your business on a social media website offers you extensive opportunities to increase your visibility with consumers. Welcoming them to the site allows for free communication. On the consumer end, however, that freedom means that a person can now voice his or her opinion about your product or company in a semi-public setting where numerous people can read or see it. Although this works to your company's benefit if the opinion is favourable, an unfavourable remark potentially could drive away business. Deleting the negative messages from pages you control is only partially effective, as the commenter can post the negative opinions elsewhere, or even develop a page devoted to the negative opinion and your censorship practices. Because social networks are designed to make information easy to share, the negative commentator can then easily get the message to others within the network.
The consumer as researcher: Social networking allows for the dissemination of a great deal of information about a company or product. This information isn’t limited to what your company alone puts out there, because many sites within a social media network are devoted to consumer-collected information. The increased availability has changed the common consumer into a researcher. Before making a purchase, the consumer can log on to a social media network and see what other people think about your products and how you handle customer service. The more information available, the more likely the consumer will make the buying choice that fits his or her needs -- and that might not be your company's goods if others have reported negative experiences.
A consumer’s loyalty: Being able to communicate directly with a brand representative online can increase a consumer’s loyalty to your company by establishing a personal connection that the consumer might not be able to achieve with other companies. Even when the consumer has a complaint, if your representative is professional, compassionate and understanding, much of the consumer’s anger can be abated. Although this is no different from a customer service worker operating in a store with an angry patron present, the online environment allows your company to take its time in formulating the best response and ensures consistency in responses to different consumers.
Consumer advertising: Word-of-mouth advertising has always been an important part of achieving sales for a company. No ad is as convincing as having someone you trust recommends a product or service. With social media, word-of-mouth advertising can go worldwide in an instant with a single message sent from a single consumer. With some networks, the consumer can communicate with thousands of people at the click of a button, easily spreading a message about your company. Of course, this has its drawbacks, as negative information is just as easily spread by this ultra version of word-of-mouth as positive information is.
Product research: One major change the Internet and smart phones brought to the business world was the ability for consumers to look up product reviews at home or while standing in a store. While businesses can't stop negative reviews, a study showed that 51 percent of online shoppers consider social media as a credible source for information while researching a product. By promoting products directly on social networks and by interacting with potential customers, businesses can turn these searchers into buyers.
Engaging consumers: Interacting with consumers on social networks engages potential customers and dramatically increases the likelihood of turning potential customers into actual buyers. A survey by research firm Chadwick Martin Bailey found that people were 51 percent more likely to buy from a company after engaging with it on Facebook and 67 percent more likely after following it on Twitter.
Addressing concerns: Beyond marketing and consumer engagement on social networks, other facets of online social media also allow businesses to influence consumer opinion. Some review websites such as Reseller Ratings allow businesses to post public replies to customer reviews, giving companies a chance to tell their side of negative experiences to mitigate readers' negative opinions. Some Web stores, such as Newegg, also allow product manufacturers to reply to customer reviews, addressing concerns or offering solutions while improving their public image.
Personal touch: While large corporations are trying to manage new market automation technologies, the small business may have a comparative advantage by using social media to reach out in a more intimate way to their customers. Christine Dugas writes in "USA Today" that local businesses use social media tools, such as Google alerts and customer relationship management, to solidify client loyalty. Small businesses often rely heavily on repeat business, and having a tool that can make communications easier and more convenient add value. This personal touch is lost by big corporations that are unable to develop such relationships.
Customer service: Social media allows two-way communication that also provides a permanent record. Small businesses can use it to gather intelligence on existing and potential customers, to build their brand or to enhance their reputation. New sales leads can be tracked and revisited, and news of your impeccable client service may well beat out the bigger competition. Developing social media relationships with your customers could prove the best marketing strategy you could have.

TYPES OF SOCIAL MEDIA

Facebook is frequently cited as the ideal first stop for businesses establishing a social-media presence. Facebook's enormous network, combined with its flexibility and simplicity of use, make it a good fit for most businesses.

Google+ has gained traction in the social-media world and offers unique benefits. Businesses with a Google+ presence enjoy increasingly favourable rankings in Google's search results as Google works to integrate the network throughout its products, and the platform's somewhat smaller size can create more intimate, tailored conversations with customers.

Twitter can be a useful platform for companies with a steady flow of news flashes or links to share with followers. For businesses with a regular stream of image and short video content, Instagram -- now owned by Facebook -- enables a visual style of storytelling and boasts a huge audience of users. Outside of these behemoths of social media, other platforms can offer marketing opportunities for the right type of businesses. Pinterest has a steadily growing, predominantly female user base for its visual, "scrapbooking"-style content; LinkedIn is popular among freelancers as a networking tool to find clients.

YouTube is a repository for podcasts and video clips, with a viewership of millions around the globe. And Blogs are online journals written by users, which can be influential in spreading news and information.

ADVANTAGES OF SOCIAL MEDIA FOR BUSINESS DEVELOPMENT

Social Media Marketing (SMM) along with Social Media Optimization aims at getting maximum web traffic and developing a mass appeal about company’s offerings. The popularity of social media sites like Facebook, Twitter, Google Plus, LinkedIn, etc. has simply gone up since the past few years. If you check the number of users over these sites, Facebook alone has around 1 billion users, whereas other sites like Twitter and Google Plus too are gearing up in terms of number of people using it. Owing to the massive amount of people present over these sites, the online marketers have started targeting these platforms to promote and market their businesses. Social-media marketing is an excellent way for businesses to broaden their exposure to the public at a much lower cost than traditional marketing.

The main advantage of social media marketing is cost-related. The majority of social media sites are free to access, create a profile and post information. The advantage of reaching your targeted market for little or no cash investment is substantial, and the audience wanting your information voluntarily joins or follows you.

Business advantages of effective social media use include-
1. To create cost effective strategies and campaigns that can create viral results.
2. It allows people from the different geographical location to meet at a single point and express their views.
3. To build loyalty and long-term relations with your audience
4. Generates enormous website traffic.
5. Provides brand recognition.
6. Increases your brand value.
7. Helps you get users’ feedback.
8. Gathers relevant information pertaining to trends and customers’ behaviour.
9. Builds healthy client-brand relationship.
10. Helps you know the reach and success of your existing and latest products.
11. Helps you keep an eye on social interaction to identify issues and nip them at bud.
12. Compelling and relevant content will grab the attention of potential customers and increase brand visibility.
13. It can be much cheaper than traditional advertising and promotional activities.
14. Social content can indirectly boost links to website content by appearing in universal search results, improving search traffic and online sales.
15. You can deliver improved customer service and respond effectively to feedback.
DISADVANTAGES OF SOCIAL MEDIA FOR BUSINESS DEVELOPMENT

While social media can be a powerful marketing tool, it's not entirely risk-free. Fans and followers are free to post their comments on these platforms, exposing your business to the possibility of negative publicity. A quick response can help minimize the damage from these comments, but it can't erase the criticism from your business's page or feed. Hackers pose another threat to businesses on social media: an attacker can take over a company's page or feed and share false information that can quickly go viral. Even large, respected businesses have fallen victim to hackers; small businesses need to take security precautions when creating passwords and sharing password information with employees. The major disadvantages include:

1. The wrong online brand strategy could put you at a viral social disadvantage and may even damage your reputation, i.e, when you make a mistake offline, a few will know but when you make a mistake in front of hundreds or thousands of you online audience, most of them will know!
2. Using social media for marketing and advertising could be more time consuming than companies expect.
3. In order to get social media’s full effect, you need to understand how it works, when and how to use it and which channels to focus on depending on your end goal of using social media.
4. Social media can have a negative influence on worker productivity. Employees may waste valuable time using social media channels such as Facebook and Twitter. They can also use social media to attack the company’s reputation!
5. When social media is used excessively or in the wrong way, it could have serious detrimental outcomes on both mental and even physical health of individuals.
6. you will need to commit resources to managing your social media presence, responding to feedback and producing new content
7. it can be difficult to quantify the return on investment and the value of one channel over another
8. ineffective use - for example, using the network to push for sales without engaging with customers, or failing to respond to negative feedback - may damage your reputation
RISKS

Social media marketing carries several risks. Unless you have someone check your social media accounts several times a day, dissatisfied customers or employees can publish negative comments that are not always removable. For example, every post on Twitter is public and you have no control over what people say. Bad news can go viral as easily as good news and can do your business irreparable harm. IT governance group the Information Systems Audit and Control Association released a report in June 2010 ranking viruses and malware, brand hijacking, lack of control over corporate content, unrealistic customer expectations and non-compliance with record management regulations as the top five risks of social media.

CONCLUSION

Even before the Internet, word of mouth played a major role in promoting products. With the popularity of social networks such as Facebook and Twitter, every person's word of mouth can now reach hundreds or thousands of followers a day. On these sites, businesses can interact directly with their most loyal buyers, and thereby expose an extended network of friends and acquaintances to products they may not have previously sought out. Social Media Marketing (SMM) along with Social Media Optimization aims at getting maximum web traffic and developing a mass appeal about company’s offerings. Social-media marketing is an excellent way for businesses to broaden their exposure to the public at a much lower cost than traditional marketing. However, it's not entirely risk-free. Fans and followers are free to post their comments on these platforms, exposing your business to the possibility of negative publicity. A quick response can help minimize the damage from these comments, but it can't erase the criticism from your business's page or feed. So nobody can deny the power of social media.

REFERENCES:
Research papers / reports
1. Beatriz Peña Acuña (2010) “The Power of Social Media Image”, Journal of Alternative Perspectives in the Social Sciences, Vol 2, No 1, 298-308
2. Dariene Fichter and Cheryl Avery (2012) “Strategic use of social media”, Journal of Money, Credit & Banking (Wiley-Blackwell)
3. Dehghani Milad, Abarde Homa Choubtarash and Nourani Salber (2013)“The impact of information cascade on consumer’s decision making in the frame of brand image within social media” , http://mmi.fem.sumdu.edu.ua/
4. Veikko Halttunen, Markus Makkonen, Lauri Frank and Pasi Tyrväinen, (2010) “Perspectives on Digital Content Markets: A Literature Review of Trends in Technologies, Business and Consumer Behaviour”, Article ID 498727, Communications of the IBIMA, 14 pages. DOI: 10.5171/2010.498727
5. Simona Vinerean, Iuliana Cetina, Luigi Dumitrescu2 & Mihai Tichindelean, (2013) “The Effects of Social Media Marketing on Online Consumer Behavior”, International Journal of Business and Management; Vol. 8, No. 14
Websites
1. http://www.cmo.com/content/cmocom/home/articles/2010/5/3/social-media-influence-on-consumer-behavior.frame.html
2. influence-consumer-behaviour-and-why-you-should-care/
3. http://www.bournemouth.ac.uk/tourism/local-assets/news-and-events/news/2011/jan/john_fotis_poster1.pdf
4. http://www.wisitech.com/blog/46-youth-in-india-access-social-media-daily-ht-mars-youth-survey-2013/
5. http://www.wisitech.com/blog/importance-of-social-networking-in-business-development/
6. http://smallbusiness.chron.com/social-media-consumer-behavior-45733.html
7. http://yourbusiness.azcentral.com/social-media-influence-buying-behavior-consumers-17017.html
8. http://www.socialnomics.net/2013/09/13/social-media-marketing-strategy-merits-and-demerits-that-change-time-to-time/
9. http://inforrm.wordpress.com/2010/10/29/social-media-use-an-update/
10. http://smallbusiness.chron.com/advantages-disadvantages-social-media-marketing-21890.html
11. http://www.nibusinessinfo.co.uk/content/advantages-and-disadvantages-using-social-media
12. http://everydaylife.globalpost.com/social-media-advantages-disadvantages-business-21665.html

Monday, 29 May 2017

RETURN ANALYSIS OF SENSEX COMPANIES; A STATISTICAL APPROACH

Abstract:-A rational investor, before investing his or her wealth in the stock especially financial asset like shares, he should analyze the return part of the same stock. And also investor should consider risk part of the security and make his investment in such a manner where maximum return and minimum risk occurred. Here the researcher made an attempt to study the return analysis of BSE SENSEX companies, by considering the holing period return (HPR). GAIL INDIA, HERO MOTO CORP, BHARTI AIRTEL, S B I, L&T, I C I C I, N T P C, TATA STEEL are giving significant return among 30 SENSEX companies.
Keyword: HPR, GM, AM

INTRODUCTION

It is helpful to begin the analysis with a number of definitions that make precise the subject matter that we will be studying. A standard definition is that investment is the sacrifice of current consumption in order to obtain increased consumption at a later date. From this perspective, an investment is undertaken with the expectation that it will lead, ultimately, to a preferred pattern of consumption for the investor. This definition makes consumption the major motivation for investment. In contrast, many investors would argue that their motivation for investment is to increase their wealth. This observation can be related back to the definition by noting that wealth permits consumption or, in more formal language, an increase in the stock of wealth permits an increase in the flow of consumption. Wealth and consumption are, therefore, two sides of the same coin. Looking more closely, two different forms of investment can be identified. Real investment is the purchase of physical capital such as land and machinery to employ in a production process and earn increased profit. In contrast, financial investment is the purchase of “paper” securities such as stocks and bonds.

Investment decisions are influenced by various motives. Some people invest in a business to acquire control & enjoy the prestige associated with in. some people invest inexpensive yachts & famous villas to display their wealth. Return is the primary objective of any investment. It acts as a driving force to investment. And also risk is positively correlated with expected return. The return for the investment mainly for the two types,

Current yield which means in the form of dividend, interest
Capital appreciation

So simply return means sum total of the current yield (dividend/interest) and appreciation in the capital. An investor should realize that return of his securities. Here we are going to discuss about historical return of the securities (rate of return).

OBJECTIVES OF THE STUDY

Following are the important objectives of the study:
To understand the concept of HPR- Holding Period Return
To understand the best return companies in BSE SENSEX

RESEARCH METHODOLOGY

This study is based on secondary data. Period of the study is from 2001 to 2012. Secondary data are collected from the deferent websites. The collected data has been tabulated, analyzed and interpreted for making conclusions. For the purpose of analysis and interpretation statistical tools are used.

ANALYSIS

Here researcher made emphasis on financial investment. So it is necessary to analyze deeply the risk return of a financial asset like shares. So an investment analysis is defined as in the following ways; “Investment analysis is the study of financial securities for the purpose of successful investing.”

From an investor’s perspective, the two most crucial characteristics of a security are the return it promises and the risk inherent in the return. An informal description of return is that it is the gain made from an investment and of risk that it is the variability in the return.

Return=(Final value of investment-Initial value of investment)/(Initial value of investment)×100
Example 1: At the start of 2005 an investor purchased securities worth 10000. These securities were worth 13000 at the end of the year. The return on this investment is Return=(13000-10000)/13000×100
Return = 23.08%.

Meaning of Holding Period Return

So an investor should understand the concept of Holding Period Return. It is the total return received from asset or portfolio of asset due to holding such asset or portfolio. HPR, it is calculated on the basis of, sum total of all incomes and growth (such as capital, appreciation) divided by the value at the beginning of the period i.e. initial investment.

HPR= income + (end period value-initial investment)/initial investment
To calculate annualized HPR, HPR= (income + (end value –initial investment) 1/year/ initial value There are deferent return calculations; arithmetic and geometric mean return are the two examples of them

Why geometric mean returns

The statistics familiar to most people is Arithmetic Mean. Arithmetic Mean is customarily designed by the symbol, (x bar) i.e. = ƹx/n

Or the sum of the values being considered divided by the total number of values. The Arithmetic Average return is the appropriate as a measure of central tendency of a number of returns calculated for a particular time, such as year. However, when percentages change in value over a period of time, then, the AM of these results will misleading. For example, investor purchased stock in year 2001, for RS 50 and it roses to 100 by year end. Here return is [(100-50)/50*100], 100%.

Then the next year same stock reached to RS 50 and the end of second year, here return is [(50-100)/100*100], 50%. Arithmetic means of return is 25% (i.e. (100+-50)/2. In real life investor bought stock for RS 50 and hold for two years and it was still at RS 50, actually no return at all.

A deferent average is needed to describe accurately the trace rate of return over multiple periods. The Geometric Average Return measures compound cumulative return over time. It is mainly used for an investment to reflect the realized changes in wealth over multiple periods.

The geometric changes is defined as the nth root of the product resulting multiplying a series of return together, GM= (1+R1)(1+R2)……..(1+Rn)1/n-1
The above example geometric return clearly tells that there is no return. I.e. zero return. Which means, GM= (1+100%)(1+-50%)1/2-1 → (1+1)(.50)1/2-1 → 1-1 = 0, Result is =0
CONCLUSION
Investment is the postponement of current consumption to the future to get a good return. Some times these return may mislead the investor. Here the researcher made the study to investigate the companies which are giving favorable return to the investor. The study is based on the holding period return, for that geometric mean and arithmetic mean average is used. Study reveals that there some companies which are providing a good return to the investor based on HPR. References
By Jonathan D. Jones, (1999) “Total Return Analysis”
2. Sites referred: www.forexpro.com, www.wikipedia.org, www.bseindia.com, www.moneycontrol.com
* Share split is not considered here, study is based on the availability information in various websites.

GREEN HRM-A TOOL OF SUSTAINABLE DEVELOPMENT

Abstract- Green HRM is the emerging topic in current scenario. The business environment is transforming itself from a traditional financial perspective to a competency based, strategic perspective. Green issues have already been popular in environmental and social aspects of present corporate world. Corporate green HR focuses on high level of technical and managerial competencies for employees as the firms wants to develop innovative environmental initiatives and functions that have tremendous managerial implications. In general, green HR particularly deals with the HR activities with are environment friendly and promote the sustainability of resources that an organization may have. However, there is a substantial gap exists in human resource management (HRM) literatures on environmental aspects of human resources. There is still a growing need for formulating green HRM strategies, including literature, processes, models and examining their implications on overall firm performance. Firms are also under immense pressure from different stakeholders for integrating green HR policies and strategies into overall firm strategy. The general purpose of this study is to discuss the green HRM practice and why firm should adopt Green HRM practices and to study the challenges and strategic implementation of it on various traditional HR activities. The paper will hopefully create an interest for the academicians and tentative researchers who wish to study the basic understanding of green HRM practices in a literature perspective.
Keywords:Human Resource Management, Green HRM Practices, Firms, HR Strategy, HR Practices & Policies

1. INTRODUCTION

Organizations are nowadays realizing that, in addition to focusing on financial profits, they must consider all social and environmental impacts for their long term sustainability. Organizations need to understand their responsibility towards social and environmental risks and opportunities for all business decisions taken by them. Human resource department of an organization is supposed to have a means to play an important role in the design of their organization’s sustainability culture. Many authors, particularly in the area of HRM, battled that the helpfulness and successful in any management innovation and strategic tools are depending on the quality and facility of their human resources. Green HRM refers to using every employee to support sustainable apply and increase employee responsiveness and commitments on the problems of sustainability. Green HRM has obtained different meaning for different people, Ashok Ramachandran, Director HR Vodafone Essar Ltd defines green HR as using every employee touch point to espouse sustainable practices and raise employee level of awareness, Anjana Nath Regional Head HR, Fortis healthcare ltd defines Green HR as environment- friendly HR initiatives leading to better efficiencies, lesser cost and heightened employee engagement levels. It involves undertaking environment friendly initiatives resulting in greater efficiency, lower costs, and better employee engagement and retention which in turn help organization to reduce carbon footprints by the means of “Electronic filling, Car sharing, Job sharing, Teleconferencing, Online training, Flexible working hours and Telecommuting”.

1.1 What Green HRM

Green HRM is a relatively new agenda in management and HRM literatures. The concept of green HRM typically includes using less possible paperwork at all HR functions like recruitment & selection, training, performance review etc. to create a sustainable, environment friendly and competitive advantage through employee engagement. Green HRM is the use of HRM policies to support the sustainable use of resources within organizations and, more usually helps the reasons of environment sustainability. Typical green activities contain video recruiting, or the use of online and video interviews, to minimize travel requirements. Green rewards can embrace the use of workplace and lifestyle benefits, ranging from carbon credit compensates to free bicycles, to keep people in the green program, as continuing to identify their involvement. Other simple green events embrace minimizing the amount of printed materials used in performance management, salary evaluations and so on. Although there is absolutely an important amount of “green washing” happening in reducing waste, there are many opportunities here too.

2. RESEARCH OBJECTIVES

The key research objectives are as follows: .
• To study the green practices and why firm should adopt Green HRM practices in the organisations. .
• To study the challenges and strategic implementation of Green HRM in the organizations. .

2.1 Research Methodology

This study is totally based on secondary data collected from different sources. The data are generated by responsible authorities of the departments and published research by various researchers provided on their site/reports. Apart from these, data has been taken different Books, Journals, Research Papers and other print media. The present study was undertaken to understand the green practices and strategic implementation of Green HRM in the organizations.

3. GREEN PRACTICES

Renwick, Redman, and Maguire (2008) introduce a comprehensive compartmentalization of Green HRM practices that can be clearly understood, starting at the point of an employee’s organizational entry and proceed until the point of the employee’s exit. To be ecological, economical and practical at the same time is possible through by adopting Green Practices. Here are some environmentally-friendly solutions to stay Green.

.
a. Green Printing .
b. Green Manufacturing and Disposal of Staff ID card.
c. Job sharing (sharing a full-time job between two employees) .
d. Teleconferencing and virtual interviews.
e. Recycling.
f. Telecommuting.
g. Online Training.
h. Reduce employee carbon footprints by the likes of electronic filling, Green HR involves reducing carbon footprint via less printing of paper, video conferencing and interviews etc. .
i. Energy efficient office spaces.
j. Green Payroll.
k. Car Pooling.
l. Public Transport.
m. Company Transport.
n. Flexi-Work o. e-filing.
4. WHY FIRMS SHOULD ADOPT GREEN HRM PRACTICES?

Even though initially it may be difficult to initiate and implement the green HRM practices at the first level, it can fulfil the prime objectives of an organization such as cost control, ensuring corporate social responsibility, talent acquisition and gaining competitive advantage over the rivals through environment consciousness and preservation of natural and ethical values. The usual reasons why a firm should adopt green HRM practices are noted down below:

4.1 Preservation of natural environment: The elements of the environment which are not created by human beings are called the elements of natural environment like trees, forests, rivers, animals etc. Green HRM practices such as online advertising and recruitment which uses less paper, creating less carbon emission on the office space, training through electronic sources to reduce paper waste can keep the environment form loss or negatively affected.
4.2 Ensure healthy working environment and raise employee morale: Making the corporate space green with trees & plants, forbidding smoking on the office premises, using less paperwork (which makes an employee hectic), providing natural fruits & vegetables on HR meetings- all these can create a healthy and habitable working environment which in turn, can raise the speed and morale of the workers.
4.3 Gain competitive advantage through ensuring corporate social responsibility (CSR): Corporate social responsibility is now-a-days a part of company’s core responsibilities which no company can ignore. Therefore, a firm can gain competitive advantage over its rivals by ensuring green management practices in a well performed manner.
4.4 Save cost: Creating a sound working environment can reduce employee fatigue, abseentism and turnover. The result is reduced cost. Again using less paper and disseminating and recording the information via online can reduce wastage and cost.
4.5Increase company image: It is obvious that a company which has green management/HRM practices will have a higher image than a company which has not.
4.6 Reduce intervention from the government and other law enforcing agencies: Adoption of proper green management/HRM practices can reduce the chance of intervention by the central/local govt. and other law enforcing agencies.
4.7 Develop eco-friendliness and environmental learning among the employees: Adoption of green HRM practices make the employees environment conscious and make them eco-friendly which makes them a good corporate citizen in environmental perspective.
4.8 Stimulate innovation and growth: Green HRM practices encourages new innovative ideas and practices that facilitates growth in quality and enhancement of methods and processes.
4.9Facilitate learning and shape behavior: Such practices help to facilitate green/environmental consciousness among the employees and refine or shape their behaviors to develop eco-friendly attitudes in their personal and work lives.
4.10 Maximize use of resources and reduce waste: Green HRM practices can help a firm to maximize its natural resources through the use of recycled products and reduce waste to an optimum level.
5. CHALLENGES OF GREEN HRM

No policies and practices are free of challenges. On the other side of the story of benefits, there are also a few challenges of using the practice in an organization. The challenges are mentioned below: .

a) There are some employees in every organization who are not equally motivated to adopt green HRM practices. .
b) Developing and maintaining a culture of green HRM is a lengthy and time consuming process. .
c) At the initial stage of implementation, it requires a high investment and may bring a low return. .
d) Recruiting and training employees about green HRM is a challenging job to do. .
e) It is very difficult to appraise the green performance of employees’ behavior. .
f) It is difficult to transform employee attitude to green HRM from traditional HRM in a short period of time. .
g) A major challenge for HR professionals is to select and develop future green leaders is to create a green working structure, set up green working processes, providing green tools and creating expected green thinking for their employees. .
6. STRATEGIC IMPLEMENTATION OF GREEN HRM ON GENERAL HRM FUNCTIONS

As a new expansion of general HRM, Green HRM can be feed into usual HRM functions. Several functions involving regular HRM practices in which green HRM can be implemented could be the following in general. .

6.1 Online advertisement and invitation of application via online: The unbelievable advancement of technology has made it easier for the firms to post their job advertisement to the online job sites and their own websites. Even it is now possible to submit the resume for a candidate online. This process is quick, efficient, easy and cheap. The candidates just need online access. Another advantage of online application is that the potential candidate can search and gather the information he/she needs from the company website which would not be possible otherwise.
6.2 Green recruitment and selection of candidates: The companies can pick the resumes/CVs of suitable candidates and download them. Later, they can print whenever needed. The selection tests can also be as much paperless as possible like behavioral observation, interview, presentation in which less paper is needed. Moreover, preferences could be given to the candidates who are more environment aware and friendly or who have strong motivation to keep the office and environment green or natural as it is.
6.3 Green orientation: The induction and socialization process can be designed in a way that facilitates the inclusion of new employees into the process of green consciousness. Orientation programs should uphold the organization’s attitude for green issues like health and safety, green workplace, healthy and clean local area etc.
6.4 Green performance management and evaluation: Overall performance management system should be developed including green target in Key Performance Areas (KPA) and Key Performance Index (KPI). Green performance goals and green behavior indicators should be the key areas of performance appraisals at all levels. Examples of such goals might be to create awareness and achievement among the employees, encouraging the subordinates to facilitate green environment learning etc.
6.5 Green learning and development: Training, learning and development process should include programs, workshops, seminars, sessions and presentations that develop and help employees to acquire knowledge in green management skills. The training learning content should be developed to increase competencies and skills in environment management. Extensive online and web-based training modules and tools can be used for not only green management but also other functions as well. Issues like safety, energy efficiency, waste management, recycling can be the core points of green training. Training supervisors should use more on online course materials and case studies rather than printed handouts, books and brochures to reduce the use of paper.
6.6 Green compensation and reward: Compensation packages should include rewarding green skills and achievement. Special bonuses might be given to the employees for extra-ordinary effort to make the workplace clean, maintaining health and safety standards, using less paper and so on.
6.7 Maintenance of employee relations: The Company can promote the “eco friendliness” to add value to company’s products and services with efficient utilization of existing financial, human and natural resources. Employees should be motivated for involvement and participation in social and ecological initiatives to create a general healthy and workable office space that results in sustainable, competent, efficient and socially responsible employer-employee relationship.
6.8 Creation of a green leadership management: The company can assign a top level manager to can initiate and organize the green sustainability. He/she can include the green issues in business and corporate plans.
6.9 Green health and safety management: The green health and safety management is really beyond the scope of traditional health and safety management function of HRM. It not only includes the traditional health and safety management but also some more aspects of environmental management of an organization. That is why nowadays many organizations are redesigning post of “health and safety manager” as “health, safety and environmental manager”. This includes a wider job scope when compared with traditional post of health and safety manager in an organization. For example, it includes biodiversity protection and community support initiatives etc. that include local environment and people. The key role of green health and safety management is to ensure a green workplace for all. Green workplace is defined as a workplace that is environmentally sensitive, resource efficient and socially responsible. At present there are companies where traditional health and safety function was extended to include environmental management/protection. These companies have continually endowed to create various environmental related initiatives to reduce employee stress and occupational disease caused by hazardous work environment.
6.10 Green employee discipline management: Wehrmeyer stated explicitly that green discipline management is a pre-requisite in corporate environmental management. In ensuring green employee behavior in the workplace, organizations may need green discipline management practices to achieve the environmental management objectives and strategies of the organization. In this context, some companies have realized “discipline management” as a tool to self-regulate employees in environmental protection activities of the organization. These firms have developed a clear set of rules and regulations which imposes/regulates employees to be concerned with environmental protection in line with environmental policy of the organizations. In such companies, if an employee violates environmental rules and regulations, disciplinary actions (warning, fining, suspension, etc.) are taken against him/her
7. Conclusion

Based on this review, it is possible to conclude that proper understanding and implementation of scope and depth of green HR practices, a firm can improve its social and organizational performance in a sustainable manner that will create some competitive advantages for them. It is just a matter of time when almost all the firms must adopt environment friendly practices for the betterment of the overall society and also, for the world. Therefore, firms should integrate the green issues and practices into the regular, day to day HRM activities and also; into the strategic HR decisions and corporate policies. Hence, we suggest that organisations be required to give more priority to make each function of HRM green.

REFERENCES:-
1) A. Arulrajah, H.H. D. N. P. Opatha and N. N. J. Nawaratne, Green human resource management practices: A review, Sri Lankan Journal of Human Resource Management, 5(1), 2015, 1-16.
2) W. Wehrmeyer, Greening People – Human Resources and Environmental Management (Sheffield, England: Greenleaf Publishing, 1996). .
3) R. Florida and D. Davidson, Gaining from green management: Environmental management systems inside and outside the factory, California Management Review, 43(3), 2001, 64-69. .
4) Md. Sajjad Hosain and Md. Sadiqur Rahman, Green Human Resource Management: A Theoretical Overview, IOSR Journal of Business and Management (IOSR-JBM) e-ISSN: 2278-487X, p-ISSN: 2319-7668. Volume 18, Issue 6 .Ver. III (Jun. 2016), PP 54-59.
5) Brio JAD, Fernandez E, Junquera B. Management and employee involvement in achieving an environmental action-based competitive advantage: An empirical study, The Inter. J of HRM. 2007; 18(4):13. .
6) Daily BF, Huang SC. Achieving Sustainability through Attention to Human Resource Factors in Environmental Management, International Journal of Operations and Production Management. 2001; 21:1539-1552. .
7) Dr. Parul Deshwal, Green HRM: An organizational strategy of greening people, International Journal of Applied Research 2015; 1(13): 176-181.
8) Beard, C. and Rees, S. (2000), Green Teams and the Management of Environmental Change in UK Country Council, Environmental Management and Health, Vol.11, No.1, pp. 27-38. .
9) A. Anton Arulrajah, Prof. H.H.D.N.P. Opatha and Dr. N.N.J.Nawaratne, Green Human Resource Management Practices: A Review, Sri Lankan Journal of Human Resource Management Vol.5, No.1, 2015.
10) Ms. PoojaPopli, a study of green hr practices, its awareness and implementation in the industries in Nasik, G.J.C.M.P.,Vol.3(1):114-118.
11) Sushma Rani and Dr. K. Mishra, Green HRM: Practices and Strategic Implementation in the Organizations, International Journal on Recent and Innovation Trends in Computing and Communication ISSN: 2321-8169, Volume: 2 Issue: 11. .
12) Deepak Bangwal and Prakash Tiwari, Green HRM – A way to greening the environment, IOSR Journal of Business and Management (IOSR-JBM) e-ISSN: 2278-487X, p-ISSN: 2319-7668. Volume 17, Issue 12 .Ver. I (Dec. 2015), PP 45-53.

A STUDY ON AWARENESS ON LEGAL ACTS OF CONSUMER PROTECTION AMONG COLLEGE STUDENTS

Abstract

The consumer movement in India is as old as trade and commerce. In Kautilya’s Arthashastra, there are references to the concept of consumer protection against exploitation by the trade and industry, short weighment and measures, adulteration and punishment for these offences. Awareness of consumer rights varies in different regions in the country. It is very poor especially among the population in rural and far-flung areas of the country. Compared to the developed countries, the levels of consumer awareness in such a vast country with a large population like India is much lower. There is an urgent and increasing necessity to educate consumers so that they can be protected against the exploitation of the manufacturers and sellers. The aim of the study was to find out the awareness on legal acts of consumer protection among college students. 60 sample was selected to conduct the study by using an interview schedule. Exploratory research was selected for the study. Appropriate statistical methods will be adopted to analyse the data. According to the results of the study, it was concluded that majority of the students were aware of the legal measures that taken by the government for consumer protection and most of the students were not aware of Hire purchase Act, 1972 and the railways claims tribunal act, 1987.

Keywords- Consumers, Legal Acts, Students, Consumer protection, Consumer awareness. .

Introduction

Consumer protection consists of laws and organizations designed to ensure the rights of consumers as well as fair trade competition and the free flow of truthful information in the marketplace. The laws are designed to prevent businesses that engage in fraud or specified unfair practices from gaining an advantage over competitors and may provide additional protection for the weak and those unable to take care of themselves. Consumer protection laws are a form of government regulation which aim to protect the rights of consumers. Consumer interests can also be protected by promoting competition in the markets which directly and indirectly serve consumers, consistent with economic efficiency, but this topic is treated in competition law. Consumer protection can also be stated via non-government organizations and individuals as consumer activism.

Legislative measures for consumer protection:

In India there are a number of enactments disseminated for the welfare of the consumer. There are several pre and post-independence legislations measures are aimed at controlling production, supply, distribution, quality, quantity, purity and pricing of several goods and services. In fact each of the legislation has some elements, which are directly or indirectly aimed at consumer welfare or protection. Many consumers, even literate ones, are unaware of these legal provisions. The following are some of the important consumer protection laws. They are Indian penal code, Indian contract Act, The sale of goods Act, The agricultural produce Act, Drugs and cosmetics Act, Drugs and magic remedies Act, Prevention of food adulteration Act, Essential commodities Act, Monopolies and Restrictive trade practice Act, Hire purchase Act, Standards of weights and measures Act, Prevention of black marketing and maintenance of supplies of essential commodities Act, Bureau of Indian standards Act, Environment protection Act, The railways claims tribunal Act, Consumer protection Act, Electrical appliances (quality control) order, Cable television network Act, The information technology Act, Electrical wires, cables, appliances and accessories Act and Indian electricity Act (Gurjeet singh, 1960).

Methodology

Exploratory research was selected for the study. Sullamussalam Science College students, Areacode will be chosen to draw the sample. Sixty consumers will be chosen to study the awareness of legal measures of consumer protection laws. Interview Schedule will be used for data collection. Appropriate statistical methods will be adopted to analyse the data.

Results and Discussion

The data on the selected parameters i.e., legal measures and non-legal measures of consumer protection laws were collected, analysed, presented and discussed.

Age

The age of the consumers ranged from 18 to 25 years. Majority of the sample (70%) was in the age group of 18-22 years and the age of nearly one fourth sample (13.33%) ranged between 23-25 years. Majority of the respondents (59%) are P.G students. Most of the students acquired the information about these legal measures through newspapers (33%), journals (10%) and from course syllabus (57%). Awareness of legal measures An attempt was made in the present investigation to find out whether the legal measures on consumer protection laws were aware of by the people. Sixty students were chosen to evaluate the legal measure of consumer protection laws for the study. A list of legal measures of consumer protection laws was given to the sample to give their opinions. Looking at each legal measure the consumers were asked to tick “yes” if the consumers are aware of and “No” if the consumers are not aware of. The responses of the consumers are presented below
    . Indian penal code, 1860: The majority of the sample (96.6%) was aware of this act whereas (3.3%) of the sample was not aware of.
 Indian contract Act, 1872: The majority of the sample (80%) was aware of Indian contract Act, whereas (20%) of the sample was not aware of.
 The sale of goods Act, 1930: The majority of the sample (83.3%) was aware of this act whereas (16.6%) of the sample was not aware of.
 The Agricultural produce Act, 1937: The majority of the sample (80%) was aware of agricultural produce Act, whereas (20%) of the sample was not aware of this act.
 Drugs and cosmetics Act, 1940: The majority of the sample (76.6%) was aware of this Act whereas (23.3%) of the sample was not aware of.
 Drugs and Magic Remedies Act, 1954: The majority of the sample (53.3%) was aware of Drugs and Magic Remedies Act, whereas (46.6%) of the sample was not aware of.
 Prevention of Food Adulteration Act, 1954: The majority of the sample (66.6%) was aware of this act whereas (33.3%) of the sample was not aware of.
 Essential commodities Act, 1955: The majority of the sample (63.3%) was aware of Essential commodities Act, whereas (36.6%) of the sample was not aware of.
 Monopolies and Restrictive trade practice Act, 1969: The majority of the sample (66.6%) was aware of this act whereas (33.3%) of the sample was not aware of.
 Hire purchase Act, 1972: The majority of the sample (93.3%) was not aware of Hire purchase Act, whereas (6.6%) of the sample was aware of.
 Standards of weights and measures Act, 1976: The majority of the sample (70%) was aware of this act whereas (30%) of the sample was not aware of.
 Prevention of black-marketing and maintenance of supplies of essential commodities Act, 1980: The majority of the sample (66.6%) was not aware of this Act, whereas (33.3%) of the sample was aware of.
 Bureau of Indian standards Act, 1986: The majority of the sample (76.6%) was aware of this act whereas (23.3%) of the sample was not aware of.
 Environment protection Act, 1986: The majority of the sample (80%) was aware of Environment protection Act, whereas (20%) of the sample was not aware of.
 The Railways claims Tribunal Act, 1987: Hundred per cent of the sample was not aware of this act.
 Consumer protection Act, 1986: The majority of the sample (53.3%) was aware of consumer protection Act, whereas (46.6%) of the sample was not aware of.
 Electrical Appliances (Quality control) order, 1988: The majority of the sample (56.6%) was aware of this act whereas (43.3%) of the sample was not aware of.
 The Information Technology Act, 2000: The majority of the sample (63.3%) was aware of this act whereas (36.6%) of the sample was not aware of.
 Electrical wires, cables, appliances and accessories Act, 2003: The majority of the sample (63.3%) was aware of Electrical wires, cables, appliances and accessories Act, whereas (36.6%) of the sample was not aware of.
 Indian Electricity Act, 2003: The majority of the sample (46.6%) was aware of this act whereas (53.3%) of the sample was not aware of.
    . Conclusion
According to the results of the study, it was conclude that the college students were aware of the legal measures that taken by the government for consumer protection. Hire purchase Act, 1972 and the railways claims tribunal act, 1987 were not aware of to the most of the consumers. Most of the students acquired the information about these legal measures through newspapers, journals and from course syllabus.     . References
1. The Consumer Protection Act -2015, Author- Prof. HD Pithawalla, Publisher- C.Jamnadas & Co, Year of Publication: 2015
2. Consumer Behaviour: Text and Cases, by Satish Batra, S. H. H. Kazmi, Publisher: Excel Books; 2nd Revised edition edition (1 June 2008)
3. J. Deepika, D. Ratna Kumari, “A Study on Awareness on Legal Acts of Consumer Protection among Students” International Journal of Science and Research (IJSR), Volume 3 Issue 11, November 2014

Thursday, 25 May 2017

MAKE IN INDIA: ISSUES AND CHALLENGES

Abstract

“Make in India” is an international campaign slogan coined by Hon’ble Prime Minister to promote India as a destination for foreign investment. However there are certain issues to be addressed while turning ‘Make in India’ vision into a reality. The authors have made an attempt to identify major issues and challenges that may be tackled quickly and smartly to feature India as a global manufacturing hub for addressing its multi-socio economic issues.

Key words: Make in India, Manufacturing Sector, Skill Development, Issues and Challenges, Infrastructure

Introduction

‘Make in India’ movement started in September, 2014, aims at creating such an environment to attract foreign producers and investors to come and create jobs in India and enable domestic firms to compete globally. This program is to exploit every possible source to raise the share of manufacturing in GDP from 16% to 25% by 2022 and to create 100 million manufacturing jobs over the same period. The Make in India initiative is based on four pillars: new processes, new infrastructures, new sectors and new mind-set. These four pillars are worked upon in terms of facilitating ease of doing business, developing industrial corridors and smart cities, opening up FDI in defence production, insurance, medical services, railway infrastructure and construction in a big way, and making government a facilitator of industrialization and not only a regulator. The campaign Make in India focuses on 25 sectors: construction, defence manufacturing, , IT & BPM, automobiles, aviation, chemicals, electrical machinery, food processing, pharmaceuticals, textiles and garments, media and entertainment, ports, leather, mining, , railways, automobile components, , wellness, tourism and hospitality, renewable energy, biotechnology, roads and highways, space, thermal power, electronics systems.

The logo of “Make in India” depicts a “Lion” which refers to “King of Forest”. In the same way, India can become “King in Manufacturing Sector” by converting herself to a self-reliant and self-sufficient country and to give the Indian economy a global recognition.

Much advancement is being headed towards achievement of this innovative mission. Various foreign companies like Hitachi, Fiat, Airbus, Tetrapak, and Ericsson among others have committed to participate in ‘Make in India’ movement. Russia, China, Germany, Spain, Sweden, Oman, Japan and France have shown keen interest for this initiative and they are offering different sources to realize this dream of India. But on the way to achieve 10% economic growth rate, India has to do much on various issues such as infrastructure, employability score of Indians, ease of doing business index, land acquisition implications, power capacity and industrial security etc.

Why Companies were not manufacturing in India:

Make in India campaign is at loggerheads with the Make in China ideal that has gained momentum over the past decade. China is a major rival to India when it comes to the outsourcing, manufacturing, and services business. India's ailing infrastructure scenario and defunct logistics facilities make it difficult for the country to achieve an elite status as a manufacturing hub. The bureaucratic approach of former governments, lack of robust transport networks, and widespread corruption makes it difficult for manufacturers to achieve timely and adequate production. The Modi government has vowed to remove these hurdles and make the nation an ideal destination for investors to set up industries.

The Vision of Make in India:

The manufacturing industry currently contributes just over 15% to the national GDP. The aim of this campaign is to grow this to a 25% contribution as seen with other developing nations of Asia. In the process, the government expects to generate jobs, attract much foreign direct investment, and transform India into a manufacturing hub preferred around the globe. The initiative hopes to increase GDP growth and tax revenue. The initiative also aims at high quality standards and minimizing the impact on the environment. The initiative hopes to attract capital and technological investment in India.

MAJOR ISSUES AND CHALLENGES

The concept could face the following major issues and challenges.

Ease of doing business:

There are different activities involved in starting and doing business such as dealing with construction permits, registering property, getting credit and electricity, paying taxes, enforcing contracts and resolving insolvency etc. As per World Bank report, among 189 economies India ranks 142 for ease of doing business. India needs to improve upon various components of ease of doing business. A business-friendly environment can only be created if India can signal easier approval of projects and set-up hassle-free clearance mechanism. Minimum or reduced capital requirements and faster and simpler procedures will help getting more firm satisfaction and savings and more registered businesses in India.

Micro, Small and Medium Enterprises (MSME) India’s small and medium-sized industries can play a vital role in making the country take the next big leap in the manufacturing sector. India should be more focused towards novelty and innovations for these industries. The government has to chart out plans to give special soaps and privileges to these industries. Furthermore, a direct tax exemption during the initial years of operations for micro, small and medium enterprises (MSME) will give much needed impetus to the manufacturing sector. Acquiring Lands: Land acquisition is one the important steps for setting up manufacturing firm. There are many issues concerning land acquisition such as proper rehabilitation and resettlement of affected inhabitants of that land. One of the alternatives for the Govt. is to use wasteland for Make in India purposes.

Improving employability: Employability rate is very low in India. As per ‘Higher Education in India: vision 2030’ report, 75% of IT graduates, 55% of manufacturing, 55% of Banking & Insurance graduates are deemed unemployable. This is because of theoretical nature of course curriculum and less awareness of applicability of theories in the industry. The course curriculum content and structure should be updated in lines with rapid changes in the field of science and technology.

Capacity addition in the power sector: As per report (2014) by India’s Central Electricity Authority, India had an energy requirement of 1048672 Million Units (MU) of energy out of which only 995157 MU of energy were available. There are issues like delay in environmental clearances and shortage of fuel supply, which hinder the Indian power sector.

Development of Roads and Highways: As roads and highways are vital for an efficient inbound and outbound logistics of a manufacturing firm to ensure proper and cost effective movement of raw materials and finished goods. As per data from website of Ministry of Road transport and Highways (2014) India has a total of 48.65 Lac kilometres of road network comprising of National Highways (92,851 km), State Highways (138,489 km), Major District Roads, Rural roads and urban roads (all together 46.34 Lac Km) which means National Highways comprise 1.7% of India’s total road network but carry 40% of road traffic, which makes it very congested. So it is imperative that Govt. should initiate conversion of single lane or double lane National & State Highways to four or six lane roads to meet growing congestion problem in India.

Privatization: To enforce the inflow of FDI in the country and improve services, it requires to fully or partially privatizing loss making government units. First, identifying those manufacturing units and second, to privatize those with foreign companies may create issues such as percentage holding, management, resistance to change, labour union opposition, etc.

Good Infrastructure Facility: The major objective behind “Make in India” initiative is to focus on heavy industries and empowering secondary and tertiary sectors. If authorities facilitate the requirements of the national programmes of 100 “Smart Cities” and “Industrial Corridors”, we can truly fulfil the “Make in India” concept and make it a worth. We will have to provide internet connectivity with LAN, WAN with high speed data transfer as Information Technology is also a part of Infrastructure now. Further, under the “Make in India” campaign, the rural infrastructure, which is an important ingredient for ensuring sustainable rural economic development, needs to be given a fillip.

World-Class Standards: After all, foreign companies demand highest level of qualitative work which is known as “world class standards”. The quality of product under “Make in India” initiative should not differ with foreign product. Here the Issue is to make Indian labour achieve such competencies to make high quality products through skill development programs.

Ownership and Control: When FDI comes to our country, there will be an issue of ownership and control. How much percentage of ownership of the company established at Indian location? What should be the managerial functions? How board of directors should be formed? Whether any MoU (Memorandum of Understanding) should be signed with Indian companies in order to form a joint venture? Whether Indian law can protect if any issue will crop up in this regard? This issue is being addressed through required reforms by the present government.

Enterprise Specific Performance Requirements (ESPR): Some of the enterprises require several performance standards. Special efforts are needed to achieve such specific performance standards without interference with the internal commercial decisions of the enterprises.

Research and Development: India must also encourage high-tech imports, research and development (R&D) to upgrade 'Make in India' give edge-to-edge competition to the Chinese counterpart's campaign. To do so, India has to be better prepared and motivated to do world class R&D. The government must ensure that it provides platform for such research and development

. Conclusion: The issues and challenges involved in the concept of “Make in India” are being resolved through big thrust in policy initiatives and further commitment by the government to ease rules of doing business, boost manufacturing and provide a stable non-adversarial tax regime to ultimately revive the otherwise sluggish economy which is critical to generate jobs. However MSME forms the base of the large scale industry, so promoting MSME sector will help in flourishing of large scale industry which will help in achieving the goal Make in India. The challenge is to make ‘Make in India’ an economically viable and globally luring project.

Reference:
1. Manjit kaur (2015), “Make in India-Issues” Indian journal of applied research, Volume: 5, Issue: 9, September 2015, ISSN - 2249-555X.
2. Prof. J. K. Nathani and Prof. V. A. Parikh (2015), “Make in India: Issues and Challenges - A Paradigm Shift”, IJSRD - International Journal for Scientific Research & Development, Vol. 2, Issue 12, 2015, ISSN (online): 2321-0613.
3. Dr.T.V.Ramana (2015), “Make in India: Illusion or Possible Reality project?” International Journal of Academic Research, Vol.2, Issue-2(5), April-June, 2015, ISSN: 2348-7666
4. A. Bhattacharya, A. Bruce and A. Mukharjee, “Make In India: Turning Vision into Reality, CII Report, November 2014
5. Garg poonam and Mitra Debashis (2015), “Can Make in India Compaign will be able to promote small scale industries of India”, Global Journal for Research Analysis, Jan, 2015. 6. Government of India, Make In India Official website