VOLUME 1 ISSUE 4 JULY-SEPT 2016
VISHLESHAN INTERNATIONAL JOURNAL OF
ENGINEERING & MANAGEMENT
(VIJEM)
(AN OPEN ACCESS QUARTLY JOURNAL)
EDITOR-IN-CHIEF
SUNITA RAMCHANDANI
ASSOCIATE EDITOR
DEEPAK MOTWANI
PROMOTED BY
VISHLESHAN EDUCATIONAL & SOCIAL WELFARE SOCIETY
(VESWS) BHOPAL
CALL – 0755-4273272 (O)
E-mail: [email protected], [email protected]
Website: www.vijem.com
ISSN (ONLINE):
2455-524X
V
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Vishleshan International Journal of Engineering and Management
(VIJEM) Volume 1, Issue 4 (July-Sept, 2016) ISSN (Online): 2455 – 524X
Website: www.vijem.com Ph. (0755) 4273272 E-mail: [email protected]
Patron Prof. (Dr.) Anoop Swarup
Chairman, Global Knowledge Alliance, Melbourne, Australia
Vice Chancellor, Jagran Lakecity University, Bhopal
Advisors
Dr. Ashish Dongre
Director Technical Education, Government of M.P.
Chairman, Indian Society of Technical Education, M.P. & C.G.
Formerly Vice Chancellor, RKDF University, Bhopal
Dr. Justin Paul
Associate Professor, University of Puerto Rico
Ex. Prof. Indian Institute of Management (IIM), Indore
Editor-in-Chief
Ms. Sunita Ramchandani
Associate Editor Mr. Deepak Motwani
Vishleshan International Journal of Engineering and Management
(VIJEM) Volume 1, Issue 4 (July-Sept, 2016) ISSN (Online): 2455 – 524X
Website: www.vijem.com Ph. (0755) 4273272 E-mail: [email protected]
Editorial Board Members
Prof. (Dr.) C. M. Sadiwala
Principal, RKDF CTR, Bhopal
Ex. Prof. Maulana Azad National Institute of Technology (MANIT),
Bhopal
Prof. (Dr.) Atul Mehrotra
Director, School of Management (SoM)
Jagran Lakecity University, Bhopal
Prof. (Dr.) K. B. L. Shrivastava
Principal Vedica Institute of Technology,
Bhopal
Prof. (Dr.) Y. M. Dubey
Principal
Vindhya Institute of Technology &
Science, Jabalpur
Dr. Tarun Kushwaha
Associate Professor Prestige Institute of Management &
Research (PIMR), Indore Ex. Associate Professor, Symbiosis
Institute of Business & Management (SIBM), Pune
Dr. Shilpa Jain
Assistant Professor
Maulana Azad National Institute of
Technology (MANIT), Bhopal
Dr. Pooja Gupta
Assistant Professor School of Management (SoM)
Jagran Lakecity University, Bhopal
Dr. Geetanjali Nilesh Bendale
Ex. Research Analyst, Nielsen India
Pvt. Ltd., Vikroli
Ex. Lectrurer Yadavrao Tasgaonkar
Institute of Management Studies &
Research, Mumbai
Dr. Shikha Bhargava
Head of the Department - MBA Oriental College of Management,
Bhopal
Dr. Priyanka Nema
Assistant Professor
School of Management (SoM)
Jagran Lakecity University, Bhopal
Ex. Samsung C&T, Seoul South
Korea
Vishleshan International Journal of Engineering and Management
(VIJEM) Volume 1, Issue 4 (July-Sept, 2016) ISSN (Online): 2455 – 524X
Website: www.vijem.com Ph. (0755) 4273272 E-mail: [email protected]
Reviewer Committee Members
Dr. Ravindra Tiwari
Head of Department – MBA Patel Group of Institutions
Bhopal
Ms. Charu Modi
Lecturer, Bangalore International College
Bangalore
Mr. Lokesh Payasi Assistant Professor
Lakshmi Narain College of Technology – MBA
Bhopal
Mr. Bhuvanesh K. Sharma Assistant Professor
Balaji Institute of Modern
Management
Sri Balaji Society, Pune
Mrs. Sakshi Kamdar Lecturer, School of Management
(SoM) Jagran Lakecity University,
Bhopal
Ms. Komal Taneja Assistant Professor,
Jeev Sewa Sansthan Group of
Institutions for Women-
Faculty of Management, Bhopal
Mr. Amitesh Paul
Assistant Professor, RKDF University, Bhopal
Mr. Aditya Gupta
Assistant Professor,
Vedica Institute of Technology,
Bhopal
Mr. S. K. Tiwari
Assistant Professor, RKDF University, Bhopal
Mr. Ranjit Nikose
Assistant Professor,
Bhabha College of Engineering,
Bhopal
Vishleshan International Journal of Engineering and Management
(VIJEM) Volume 1, Issue 4 (July-Sept, 2016) ISSN (Online): 2455 – 524X
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Message from Chief Editor’s Desk
Today, with emerging advancements in research & technology, entire world has
got connected through boundary-less networks of knowledge and information.
Vishleshan International Journal of Engineering and Management is an attempt
to document relevant and practical research work in wide range of areas from
various parts of the world in which any specific domain of these areas can be
taken into consideration for research paper. Practical applicability of research
and empirical findings are required to be the most important feature of each
article/research paper to be published in the journal. The basic intent of this
journal is to bring about revolutionary change in achieving professional and
academic excellence through action and applied research approach.
We have tried to carefully put together range of research areas for the first issue
and categorized specific articles/research papers in separate sections. I
acknowledge the involvement of number of people whose contribution made
this publication possible-Author who submitted articles/research papers,
Distinguished Promoters, Managing Editor, Patrons, Advisors, and Members of
Editorial Board, Members of Reviewer Committee.
We hope to be the first choice of top rated research work with high quality
submissions, strategic review and the most invigorated Advisory Board.
Sunita Ramchandani
Vishleshan International Journal of Engineering and Management
(VIJEM) Volume 1, Issue 4 (July-Sept, 2016) ISSN (Online): 2455 – 524X
Website: www.vijem.com Ph. (0755) 4273272 E-mail: [email protected]
Message from Associate Editor’s Desk
Welcome to VIJEM, 'Vishleshan International Journal of Engineering &
Management', a quarterly published, thoroughly reviewed scholarly journal.
VIJEM is a comprehensive channel for sharing the ideas & thoughts related to
science & management as it is concerned with the dynamic relations among
international academicians, students and practitioners regarding theories,
methods and applications with new developing perspective in the field of
science & management. We publish the journal in the electronic form over the
Internet. We hope that the journal would be of interest to researchers, engineers
and management practitioners over the world.
Finally, I would like to take this opportunity to cordially thank all the
contributors of VIJEM, members of editorial board, the reviewers, the authors
and mentors of "VIJEM", who helped to ensure that the goal of creating and
publishing the "VIJEM" journal would be realized.
Deepak Motwani
Vishleshan International Journal of Engineering and Management
(VIJEM) Volume 1, Issue 4 (July-Sept, 2016) ISSN (Online): 2455 – 524X
Website: www.vijem.com Ph. (0755) 4273272 E-mail: [email protected]
CONTENTS
S. No.
Title
Page No.
1 E-GROCERY RETAILING: THE NEXT BIG THING IN INDIA
Dr. Priyanka Rawal
1-14
2 WOMEN POWER IN DIGITAL INDIA
Arshi Gouhar
15-20
3 DIGITAL TECHNOLOGY AND YOUNG WOMEN EMPOWERMENT:
OPPORTUNITIES AND CHALLENGES
Malini Sharma, Pooja Khanna, Divya Gupta
Gunjita Dhingra, Snigdha Sharma
21-30
4 MAKE IN INDIA : CHALLENGES AND OPPORTUNITIES
Huma Butt, Dr. Chandralata Singh, Deepti Chouhan
31-36
5 A STUDY ON THE ATTITUDE TOWARDS FINANCIAL AWARENESS
IN EMPOWERING THE FEMALES IN INDIA, WITH SPECIAL
REFERENCE TO BHOPAL CITY
Dr. Pooja Gupta
37-44
6 A STUDY ON IMPACT OF BREXIT ON INDIAN IT SECTOR
Mr. Hitesh Punjabi
45-56
Vishleshan-International Journal of Engineering and Management
(VIJEM) Volume 1, Issue 4 (July-Sept, 2016)
ISSN (Online): 2455 - 524X
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E-GROCERY RETAILING: THE NEXT BIG THING IN INDIA
Dr Priyanka Rawal
Jagran Lakecity University, Bhopal
Abstract
“Food to the people is like people to a king “; this is an old Chinese saying which implies that
just like to remain on the throne a King has to rely on his people ,similarly common people for
their survival have to rely on food. Hence the significance of food is worldwide, where the retail
food industry plays a crucial part of the country‟s economic activity. Today everything is just a
click away from jewelries to laptops giving shopping a new destination. E commerce today has
become Omni present making its presence in the categories like apparels, fashion accessories,
shoes, electronics, real estate, groceries, vegetables, medicine and pharmaceuticals, education,
insurance and many other goods and services in the B2C space. Being one of the most
challenging sectors of the Retail market as of today, e-grocery can be seen as a result of latest
developments that marked the progress of the World Wide Web technology. Increased internet
penetration ,lesser intermediaries, reduced inventory, availability of much wider product range
compared to what is available at brick and mortar retailers, hectic life schedules & lack of offline
shopping time are enough reasons for e-grocery to be the next big thing in the Indian e
commerce industry. For any household the spending on grocery and daily essentials form the
largest and most consistent share of the wallet. You may be sitting there thinking that online
doesn‟t really work in grocery, but, looking at the lifestyle changes among Indian consumers,
organized food and grocery retailing in India is witnessing a revolution.. Rapid growth of
internet is forcing the existing retailers to make their presence in the digital marketplace as a
workable alternative to store based retailing. Paper studies the key characteristics of the online
consumer purchase decision making process along with analyzing the growing potential,
challenges and future of e grocery retailing with respect to Indian Market.
Keywords: e-grocery, digital marketplace, convenience, organized, retailing, E-Commerce,
online consumer.
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Introduction
Time has changed and buyers are now relatively at ease ordering apparel, shoes, electronics,
among many other product categories, online. Irrespective of the state of the economy groceries
sell all across the world as people can stop going to the cinema and restaurants, but there's no
way a life can be imagined without toothpaste, soap and, vegetables. Shopping these days is an
experience in itself where you have your own manageable cart which gets full by the time you
reach the billing counter. Even at that point if you forgot your favorite chocolate bars there‟s no
need to create a stir at a checkout line. Though the idea of purchasing groceries online has been
talked about from quite some time as the Internet, but its applicability has always been a
challenge. Inconvenient delivery timing and high cost has kept it a niche business in mostly
urban areas.
While Internet penetration today is only a third of that in the other three BRIC countries (Brazil,
Russia and China) , India stands on the cusp of dramatic growth in Internet and e-commerce
activity with more than 650 million Indians seen online by 2020 making India second only to
China in projected Internet users. A lot of these consumers will be women and “digital natives,”
born during or after the introduction of digital technologies, resulting in visible changes seen in
the retail environment and shopping practices. Online Indian population is large and growing
rapidly where it is projected to hit 650 million by 2020 and up to 250 million consumers will be
purchasing products/services online, spending more than US$50 billion. A minimum of $5
billion of that spending will be for fast-moving consumer goods. By FY‟2019 the Indian online
grocery market will be reaching Rs 2.7 billion mark.
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E-commerce in FMCG: A $5 billion opportunity by 2020
India being the sixth largest grocery market in the world is now all set to become an exciting
space and experience exponential growth with a large chunk of Indian population coming online.
The retail market in India is expected to hit $725 Bn (about INR 43 lakh crore) by 2017. Retail
consultancy Technopak estimates online grocery business to grow at a rate of 25-30 per cent y-o-
y basis in major cities of India. Indian retail market is expected to hit $725 Bn by 2017 where
online grocery business is expected to grow at a rate of 25-30 per cent y-o-y basis in major
Indian cities as per Retail consultancy Technopak. Also by 2020 India‟s online grocery market,
is expected to cross $25 billion which at present is likely to be less than $100 million. Among the
commonly purchased products online such as apparels and books Groceries stand out as they are
time-sensitive in terms of their delivery needs. In addition, groceries are known to be a
replacement product, i.e., the same basket of products is essentially purchased on a habitual
basis. Most importantly, consumers like to inspect the quality of items they are buying and thus
are high-touch items. These days, traditional bricks-and-mortars stores are progressively entering
the online market in an effort to leverage distribution efficiencies and creating brand awareness.
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In India, online grocery is all set to prosper and gain considerable market share of the Indian e-
commerce industry.
E-commerce can generally be understood as the buying and selling of goods and services via
Internet. For any B2C transaction over this channel or in other words making a sale online is
referred to as e-tailing. A website where people can buy food over the Internet to be delivered at
a later time is known as an online grocery store where consumers can browse through variety of
product categories similar to the manner one might walk throughout an actual grocery store.
Neighborhood Grocery stores have been offering delivery services since the 19th century. Even
though grocery delivery is not a novel idea, e grocery business is immature and is still in an
embryonic stage. Recent decades have seen grocers allowing customers ordering and receiving
food at their residence. Shoppers of today are sensual who prefer using their five senses to make
purchase decision. Considering groceries , in particular food, are the kind of produce where
consumers would wish to see, feel, smell, touch, and possibly taste in person before making a
final purchase (Underhill, 1999).Long working hours, rising internet penetration, hectic lifestyle
and tedious commuting along with Smartphone wave are giving space to online grocery players
to serve the consumers. Also with improving comfort with online payments, these days selling
groceries online has become fairly easy. Thus the ever-increasing significance of convenience
among consumers all over the world has shaped the online grocery industry to be a robust one.
Vishleshan-International Journal of Engineering and Management
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5 | P a g e
Source: http://cdn.inc42.com/wp-content/uploads/2015/05/penetrationretail.jpg
India is a leader in Internet connectivity growth in spite of having the smallest B2C E-Commerce
market size, predominantly through mobile devices. In terms of mobile shopper penetration India
tops many other countries, occupies third place among emerging markets and fourth among
Asia-Pacific countries. In emerging markets the key drivers of growth of E-Grocery rely on the
following factors i.e. greater than before penetration of internet, hectic lifestyles & deficiency in
having time for offline shopping. Also lower online prices as compared to brick and mortar retail
stores, attractive sales promotion schemes and availability of a wider product range in
comparison to what is accessible at brick and mortar retailers are making e grocery very
lucrative.
Long lines at the billing counter, difficulties in parking vehicles, too much crowd around, time-
consuming are the main hassles of doing groceries at the store and are the top reasons for
customers to indulge themselves in online grocery shopping. Convenience is the primary benefit
online grocery shopping has as it gives customers the ease of ordering online, where one can
quickly search for the products he/she needs and place an order without having to physically
walk through aisles. Also travel expenses and time going to the grocery store is saved. Taking
into consideration the wide availability of the Internet, grocery shopping can be done from
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remote locations or also in the middle of doing other work/activity, for instance placing an order
during lunch break at work. Since the food is delivered right to at the doorstep of consumers ,it
is a blessing in disguise for many who are engrossed in balancing their work life but still can‟t do
it very effectively. Also it is highly convenient for people who are physically unable to move
around easily. As food and other groceries are delivered at place of customer it costs extra
money, and the order cannot be owned immediately. It also required planning well in advance so
that groceries are available before he runs out of the stock. Another shortcoming is that online
shopping compels the customer to be at home during a certain specified period to receive the
order when it is delivered. In addition, E grocery stores will often cover specific geographical
areas where their supply chains are functional.
Creating Value Proposition
Customer value can be created by offering: Competitive prices; broad assortment of products;
providing superior shopping convenience along with giving superior customer service. For a
grocery retailer to set up a profitable e-grocery channel following points must be kept in mind .K.
Tanskanen, (2002) put forth that, these below listed actions together outline a blueprint for
setting up a winning e-grocery operation :
Building operating systems locally where customer density is existing should be the focus
As E-grocery as a business thrives on loyalty hence building and maintaining trust is the
key to success.
Having a good ordering interface and availability of product information are basic
requirements a web based portal should incorporate
E-Demand and e-Category management are powerful new opportunities in this
segment, hence should not be ignored.
The range of products offered should also include high margin non grocery products
along with effective logistics system to households, resulting in a strong base of
loyal customers.
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Consumer Behavior towards Grocery Shopping
With increasing number of working professionals, long hours of wait and being stuck up at
traffic, time shortage and the comfort of getting products of daily usage at doorstep, online
grocery shopping sites are boon for people, mainly in metro and other urban cities. If service is
flawless it will definitely result in popularity of such ventures .Grocery shopping though is one
of the daily time-consuming and arduous household tasks, but still it can be an inspiring moment
of enjoyment. Grocery shopping is typically marked by routine and are low involvement
products, making consumers spend as little time and effort as possible. Consumers tend to
allocate few cognitive resources to the buying process and they prefer to follow their previous
shopping experiences, which require bare minimum effort (Picot-Coupey, et al., 2009, p. 439).
Additionally, consumers experience grocery shopping as a physically and psychologically
stressful activity. Carrying heavy and bulky shopping baskets or routing the trolley through the
aisles of the supermarket store accounts to the physical labor by shoppers.
Grocery shopping usually requires a plan families have to organize the time and place of the
shopping, i.e. when to buy what products in what quantity and from which store. shopping trip
often becomes even more stressful in particular at peak times when the parking area and retail
store are extremely crowded apart from time pressure faced by consumer where he/she has to
hurry (Koch, 2012, pp. 32-37). In contrast, buying grocery shopping can be an inspiring „journey
of discovery‟, giving a feel of joy and delight to consumers. Consumers are also in the lookout
for new products in the grocery section and want to be stimulated by a shopping atmosphere that
is engaging enough (Rudolph, et al., 2009, p. 36). An ideal consumer for E-Grocery services
belongs to the age category between 25 to 44 years, holds at least a college degree, ha s a
household income between $50,000 and $100,000 and last but not the least is likely to have
children. They are also less price sensitive than in-store shoppers for the reason that they have
high opportunity costs of their time and give more preference and value convenience than
price.” (Casie Berning et al, 2004). Some very unique demographic statistics seen across the
country are –
11% of orders are done in the midnight slot i.e. around 10 pm
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29% of the orders for select major retailers are made by Institutional clients.
The largest adopters of e grocery shopping comprise of women aged between 30-35
largely due to convenience, safety and increased privacy.
Indian middle class is also expanding which do believe grocery shopping via internet as a
high value-add service.
Online purchase decision making process: Attracting customers to your e-store and stimulate
them to make a purchase, first of all it is essential to be aware of the online decision making
process (Karimi, Holland & Papamichail, 2013). To understand the initial step in the customer
value creation process it is important to know how customers use the online retail channel
(Croome, Lawley & Sharma, 2010, pp 20). Decision making isn‟t a logical problem-solving
issue always where customers go through all the stages which are explained briefly before
buying.
Step 1 - The customer will recognize the need or want to buy a product
Step 2 – The customer will then devise the decision problem.
Step 3 – Here the customer would go for searching the alternatives and will further make a
decision.
Step 4 – the customer in this stage develops appraisal, by reviewing the course of action and will
create a feeling of certainty and control.
Step 5 – this last step which can sometimes be quite complicated is all about the purchase
decision where the customer purchases the groceries. Here at times customers can still decide to
reschedule their buying decision or can make their mind to complete this stage through an offline
channel.
Once the customer does the final purchase, comes the post-purchase behavior which can include;
re-purchase, use of post-purchase services or will be spreading word of mouth publicity (Karimi,
Holland & Papamichail, 2013)
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Figure 2 – Online Decision Making Process
Source: (Karimi, Holland & Papamichail, 2013)
Market potential: An Overview
No one could ever imagine buying footwear /shoes, mobile phones, electronic items or apparels
online without trying or having a feel of them. But today reality is in front of us even though it
looked like an impossible accomplishment maybe 4-5 years back. Same logic applies to e-
groceries where 8 to 10 years ago when super markets started budding in India, people strongly
were of a belief that no one would ever ditch local kirana stores for fancy hypermarkets.
However more and more local grocery shops are now shutting down as compared to
supermarket outlets like Hyper city which are making huge profits due to „Convenience‟ being a
major factor in shifting consumer preferences. This mere “Convenience” is what exactly going to
be the magical calling card for E Grocery portals. With the Indian ecommerce turf heating up
like never before, what appears to be the next prospect on which focus is progressively shifting is
that of Online Grocery Industry. This is one such segment, which is yet to reach its full potential
in Indian market as it looks quite promising making it one of the new niche areas to thrive on and
gain substantial market share of Indian Ecommerce pie.
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Food being the basic necessity of people irrespective of their society status makes the grocery
segment hold a share of 60% out of the total market value of Indian retail market. Grocery e-
stores do hold a potential in India as can be seen in the market share which is estimated to be less
than $100 million currently and it predicted to cross $25 billion by year 2020. Indian online
groceries market is expected to reach Rs 2.7 billion by FY‟2019 as per the report given by Ken
Research report. Between 2016-2022 India's online grocery market is estimated to grow with a
compounded annual growth rate of 62 per cent making it a very promising industry. This market
on the e space is still nascent but the taken as a whole grocery market in India is by now worth
over US$ 360 billion (Rs 21,60,000 crore) which makes the country sixth largest grocery market
globally and is projected to touch US$ 1 trillion by 2020.the e grocery sales would be around 2
per cent of the grocery market by the year 2020 creating a budding market size of approximately
US$ 10 billion (Rs 60,000 crore).Big Basket, Aaramshop, Zopnow and Local Banya are the
major players in the market and have been operational for about three years each in their
respective cities of operations. The e-retail market has reached its apex of success and now it‟s
time for niche e grocery players to spread their wings as the economy has been predicted to grow
at We‟re predicting that over the next few yrs, economy will grow at 52 percent CAGR
(Source:MoneyControl.com). Japan, France, Switzerland, UK and US are some of the developed
countries where online grocery is a successful business model, where as the total grocery market
in India is expected to cross $25 billion by 2020 which is estimated to be less than $100 million
at present. By 2021 the Indian Ecommerce industry is all set to reach 90 billion USD, giving e-
grocery space a great opportunity to make the most of it along with other etailing verticals.
A mobile phone can be easily shipped to far away locations across the country from a central
depot, but if a 8kg sack of rice or 5kg pack of sugar has to be delivered to a different city it is not
considered to be that commercially viable. Due to the logisitic constraints most of the grocery e-
stores supply to a specific city or certain select areas. Grocery e-tailing is challenging provided
retailers take advantage of high percentage of repeat orders and this is possible by impressing a
customer with the first order. Establishing credibility is another challenge where shopping for
groceries online isn't worth it if it puts consumers at risk of buying expired or unsafe foods.
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11 | P a g e
Being a completely different ball game having low-margin e grocery retailing requires expensive
investments to build high-end IT infrastructure, an efficient delivery system and supply chain.
Being an entirely different category from standard ecommerce SKUs there are a lot of local and
seasonal variability thus maintaining consistent quality is a huge challenge. The handling,
packaging and delivery cost per order is high in online grocery business. Timely delivery, low
prices and high quality are some of the critical factors that define the success of the e grocery
business in terms of business augmentation growth here comes from entering new markets but
the real kicker is getting public to turn into repeat customers.
Perishable products like Vegetables, dairy and meat products also pose a challenge for online
retailers as they cannot be stored for long hours, thus many e-tailers are confined to limit their
sales through packaged food items. Not many buyers search for online grocery stores as they still
relate groceries with local kirana stores and supermarkets thus advertising e-grocery business the
local way. Also in order to become a successful online grocer, a strong understanding of the
retail supply chain-from procurement of the goods to the final delivery on time has to be closely
monitored. E-Grocers should focus on their selling point of offering more convenience than any
other neighborhood store; as people are used to ordering from their local kirana store which
offers credit, or by making frequent grocery trips .To break this habit which can be seen as a
general trend for a long time it‟s necessary to get people to try e-groceries and make them
believe that the products will be not only be delivered on time but fresh along with post-
purchase service if desired . The task of selling online becomes a little more onerous due to lack
of 'touch and feel' factor. As the online grocery business works on a city specific operation, every
time a new city has to be added for expanding the business nationally lot more challenges come
in terms of operations.
Key challenges
Due to low operating margins, complex logistics, fund raising and high distribution costs
many online startups are unable to sustain their place in the e-market space.
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Groceries are seen to have little product differentiation except specialized products
categories like organic food, special beverages and gourmet food items.
Also procuring grocery and delivering to customers with free shipping and delivery is not
only tough but involves high distribution costs.
E-Grocery players have to bear twice the distribution cost as compared to physical
supermarkets.
One of the most challenging area is to maintain quality and freshness of the produce ( in
case of perishable items such vegetables , fruits and dairy products)
Also being an e grocery player they require delivering products as per the local tastes and
consumer preferences thereby understanding the demands of product offerings for
different cities. The challenge here is as the region changes so does the grocery needs,
therefore adaptability of different models is the need of the hour while being feasible.
E-Grocery still is extremely unorganized etailing space having high entry barriers.
Conclusion
Online Grocery shopping has an enormous potential mainly for the reason that people may not
go for buying clothes every month but life would come to a standstill without groceries. Thus,
there is a lot more to be explored in this niche area, where there is a business opportunity both
existing as well as new entrants. Care should be on securing funds at regular intervals to
maintain the initial few years of the big business, resulting in increasing customer base, break
even and buy bulk produce without any hassle grocery has an open access for the entire country
where it‟s not possible to restrict the viewers visiting the page but it becomes essential
to concentrate on specific target market which can comprise of selected few cities or areas within
a city when it comes grocery retail space. Such a strategy will enable brands to maintain quality
& delivery standards enhancing the customer satisfaction quotient. Surviving in a business with
such low margins, getting loyal customers should be the prime motive which is possible only
when online grocers stay committed to what they promise as delay in delivering groceries will
surely hamper future sales. India has a vast population coupled with penetration of Internet and
explosion of Smartphones where there is a huge unexplored space for grocery e-stores. E-
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Grocery is still an emerging market which shows low adoption rate not only in market
coverage but also in terms of customer base. Hence players in this market should keep working
on creative strategies in satisfying customers by implementing a sustainable business model that
can help to tap the niche market which is all set to grow in jet pace.
References
Croome, R, Lawley, M, & Sharma, B, 2010. 'Antecedents of Purchase in the Online
Buying Process', Journal of Internet Business, 8, pp. 1-40, Business Source Complete,
EBSCOhost, viewed 15 February 2014.
Karimi, S, Holland, C, & Papamichail, N 2013. 'A purchase decision-making process
model of online customers and its influential factor: a cross sector analysis', British
Library Ethos, EBSCOhost, viewed 15 February 2014.
Koch, S. (2012). A theory of grocery shopping. Food, choice and conflict. London/New
York: Berg.
Picot-Coupey, K., Huré, E., Cliquet, G. & Petr, C. (2009). Grocery shopping and the
Internet. The International Review of Retail, Distribution and Consumer Research, 4,
437-455.
Rudolph, T., Wagner, T. & Sohl, T. (2009). Kundensegmentierung im Handel –
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Underhill, P. (1999). Why we buy: The science of shopping. New York: Simon &
Schuster.
Casie Berning, Stan Ernst, and Neal H. Hooker, April 2004 – “E-Grocery: Who is
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Kari Tanskanen, Hannu Yrjoelae and Jan Holmstroem, 2002 "The way to profitable
Internet grocery retailing" International Journal of Retail & Distribution Management
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Adding to cart: Digital‟s impact on consumer goods in India | Bain & Company, Inc.
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http://www.entrepreneur.com/article/248541
http://money.usnews.com/money/personal-finance/articles/2013/04/18/is-online-grocery-
shopping-right-for-you
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trend-in-india/story/197141.html
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http://www.news.kenresearch.com/post/110151679063/india-online-grocery-market-
report
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bite/
http://articles.economictimes.indiatimes.com/2014-06-05/news/50359137_1_grocery-
delivery-service-home-delivery-online-grocery-stores
http://www.ibnlive.com/news/india/zopnow-takes-a-crack-at-online-grocery-635426.html
http://indianonlineseller.com/2014/11/can-online-groceries-sustain-in-india/
http://www.exploringstartups.com/business-models-in-online-grocery-business/
http://www.foodnavigator-asia.com/Markets/USDA-Online-retail-for-food-and-grocery-
to-soar-in-India
http://www.businessinsider.in/This-E-grocery-Start-up-Uses-A-Lean-Model-For-Its-
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bigbasket-grofers/1/551859.html
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WOMEN POWER IN DIGITAL INDIA
Arshi Gouhar
Research Scholar, Shri JJTU, Rajasthan
Abstract
Digital India is a concept given by our Prime Minister Mr. Narendra Modi where technology can
be used to connect and empower Indian masses in areas related to health, education,
employment, commerce etc. He has emphasized the shifting of e-governance to m-governance
where m stands for mobile. In simple terms it is a campaign launched to connect all the citizens
through internet in order to increase awareness and facilitate active participation in government
proceedings and once this aim will be achieved, it will be the true essence of Democracy.
Women power plays an important role in the progress and development of any country. Indian
history had come across women of substance since time immemorial. Razia Sultan, Noor Jahan,
Jodha Bai, Chand Bibi, Jija Bai, Rani Of Jhansi, Indira Gandhi, Shakuntala Devi , Kiran Bedi etc
are some examples. Still we have a number of women taking the command of all the important
spheres of life. From babies to boardroom, Indian women can participate in different roles and
that to with perfection.
Introduction
Digital India is one of the important campaigns launched by the present government in order to
connect all the people across India. The objective behind this campaign is to make the general
masses aware regarding different government policies, their implementation and the proper
utilisation at all the levels. People are connected via Internet and the resources can be utilised in
a proper and optimum way.
Advantages and Significance
The campaign Of Digital India is having following advantages:
It saves time.
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Maintains transparency.
Decreases Corruption.
Create awareness.
Creates employment.
Removes discrimination.
Facilitate easy and simple usage.
Disadvantages
Availability of electricity or Wi-Fi is required.
People are not aware of its use.
Illiteracy restricts its proper use.
Sources of transport and telecommunications are restricted.
Mind set of not accepting new technologies.
Poverty restricts the use as they are busy arranging for their livelihood.
Projects of digital India
The campaign has undertaken a number of projects in different areas of life. Some of the
important projects are as follows:
DigiLocker: This service provides an important facility to store crucial documents like
voterID, Pan card, driving license etc.
MyGov.in: This portal works as an online platform to engage citizens in governance
through internet.
eSignFramework: Enable users to digitally sign a document online using Aadhar
authentication.
National Scholarship Portal: It offers all the information related to government
scholarships.
Swach Bharat Mission Mobile app: It enables organisations and citizens to access
information regarding cleanliness drive and achieve the goals of mission.
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eHospital: This will help in availing services related to hospitals like online registration,
paying bills, taking appointments, getting diagnostic reports etc.
Digitize India Platform: It will involve the digitization of data and records to make easy
and quick access.
Bharat Net: A high speed digital highway which will connect all 250,000 gram
panchayats of the country.
Wi-Fi Hotspots: It will improve digital connectivity at the important places.
Next Generation Network: Launched by BSNL. It will replace 30 years old telephone
exchanges to manage services more efficiently.
Electronics Development fund: Will support manufacturing of electronic products. It
will create jobs and reduce import.
Centre of Excellence on Internet of Things: It will enable rapid adoption of IOT
(Internet of Things) technology.
Women achievers of Digital India
Seema Sadikha: A 36 year old doctor from Bengaluru who has started a NGO (Namma Mitra
Foundation) in 2015. It focuses on community development and rural empowerment in villages
in Karnataka and it has installed a mini solar grid in village which now provides electricity to 70
houses and power street lights.
Varsha Ved: She has worked as an accountant for 15 years in Mumbai before she lost her eye
sight due to Conjunctivitis. She registered herself with Eye Bank Coordination and Research
centre (EBCRC) at Parel but has to wait for 2 years for transplant. After the transplant she has
decided to work in this area and started working with eye bank to spread awareness about eye
donations. Till today she has encouraged over 1000 people to donate their eyes.
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Gunjan Saxena : First woman recipient of Shourya Vir Award. In 1994, she became the first of
25 young women to form the first batch of women Indian air force trainee pilots. She together
with her batch mate Srividya Rajan performed brilliantly during Kargil war.
Seema Rao: India’s only female commando trainer, giving training to Armed forces since 20
years without taking any compensation. She is one of only 20 women certified in Jeet Kune Do,
a unique martial art form created by Bruce Lee in 1960s. Apart from giving commando training,
she is a combat shooting instructor, fire fighter, scuba driver, medallist in rock climbing and alo
Mrs. India world pageant finalist.
Khanak Gupta: Created Netsaar in 2014 together with Ginni Khemani and Monish Khemani. It
is an online portal teaching the masses how to make the most of PC. Netsaar Learns was
launched in August’2016. It uses video tutorials to teach users to navigate websites.
Shreya Vardhan: A student of DPS, R K Puram who has created a world record in SAT TOEFL
by scoring a perfect score of 2400.
Shakuntala Devi: She was known as the living computer of India as she was able to do the
mathematical calculations faster than the computer.
Women heads of digital India
Chanda Kocher: ICICI Head names as the most powerful business woman in India for second
consecutive year by Fortune magazine.
Mallika Srinivasan: Chairperson of TAFE, a company which is amongst the 3 largest tractor
manufacturing companies in the world. Under her able supervision and guidance, the company’s
revenues have increased from $20 million in 1985 to $1.6 billion in 2012.
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Aina Lal Kidwai: Country head HSBC India. First Indian woman to graduate from Harvard
Business School
Amrita Patel: Chairperson of national Dairy Development Board founded in 1965 to empower
rural India.
Apart from them, there are many Indian women heading a number of important companies and
organizations, setting examples for others, guiding people and taking decisions and solving
problems. Following are some examples:
Aruna Jayanti: CEO, Capgemini, India
Shikha Sharma: MD and CEO, Axis Bank
Vinita Bali: MD, Britannia Industries
Shobhana Bhartia: Chairperson, HT Media. 25 Years experience in newspaper industry.
Preetha Reddy: MD, Apollo Hospital Enterprises
Kirthiga Reddy: India head of facebook
Conclusion
God has created a woman as one of its special and finest creature. The Almighty has provided
her with beauty, patience, tolerance, willingness to adapt and ready to sacrifice her luxuries for
the sake of her family. A woman is always a good leader as she understands things and can take
right decisions. She can go out of her way to support and encourage her subordinates. She knows
how to accept challenges and also to accomplish them in allocated deadlines.
India has always given due respect and importance to women e.g. our country which is most
sacred for all the Indians is denoted as motherland and not as fatherland. Girls are worshipped
on all the religious occasions. The Indian history has seen some wonderful examples of women
achievers and still we can see a number of women as leaders and guides in different spheres.
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Razia Sultan was the first woman ruler of Medieval India, Indira Gandhi was the first woman
prime minister of Independent India, Kiran Bedi was the first woman IPS, Kalpana Chawla was
the first Indian woman astronaut, Bachendri pal was the first Indian women to climb the Mount
Everest.
Still the legacy continues. A number of women are the heads of Business houses, Companies,
NGOs etc but on the other hand we are facing a lot of problems in the rural areas like girl
illiteracy, dowry system, female feticide etc. This is the proper time to understand the potential
of women and utilize them in an appropriate way and this will definitely lead to growth,
development and prosperity.
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DIGITAL TECHNOLOGY AND YOUNG WOMEN EMPOWERMENT:
OPPORTUNITIES AND CHALLENGES
Malini Sharma*, Pooja Khanna
*, Divya Gupta
*
Assistant Professor, Daulat Ram College, Delhi*
Gunjita Dhingra**
, Snigdha Sharma**
Student, Daulat Ram College, Delhi**
Abstract
Digital technologies have enormous potential for transforming women‘s life and empowering
them. It provides them with educational, banking and health services, entrepreneurial
opportunities, promotes awareness regarding violations against women and ensures social,
economic and political inclusion of all women. Despite great gains in gender equality over the
past 50 years, the Global Gender Gap study shows that women still have less economic and
political power than men. Access to digital technologies and awareness about its benefits can
help young girls in reaching their full potential and build a brighter future. This study involved
surveying a representative sample of young female students of Daulat Ram College (University
of Delhi) about their current computer comfort, use, and access. The sample comprised of 134
female students of age 18 belonging to different regions, race, ethnicity, caste, religion or
economic or other status. Results show that majority (about 94%) have only low–moderate
familiarity with internet. Considerable number of students does not have access to internet on
daily basis. Even students with internet access are unaware of its potential utility beyond being a
gateway to familiar sites such as Facebook and YouTube. Nearly 71% of the students use
internet for entertainment purposes (making friends on social networking websites), only 29% of
students use internet for educational and research purposes. The purpose of this study is to
examine these current constraints that impede women‘s development and how Digital India
programme can address them by improving women‘s access and knowledge of the Internet and
the broader range of ICTs. This research paper also seeks to explore the solutions to the
risks/threats and crimes that young women face in relation to the digital world and the Internet.
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Keywords: Women empowerment, Digital India Programme, Digital technology, Daulat Ram
College
Introduction
Digital technology has completely revolutionised our lives today. It has changed the way we do
everything. Today, with this advanced technology, people can avail all sorts of services like
educational, health, banking services etc. A great advantage of this digital technology is that
people from all areas can benefit from these services. The prime beneficiaries of these services
can be women, who are mostly deprived of even basic services and job opportunities. The wider
use of internet by women for acquiring basic services, employment opportunities, and awareness
can enhance their power and can ensure social, political and economic inclusion of all women.
But, what if the digital technology is not made available to them? In fact, if we examine closely,
we can see a major proportion of all women is devoid of this technology. According to a new
report, issued by the United Nations' Broadband Commission Working Group, men have a much
easier time accessing internet than women. Our study which involved surveying a sample of
students of Daulat Ram College, also reveals that a significant proportion of young women does
not have access over internet on daily basis and majority among the students with access to
internet have low familiarity with internet.
Thus, though, today advancing technology has achieved essential goals but a salient potential of
advanced and digital technology still needs to be realised – the women empowerment. This very
aim to digitally empower women can be accomplished by The Digital India Programme, which
can ensure that the government services are made available electronically to one and all. The
Digital India Programme can ensure that all people and particularly women have an access and
knowledge over vital services, various entrepreneurial activities, and awareness on women's
rights. Hence, Digital India can help address the problem of gender inequality very efficiently
and can enhance the position of women in the society.
However, with the greater access to more and more people, comes greater possibility of
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cybercrimes. The women mostly face the threat of cybercrimes like cyber stalking, cyber
bullying etc. Thus, we also need to discover efficient ways to reduce the cybercrimes so as to
create a healthy and risk-free digital environment for all.
Scope of Study
Most of us have heard this idea already: if you educate a girl or a woman, you educate a family,
and maybe even a community. But as technology and media become increasingly available
around the globe, when you educate a girl or a woman, you may also educate a region, or even a
country.
There is a digital divide of gender. In most places around the world, the gap between male and
female Internet use is slight and closing. Worldwide, 45.9 percent of men use it, while 40.8
percent women do. But nowhere on the planet is the divide as dramatic as it is in India. While
nearly 35 percent of the country‘s people have access, 71 percent of those users are male only 29
percent are female. That‘s a difference of roughly 184 million people.
Beyond the general social inequalities that women in India face — with fewer employment
opportunities available as they are ―trapped in traditional family roles‖ — there are other barriers
at play too. Women there are excluded from technology education starting from a young age;
they‘re not considered ―bread-earners‖ so they lack the finances for their own access; and, much
like the rest of the world, they simply have less free time than men because of the hours spent
doing household work and taking care of the family. The region‘s worst affected by this gender
digital gap are, perhaps expectedly, the most rural areas of India.
Digital India Initiative to Empower Women
Government of India has launched the ―Digital India‖ campaign to develop a digitally
empowered society and to digitally integrate the government departments and the citizens
of India. It aims at ensuring the government services are made available to people of India
electronically. The main motto of the project is; ―Power to Empower‖. The vision of Digital
India programme is inclusive growth in areas of electronic services, products, manufacturing and
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job opportunities etc. and it is centered on three key areas – Digital Infrastructure as a Utility to
Every Citizen, Governance & Services on Demand and Digital Empowerment of Citizens. It is
believed that Digital India will play a major role in empowering women India, especially women
in rural areas.
The use of internet is restricted in India due to many factors such as lack of proper infrastructure,
high costs, low literacy rates, lack of awareness among masses about the power of internet. But
now, women in India are joining hands in our growth story. Be it health, education or industry of
any kind, women are leading in many parts of it. But when it comes to developing women, they
are displaying strong determination and an ability to be progressive. Empowering their life in
order to get access to environmental, social change, health care and education, they are making
use of ‗Digital India‘ for the next big leap. Following are the ways in which Digital India Project
is helping women:
Arogaya Sakhi: helps rural women developing their own personality in order to
providing health care to the rural area. It‘s a mobile application that helps rural women
entrepreneurs deliver preventive health care at rural doorsteps. Women armed with
tablets and mobile healthcare devices like glucometers, blood pressure checking machine
visit homes and collect data from the village women. This data can be accessed by
doctors at any location who could provide treatment to the patients remotely. Similarly,
several apps have been launched to enable farmers get accurate and timely information
related to crops, market prices and analytics to enhance productivity and profitability of
farmers.
Internet Saathi: This aims to go deep with the internet usage among rural women in
India. Internet will help rural women to get educated and to make them ready for the
future. Those women who have not been able to find a way of earning yet, seems this
initiative will build their career. Women internet users in urban India have outnumbered
men, but when it comes to the rural India, only a few have access to the internet. The
three-way project Internet Saathi will deploy 1000 specially designed bicycles with
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connected devices to give villagers an altogether new internet experience for a period of
four to six months. Internet Saathi program is expected to reach about five lakh rural
women.
W2E2 (India): Women for Empowerment and Entrepreneurship, in short W2E2 is
helping rural women with digital tools, e-learning, internet connection. Women tend to
use the Internet for their own projects in fields like sustainable agriculture and rural
health. Some are setting up their own kiosks and shops to provide online services to the
local community, while others have taken up work as digital literacy trainers in their own
local communities.
National e-Governance Plan: gives a chance to the entrepreneurs to provide citizen-
centric services including access to land records and utility bill payments. This plan helps
them to follow up on rural enterprise, facilitate community participation, enable citizens
to make informed decisions and act as a single-window interface, eliminating corruption
process. Women have been matured in computer literacy, that‘s the only qualification
needed.
More women in India now have opportunities they never had before. Women have started
exploring ways to generate new revenue such as embroidery, arts, and crafts. Entrepreneurship
skills are being built among the Saathis, as they can be the leads from the villages to connect
with stakeholders for various services, which can help the local economy flourish. Women who
were not even aware of the concept of Internet are now browsing online for cooking recipes,
health facilities, agriculture, education results, and tailoring techniques.
These skills translate into shrinking the gender gap offline as well. Women no longer have to
depend on anyone to follow their ambitions. This is empowering them to become independent
women.
Analysis and Results
Sample of 134 young female students of Daulat Ram College (University of Delhi) were
surveyed about their current computer comfort, use, and access. The sample comprised of female
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students of age 18 belonging to different regions, race, ethnicity, caste, religion or economic or
other status.
Fig 1: Out of 134 students surveyed, only 6% students have an extensive knowledge of internet
for various relevant purposes. The remaining 94% have only low or moderate familiarity with
internet.
Fig 2: Only 29% of students use internet for education and research purposes. A significant
proportion of the student use internet just for entertainment purposes such as Facebook.
Both the pie charts reveal that despite great achievements in technology, women lack basic
knowledge and understanding of accessing the internet. Majority of women have the access and
knowledge over few familiar sites like facebook and You Tube. But, they don‘t have access to
Familiarity with Internet
Low- Moderate Familiarity
High Familiarity
Internet Use Among Students
Entertainment Purposes
Education and Research purposes
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the digital world beyond these few sites, because of lack of knowledge. A simple understanding
of internet use can help women change their lives drastically. A woman‘s world, mostly, is
restricted to her home. As result of which she faces lack of opportunities to work, to become
more educated or to have regular health checkups. But, a woman capable of exploring and using
the internet effectively can avail all these opportunities. She can have access to education
facilities, health care facilities and job opportunities and in fact every basic service, she requires.
Moreover, she can become more conscious, more learned, and well informed about her rights
and hence can enhance her position in the society.
Thus, the need of the hour is to ensure that all women have the access and the knowledge of
using the internet for various purposes. This magnificent digital technology can help women
break their confinements and open themselves to the diverse world, thus transforming their lives
completely.
Cybercrimes
The advancement of technology has made man dependent on Internet for all his needs. Internet
has given man easy access to everything while sitting at one place. Social networking, online
shopping, storing data, gaming, online studying, online jobs, every possible thing that man can
think of can be done through the medium of internet. Internet is used in almost every sphere.
With the development of the internet and its related benefits also developed the concept of
cybercrimes. Cybercrimes are committed in different forms. A few years back, there was lack of
awareness about the crimes that could be committed through internet. In the matters of
cybercrimes, India is also not far behind the other countries where the rate of incidence of
cybercrimes is also increasing day by day.
In a report published by the National Crime Records Bureau report (NCRB 2011), the incidence
of cybercrimes under the IT Act has increased by 85.4% in the year 2011 as compared to 2010 in
India, whereas the increase in incidence of the crime under IPC is by 18.5% as compared to the
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year 2010. Visakhapatnam records the maximum number of incidence of cases. Maharashtra has
emerged as the centre of cybercrime with maximum number of incidence of registered cases
under cybercrimes. Hacking with computer systems and obscene publication were the main cases
under IT Act for cybercrimes. Maximum offenders arrested for cybercrimes were in the age
group 18-30 years. 563 people in the age group 18-30 years were arrested in the year 2010 which
had increased to 883 in the year 2011.
Cybercrimes against women include various offences that are punishable according to various
provisions of the law. Among the various cybercrimes that are being committed against
individuals and society at large, the crimes which can be mentioned as specially targeting women
are as like harassment via e-mails, cyber-stalking, cyber pornography, mms circulation, camera
surveillance etc.
Cyber stalking has been considered as one of the serious cybercrimes that are happening in
today‘s time. Prior to February 2013, there were no laws that governed or had regulations
regarding the offence of cyber stalking in India. Then came Information Technology Act of 2000
(IT Act) that was a set of laws and regulations to regulate the cyberspace. However, it merely
focused on financial crimes and neglected interpersonal criminal behaviors such as cybercrime.
Moving on to the next serious cybercrime is cyber bullying. According to Microsoft‘s ‗Global
Youth Online Behavior Survey‘ of 25 countries, India ranked third with 53 per cent of
respondents (children aged between 8-17) saying they have been bullied online, behind China
(70 per cent) and Singapore (58 per cent). Cyber bullying is an extension of general bullying in
schools. Cyber bullying is an insidious and covert variation of verbal and written bullying. It is
conveyed by adolescents and teens through electronic media such as cell phones, websites,
webcams, chat rooms, and e-mail. Cyber bullying can also take the form of sexual photographs
(e-mailed in confidence to friends) that are altered and sent to unlimited audiences once
relationships sour, ultimately victimization of individuals, in which women share the largest
percentage.
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Cybercrimes can be prevented in the following ways:
Education and Training: There should be proper education and awareness about
internet and cybercrimes. This information is necessary in order to prevent crimes and
maintaining a safe environment for women. Education and training can be provided
through various workshops, educational videos, T.V programmes etc.
Securing Computers, Digital assets and networking: Proper steps should be taken in
order to ensure that the computers and mobiles are secured, the accounts on social
networking sites are in accordance with the security measures.
Conclusion
The study of representative sample of female students of Daulat Ram College reveals that a
significant proportion of students, 71% of students, use internet only for entertainment purposes
because of their low awareness about potential usage of internet for other relevant purposes.
Also, a considerable number of students do not have access to this digital technology on daily
basis. These facts clearly throw light on the extent of gender inequality prevailing in India.
Today, though in terms in technology, we are advancing drastically, but in terms of development
of women, we are indeed lagging way behind. This has happened perhaps because of social
norms and low awareness of their basic rights among women. But, we must not forget that the
growth of a nation is critical to development of women.
Hence, we need to ensure that developments at both levels: digital advancement and women
empowerment go in hand in hand. This can best be achieved by collaborating the advancing
digital technology with the motto of Women Empowerment via the Digital India Programme.
This paper reveals how The Digital India Programme can ensure the provision of internet to all
women and execution of programmes aimed at teaching women how to use internet. Digital
India, also with its efficient schemes can take into account a safe and secure digital environment,
particularly for women, because a risky environment like the one prone to cybercrimes can
always demotivate women from using internet efficiently. Thus, Digital India Programme,
capable of bridging the gender disparity of internet by ensuring provision of internet to all,
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especially women, can be a great tool for women empowerment.
References
Agarwal, R.(2000): Educated Women in the urban Labour Market: A study of career
mobility patterns of women professionals in Information Technology. PhD. Thesis.
Agarwal, Ranjana: Digital India and Women Empowerment: Employment Dimensions in
India
Enhancing Women Empowerment through Information and communication technology
by Voluntary Association for People Service (VAPS)
National Crime Records Bureau report (NCRB 2011)
http://unpan1.un.org/intradoc/groups/public/documents/APCITY/UNPAN023829.pdf
Role of Information Technology in Women Empowerment by Saroj Kumari, Faculty,
Department of Computer Application YSM-Centre for Vocational studies, Jagannathpur,
Dhurwa, Ranchi-4, Jharkhand
Kumar Narasimha H.S., 2008, ―Empowering rural women through computers‖, The
Hindu, available at http://www.hindu.com/2008/03/12/stories/2008031254630600.html
http://wcd.nic.in/Schemes/research/ict-reporttn.pdf
Zakir Hussain Centre for Educational Studies, School of Social Sciences, Jawaharlal
Nehru University, New Delhi.
http://m.economictimes.com/tech/internet/internet-saathi-transforming-lives-of-women-
through-digital-education/articleshow/52743134.cms
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31 | P a g e
MAKE IN INDIA: CHALLENGES AND OPPORTUNITIES
.Huma Butt
*
Research Scholar, BU,Bhopal*
Dr. Chandralata Singh**
HOD, NRI, Bhopal**
.Deepti Chouhan
***
Research Scholar, BU, Bhopal***
Abstract
In this paper an effort is made to present the idea of "Make in India". This paper conducts a study
on the Challenges and Opportunities faced by Make in India campaign .The campaign focuses on
increasing the contribution of manufacturing sector on India's GDP. It was launched on 25th
September 2014.It was envisioned with the approach of boosting manufacturing sector ,reviving
economy and making the Prime Ministers vision of helping the poor reach to middle class faster,
'a reality'.
Keywords: Make in India, GDP, Manufacturing Sector, Challenges and Opportunities.
Introduction
Make in India is an International Slogan coined by P.M of India, Mr. Narendra Modi. The launch
of the "Make in India" campaign was set with a motive to attract the foreign investments and
boost the manufacturing industry which contributes about 15% of the National GDP.
The manufacturing sector is crucial for employment generation and development of any
country's economy. Small, Medium and Micro industries play a very important and vital role in
employment generation in India. The campaign lays stress on manufacturing goods in such a
way that it carries Zero defects and the impact of it can be seen in the form of exported goods
that can never be returned. Goods should be manufactured such that it has no negative impact on
the environment.
It stresses on attracting the business firms from the world, thus, leading to generation of huge
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employment, increase trade and spur economic growth. The impact of it can be seen in the form
of 'Foreign Direct Investment' but it should be perceived as "First Develop India" as well. The
campaign considers FDI as a tool to view India not as a holistic opportunity for making India as
a global economic giant.
Objective of the Study
To understand prospects of manufacturing units after make in India campaign.
To have the knowledge of new initiatives and policies that will improve the ease of doing
business in India.
To know the hurdles of FDI in India.
About the Logo
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.
Rationale of the Study
The concept of "Make in India" involves policy initiatives and commitment by government .It
may revive the sluggish economy by generating more employment opportunities. The major
objective behind the initiatives is to -
Focus on 25 sectors of the economy for job creation and skill enhancement.
Revitalize the Indian Economy.
Make India an investment destination and global hub for manufacturing and innovation.
To boost economic growth
To convert India into Global Manufacturing Hub.
To urge both local and foreign companies to invest in India.
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Make India boosts manufacturing trade and economy. Over 10,000 training centers opened
within 2 years .It has created job market for over 10 million people. It is expected to raise the
current GDP level of 16pc to 25 pc by 2022, and creating 100 million new manufacturing jobs
over the same period. Startups in the field of telecom, defense, manufacturing, automobile,
internet of things, financial technology modules and internet have immense potential to succeed
in the scheme of "Make in India". It has thus helped to improve the business climate.
Bottlenecks to manufacturing sector in India.
High input costs.
Inadequate availability of Land for industrial purposes.
Unbalanced growth in logistic Sector.
It is attracting investors to create employment opportunities in the economy.
Key Announcements
Enhancement of FDI limits in insurance from 26pc to 49pc.
1OO pc FDI in railway infrastructure.
Factories Act 1948.
Re-launch of Kisan Vikas Patra scheme to increase domestic savings.
To open 100 million bank accounts under Jan Dhan Yojana.
Development of 100 Smart Cities to facilities infrastructure development.
Promising Areas for Manufacturing, Trade and Investments
Agro and food processing industry.
Auto components and automotive industry.
Drugs and Pharmaceuticals.
Engineering.
FMCG industry.
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Gems and Jewellery.
Infrastructure.
Leather and leather products.
Service Sector.
Textile and Readymade garments.
Research Methodology
Research Type: Descriptive Research.
Type of Data/Data Source used: Secondary Data/Data Source
It is based on the secondary data which has been derived from.
Various Books.
Articles from Newspaper, Magazines and Journals.
Various related web-sites which deal directly or indirectly with topics related to FDI and
Indian Retail Sectors.
Challenges
More Innovation is required for India's small and medium-sized industries.
Research and Development along with innovation should be focused.
Emphasis of accepting/accommodating. Single Window Concept / Single Online Portal.
Tax Concessions to companies which come and setup units in India.
Improvement of infrastructure through Golden Quadrilateral DMIC (Delhi Metro
Industrial Corridor) for roadways, vibrant sea ports, etc. for free flow of raw materials
and finished goods.
To integrate companies into global value chain.
Chronic deficiency in transportation and power impasses prohibitive cost and lower
business competitiveness.
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35 | P a g e
Difficulties faced by informal firms in accessing credit.
Scarcity of land and skilled labor have already started creating trouble.
Penetration of FDI in many sectors to make „Invest India‟ or „Make in India‟ campaign
successful.
Creating healthy business policy through administrative machinery.
Challenges to give special privileges to few sectors.
India must also encourage high-tech imports, research and development to upgrade
„Make in India‟s give edge-to-edge competition to China‟s counterpart‟s campaign.
Opportunities
Many MNCs like Bosch and Siemens have announced to set up manufacturing plant in
India.
Many factories and factories and industries are planning to invest in India based on free-
trade agreements.
Japanese electronics firm is taking „Make in India‟ as on opportunity.
Boost of entrepreneurship in India through campaign.
Creation of 100 million jobs/services in logistics, transport, retail etc.
Streamlining investment approval, facilitating land acquisition processes, creating an
appropriate labour development ecosystem, efficient and effective enforcement of laws,
facilitating greater cross-border government.
Building up of Single Window Mechanism.
Approval of Central and State Governments for development of uniform standards and
procedures.
Limitations of the Study
The study is based on publish data and information. No primary data is being collected.
Secondary Data may be lacking in accuracy or they may not be completely current or
dependable.
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36 | P a g e
Time constraint remained the major limitation in the study.
Conclusion
Make in India campaign has the explicit aim of lifting manufacturing share of the country from
15pc to 25pc. Better understanding has to be developed in areas like Digitization, Data Analysis,
Innovation and Technology. New government policies will favor competitive sectors. The
government of India has taken many steps to further encourage investment and improve business
climate. The slogan “Make in India” can be made realistic by creating more conducive
environment for retaining the Indian talented youth.
References
Goyal Samridhi et al,2015, Role of HR and Financial Services in making “Make in India”
campaign a success, IOSR Journal of Business and Management,17(2)pp-20-24.
Nathani J.K,Parth V.A,(2015),Make in India: Issues and Challenges-A paradigm shift
,International Journal for Scientific Research and Development,2(2),pp-85-88.
Ramana T.V. (2015) Make in India: Illusion or Possible Reality Project? International
Journal of academic research, 2(5),pp-10-20.
Soundariya.S,2015,Make in India-Scheme for transforming India, Global Journal for
Research analysis,4(9),pp.77-78.
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A STUDY ON THE ATTITUDE TOWARDS FINANCIAL AWARENESS IN
EMPOWERING THE FEMALES IN INDIA, WITH SPECIAL REFERENCE TO
BHOPAL CITY
Dr. Pooja Gupta,
Assistant Professor, School of Management
Jagran Lakecity Univesity, Bhopal (M.P.)
Introduction
Women empowerment is look upon as the priority for strengthening the status of the females in
the family, society and nation, as a whole. Untiring, dauntless and consistent efforts have been
made by the nations, welfare organizations and individuals, in several directions and dimensions
to raise the living standard of the females of the nation. No wonder, that these efforts have
started showing its results with a commendable rise in the status of women in India as reflected
in high female birth rates, female literacy rates, female employment rates, health index of
females etc., in past years. The strengthen women position in the country has also marked to the
improvement in the social and economic conditions of the nation which is reflected in the rising
working group and saving of households. As, well quoted by Ghanaian scholar and great
educationist - Dr. James Emmanuel Kwegyir-Aggrey- “If you educate a man you educate an
individual, but if you educate a woman you educate a family (nation)” fits in well to show-case
the contribution of the females in the family, society and nation, as a whole. Yet, aggressive
reforms are still needed to further uplift the conditions which still remains stagnant for females.
The World Development Report 2015 states that despite rising economic growth, labor force
participation of married women in urban India has remained stagnant around 18%since mid -
1980s (World Bank Review 2015). The data with the International Labor Organization (ILO)
shows that during 2004-2011 when the Indian economy grew at a healthy average of about 7%
there was a decline in female participation in the country‟s labor force from over 35% to 25%,
although in past few decades access to education for Indian women has increased but still they
have increasingly stayed away from employment. Seeking jobs outside the home, reservations
for taking up jobs in certain sectors, etc., are certain reasons for low contribution in the labor
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38 | P a g e
force. This further gives rise to ignorance and lack of knowledge which prevents women from
taking investment decisions. India is ranked at 120th of 131 countries in women‟s labor force
participation as per the Global Employment Trends report 2013, of International Labor
Organization. ILO attributes this to three factors: increasing educational enrolment, improvement
in earnings of male workers that discourages women‟s economic participation, and the lack of
employment opportunities at certain levels of skills and qualifications discouraging women to
seek work. As per the survey conducted in Dec 2015 by Standard & Poor‟s Financial Services
LLC, it claimed that– “Worldwide, there is a five-point gender gap, with 65% of men not being
financially literate compared with 70% of women. In India, the gap is wider with 73% of men
and 80% of women not being financially literate. While women are less likely to provide correct
answers to the financial literacy questions, they are also more likely to indicate that they “don‟t
know” the answer.”
Literature Review
Wang (1994) found that women are more conservative investors as compared to men and
also they are offered less risky investments.
Beyer and Bowden (1997), analyzed about the evidence from past studies that women are
less confident when the domain is more male oriented.
Dawar & Wadhwa (2011) in his study observed that generally men dominate when it
comes to investments.
Bramabhatt (2012) confirmed that investment decisions are collective decisions which
are based on the information and knowledge gathered from numerous sources. Women
are found to be conservative in making investments as they have less knowledge of
financial market.
Asghari Farhad, Sadeghi Abbas and Aslani Khaled (2013) evaluated the financial
Independence, Self-Confidence and Decision-Making Power, Awareness of the Social
Resources and Mental Health in the Women Members of SHG and Non-Member of SHG
of Kurdistan, Kermanshah, Hamadan and Western Azerbaijan in Iran. They concluded
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that the self headed females who are the members of SHG have better financial
independency as compared to non-members of SHG.
Sharma, CA Anupama and Joshi Dr. Bhavesh (2015) evaluated the financial literacy of
the women and its effects on their Investment choice decision in Noida city of India. It
has been recognized by women that they are unable to take wise financial decisions
because of lack of financial literacy. It is only handful of women who are well aware of
the financial market and are capable of taking investment decisions.
Based on the above literature review it can be further researched that - Can the females be
claimed fully empowered without financial literacy? Are they not still dependent on others for
deciding their financial management? Despite being empowered are they confident and
competent to take-up their financial decisions?
Objectives
The research paper aims to understand and justify the above questions with the following
objectives to study the woman attitude towards financial literacy and their financial
empowerment in the family decision making. The objectives covered are:-
To understand the saving pattern of the females in various investment options in market.
To evaluate their financial empowerment in family decision making.
To develop an insight about the learning attitude of financial products among the females.
To analyze the reasons of any discrepancy in investment and learning behavior.
Hypothesis
Ho1: There is no significant difference in the investment pattern between working and non-
working females
Ho2: There is no significant difference in the level of participation in financial decision making
of working and non-working females.
Ho3: There is no significant difference in the factors influencing the financial decision making
among working and non-working females.
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Research Methodology
The scope of the study is limited only to the females residing in Bhopal. The nature of the study
is analytical research based on the primary data collected from a sample of 300 females by using
non-probability convenience sampling. Out of all the questionnaires 295 questionnaires are
considered valid for the purpose of the study.
Data Analysis and Interpretation: For the purpose of better understanding the data has been
tabulated by dividing the population into working and non-working females. Chi-Square test
has been applied for testing of hypothesis.
The median age of the female respondents is 40 years, out of the 295 respondents 55% are post-
graduates, 35% are graduates and balance 10% are 12th
pass. Also 42% are in service, 40% are
housewives and 18% are self-employed. Nearly 73% of the respondents are married, 20% are
unmarried and 7% are in other category of marital status. Nearly 13% of the respondents have
the monthly salary range of 15000- 30000, 38% have the range of Rs. 30000-45000, 25% fall in
the range of 45000-60000, 21% in 60000- 75000 and remaining 3% are below Rs. 15000. While
analyzing the source of income it was indicated that 35% respondents completely depend on
their spouse contribution, 39% depend on the salary income and 26% depend on both salary
income and contribution from spouse to finance their monthly household budgets. As per their
saving skills 25% respondents save below Rs. 5000, 49% respondents save in the range of Rs.
5000-10000, 30% accounts for saving above Rs.10000 per month.
Table 1. Trusted Saving Options
Respondents Bank A/c Locker Facility Monthly Kitty
Yes % No % Yes % No % Yes % No %
Working 174 59% 3 1% 93 32% 84 28% 83 28% 94 32%
Non-Working 116 39% 2 1% 75 25% 43 15% 56 19% 62 21%
Source: Author’s Own Calculations (Primary Data)
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Table 2. Saving and Investment pattern of Females
Investment Avenues B
an
k a
/c
Ban
k F
D
PO
SV
a/c
LIC
RD
Gold
NS
C
Mu
tual
Fu
nd
Real
Est
ate
Sto
ck
Mark
et
Oth
ers
Score
s (S
)
Factor(s) 11 10 9 8 7 6 5 4 3 2 1
Working Females 332 694 726 729 843 984 899 1270 1361 1503 1838
3652 6940 6534 5832 5901 5904 4495 5080 4083 3006 1838 53265
Percentages 7% 13% 12% 11% 11% 11% 8% 10% 8% 6% 3%
Rank 9 1 2 5 4 3 7 6 8 10 11
Non-Working
Females 242 391 542 600 561 429 630 895 979 1016 1223
2662 3910 4878 4800 3927 2574 3150 3580 2937 2032 1223 35673
Percentages 7% 11% 14% 13% 11% 7% 9% 10% 8% 6% 3%
Rank 8 4 1 2 3 9 6 5 7 10 11
Source: Author’s Own Calculations (Primary Data)
From the table 1 & 2 above, the investment pattern of the females can be evaluated to judge them
as risk-averse and conservative investors. According to table 1, 47% of females, both working &
non-working, invest their savings in kitty, which emphasis the attitude to save - investment and
yet maintain the financial liquidity without much concern for returns, however ignoring the other
safe avenues like Mutual funds etc.,. Even today, females whether working or non-working
prefer traditional modes of investment like Bank FDs, PO a/c, Bank RDs, gold etc., in
comparison to modern investment avenues like Stock Market, Mutual Funds etc.,
Ho1: There is no significant difference in the investment pattern between working and non-
working females. Based on table 2, χ2 test is applied to validate the hypothesis. As the tabulated
value of χ2
@ 5% significance level with degree of freedom (df) at 10 = 18.307 and the
calculated of χ2 at 5% significance level is 2.34, hence the hypothesis stands true.
Further it is researched that female participation in the financial decision making is very poor.
Even today females rely on their male counterparts or male members in the family to decide on
the financial matters.
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Table 3. Dominance of investment decisions in the family
Respondents Male Self Jointly
Working Female 92 27 58
Non-Working Female 73 28 17
TOTAL 165 55 75
(%) 56% 19% 25%
Source: Author’s Own Calculations (Primary Data)
As per table 3, Out of 177 working females 92 (52%) depend on the male family member(s) for
the financial decision making, similarly out of 118 non-working females 73 (62%)are dependent
on the male family member(s), whereas the joint participation of both the categories is only 25%
towards financial management. Also it can be witnessed that only 19% of the females are
confident to decide on their financials and investments. This again raises the questions that
despite been financially independent, literate, earner and saver yet they lack the motivation to
foresee and decide on the future financial needs and avenues of investment. Table 4 and 5 below,
indicates the fact of hesitation, ignorance and apprehension of female participation in the family
financial decision making.
Table 4. Participation in the investment decisions of the family
Respondents Yes No Sometimes Total
Working Female 65 82 30 177
Non-Working Female 38 57 23 118
Total 103 139 53 295
Source: Author’s Own Calculations (Primary Data)
Ho2: There is no significant difference in the level of participation in financial decision making
of working and non-working females.
Based on table 4, χ2 test is applied to validate the hypothesis. As the tabulated value of χ
2 @ 5%
significance level with degree of freedom (df) at 2 = 1.39 and the calculated of χ2
at 5%
significance level is 0.73, hence the hypothesis stands true.
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It is believed that education and learning plays pivotal role in women empowerment, however, as
per the research nearly 60% of sample is working female and out of 177 working females 33 are
graduates and 136 are post-graduates, also among the balance 40% non-working females
accounting for 118, 71 females are graduate and 27 are post-graduate. With the level of
qualifications it could be further questioned as to why there is a lack of female participation in
the financial decision making. On further probing into the reasons for such conservative
approach of participation, certain significant reasons like lack of ownership of funds, lack of
financial knowledge, fear from loss-making decisions, lack of competent advisors, complicated
procedures and no assurance of returns etc., have been highlighted.
Table 5. Factors influencing financial decision-making
Respondents
La
ck
of
Kn
ow
led
ge
Fear o
f lo
ss-
ma
kin
g
La
ck
of
ow
nersh
ip o
f
fun
ds
Ign
ora
nce
No
ass
ura
nce
of
retu
rn
Co
mp
lica
ted
pro
ced
ures
lack
of
tru
st-
wo
rth
y
ad
vis
ors
Total
Working Females 49 37 26 18 12 14 21 177
Non-Working Females 29 21 28 12 8 13 7 118
Total 78 58 54 30 20 27 28 295
Source: Author’s Own Calculations (Primary Data)
Ho3: There is no significant difference in the factors that influence financial decision making
among working and non-working females. In order to evaluate the hypothesis, χ2 test is applied
enumerating the calculated value to be 7.14 at degree of freedom (df) = 6 and 0.05 level of
significance, however the critical value for the same is 12.592. Therefore the hypothesis stands
true.
Conclusion
It is yet to be understood that to be empowered means to be independent in all respects. In
today‟s world, where technology has made information and learning not only easy, simply and
approachable but also customized to meet the linguistic needs to create awareness, yet females
rely on others‟ judgment and understanding to decide their present and future financial needs. It
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44 | P a g e
is worth examining before we claim that a woman today is “EMPOWERED”. This calls for
extensive marketing and advertisement of the needs to motivate the females towards improvising
and upgrading financial literacy so as to make them compatible for active participation in
financial management of self and family and thus to benefit the nation as a whole.
References
Asghari, Farhad Sadeghi, Abbas and Aslani, Khaled (2013), “Comparative study of
financial Independence, Self-Confidence and Decision-Making Power, Awareness of the
Social Resources and Mental Health in the Women Members of SHG and Non-Member
of SHG”, Journal for Scientific Research, Vol. 3, No.1, (Jan 2013), pp 114-117.
Beyer, S and E. Bowden (1997) „Gender Differences in Self-Perceptions: Convergent
Evidence from three measures of accuracy and bias,‟ Personality and Social Psychology
Bulletin, 23, pp. 157-172
Brahmabhatt, P.S Raghu Kumari, Dr. ShamiraMalekar (2012) “A Study of Investor
Behavior On Investment Avenues In Mumbai Fenil “TRANS”, Asian Journal Of
Marketing & Management Research, Vol.1, Issue 1.
Dawar.G. &Wadhwa,C.(2011).Factors Influencing Investor Behaviour:An Empirical
Study In Punjab. International Journal of Research in Commerce, Economics and
Management, 1(3), pp. 125-135.
Sharma, CA Anupama and Joshi Dr. Bhavesh (2015), “Financial literacy of the women
and its effects on their Investment choice decision”, Global Journal for Research
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A STUDY ON IMPACT OF BREXIT ON INDIAN IT SECTOR
Mr. Hitesh Punjabi
Chetana’s Institute of Management & Research, Mumbai
Abstract
This paper will study the Impact of Brexit on Indian IT Sector (Tier-1 companies) going ahead.
It will also study the reasons why it will impact sector revenues and margins going ahead. This
paper suggests that Brexit poses serious risks to Indian IT given the sector’s high revenue
exposure (26%) to Europe. The key concerns would be 1) Volume impact due to business
disruptions in the UK and EU, could be positive or negative; 2) Cross-currency impact from
depreciation of GBP and Euro on USD reported top-line growth and margins; 3) Valuation
impact due to higher perceived risk. While currency volatility (GBP, EUR) is an immediate risk,
researcher see’s bigger concerns on the demand front as clients are likely to go slow on decision-
making and defer new projects. This combined with an ongoing slowdown in the sector will
weigh heavily on P/E multiples. This research paper will help stakeholders to know the outlook
Tier-1(Nifty 50) IT companies going ahead to make an investment decision.
Keywords: Nifty50, Brexit,Cross-Currency, Valuation
Introduction
Indian IT – Exposure to Europe and United Kingdom: Indian IT draws higher proportion of
revenues from Europe and United Kingdom. The recent development of Brexit is posing a
serious threat for the sector. Indian IT companies draws 26% of total revenues from Europe.
Tech Mahindra has higher exposure among large cap companies, while Infosys has least
exposure of 23% to Europe. TCS has one of the subsidiaries in UK -Diligenta, which has not
been doing well over last few quarters.
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Source: Company
Objectives
To study impact of Brexit on tier -1 Indian IT Companies.
The key factors which will impact the company’s revenue and margins going forward.
Research Methodology
The research carried out is descriptive in nature and uses secondary sources of data such as
quarterly press release, quarterly factsheets, quarterly Investor presentation, company websites
and Nasscom press release.
Sampling design
Five top IT companies which are included in Nifty Index are taken for this study. Tata
Consultancy Services Ltd, Infosys Ltd, Wipro Ltd, HCL Technologies Ltd and Tech Mahindra
Data Analysis and Interpretation
Brexit to hit demand for IT services but impact difficult to quantify
16
26
23
2628 29
0
5
10
15
20
25
30
35
CTSH TCS INFO WIPRO HCLTECH TECHM
Europe Exposure (%)
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47 | P a g e
Researcher feels the Brexit will impact the revenues of the Indian IT services, but currently it is
difficult to quantify. Researcher expects a direct negative impact on the client IT spending. This
event will have impact on the revenues of Indian IT sector over net 2-3 years, as the clients in
europe will defer their capex plans. There is certain uncertainty with respect to trade pacts signed
with various countries etc,
Source: Company
Source: Company
3.1
1.7
24
4.4
Revenue QoQ CC organic growth (%)
TCS INFOSYS WIPRO HCLTECH CTSH
59.9 72.3 6654.6 65.7
7.99.6 9
14.211.3
13.26.7 6.7 12 10.8
0%10%20%30%40%50%60%70%80%90%
100%
TCS INFOSYS WIPRO HCLTECH TechM
Revenue exposures by billing currency
USD EUR GBP
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48 | P a g e
Volume impact (non quantifiable, medium-term impact, mix of positive and negative).
Clearly, business uncertainty would create ambiguity in decision making around IT and cause
potential push out of projects. Indian companies have large exposure in the banking and financial
services (BFSI) and manufacturing verticals in Europe, and delay in discretionary spending here
is a clear negative for the sector. At the same time, re-evaluation of business priorities and
shuffling business out of the UK could create opportunities for IT spending on both change and
run side of businesses. Revenue exposure to Europe for the Indian IT companies: TCS (Europe
26.8%, with UK 15.9% and Continental Europe 10.9%), Infosys (23%), Wipro (25%), HCL
Tech (31%), Tech M (29%).
Source: Company
Source: Company
7
12
5 5 52
-3 -4
4 3
-2 -1
-5
0
5
10
15
0200400600800
10001200
USD revenue & growth in Europe (incl. UK):
INFO
Revenue % Growth
-3
6 5
1-1
4
-2
-6
1
8
2 2
-10
-5
0
5
10
0100200300400500600700
USD revenue & growth in Europe (incl. UK): TCS
Revenue % Growth
-3
6 5
1-1
4
-2
-6
1
8
2 2
-10
-5
0
5
10
0100200300400500600700
USD revenue & growth in Europe (incl. UK):
TCS
Revenue % Growth
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49 | P a g e
Source: Company
Source: Company
Should we be worried about BFSI?
The large banking stocks in the UK (Barclays, RBS and Lloyds) had seen fallen by 24-31%when
Brexit was announced, while their EU counterparts like DB, UBS and Credit Suisse were not
0
12
8
57
02
-2
1
5
-4 -4-6-4-202468101214
0
100
200
300
400
500
600
USD revenue & growth in Europe (incl. UK): HCLT
Revenue % Growth
14
8
-2
4 45
4
1-1
2
-1
2
-4-20246810121416
0
50
100
150
200
250
300
350
USD rev. & growth in Europe (incl. UK): TECHM
Revenue % Growth
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50 | P a g e
been spared either, and have fallen by 21-23% over the same period. Stocks of US-centric banks
like JP Morgan and City have remained irrelatively unscathed with only a single-digit decline.
Source: Yahoo Finance
Source: Company
The single largest doubt for UK-based banks is their ability to borrow and service debt amidst
the onset of a potential GBP crisis, in addition to concerns over the UK economy and the impact
on employment. In terms of a more long-term uncertainty, London’s future as a financial capital
-30 -31
-24-21 -21
-23
-7-9
Change in stock price since vote (%)
40 41
33
25 25
0
10
20
30
40
50
CTSH TCS INFO WIPRO HCLTECH
BFSI Exposure (%)
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51 | P a g e
is now also in doubt and is impacting global banks as well (with a section of global leaders
against London being allowed to retain its privileges post Brexit).
Not surprisingly, it is difficult to determine what this bodes for IT spending in the immediate
aftermath of Brexit. That said, this has added to what was already a macro scenario which was
far from sanguine and by no means firing on all cylinders. While business-as-usual and lights-on
tasks will continue, decisions around discretionary work should slow down further.
Impact on talent mobility from outside the EU
The historical surge in immigration was one of the key factors behind the higher number of
“leave” votes, as per most surveys and experts. At a net migration of336,000, the annual number
is well above the target to bring it below 100,000.Whether migration is now curtailed remains a
function of the kind of relationship that would replace UK’s EU membership.
The problem of low skilled/unskilled immigration from any EU state is outside the realm of
Indian IT. However, there is a very high possibility of tighter control on skilled and unskilled
workforce entering the UK. In January 2016, the Migration Advisory Committee had proposed
to increase the minimum salary level of IT employees entering the UK for short or long term to
GBP41, 500. In its response in March, the government had noted that all intra-company
transferees should qualify under a single visa category with a minimum salary threshold of
GBP41, 500, with the exception of graduate trainees.
(Link:https://www.gov.uk/government/news/migration-advisory-committee-reviews-oftier)
2). If this does become effective from April 2017, then it would mean an impact of 100bp+ on
margins of various companies.
Substantial currency risk
The revenue impact in terms of percentage is higher for indian companies as compared to
currency exposure, as the Indian companies receive the receivables in US dollar terms. Their
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majority clients pay in US Dollar terms. Indian companies have 10% exposure to GBP and 9% to
EUR. Overall the exposure to Europe is 20% of total revenue.
The immediate impact: Effects of GBP depreciation
The immediate discernable impact of Brexit will come from currency movements, as
reflected in GBP and JPY recently. In Q1FY17, prior to Brexit, all the currencies had
appreciated against the USD to the extent that it would benefit USD revenue growth in the
range of 75-125bp. However, post Brexit, the GBP has depreciated by 10% and the EUR by
3% within a week.
While the current quarter could still end up witnessing a positive currency impact, at the
prevailing rates, the YoY impact on revenue across the top tier varies between -80bp to -
140bp. TCS, which is the most dependent on the GBP, has not been impacted the highest
though, thanks to the negating effect of JPY’s appreciation. The net impact has been
tabulated below.
FY16 Current Change (%)
GBP 1.5079 1.3384 -11
EUR 1.1046 1.1065 0
AUD 0.7366 0.7417 1
JPY 0.0083 0.0097 17
INR 0.0153 0.0148 -3
The revenue impact in terms of percentage is higher for Indian companies as compared to
currency exposure, as the Indian companies receive the receivables in US dollar terms. Their
majority clients pay in US Dollar terms. Indian companies have 10% exposure to GBP and 9% to
EUR. Overall the exposure to Europe is 20% of total revenue.
Cross-currency Impact on Revenue and Margins
GBP has seen a ~10% depreciation and the Euro a ~5% depreciation vs the USD in response
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to the news. If these levels were to sustain, this would create a 115-215bps negative impact on
USD reported revenue growth across the Top-5 (TCS -171bps, Infosys -115bps, Wipro-155bps,
HCL Tech -213bps, Tech M -165bps). This would flow through into margins as well
with a 55-110bps negative impact on margins at the Ebit level (TCS -85bps, Infosys -55bps,
Wipro -77bps, HCL Tech -110bps, Tech M -82bps).
Source: Company
Mitigants of cross-currency impact
While a near-term impact on top-line growth would be imminent if these levels were to sustain
and trends continue, margin impact could be mitigated by adjusting internal cost structures
(onsite offshore mix, utilization, average age and wages). Nevertheless, it will put incremental
pressure on profitability given the pricing pressures in the sector. A late catch-up in INR
depreciation could also be a mitigant.
Commentaries by CTSH and EPAM ‘stark’
Comments from Indian IT companies on Brexit and its implications varied across the board.
However, companies were unanimous in their opinion that it is too early to gauge the impact of
1516171819202122232425262728
15
17
19
21
23
25
27
29
Q1FY15 Q1FY16 Q1FY17
EBITDA margin pressure
TCS WIPRO INFOSYS HCLTECH
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Brexit on their businesses. While TCS cited no Brexit impact on growth just yet, INFO
mentioned clearly that it did not factor in any negative impact on its guidance. On the other hand,
commentaries by MNC peers like CTSH and EPAM throw light on business challenges facing
them amid slowing decision making and deferred discretionary spending.
Pressure on BFSI means not many are insulated
CTSH cut its CY16 growth guidance to 8.5-9.5% from 9.9-12.8% earlier, citing short-term
headwinds from macroeconomic uncertainty, which is impacting BFSI the most. It guided for
1.8-3.0% QoQ growth in 3QCY16 (despite 3Q being seasonally strongest for sequential growth),
compared to average QoQ growth of 6.8% since CY07. We note that BFSI grew 1.7% QoQ CC
at INFO, 1.7% at TCS, 2.9% at WPRO and flat at HCLT. While BFSI at CTSH grew 5.1%, it
suggested that near-term bets are off.
EPAM already seeing spend cuts
While EPAM retained its growth guidance of 26% YoY CC, the commentary was no less
disconcerting. EPAM cited macroeconomic uncertainty as a main reason for impaired visibility,
increased volatility and hazy discussions with customers. It has already started witnessing
spending cuts and pricing pressure in its European bank clients. Uncertainty thus seems to be
taking precedence, despite stable budgets and intent to spend on Digital, which hampers business
predictability.
Opportunity in (regulatory) adversity?
Regulatory-driven IT spending has been a key growth driver for India-origin providers (IOPs) in
the BFSI vertical. Will the UK-EU divorce usher in a new order as far as the regulatory
landscape is concerned?
Arrangements like “Passporting” (wherein a BFSI firm can operate across the EU as long as it
has a base in the UK), legal frameworks and many more could be reversed / changed, going
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forward. This could potentially create areas of growth opportunities for the sector. Given the
timelines though, researchers see that as a medium-to-long term opportunity
Not all companies’ valuations are capturing weakness ahead
Difference between commentaries of India-based providers and MNCs should only converge
over time. In the near term, growing pressure in BFSI remains an overhang on the top-tier
(exTECHM) firms. As a consequence, TCS steep valuations will be sternly tested. INFO at
relatively discounted valuations could outperform; however, materialization of the same could be
kept in check by fears of further cut in guidance. TECHM may be in for a relatively good time
given: [1] limited BFS exposure, [2] improving telecom spending, [3] discounted valuation and
[4] undemanding expectations. Researcher believes execution on margins is the key. With
margin fears allayed at HCLT, the stock has already seen an uptick; triggers to further upside lie
in sustained organic growth delivery after an impressive Q1FY17 performance. Wipro’s higher
P/E than HCLTech, TechMahindra amid growth/margin weakness poses a risk.
Conclusions/Recommendations
The Impact of Brexit will hurt the medium term fundamentals of Indian IT sector. The clarity on
the impact will get only with time; with the immediate discernible impact coming from currency
movements.
The threat will be BFSI clients in Europe which will put pressure on valuation of companies. The
decision by the clients to it spending will be delayed going forward, keeping in mind the
uncertain macro environment.
Valuation - P/E Multiple to Reduce for the sector
With the Uncertain Macro Environment and in risk of reduction on client it spending by the
clients would put pressure on current P/E multiples for the sector. Researcher indicate during
similar situation in 2008, the set or witnessed 50% reduction in P/E multiples for the sector,
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though researcher do not expect such a severe devaluation, researcher believe rising impact on
revenues will put pressure on current p/e multiple of the companies. Researcher expects TCS
valuation will be under pressure and going forward the demand commentary by the Indian it
players will be key
References
https://www.infosys.com/investors/
http://www.tcs.com/investors/Pages/default.aspx
http://www.wipro.com/investors/
http://www.hcltech.com/investors/results-reports
http://www.techmahindra.com/investors/default.aspx
www.yahoofinance.com
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