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Mahatma Gandhi has his own vision on the development strategy for India. Though he was not an economist he has given economic vision. If his vision or thoughts implemented, it could solve many socioeconomic problems in the country. His basic aim was to have an inclusive growth of the society that includes human development along with socio-economic and political development. His thoughts are holistic and multidimensional for the formation of a non-violent society. Gandhi's vision and thoughts are very precisely summarized in 'Hind Swaraj', which was published in 1909; which intended moral, social and political regeneration of the country. His economic visions thoughts have a great impact on the Indian economy. He proposed very constructive economic ideas; emphasized on cottage and small scale industries which have significant importance for the development of the Scio-economic condition of the common people and also adopted the principle of 'Swadeshi'. But now in the age of globalization, large scale industries coming with rampant use of automation are responsible for several socio-economic problems in our country. Therefore, the objective of this paper is analysing the present economic scenario from the Gandhian perspective of economic development or the Gandhian concept of socio-economic development.

PurposeThe purpose of this paper is to demonstrate the role of livelihood assets, strategies and local social networks in disaster response and recovery in post-disaster setting of 2013 Kedarnath disaster (India).Design/methodology/approachIt identifies post disaster macro-spaces of Mandakini river valley (India) using change detection analysis and secondary data. Within these macro-spaces, the micro spaces of livelihood and social capital were assessed by selecting two villages for case study.FindingsMost important issues faced by communities were loss of lives, livelihoods and access to relief aid. A shift in economic base of families suffering loss of livelihoods was observed as they switched from pilgrimage-based to skill-based opportunities. Geographical location and isolation play a crucial role in recovery trajectory of villages by influencing the social capital.Research limitations/implicationsThe paper being case study based deals two of the worst-affected villages; livelihood strategies adopted and social network may be influenced by the "victim" status of villages and may not be generalized for each disaster-affected area.Social implicationsBridging and bonding networks were significant in geographically isolated places, while "linkages" were beneficial in bringing new livelihood opportunities. Need to enhance the role of social capital by institutional intervention in form of capacity building was required.Originality/valueThe study suggests focus on human capital-based livelihood diversification programs taking geographical location and disaster context into account.

In manufacturing industries, it is often seen that the bilateral specification limits corresponding to a particular quality characteristic are not symmetric with respect to the stipulated target. A unified superstructureof univariate process capability indices was specially designed for processes with asymmetric specification limits. However, as in most of the practical situations a process consists of a number of inter‐related quality characteristics, subsequently, a multivariate analogue of, which is calledCM(u,v), was developed. In the present paper, we study some properties ofCM(u,v) like threshold value and compatibility with the asymmetry in loss function. We also discuss estimation procedures for plug‐in estimators of some of the member indices ofCM(u,v). Finally, the superstructure is applied to a numerical example to supplement the theory developed in this article.

We investigate why firms in emerging economies such as India borrow in foreign currency. The results of a dynamic panel regression approach suggest that both firm-specific factors and macroeconomic factors are significant in explaining the corporate sector dollarization. Export revenue and tangible assets are primary drivers of the external commercial borrowings (ECBs) of non-financial firms, whereas the ECBs of financial firms are sensitive to interest rates in global markets. The policy measures to relax restrictions on firm borrowing in foreign currency facilitate the denomination of corporate debt in foreign currency, but such exposure was adversely affected by the global financial crisis. The findings of the study suggest the vital need to develop the domestic bond market to reduce firms' dependency on external finance. The results also call for competitive interest rates in the domestic fixed income segment through monetary policy intervention. JEL Classification: G300, G320, F310

The growing levels of external commercial borrowings (ECBs) among the emerging and developing economies have raised the fears that ECBs would lead to widespread crisis and threaten financial stability in India. Against this backdrop, the current study seeks to examine the trends and critically evaluate the policy pertaining to ECBs. In order to immune the economy from potential exchange rate shocks, we suggest to having specific policy focus on the domestic bond market, hedging mechanisms, and appropriate decisions on the cap and level of ECBs by the regulator.