The 10 Best Institutes for Economics Studies in India, 2018 by The Knowledge Review

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NOVEMBER 2018 - INDIA

10 Best

THE

INSTITUTES FOR ECONOMICS STUDIES IN INDIA

2018

GOKHALE INSTITUTE OF POLITICS & ECONOMICS EDUCATION THAT MATCHES LIFE AND EXPEDITES VOCATION

VISVESVARAYA NATIONAL INSTITUTE OF TECHNOLOGY The Centre of Technical Excellence South Ambazari Road, Nagpur, Maharashtra.

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Editorial

esign in India is as important as Make in India- Narendra Modi

It has been four years since our Prime Minister commenced a crucial initiative called “Make in India”. Comprising the symbol of a foot-front Lion, the campaign aimed to make India a global manufacturing hub. After its successful four-year run, it has brought together numerous stakeholders and partners.

Boosting the Economy with “Make in India”

The initiative represented the advancement of the Government’s mindset i.e. transferences from issuing authority to a business partner, in keeping the Government’s slogan of “Minimum Government, Maximum Governance”. With the efforts to establish India on the global map, the obsolete systems were revamped with the user-friendly transparent systems, leading to the investment of stimulated innovation, secured intellectual property, enhanced skill development, and best-in-class manufacturing infrastructure. Numerous overseas corporations are now forming their facilities in India on the account of Make in India and Digital India initiatives. These initiatives have further boosted demand, spur development, and not to mention, the investor’s beneﬁts. These strategies are going swiftly and aim to capture up to the twenty-ﬁve percent of the GDP from the present seventeen percent. In addition, the Government’s Digital India initiative is also boosting the economy by concentrating on the three core components; digital infrastructure; digital service delivery; increasing digital literacy. According to a prominent group’s report, India is predicted to be the third largest consumer economy as its consumption may triple to around US$ 4 trillion by the year 2025, owing to the shift in the expenditure pattern and consumer behavior. It is also estimated, in terms of purchasing power party, the Indian economy will surpass the USA to become the second largest economy by the year 2040. T R

Anmol Preet Singh

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Cover Story

Gokhale Institute of Politics & Economics: Education that Matches Life and Expedites Vocation

Tour with Symbiosis School of Economics Symbiosis School of Economics Creating Equilibrium

Articles 22

Economic Hourglass

Subconscious Call

Taking Account of InďŹ&#x201A;ation in Your Retirement Plan

Understanding the Nuances of Economic Behavioral Biases

S CXO

20 Besant Women’s College: Formulating Better Educated Generation for a Superior Future

30 Astute Thoughts

C. U. Shah University: Enriching Life and Fabricating the Path of Success

The Inﬂuence of Technology in the Education Industry {Teaching Methods}

38 DAV College Jalandhar PUNJAB: Empowering Students with Exceptional Education

Expert’s Insights Opportune Time to Act Swiftly for the Persons with Disabilities

40 42 Dnyanprassarak Mandal’s College and Research Centre: Inspiring, Igniting and Transforming to Excel

Leader's Thoughts The role and importance of studying economics

10INSTITUTES FOR T H E

BEST

Economics Studies

IN INDIA, 2018 T R

Economics Institutes - Creating Leaders of Tomorrow

conomics is a tricky subject to deal with considering the on-going momentum of transformations that the world has experienced. There are a number of key factors like growing awareness, easier access, and changing scenarios which assists in boosting the acceleration of the economy. The Indian Government has meticulously worked by bringing excellent initiatives to boost the urban and rural sector of the country. The upliftment of the economy has taken place due to the equal contribution of the urban and rural regions. To spread the word-Economic Leaders- loud and clear, the various mediums of schools, colleges and institutes play a vital role in building the upcoming leaders. There are different aspects when dealing with economy. Education of economics is one of them. By educating the students to develop and empower an economy, which is liberal and reliable will create a better and advanced tomorrow. Nurturing the communities by providing a well-deﬁned future and juggling between the conventional and new-age economic norms is the need of the hour. The economic institutes are coming forward with distinctive approach and instilling enhanced moralities to the education world. These economic institutes are leveraging knowledge with an aim to create leaders of tomorrow. To highlight such institutes which have come up with the innovative educative methods and solutions to build extraordinary careers, we are introducing our special edition on “The 10 Best Institutes for Economics Studies in India, 2018”. On the cover, we have highlighted the Gokhale Institute of Politics and Economics; contributing its mite to enhance economic betterment and social welfare in the country; carrying forward the legacy of Gopal Krishna Gokhale, who founded the Servants of India Society in 1905. Swooshing in as The Institute of the Month; we have highlighted, A Tour with Symbiosis School of Economics; providing an excellent foundation for the future of the students. Other than that, we have included Besant Women’s College; C. U. Shah University; DAV, Jalandhar; and lastly we have Dnyanprassarak Mandal’s College and Research Centre. While gaining the knowledge about these renowned institutes, grab your attention at the industry expert’s articles in the issue; Inﬂuence of Technology on Education; Opportune Time to Act Swiftly for the Persons with Disabilities; The Role and Importance of Studying Economics. Also, do checkout the articles, masterly crafted by our in-house editors based on the today’s economy. So, without taking any more time, turn the pages and embark on the educational journey of Economics!

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Extracurricular Activities

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• Flexible Timing

• Rappelling

• Mentoring of Students by Specialists

• Valley crossing • Bridges and rope based activities • Management games

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• Industry Interaction • Special Focus on Entrepreneurship • Coaching For Foreign Languages • Institutional Social Responsibility Project • Faculty Development Programme • Management Development Programme

Cover Story 10INSTITUTES FOR T H E

BEST

Economics Studies

IN INDIA, 2018 T R

Gokhale Institute of

POLITICS & ECONOMICS Education that Matches Life and Expedites Vocation

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We strive to undertake research and provide education in all ﬁelds of economics

‘

The institute strives to undertake research and provides education in all the ﬁelds of economics with the singular purpose of contributing its mite to enhance economic betterment and social welfare in the country

ith a vision to conduct research, education, and extension on the foremost social and economic problems at national and international levels, Gokhale Institute of Politics & Economics (GIPE) is a pioneering research and training institute in all the branches of the Economics. The university is located in Pune and was established in the year 1930 by the Servants of India Society.

Practical Courses GIPE offers a research programme leading to the Ph. D degree in Economics, Population Studies, Agricultural Economics, and Law & Economics. The institute has a well-maintained academic campus, Staff Quarters, girls’ and boys’ hostel. It also has a library as well as computer labs for students. The institute has successfully applied information technology in its teaching-learning process. All the classrooms of the institute are renovated and ﬁtted with upgraded software which ensures smooth interaction of the teacher with the students and vice versa. The teachers in the institute also encourage active participation in the learning process instead of having only one-way communication from the teacher to the students. The teachers are evaluated by the students and their feedback is recorded by the institute. The institute emphasizes qualitative collection for selecting books and journals in the library. The library is also known among the researchers in Economics and allied subjects for its quality reference and documentation/bibliographic

‘

We carry forward the legacy of Gopal Krishna Gokhale who founded the Servants of India Society in 1905

‘

The primary objective of the institute is to conduct research in the socio-economic dimensions of Indian society, and impart training to researchers in this domain. The thrust areas of research at the institute are Agricultural Economics, Rural Development & Cooperation, Population Studies, Input-Output Studies for Planning & Development, Monetary Economics & Finance, Public Economics, International Economics, among others. The Ph. D. programme of the institute is highly coveted and alumni of the institute are leading academicians and experts with the government/corporate sector and international organizations.

About the Management

Dr. Rajiv Kumar serves as the Chancellor of the institute. He holds a D.Phil. in Economics from Oxford University and Ph. D from Lucknow University. He is a leading Indian economist and Vice Chairperson of NITI Aayog. He is the author of several books on India’s economy and national security. He is a widely recognized economic columnist and a leading speaker on issues in Indian political economy. He concurrently serves as (i) Government of India nominated Independent Director on Central Board of the Reserve Bank of India; (ii) Member of the International Board of Management of King Abdullah Petroleum Studies and Research Center, Riyadh, chaired by the Saudi Arabia’s Minister of Petroleum and Energy; (iii) Director, Institute of Human Development, Delhi; (iv) Director, Giri Institute of Development Studies, Lucknow; (v) Independent Director on the Board of DHFL; and (vi) Member, Advisory Board of CISCO, India.

Professor Rajas Parchure helms the chair of Ofﬁciating Director of the institute. He is also Reserve Bank of India Professor of Finance. He has thirty years of experience in research and teaching at the postgraduate level. Prior to joining GIPE, Pune, as RBI Chair Professor in 2007, he served as Professor at National Insurance Academy, Pune, where he was instrumental in the formulation of weather insurance programme in India. Professor Parchure has successfully upheld the legacy of GIPE, Pune by strengthening research activities and by introducing new academic programmes in specialized and emerging areas –M. Sc. (Financial Economics), M. Sc. (Agribusiness Economics)and M. Sc. (International Business Economics and Finance). He successfully leads a team of dynamic faculty at the institute in promoting teaching-learning processes, which are at par with renowned global universities. He is also credited with initiating Academic Exchange Programmes with Gottingen University, Germany and Meiji University, Japan.

services. The major decisions pertaining to library are taken by the library committee of the institute. Library management operations are automated and digitization of books has made huge progress. The institute offers four post-graduate programmes, viz., M.Sc. (Economics), M.Sc. (Financial Economics), M.Sc. (Agribusiness Economics) and M.Sc. (International Business Economics & Finance). Ph.D. Programs The institute offers a research programme leading to the Ph.D. degree in Economics, Population Studies, Agricultural Economics, and Law & Economics. M.Sc. Programs • M.Sc. Economics • M.Sc. (Financial Economics) • M.Sc. (Agribusiness Economics) • M.Sc. (International Business & Finance) The two year Master’s degree in Economics is a postgraduate academic program, offering training in economic and development theory, econometrics, applied finance, policy-making and quantitative techniques, which together help to study the various critical segments of the economy, thereby making a special value addition to the students. The program stretches over four semesters. Typically, the curriculum is structured around core topics, with much optional coursework complementary to the program focus. The core modules are usually in Microeconomic Theory, Macroeconomic Theory, and Econometrics. The two years Master’s Degree in Financial Economics course is designed to meet the increasing demand by combining solid training in economic theory with practical exposure to the field of finance through a variety of specialized options. The course is especially distinctive in the three-way link it establishes between economic theory, quantitative finance, and financial regulation. This course has been designed following extensive consultation with alumni currently employed in a variety of finance sector occupations.

Exciting Career Opportunities and Exposures The philosophy of institute’s curriculum design and development of the teaching programmes is based on the primary tenet that the curriculum should provide a balance between the study of economic theory, tools, and techniques of data analysis, economic institutions, economic policies, and regulatory framework. Consequently, the curriculum is designed to develop among the students a strong, broad-based academic foundation in economic theory and its application. It also accounts excellent transferable skills that enhance their professional prospects for further research in economics and placements in sectors. For example, banking, ﬁnance and business analytics sectors, corporate organizations, government and non-government establishments and regulatory agencies, national and international development agencies.

Major Achievements Over the years, the institute has earned distinction as one of the foremost research institutions in the country and has been credited with pioneering contributions by way of surveys, research, and analysis which has shaped public discourse on major socio-economic initiatives in the State of Maharashtra, as well at the national level. Some of the major research contributions of the institute are:

‘

Over the decades, we have established strong credentials in empirical and analytical research

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• A study of the contributory factors to the reversing son preference in India (UNFPA) • Strengthening growth monitoring and promotion through the integrated child development services in Maharashtra (UNICEF) • The revival of unfinished irrigation projects in Maharashtra, PPCP model for pilot Nira-Devghar project (Maharashtra, Krishna Valley Development Corporation, Govt. of Maharashtra) • Inspection and evaluation of beneficiaries financed/trained under schemes of national backward classes finance & development (Nationa Backward Classes Finance & Development Corp (NBCFDC) Delhi)

Word Of Trust “The best thing about GIPE, apart from the serene and green campus, is the amount of exibility student receives in their curriculum. This adds to an overall welcoming experience very conducive to studying”

A Few Major Conferences Following are the Events organized during the institute’s four years’ period: • Faculty development programme in Econometrics and ‘Game Theory’ from May 23, to June 8, 2017, by the Internal Quality Assurance Cell (IQAC) of GIPE, Pune • Seven days’ workshop on ‘Financial Econometrics and its Applications’ from 29th August to 4th September 2016 by GIPE, Pune in collaboration with The Indian Econometric Society, New Delhi. • National Conference - 14th Annual Conference of Indian Association for Social Sciences and Health (IASSH) Theme: health, gender, and development: Emerging issues and challenges jointly organized by Indian association for social sciences and health and GIPE, Pune during 23-25 September 2016. T R

-1st year Student M.Sc. (Economics) “GIPE is an established and well-known institute. It gives us an amazing atmosphere best of harnessing and growing intellectually. A wide range of subjects gives us a lot of exibility and choice” -2nd year Student M.Sc. (Economics)

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10INSTITUTES FOR T H E

BEST

Economics Studies

IN INDIA, 2018 T R

Name of the Institution

URL

Besant Women’s College

bwc.besant.edu.in

Mahatma Gandhi Road Kodialbail, Mangalore-575003

C. U. Shah University

cushahuniversity.ac.in

Surendranagar-Ahmedabad Highway, Nr. Kothariya Village, University Road, Wadhwan City-363030

DAV College, Jalandhar

davjalandhar.com

DAV College Jalandhar, Punjab

Dnyanprassarak Mandal’s College of Arts

dmscollege.ac.in

Assagao , Bardez- Goa - 403507

Gokhale Institute of Politics and Economics

gipe.ac.in

BMCC Road, Shivaji Nagar, Pune 411004

Symbiosis School of Economics

sse.ac.in

3rd Floor Schc Building Senapati Bapat Marg Pune 411004 Maharashtra

Tata Institute of Social Sciences

tiss.edu

TSIPARD Campus, Rajendranagar, Hyderabad, Telangana 500 030

V. G. Vaze College of Arts, Science and Commerce

vazecollege.net

Mithagar Road, Mulund(East),Mumbai

Valia College of Arts, Commerce And Science

valiacollege.co.in

D. N. Nagar, Cosmopolitian Education Society Road, Andheri(W), Mumbai 400053.

Zamorin’s Guruvayurappan College

zgcollege.org

Guruvayurappan College.(P.O) Kozhikode - 673014, Kerala

Location of the Institution

ncepted in 2008, Symbiosis School of Economics (SSE) is a young and dynamic institution which is contributing to the economy and society, to reach new heights by creating future leaders. At SSE, students accomplish these goals in an educational environment committed to excellence and academic freedom. With 2.5 trillion-dollar, the Indian economy is poised to be the third largest in the coming decade. To achieve this milestone, India needs to enhance its labour productivity, bring about breakthrough innovations with enhanced expenditure in research and development, and create an eco-system which will absorb the most signiﬁcant global labour force in the world. In this environment, SSE aspires to be known as one of the institutes of highest repute that provides academic rigor and offers excellence in research such that, active learning, purposeful employment, and meaningful local and global collaborations falls in line with the society. Located in the heart of Pune city, SSE

provides students an opportunity to experience the city life and explore education beyond boundaries. Its infrastructure includes air-conditioned classrooms furnished with projectors and Wi-Fi facility, an ever-expanding library, computer lab, intelligent Smart-Boards, faculty rooms, admin blocks, canteen, gym, reprographic centre, conference rooms, and an auditorium with a seating capacity of ﬁve hundred people. The academics and environment at SSE have been meticulously crafted – the sound curriculum, the value framework, and the overall climate prepare the students for a future in academics, corporate, government, and civil society. It enhances an overall development among students and prepares them to ﬁght challenges of life with ease. About the Academic Program The academic program of SSE is interdisciplinary in nature, covering a range of courses that introduce students to different career opportunities. The courses include

Business Accounting, Public Administration, Law and Economics, Financial Management, Portfolio Management, International Financial Management, International Relations, Operations Research, Research Methodology, Behavioral Economics, Environmental Economics, Urban Development, International Trade, and Development Economics. The engaging pedagogy, along with a focus on experiential learning and evaluation system, provides and prepares the students with a platform to understand the practical aspects of the subjects taught. SSE offers world-class academics through its various programs: • B.Sc. (Economics) since 2008; the nomenclature of the programme changed to B.Sc. (Economic) Honors from 2014 • M.Sc. (Economics) since 2011, (offered two specializations initially; a third and fourth one were introduced later) • International Trade (since 2011) • Development Studies (since 2011) November | 2018

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Tour with Symbiosis School of Economics • Urban Development (since 2016) • Finance (will be offered from the academic year 2019-20) Differentiating Factors SSE offers a unique academic structure which is ever evolving. The faculty members are known for their effective use of innovative and engaging pedagogy. The scholarly output is supported by two leading centers – the Centre for Academic Writing (CAW) and Centre for Quantitative Learning and Applications (CQLA). An advanced Information, Communication and Technology (ICT) platform supports the academic and administrative processes. The curriculum is designed and taught in a manner to nurture socially sensitive graduates. Additionally, the educational activities are supported by the co-curricular and extra-curricular activities, which help the students to gain perspectives beyond academics. Unlocking the Door of Opportunities The students at SSE intern in diverse organizations including corporates, NGOs, national level research institutions, government ministries, and academic institutions. This exposure, along with regular guest lectures and workshops by eminent economists and business leaders, train them for real world challenges faced by practicing economists in the private and public sectors. The experiences help the students develop insights into linkages between policy and practice. The software training for simulation, and predictive modelling, qualify them further for a sound career and enhanced employability. Students from SSE have made signiﬁcant progress in different walks of life. They have secured admissions in leading universities, and are working for institutions, organizations and prominent think tanks. Some have even T H E

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become business or social entrepreneurs. Some of our alumni have pursued higher degrees at the Delhi School of Economics, Jawaharlal Nehru University, Indira Gandhi Institute of Development and Research, Gokhale Institute of Economics and Politics, London School of Economics, St Andrews’, Vrije University – Amsterdam, Warwick University, National

Jyoti Chandiramani

University Singapore, Boston University, Rochester University, Johns Hopkins University, and Columbia University. Major Achievements Some of the achievements of Symbiosis School of Economics include: • Crafting out an active and well evolved academic programme

THE LEADER OF THE INSTITUTION

Director

Dr. Jyoti Chandiramani, the Director of Symbiosis School of Economics, is also the Dean of the Faculty of Humanities and Social Sciences, at the Symbiosis International (Deemed University) since 2010. As a social change maker, she believes in leading by example and being inclusive. Her career began with K.C College, Mumbai in 1982 and later with the Symbiosis College of Arts & Commerce (1985-2013), where she served as the Head of the Department (19912013). She has been a member of the core team, responsible for the setting up of the ﬁrst Symbiosis Centre for Liberal Arts in India (2006). Her journey into the ﬁeld of higher education spans over thirty years since 1982, playing the role as a teacher, administrator, researcher and involved at every stage with institution building. She has played an essential role in establishing one of India’s leading schools of Economics and is committed to providing students with an educational course of academic excellence and lifelong learning. Her research interest areas range from her dissertation work on foreign direct investments to international economic cooperation and governance to urban economic development. She has authored textbooks, edited a book titled “Perspectives in Urban Development: Issues in Infrastructure, Planning, and Governance”, published numerous research papers and worked on many research projects.

• Attracting students across India and abroad • Attracting well qualified and competent faculty members from across India • Shaping a thousand alumni with a close monitoring of their career progression • Delivering a sound academic curriculum and environment and preparing students for a career while equipping them to negotiate the dynamic and volatile nature of the real world. • Excellent student progression. To mention a few accomplishments, the students have: 1. Qualified as IES Officer 2. Worked with organizations such as Bloomberg and the International Finance Corporation 3. Been awarded the best research paper at the international convention of South Asian Economic Students Meet (SAESM) • The research focus of the school is

directed towards urban and rural development, microeconomic and international trade-related issues, Sustainable Development Goals, Small and Medium Enterprises (MSMEs) and future of employment. • The school undertook its ﬁrst major research project for the National Bank for Agriculture and Rural Development (NABARD), titled “Rural Development Infrastructure Index Including Physical, Social and Institutional Dimensions”, in October 2018. • In addition to the above, within the span of a decade, the school has instituted: 1. The annual college fest – ‘Laissez Faire’, since 2011-12, later renamed to ‘Equilibria’ in 2017-18 2. The Late Prof Suresh Tendulkar Memorial Lecture (STML) since 2014. 3. The student’s competition which will soon be a pan India event, titled “Economist of the Year” (EOTY), since 2017-18;

4. Future of Employment: Challenges and Opportunities (FECO) – a biennial event to address the challenges of this crucial socio and macroeconomic issue. Some Major Conferences • 2011 February: National Conference on Urban Policy and Planning: A Case Perspective of Pune • 2013 – March: ICSSR Sponsored Workshop “Setting the Urban Research Agenda” • 2015 – August: A two-week summer university programme was conducted by the Asia Europe Foundation (ASEF) on Sustainable Urbanization in Heritage Cites, hosted by SSE under the Symbiosis International (Deemed University). • 2017 – February: Transforming India 2030: Strategies for Sustainable Development Goals • 2017 – December: GST Conclave • SSE is planning to organize FECO in a conference format in February of 2019. T R November | 2018

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TESTIMONIALS “I can positively say that Symbiosis School of Economics has laid an excellent foundation for my future. The B.Sc. Economics at SSE is an extremely well-structured programme and provides in-depth learning of Economics and Mathematics. It is well supported by dedicated teachers who are always available for guidance. The college also provides wonderful prospects for International StudentExchange Programmes which provide excellent opportunity to interact with international students.” –Shruti Aran B.Sc. (Economics) Honors (2012-15) “Discipline, hard-work, and perseverance are the only way to success. SSE has taught me to go for everything (in the good sense). Nothing was served on the plate. I had to work hard for everything. Also, the fond memories would be a huge takeaway from SSE. SSE made me more efﬁcient. It brought the best out of me. The overall learning at this institute has shaped me as a person. It was not just monotonous learning (academics). The education was good enough to take me ahead in my life.” –Omkar Raut M.Sc. (Economics) (2013-2015) T H E

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Besant Institutions, the college strives hard to bring higher education within Formulating Better Educated the reach of all women who seek it. Generation for a Superior Future It especially adheres the female The institute aims to instill and sustain in the students who are students a lasting desire to seek knowledge and economically and to impart to them the skills to acquire it socially backward so that the ideals of Annie Besant are realized and “The great use of life is to cherished by many. It is one of the very spend it for something that few colleges, which is available in the will outlast it” district exclusively for women.

Besant Women’s College

-William James

ollowing the rich legacy and the educational values of the legendary Dr. Annie Besant, Besant Women’s College was established in June 1977. Being afﬁliated with the Mangalore University it has been re-accredited with Grade ‘A’ by the NAAC for the third cycle. Incepted by a great philanthropist and visionary late Manel Srinivas Nayak, the then President of the Women’s National Education Society (W.N.E.S), the sponsors of

Taking Students to Heights of Glory The college believes that the higher education provided to the students must fetch them proper employment and build a good career for them. The college conducts many career-oriented courses after college hours to supplement the regular university syllabus. Some of these are: • UGC sponsored courses in computer networking and functional English

• Preparatory certiﬁcate course for Chartered Accountants exam • Entrepreneurship development programme to encourage self-employment avenues • Certiﬁcate courses in embroidery, beauty therapy, computer skills, presentation skills, consumer awareness etc. • Exposing students to use the internet to get more information on related subjects of their course. • The college has an “innovation club” to encourage innovative activities among the students The courses are accompanied with several extra-curricular activities, which help the students to build a strong career for themselves. Furthermore, the college has several tailored “Career Programmes” to supplement the university syllabus. Fabricating Students’ Careers The college hosts campus interviews or November | 2018

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10INSTITUTES FOR T H E

BEST

Economics Studies

IN INDIA, 2018 T R

BORN FROM A CHAMPION The college attributes its success to the visionary Founder President late Shri Manel Shrinivas Nayak. Many leaders of the college follow his vision and path to contribute equally to the growth of the college. Current President Sri Kudpi Jagadish Shenoy, who is committed to preserving the priceless legacy of the Besant Institutions, and is constantly enlarging its reach to touch society in new ways, leads the present management team. Being a hotel management graduate from Chennai University, Kudpi loves to involve himself in his work. He quotes “personal service with a smile” is the key secret of success of their group. He is a versatile personality in the hotel industry of Karnataka state and manages over two-hundred subordinates. Under his tremendous leadership, the hotel owners association of the district has recently won the coveted award for excellence from Karnataka Pradesh hotel and restaurants association, Bangalore. Furthermore, he is a recipient of Udyogh Ratan-1995, Rajiv Gandhi Excellence-1996, and has the been honored with the rst north American Konkani convention held at new jersey, USA. T H E

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Job Mela every year either at the premises or at the surrounding colleges where the students participate. The college prepares students for this by providing certificate courses, entrance exams training, and several activities such as skills development programmes, mock interviews, self-confidence building programmes to supplement the university syllabus. Scholarly Reputation Besant Women’s College has been instrumental in developing eminent alumnus. According to the college, its major achievement is to admit students who have secured passing marks in their PU exams. It even encourages students passing the supplementary exams and converting them to first class students, securing more than sixty percent in the annual exams in the final year. The college is even more proud in securing a Rank at the university examination, since the 3rd year of its inception, and has been attaining the same continuously. Additionally, the college has shown no discrimination against the admissions and students from the non-creamy layer are brought out as responsible citizens with excellence. Few Major Conferences held by the College The college has conducted various annual conferences, seminars, workshops etc. To name a few: • Innovarious – a National Conference on Youth Entrepreneurship in Current Competitive Arena, “Innovarious – 2018” organized by the Department of Post Graduate Studies in Commerce

• Research and Development Cell has organized a one day workshop on “Research methodology for the students” • Several programmes on “Cleanliness Awareness” being conducted at regular intervals in accordance with “Swacch Bharath, Swastha Bharath” • The Department of Commerce & Management of Besant Women’s College in association with IIM Indore organized a two-day workshop on “Business Analytics” • T-shirt painting workshop- jointly organized by the career guidance association of the college along with Dream Zone, School of creative studies, Mangaluru. Education for Tomorrow In terms of its age, Besant Women’s College as the educational institute is at quite a young growing age with only forty-one years of establishment. The leaders of the college have framed a 2027 futuristic vision for the growth and prosperity of the college when the college will be at the youth of ﬁfty years. The college plans to: Introduce higher benchmarks in all the quality initiatives taken up; Introduce more new PG and Inter-Disciplinary Courses; Student learning through virtual teaching; Establish collaborations and linkages with reputed research institutes, business - houses and employers; Study center for online courses; Improve linkages and convert them to MoUs for extension and outreach activities; Procure more ranks at the university level. T R

TAKING

ACCOUNT INFLATION OF

IN YOUR

RETIREMENT PLAN

he simplest explanation for most people to understand inflation is the average increase in the good’s price and services or in a more simple way- things get expensive over time. The one point to observe here is that the good and services being employed or consumed by the elderly are more influenced by the inflation when contrasted to the ones consumed by the young generation. Surveys illustrate that the most surprising information that seniors discovered once in retirement is how much everything costs without a continuous source of income. They even say that when planned for the retirement, even when they calculated the difference, they didn’t know the difference would be so enormous and never imagined how much they have to pay off for everything they need. Impact on the Retirement Saving Inflation affects every living being, but it affects mostly the ones who are not

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Economic Hourglass

working full-time and can’t adjust the savings to accommodate the rising costs. The fact is that it reduces the acquisition power. When the cost of goods and services increases faster than the money saved, the saving accounts buy fewer and fewer goods and services over the course of the time. Also, it is well-known fact that the requirement of these services will never go away. Thus, there is a need to be sure that the citizens have different income sources to meet the required expenses. The second difference that inﬂation draws along with it is that it consumes the savings faster. Citizens can determine the annual retirement budget and can include the cost of living adjustments and must ensure that they have sufﬁcient capital to purchase the same amount of good and services they call for.

maximize the investment power to stay ahead of the inflation. In doing the same, they also wonder if they should be more conservative with the investments as they approach the retirement age. However, they can approach this differently. The blending of the benefits can maintain the pace with the inflation. Bonds, money-making funds, saving bank accounts are acceptable but not enough. Citizens can also involve stocks and other investments to add an economical level of growth potential to the investments solutions. Taming down the investments can slow down the retirements fund growth and weakens the financial investment skeleton for those who are unfamiliar with the inflation that lies ahead. Therefore, it is mandatory for retirees to have a mix of investments that can keep pace with the inflation. The Solution

Some special awareness of the following entities may help citizens in proper planning their retirement plan: Medical Costs: The medical cost will constantly be on the rise and has significantly outpacing CPI inflation averages. Seniors are more prone to call for more preventive care when measured to the young, so they must be careful while considering inflation in their retirement plans.

Citizens can dodge the harsh lessons resulting in the loss of early retirement funds by keeping the following elements in mind: Assets needs: Strengthening the value of investments beyond the inﬂation levels, so that retirees have signiﬁcant savings to afford the updated pricey but much-needed products and services.

Food Costs: The costs can be volatile. The food products have experienced pricing spikes in recent years due to factors such as drought, livestock illness and advancing farming practices. Citizens can expect the same from the future.

Long-Term Plan: Nowadays, it is simple to set a retirement for twenty years, therefore a plan that can last through 20 or more years can be beneﬁcial.

Travelling Costs: The price of petrol, affect most goods since shipping prices increase with fuel prices. As shipping costs rise, so do the costs of goods that are being shipped. Consequently, citizens’ traveling, daily commute, and fuel prices should also be accommodated in the retirement savings.

Social Security: With built in cost-of-living adjustments, social security is a unique life-long source of income that can help retirees to get more out of it. Studies shows that around one-third of retirees rely on Social Security in order to provide ninety per cent of their retirement income and more than half rely on Social Security for more than their ﬁfty per cent of their retirement income.

Impact on Retirement Investments There is barely any other variable than inflation that influences the retirement investments. This is an extremely important factor and must be taken seriously to understand the influence of inflation on investment. This is the planning of unknown, a certain unknown which is hard to predict. So to protect the wellness of the family, citizens’ plans must

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The best way of dealing with inflation is to communicate thoroughly with the financial professional and establishing an investment portfolio with keen eyes towards the inflation and providing retirees the finest chance to invest well now for compound benefits later. T R

The Influence of Technology in the Education Industry {Teaching Methods}

ntroduction Higher education is enduring a thoughtful transition across the world. This transition leads to the introduction of technology into the education system and provides opportunity to pursue degree through online. Thus education system gets transformation from legacy classroom model to new online model. Globalization has a great impact in the transformation of system. The technological revolution and internet has helped to overcome the boundaries of time, place, space, languages, etc. and has enabled the user to share access and transform information across the globe economically. Internet and technology fulﬁl the student’s expectations by providing them ﬂexible and unlimited opportunities across the globe. More than 370 million of Indians, which is close to 72% of their population, are connected to internet (Internet world statistics, 2015; pyramid research; McKinsey Digital Consumer Survey). In past 25 years, the life of college students has improved drastically due to social changes and technological innovations. In addition to that, commencement of new technology in the education

system/territory has helped many to pursue their higher education through online education program to pupil who was initially unable to study due to various reasons like location accessibility, job and family responsibility. According to Bramble and Panda (2008), globalization plays a vital role in recognizing the necessity of providing online learning opportunities in higher education. An open source online learning has been developed by IIT Kanpur and named it as “Brihaspati”. It was funded by Ministry of Communication and Information Technology. This online platform has been deployed in more than 80 universities across India and used to post notes, reference materials and hand out by faculties in electronic mode. A similar project was funded by Ministry of Human Resources named – National Programme on Technology Enhanced Learning (NPTEL) in 1999. This is the ﬁrst project that delivers course materials through multimedia and web-based technology to enhance the quality of

education/learning. Tamil Nadu government established Tamil Virtual University in order to endorse Tamil language, culture and literature all over the world with the help of internet in 1999. “Vartalaap” is the virtual classroom environment created with the help of computer based solution and networks. It is very effective and useful in improving the learning experience of learners who choose distance education. In 2000, Doordarshan introduced an exclusive TV channel for higher education known as “GyanDarshan”. Similarly, All India Radio (AIR) introduced “Gyanvani” a network of 17 FM stations. Chukki-Chinna is the one of the program broadcasted through Gyanvani. It is an interactive radio programme which has won “Manthan – AIF” award for teaching science, mathematics and social science. Aim of Gyandarshan and Gyanvani is to provide quality distance education to all the citizens of India. A virtual classroom was introduced by former president Dr. A.P.J. Abdul Kalam in “Rashtrapati Bhavan” in order to reach out scientists, students November | 2018

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Astute Thoughts student’s achievements in online education and traditional educational environment. The studies conducted by few researchers have no signiﬁcant difference (Toyama et al., 2010; Tallent-Runnels et al., 2006) and few found relative difference in the performance of students (Bryan et al., 2003; Schmidt, 2012; Sitzmann et al., 2006 and Whitewater et al., 2005).The ﬁndings of above studies are summarized below. Outcomes of the Study

Dr. B Naresh

The meta-analyses on learning outcomes are based on online delivery mode and traditional delivery mode. Results of the analyses are similar and there was no signiﬁcant difference in achievement and performance of the students. The study conducted by Tallent-Runnels et al., (2006) states that, the method of delivery was adequate for both online and conventional. In certain cases, online learners performed well than the face-to-face traditional learners and vise-versa. In recent times, online learning is Dr. B Naresh is a more effective than the traditional learning faculty of Marketing

About The Authors

Department at Pune Institute of Business Management.

and teachers all over the nation. In addition to that a one stop educational Dr. Rajalakshmi M is a portal was launched as pilot project faculty of Human called Sakhat which aims to serve 50 Resource Department Crore users. The content of Sakshat was developed by AICTE, IGNOU, at Pune Institute of UGC, CBSE, KVS, etc. It associates Business vast material resources and the links Management are related to students, faculties, scholars and users who are passionate towards learning. A Telugu regional portal called “esikshak” provides free computer courses to rural area and it was launched by Ministry of Communication and Information Technology. Recently, private institutions have also introduced online education. Initially NIIT provided online distance education “Netvarsity”. More than 500,000 students have been beneﬁted through this online learning system. This is the network of 3500 centres in 33 countries all over the world.

Dr. Rajalakshmi M

Student Learning and Program Outcomes Obtained Through Online Instruction Lots of studies were conducted on the comparison of T H E

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with the help of technology (Means et al., 2010 and Tallent-Runnels et al., 2006). Anyhow, these meta-analyses serve as important evidence and say there is no significant difference prevailing in student outcome with respect to the mode of educational delivery. Few studies have found difference in the performance and outcome of the students in online and traditional based learning. A sample study has been conducted among post-graduation students in order to learn the difference between online and traditional learning (Anstine and Skidmore, 2012) and found that traditional learning is superior to online learning. Quasi–experimental study was conducted among people who pursue accounting through online and through face-to-face learning which resulted in no significant learning between them (Schmidt, 2012). Similarly, study conducted by Bryan, Campbell and Kerr concluded that there is a better outcome from online learning than the traditional learning. Knowledge Domains The level of achievement of students found is similar in some studies and better in online learning and vice versa in other studies (Sitzmann et al., 2006; Dell et al., 2010; Heale et al., 2010 and Yoshimura, 2010). A study conducted through these modes on various academic disciples and their final grades have been taken into consideration. The three modes of education are traditional learning, satellite broadcasting and via live video streaming. Engineering, computer science, mathematics, education, communication, English, economics, geography, marketing, nursing, management, psychology are included, where same instructor handles the same course in all the

modes (Yoshimura, 2010). 364 members participated in management studies. After providing course through online and traditional learning, the results of students were compared. There is no difference in the outcome of students between online learning and face-to-face learning in all kind of course like technical course, nursing, criminal justice, human development, psychology (Lam, 2009 and Beck, 2010). A Relative difference has been found between online learning and classroom instructions depending on the knowledge domain. 96 Studies have been taken into consideration that includes 168 courses with 19,331 students. Out of which 67% of them were undergraduate, 18% postgraduates and 15% employees. On the basis of teaching declarative, online learning is 6% more effective than classroom learning. There is no difference found between modes of delivery on the basis of teaching procedural knowledge. When students are provided with independence of time and they practice the materials provided by online learning, then the online learning will be 19% better than classroom teaching (Sitzmann et al., 2006). Teaching Science Teaching of natural science through online is bit challenging since it has laboratory and practical work. The factual content in course can be converted to online format but ﬁeldwork courses are very hard to mend with online model. To avoid this complaint, hybrid approach is introduced in the institutions where, they can use lab facilities through campus learning and other course materials through online (Hallyburton and Lunsford, 2013). Even though there is no signiﬁcant difference among online and traditional learning, it would be much better to follow hybrid

approach for the science course. Quality Guidelines of Online Learning: Employer’s Viewpoint The quality of online learning cannot be decided only based on accreditation and content of course. In spite of efforts and initiatives taken by institutions, tutors, accrediting agencies and students, the important factor that drives all is the effort of “Employer”. If an employer feels that the quality of an online course is not up to the standards then, them won’t hire the candidates who pursued that course and down the lane that course will lose its signiﬁcance and will not sustain in the market. Thus, it is very important for each educational institution to join hands with employer while legitimizing the standards and policies of the course. The perception, awareness, readiness and reputation of the employers on online education are also considered as the major important factor in the research. The qualities that are expected by the employer from online education and online graduate are 1. 2. 3. 4. 5. 6.

Integrity Communication skills Self–motivation Interpersonal skills Teamwork Innovative and Initiative

They are also expected to be strong enough in hard skills like critical thinking, mathematics, etc. (Branch, 2007). There are only very few research conducted on employer’s perception even though it plays an important role in online education. In the near future, perception of employer will play major role in prototype of an online education. T R

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C. U. Shah University

pharmacy, science, computer sciences, management, commerce, law, Enriching Life and Fabricating education, social the Path of Success works arts, and humanities, C. U. Shah University endeavors to work towards a through a leading position amongst the Indian Universities sustained of through excellence in teaching and research, and value innovation and addition to human life and its pleasing environment. quality enhancement.

stablished in 2013, C.U. Shah University (managedsponsored by Wardhman Bharti Trust established in 1969) is a State Private University, wide-spread across seventy-ﬁve-acre land. It started its journey with well-known C. U. Shah College of Engineering & Tech in the year 1997. It is recognized and approved by all regulatory and statutory bodies such as UGC, AICTE, PCI, NCTE, BCI, MHRD INC, and Govt. of Gujarat. The institute strives to be a global center of excellence in higher education. Its main area of concern is to cater to the requirement of society by offering programmes in disciplines such as technology,

A Comprehensive Platform C. U. Shah University runs many courses in various disciplines, which include Engineering, Arts & Humanities, Commerce, Science & Life Science, Education, Management, Nursing, Pharmacy, Computer Science, Law and Social Works from diploma-UG-PG-Ph.D. Many courses and colleges are NAAC accredited. The institute has excellent infrastructure facilities like ICT enabled classrooms, well-equipped state-of-the-art laboratories, 24X7 Wi-Fi enabled campus, central AC library with a well-stocked collection of books and international journals. It has a recreation center with canteen,

sports, yoga and gymnasium facilities, lush green campus with plenty of open spaces supporting cultural and sports activities, world-class central auditorium, and centralized computing facility. In order to promote the development of the faculty members and students in overall, various technical, non-technical, cultural, sports, symposium, TechExpo-Project Exhibition has been organized every year to boost the student’s conﬁdence and nurture them to their maximum potential. These series of events are named as innovation, prasthan, pragay, nexus, MECH Darpan, spurgeon, uddan, advita, sparkle, and sports week. National and International Conferences, Vice Chancellor Lecture Series conducted by more than ﬁfty faculty members of C. U. Shah University with a PhD Degree, a recent national-level symposium on “future perspectives of Indian Higher Education” sponsored by GUJCOST are few key initiatives to keep pace with the recent trends. Successive Major Accomplishments C.U Shah University has successfully November | 2018

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achieved many milestones along its journey by adopting innovative, evolving and novel approaches of developments entirely. To name of few of them are:

THE MASTERMIND Dr. Ved Vyas Dwivedi, Provost at C.U. Shah University is a renowned educationist, an academic manager and a core researcher having an extensive experience for imparting education and thoroughly managing the educational organizations. He is an adroit person having a very microscopic analytical mindset and dedicates himself to reconnect with the ancient age not as a leader but as the one who silhouettes the leader. The initiatives of woman empowerment, educational enlightenment, research, innovation, culture generation, go green globe are his key goals to achieve with optimized skill sets.

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• TCS accredited institute • NAAC accredited courses • Running Startup/ Innovation Center, Government of Gujarat, C. U. Shah University Incubation Center (CUIC) • MoU signed with Gujarat Social Infrastructure Development Society (GSIDS), INFLIBNET, CADD CENTRE - CHENNAI, Bosch Rexroth • C. U. Shah University has become Institutional Member of Current Science Association, Bengaluru, a provisional member of Association of Indian Universities (AIU) • First Engineering College in Saurashtra Region as approved Training Centre (Mechanical and Civil) under Pradhan Mantri Kaushal VikasYojna (PMKVY-TI). • Hon’ble Dr. J. G. Sanghvi, President of C. U. Shah University awarded with GREEN INITIATIVE AWARD during 9th Annual Boston Green Fest These recognitions have gained a fruitful momentum for the university and also made it a brand identity on the national and international scale. Exceptional Career Guidance C.U. Shah University consists of well-qualiﬁed and dedicated faculty members, who have constantly strived to disseminate knowledge and develop the students with wide-ranging career prospects like entrepreneurship, startups, further studies, research, and placements at reputed industries. The Academic Council and Board of Studies pay acute attention to industry-ready syllabus designing by inviting eminent academicians and industry experts. The syllabus is revised periodically to meet the current industry scenario and global trends.

The Industry Institute Interface Cell and Training & Placement Cell extensively focus on bridging the gap between industry and academia. In order to make the students industry-ready, industry expert personnel talks, industry visits, workshops, and career development activities like soft skill development, preparing for interviews, aptitude tests have been organized on a regular basis. The placement drives from more than 110 companies conducted in the last one year and recruited more than 205 students by reputed companies also including international placements. Strengthening with Time C.U. Shah University aims to strengthen and foster outreach activities in almost all the verticals as required by any prominent University. It has already initiated to collaborate with the foreign university for possible tie-ups like faculty and student exchange programmes. A number of MoUs with the industries have been planned to sign and promote the work on skill development programmes, R & D projects, industry issues, industrial training, and placements. The institute will take major efforts in preparing students for the 21st century and making them globally competitive. Proud Alumni C. U. Shah University has strong alumni base settled across the globe working at reputed organizations and leading at key positions. The prominent and proud alumni are Kaushal Patel (Facebook, USA), Vishal Verma (Apple, USA), Tapan Acharya (System Engineer, TCS, Deutschland), Parin Kothari (Sr. System Engineer, IBM, Toronto ), Patel Urvi (Intel Corporation), Hemant Goyal (Vice President, CitiFinancial, Marylan), Manish Pandey(IoT, Solution Architect at TCS, Bengaluru). T R

Subconscious Call

UNDERSTANDING THE

NUANCES OF

ECONOMIC BEHAVIORAL BIASES

uman beings are rational creatures. Every decision that humans take involves rationale. The studies of Behavioral Economics show that humans are not as rational as they like to think and they make irrational decision all the time. Daniel Kahneman, a leading psychologist & Nobel and Amos Tversky, a human judgment and decision-making expert challenged the concept of homo economicus or rational human beings. They pioneered the risk aversion theory which can be explained by giving an example such as, if a person is given a choice to take five-hundred Rupees and fifty percent chance of having fifteen hundred Rupees, he is most likely be going for five-hundred Rupees. The choices that humans make are often irrational and humans being emotional can get easily distracted by the external and internal factors like social influences and feelings respectively. There are various biases that arise during the decision-making process and those decisions mostly are often not in the self-interest. This is especially significant in the world of finance and money. Many investors often invest their money and take unwise economic decisions all the time. These unwise decisions or the human biases comprise two types i.e. cognitive and emotional. Cognitive bias deals with the systematic pattern of deviating from rationality in judgment. It further branches into:

Confirmation Bias: Picking out the best felt confirms the presence of confirmation bias. In this, the person’s mind draws notions and information that validate its existing ideas about something. Consequently, this type of bias only provides only half the picture. Gambling Bias: In this, the investors believe that if something happens frequently than normal during some period then it will happen again frequently in the future or the vice-versa. Most investors are found to have such kind of beliefs. Status Quo Bias: Audience can be resistant to change in this bias. They will repeat the same thing instead of pulling new schemes. Entertaining this bias can yield safe results, but can erode the profit margins of an individual or a company. Herding Bias: This bias is also known as the herd mentality or the Bandwagon Effect. No matter the person believes and independent decisions, a lot of people tend to be doing what most of the people are doing. To summarize, under herding, individuals mimic the action of the larger group. Negativity Bias: When individuals invest more by the bad news when compares to the good. Choice Bias: Having too much of options can hamper individuals’ ability to pick the right one, hampering to attain the tailored financial goals and objectives relevant to them. November | 2018

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Blind Spot Bias: Self-denial comes under blind spot bias. Often, the investors think that they cannot make the mistakes. They think that this bias is behavioral quirks that only happen to others.

Emotional biases are driven by emotions, rather than logic and facts. It can also be deﬁned as distortion in decision making and cognition due to the emotional factors. It includes: Loss Aversion Bias: Loss aversion bias deals with persons that tend to focus more on the losses than on the gains. They try to limit losses at the expense of the gains. For example, during the low value of the stock, the person holding won’t sell, even though the redeemed money that is low can even be refurbished by investing in the higher quality stocks. Instead, they hold the loss and hope that the stock prices will recover eventually. Mental Accounting: It means people accounting and viewing sources of money differently from the other resources. For example, getting emotionally attached to a certain stock. Control Illusion: Having the illusion of picking the right stocks or control over the outcome of the investment decisions or someone who think that they can time the markets to get the optimal results. Overconﬁdence Bias: Investors often, with continuous good investments, can get a little comfortable. This can lead to being reckless with the portfolio or thinking of self as infallible.

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Recency Bias: It involves thinking that the recent events or occurrences will continue forever. The sole basis of predicting the long-term future contradicts with the unpredictability of the market. Hindsight Bias: Fancying one and feeling overly proud while making the hasty decision is way too common. This often leads to the wrong being made. Avoiding these Biases It is natural to be biased and there is no way out of thinking like this, especially when investing earned money into the market. Investors must remember that what happened today will mostly not happen tomorrow. They must be certain and must not follow the market blindly. Reading and understanding all the data regarding the investment can further add to the safety and security of the investments. And most important of all, they should have detailed discussion with their ﬁnancial advisor about the market, its ﬂuctuations, and expectations etc. Every investor must analyze before investing, regardless of the level of the success. T R

Dr Rashi Krishna Sinha Associate Professor

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Expert’s Insights

OPPORTUNE TIME to Act Swiftly for the PERSONS WITH DISABILITIES

uch water has flown in the Ganges since India enacted The Persons with Disability Act 1995 and National Trust Act of 1999. The plight of the persons with disability (PwD) has remained more or less the same. The identification and consequently the counting of their number has confronted the problem of definition of the term ‘disability’ and its types. Investigators assigned to collect data are neither from the respective field nor they are medical people, they rely on certificate issued by the competent authority which many a time is unavailable. Coupled with this is the issue of definition used by the Census operations and the National Sample Survey Organisation (NSSO). Here it is quite pertinent to recall what NSSO 36th Round (July-December 1981) cites, “the detection of disability is very difficult if one wishes to follow a strict definition”. In this context the remarks in Dec. 1972 issue of ‘Rehabilitation International’ are ‘the information presently available on the quality and extent of disability throughout the world is scant. Statistics on the extent of specific disability and their causes are often inaccurate and generally incomplete. The figures which are available vary greatly. Among the variable that create problems of data interpretation are definitions of disability and the conditions which it includes (chronic limitations of activity, severe or minimal impairment, e.g. all visual defects, all anaesthesia in case of leprosy, all missing parts of the parts of the body including digits, limbs), statistics on possible causes of disability or the actual number of disorders. The aforestated citation of NSSO highlights the issues in the collection of data about the number of persons with disability and is quite relevant in the present contemporary scenario even after about 47 years. The issue of identification and the counting of their number in the total T H E

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number of persons in India is very vital. Notwithstanding the focus of the government of India to uplift the situation of this section of the society much could not reach at their end. It is an acknowledged fact that for a dignified and decent living a source of income or what one would say employment is a must. The Standing Committee on Rural Development (2012-13), Ministry of Rural Development (GoI), makes the reference point very clear about who could be considered as the disabled for employment in Mahatma Gandhi National Rural Guarantee Programme (MNREGP) as per Mahatma Gandhi National Rural Guarantee Act (MNREGA) of 2005 which envisage The PwD Act 1995 and National Trust Act of 1999 to be the reference point. The respective committee was appraised about the Mihir Shah Committee being constituted. Shah Committee prepared elaborated guidelines for the employment of PwDs in MNREGP as specifically suitable for the type of disability. Given the disability specific employment opportunity in MNREGP the present need is to identify and count the number of persons with disability as per the Rights of Persons with Disability Act 2016 passed by the Parliament in 2016 which is in consonance with the United Nations Convention on Persons with Disability. It is the most opportune time to work out the strategy of synchronization between different agencies collecting data on disability vis-a-vis the definition of disability and its types in different age groups as Census 2021 approaches near. The benefits of the initiatives to ensure an earning and to enhance their quality of life will percolate to the lowest ebb, the village, once the families of the PwD are aware about the disability and the specific type of employment for that disability in MNREGP with inclusion of the additional provisions in the Mihir Shah Committee guidelines as per PwD Act 2016. T R

EYFS Curriculum EYFS FROM UK (Early Years Foundation stage) GLOBAL PRACTICES Amalgamation Montessori Redulf Reggio Emilia Approach Experiential Learning

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DAV COLLEGE JALANDHAR PUNJAB Empowering Students with Exceptional Education

Exceptional Educational and Infrastructural Facilities The post-graduate department of Economics was established in the year 1918. Prof. R L Bhatia, a graduate from London School of Economics was the Founder Head of the Department. The department strives to build up strong foundation at graduate level and research aptitude at post graduate level. DAV College, Jalandhar at present is one of the largest academic centers of North India imparting instructions in Arts, Science, Commerce, Computer Science, Food Science & Technology and Media Studies. Besides a host of courses at the undergraduate level, the college provides instruction in fourteen disciplines at the post graduate level. The campus is Wi-Fi enabled with modern infra-structure that includes

The institute aims to provide high standard of academic performance, quality and value based education to promote employment opportunities, continuous improvement, and enhancing decision making capabilities for students

AV College, Jalandhar was established in 1918 in the sacred memory of Maharishi Dayanand Saraswati to impart modern knowledge along with the Vedic traditions to the youth of contemporary India. The institution has entered into the 100th year and has established itself as an academic giant with matchless service of growth and grooming of youth in the country. DAV College, Jalandhar is a premier multi-faculty; co-educational post graduate institution which has NAAC re-accredited Grade ‘A’ with 3.76 CGPA. It has been recognized as “College with Potential for Excellence” by UGC New Delhi. DAV

College has been supported under DBT-FIST by Ministry of Science and Technology, the Government of India.

spacious and well-equipped smart classrooms, well-stocked library with DELNET connections, Hi-technology science laboratories and state of art computer labs supplemented with dedicated leased line internet connections. Five comfortable hostels, two for boys, two for girls and one for sportspersons, vast and well-maintained playgrounds, and manicured lawns complete the picture of the college. Outstanding Carrier Opportunities The Motto of DAV College is loud and clear- “Hey students! You are assets, the higher you go; the higher goes your alma-mater!” The College has a Training and Placement cell to arrange career counseling, training and placement activities for placement of ﬁnal year students of UG and PG Classes. The Training and Placement cell is an indispensable pillar of DAV College and plays a vital role in shaping student’s future. The placement cell functions with a vision to groom students with competencies and employability skills to become part of Top notch companies. Eminent Alumni The list of the alumni makes college November | 2018

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IN INDIA, 2018 T R P K Gupta MD of SBI are alumni of the college. The college has produced18 Olympians, 8 Arjuna Awardee, 2 Dronacharya Awardee and thousands of other distinguished Indians till now.

PERSONALITIES BEHIND THE SUCCESS OF INSTITUTE The HOD of PG department of Economics, Dr. Suresh Kumar Khurana, did his M. A. (Economics) in 1990 and M. Phil. in 1991. He was awarded Ph. D. in 1993 and D. Litt. in 2018. He has authored eighteen books and 25 articles of his have got published in national and international journals. He has attended eleven seminars, workshops and has presented 87 Research papers. He successfully completed a Research Project funded by UGC, New Delhi. He is the founder editor of the research journal “The Economic World with ISSN number 23938145”.He has been invited as Resource Person at Wardha (Maharashtra), Chennai (Tamil Nadu), Jammu University, Jammu (J & K) and Laussane (Switzerland). Dr. Khurana has received Bharat Jyoti Award from the India International Friendship Society for meritorious services, outstanding performance and remarkable role in promoting education. He is a member of thirteen professional bodies.

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Pandit Mehar Chand is the Founder Principal of DAV College. At present, DAV College Jalandhar is being administrated by Principal Dr. S. K. Arora who is one of the most experienced administrators of the DAV organization. He is quite receptive to the technological changes taking place in teaching, learning, and management and swiftly adapts himself, his team and his institution to the demands of the times. proud. The Nobel Laureate Dr. Hargobind Khurana, renowned Ghazal Maestro Jagjit Singh, “Hero of American Hearts” Dr. Harvinder Sahota-the world renowned cardiologist, former Director of PGI Chandigarh and presently Advisor to the Government of India- Dr K K Talwar, noted bollywood singer –Sukhwinder are some of the famous alumni of the college. Additionally ,famous suﬁ singer Hans Raj Hans, former Indian Ambassador to PakistanSharat Sabharwal, former ViceChancellor of Guru Nanak Dev University- Professor A S Brar and Vice-Chancellor Punjab universityProfessor-Arun Kumar Grover, Sh.

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More than Just a College The overall development of the students has been the prime motive of Economics department which is achieved through classroom teaching and other activities organized by two very active and progressive societies— The Kautalya Society of Economics and The Ambedkar Planning Forum. These societies organize extension lectures, group discussions, educational tours and cultural programs every year. The students are motivated to avail employment opportunities in banking and insurance sector and are encouraged for Indian Economic Services besides teaching profession. Career counseling and guidance cell endeavors for the holistic development of students so that they can serve their community, society and motherland. Keeping in view the student focused approach; the cell provides career as well as psychological counseling to students. Throughout the year, career counseling programs are carried as and when the students need any guidance. Moreover, the cell also provides psychological counseling to students, addressing any behavioral problems or any other psychosocial problems or issues that they might have in their life in coordination with the department of student welfare. Future Endeavors DAV Jalandhar is always taking the challenges, finding opportunities and devising changes to foster developments. Institute believes in adjusting the existing educational systems into a system that is universal and holistic, thus making every student a ‘global’ student. The Institute is dedicated to make students ready for various services and professions like IES Officer, IAS/IPS/PCS Officer, Teachers, NSSO Officers, Bank Employees, Insurance Employees, M. Phil. and Ph.D. and Research Scholars. T R

THE ROLE AND IMPORTANCE OF STUDYING

ECONOMICS ABOUT THE AUTHOR

Sebak Kumar Jana Professor

Dr. Sebak Kumar Jana is currently Professor of Economics and Head in the Department of Economics with Rural Development, Vidyasagar University, West Bengal, India. Dr. Jana was graduated from Presidency College, Kolkata and M.Phil. and Ph.D. degree in Economics from Jadavpur University, Kolkata. His major areas of academic interest include environmental and resource economics, agricultural economics, rural development and economics of education. He has about seventy publications in Journals and edited books. He has published six books as author or editor. He, as a Principal Investigator, has completed six research projects funded by ICSSR, UGC and NABARD and IWMI.

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Leader's Thoughts “---- if only economics was better understood, the world would be a better place” Richard Stone (1913-1991), “Autobiography,” Nobelprize.org, 1984

conomics is the study of how societies, governments, businesses, households, and individuals allocate their scarce resources and how they interact with each other in producing and maintaining livelihoods. The subject ‘Economics’ is intellectually fascinating and challenging. The discipline of economics has mainly two important features. First, economists develop conceptual models of behaviour to predict responses to changes in policy and market conditions. Second, they often perform statistical analysis to investigate these changes. Early economists like Physiocrats and Mercantilists were advisors to the rulers of their time. In the present time, economists are everywhere - from performing advisory functions to policy formulations. They also contribute to the development of many other public policies traversing across a wide dimension of subjects including health care, climate change, social welfare, school reforms, labour market dynamics, economic development and efforts to reduce inequality, poverty, unemployment, regional disparity, pollution etc. Technology, economic institutions, peoples’ preferences and biology are some of the important determinants of economic outcomes. Economists aspire for a better world where their subject will secure conditions in which all the people ﬂourish and live with happiness. Historically, economic theory emerged from the political economy. The crisis in the Great Depression in 1930s triggered a fertile period of scientiﬁc ferment and revolution in economic theory. Keynesian school recommended that the problems of underdevelopment can be solved by extension of government activities. Thereafter many economic theories came to the fore to explain the real world. For example, we may take the theory of general equilibrium which concerns the way in which apparent economic disorder gives rise to an orderly system and how it is that seemingly independently made decisions, all motivated by self

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interest, can become coordinated and lead to something which can reasonably be called for. The 2008 global financial crisis led to the emergence of new economic theories like heterodox economics to offer better insights into the real world. Every country has its own historical experiences and economic peculiarities. Economics helps us identify the policy measures for attaining sustainable growth path with which the countries like China, South Korea and Singapore in Asia and Botswana in Sub-Saharan Africa have made economic progress. The economic analysis helps us to find that major sources of growth of low income countries are capital accumulation, increases in the size and quality of labour force, technological improvement and management of natural resources. The economic theory and economic tools help us to address many questions like causes of concentration of innovation in Silicon Valley or causes of economic and financial instability or how to value the non marketed goods like environmental goods or ecosystem services. Study of economics helps a person in understanding of human behaviour and in cultivating analytical and argumentative skills that are crucial for winning job in the present day job market. With the drastic transformation of the economy in the recent decades, there is a growing demand for trained economists from diverse fields such as government, finance and banking, social sector, management, business, policy making and teaching. In the mundane world, we are forced to make economic choices in our daily lives. Economics teaches us many things like how to make choices under scarcity, how the aggregate economy works, how to interact in society, how to interpret events, how to participate in a democracy as a responsible citizen etc. Studying economics equips individuals to take better decisions leading to increasing the economic security and well being of the people and society. T R

Dnyanprassarak Mandal’s College and Research Centre

The college has strong alumni of more than Inspiring, Igniting twenty-thousand and Transforming to Excel students in diverse roles like Principals, The institute aims to contribute to the creation of an Professors, intellectually dynamic society, which is committed to Ministers, excellence, human dignity, and the realization of human Businessmen, potential Defense, Administration, Police force, ith the notion to cater to Judiciary, Journalism, Banking and the need of commerce Insurance, and Hospitality etc. education of the students Furthermore, the institute was ranked from Bardez, Pedne, Bicholim, and among the top 150 colleges of India Sattari talukas, the Dnyanprassarak under NIRF ranking of MHRD, Govt. Mandal’s College and Research of India in the year 2017. The Institute Centre (DMCRC) was established in is also recognized under ‘Unnat Bharat the year 1974. It is one of the premier Abhiyan’ a ﬂagship program of higher education institutions in Goa MHRD, Government of India. College and is recognized by the UGC under ranked 79 among top 100 best sections 2(f) and 12 B of UGC Act. Commerce colleges in India by India The institute has successfully Today in 2017. Also BBA department undergone three cycles of NAAC is ranked 33rd among the top 100 accreditation with grade ‘A’ in the year colleges in India by Times of India 2016. ranking 2017.

DMCRC has an excellent infrastructure with spacious and well-equipped laboratories. Forming association with the International and National institutes, Government and Non-Government organizations, Industries for Research, Placement, the institute have very low student drop-out rate and high placement rate with the evidence that shows excellent results over many years. It also offers ﬁnancial assistance by offering Rs. 10,00,000/- to teaching staff and Rs.3,00,000/- to non-teaching staff without any security and additionally, Rs. 30,000 short-term loan for any emergencies. With all these exceptional education, services, and facilities, the institute is fabricating the education for social transformation and is building the nation for a better tomorrow. The Robust Curriculum During the last decade, the institute has revised and diversiﬁed its programs, starting courses like B.B.A., B.C.A., M. Com. and M.Sc. (Pharmaceutical

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10INSTITUTES FOR T H E

BEST

Economics Studies

IN INDIA, 2018 T R

and Organic Chemistry) and Ph.D. in Commerce and Chemistry. Considering the aspirations of students for Higher Education, the college, along with the Post Graduate courses, has initiated Research Centers in Commerce and Chemistry, which has helped many students in creating careers in Research and Development.

ABOUT THE PRINCIPAL Dr. D.B. Arolkar took over as the Principal of DMCRC in June 2002. He introduced several new courses like BBA, BCA, M.Com, and M.Sc. (Pharmaceutical and Organic Chemistry) in the college. Under his astute leadership, DMCRC became the rst college to be afliated with Goa University, providing Ph.D. in Commerce and Chemistry. He has been a member of several statutory committees of Goa University like Executive Council, Academic Council, Planning Board, and Chairperson and member of several standing and working committees of Goa University and Government of Goa. He was also the Director of College Development Council of Goa University for six years (3 terms). On the personal side, he is a prolic researcher and has published several research papers in reputed National and International journals. He is a speaker and resource person at various academic programs. He publishes a peer-reviewed research journal from his college, known as ‘National Journal of Social Science Research’.

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Implementing the innovative teaching methods, the college has developed strong links with a large number of Government and Non-government organizations associating higher education to the needs of the community providing opportunities for community development for faculty and students. Moreover, the employment and career guidance cell helps in training students by using various skill and short-term based courses, enhancing the employability of the graduates and postgraduates. Enthralling Career Opportunities and Exposures DMCRC’s innovation teaching-learning methods like role-plays, case studies, mini projects, industrial visits, and on-job training help the students to enhance employability and motivate them for higher learning. Students opting for Post Graduate courses and Research Centers can enroll themselves for higher studies in the same college. To inculcate the moral values and sense of patriotism among students, the institute trains students for NCC Army and Navy programs with results seen in large numbers of a student being selected for the republic day parade. It has also helped various industries in providing well-trained manpower in diverse sectors of the economy like

Tourism, Finance and Insurance, Education, Pharmaceutical and chemical industries etc. Accomplished Alumnus With over twenty-thousand alumni, the institute has a strong threshold in Education, Sports, Police, Banking and Insurance, Civil Service, Business, Politics, Media, and Judiciary etc. Some of the students’ distinctions are: • Placed in highest Government ofﬁces like Superintendent of Police and District Magistrate • Alumni have been Ministers in the Government and members of the local governing bodies like Municipalities and Panchayats • As Assistant Professors, Associate Professors and Principals of schools and colleges. • Many have set up their own businesses. • Its large number of our alumni have won prizes at State, National, and International Events Future Prospects The institute will continue to provide a higher form of education and aims to strengthen the bond and have more collaboration with the National and International Higher Education Institutes. Starting with new innovative courses, the institute plans to link higher education to the needs of industry as well as the society alongside promoting faculty and student exchange programs, both at national and international levels. T R

JAIN VISHVA BHARATI INSTITUTE (Deemed University)

jvbi.ac.in