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Research Methodology

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Published in: Commerce Subjects
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Research Methodology for Commerce & PG Students!

Manjula / Mumbai

10 years of teaching experience

Qualification: M.Com (Mumbai University - 2009), CA (icai - 2011)

Teaches: CA - CPT, CA - IPCC, CS - Foundation, Accountancy, Commerce Subjects, Costing, Economics, Auditing, Financial Management

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  1. Blue Ocean Strategy Blue Ocean Strategy is a new way of thinking, a new strategic mind-set that charts a bold new path to winning the future. Ten years ago, INSEAD Professors W. Chan Kim and Renée Mauborgne brought to the world Blue Ocean Strategy based on their over decade-long research on key strategic moves spanning more than a hundred years and thirty industries. It challenged the tenets of competitive strategy, the then dominant school of strategy, and called for a shift of focus from competition to creating new market space and hence making the competition irrelevant. Coming with proven analytical frameworks for creating and capturing blue oceans, the blue ocean strategic approach made a paradigm shift in the field of strategy and practice. Companies tend to engage in head-to-head competition in search of sustained profitable growth. Yet in today's overcrowded industries competing head-on results in nothing but a bloody red ocean of rivals fighting over a shrinking profit pool. Lasting success increasingly comes, not from battling competitors, but from creating blue oceans of untapped new market spaces ripe for growth. Blue Ocean Strategy challenges everything you thought you knew about strategic success and provides a systematic approach to making the competition irrelevant The metaphor of red and blue oceans describes the market universe. Red oceans represent all the industries in existence today — the known market space. In the red oceans, industry boundaries are defined and accepted, and the competitive rules of the game are known. Here companies try to outperform their rivals to grab a greater share of product or service demand. As the market space gets crowded, prospects for profits and growth are reduced. Products become commodities or niche, and cutthroat competition turns the ocean bloody; hence, the term "red oceans" Blue oceans, in contrast, denote all the industries not in existence today — the unknown market space, untainted by competition. In blue oceans, demand is created rather than fought over. There is ample opportunity for growth that is both profitable and rapid. In blue oceans, competition is irrelevant because the rules of the game are waiting to be set. Blue ocean is an analogy to describe the wider, deeper potential of market space that is not yet explored. [4115] The cornerstone of blue ocean strategy is "value innovation", a concept originally outlined in Kim & Mauborgne's 1997 article "Value Innovation - The Strategic Logic of High Growth".161 Value innovation is the simultaneous pursuit of differentiation and low cost, creating value for both the buyer, the company, and its employees, thereby opening up new and uncontested market space. The aim of value innovation, as articulated in the article, is not to compete, but to make the competition irrelevant by changing the playing field of strategy. The strategic move must raise and create value for the market, while simultaneously reducing or eliminating features or services that are less valued by the current or future market. The Four Actions Framework is used to help create value innovation and break the value-cost trade-off. Value innovation challenges Michael Porter's idea that successful businesses are
  2. either low-cost providers or niche-players. Instead, blue ocean strategy proposes finding value that crosses conventional market segmentation and offering valueand lower cost. Educator Charles W. L. Hill proposed a similar idea in 1988 and claimed that Porter's model was flawed because differentiation can be a means for firms to achieve low cost. He proposed that a combination of differentiation and low cost might be necessary for firms to achieve a sustainable competitive advantage. Many others have proposed similar strategies. For example, Swedish educators Jonas Ridderstråle and Kjell Nordström in their 1999 book Funky Business follow a similar line of reasoning. For example, "competing factors" in blue ocean strategy are similar to the definition of "finite and infinite dimensions" in Funky Business. Just as blue ocean strategy claims that a red ocean strategy does not guarantee success, Funky Business explained that "Competitive Strategy is the route to nowhere". Funky Business argues that firms need to create "sensational strategies". Just like blue ocean strategy, a sensational strategy is about playing a different game" according to Ridderstråle and Nordström. Ridderstråle and Nordström also claim that the aim of companies is to create temporary monopolies. Kim and Mauborgne explain that the aim of companies is to create blue oceans, that will eventually turn red. This is the same idea expressed in the form of an analogy. Ridderstråle and Nordström also claimed in 1999 that "in the slow-growth 1990s overcapacity is the norm in most businesses". Kim and Mauborgne claim that blue ocean strategy makes sense in a world where supply exceeds demand. Blue ocean vs. red ocean Kim and Mauborgne argue that while traditional competition-based strategies (red ocean strategies) are necessary, they are not sufficient to sustain high performance. Companies need to go beyond competing. To seize new profit and growth opportunities they also need to create blue oceans. The authors argue that competition based strategies assume that an industry's structural conditions are given and that firms are forced to compete within them, an assumption based on what academics call the structuralist view, or environmental determinism. To sustain themselves in the marketplace, practitioners of red ocean strategy focus on building advantages over the competition, usually by assessing what competitors do and striving to do it better. Here, grabbing a bigger share of the market is seen as a zero-sum game in which one company's gain is achieved at another company's loss. Hence, competition, the supply side of the equation, becomes the defining variable of strategy. Here, cost and value are seen as trade-offs and a firm chooses a distinctive cost or differentiation position. Because the total profit level of the industry is also determined by structural factors, firms principally seek to capture and redistribute wealth instead of creating wealth. They focus on dividing up the red ocean, where growth is increasingly limited. Blue ocean strategy, on the other hand, is based on the view that market boundaries and industry structure are not given and can be reconstructed by the actions and beliefs of industry players. This is what the authors call the reconstructionist view. Assuming that
  3. structure and market boundaries exist only in managers' minds, practitioners who hold this view do not let existing market structures limit their thinking. To them, extra demand is out there, largely untapped. The crux of the problem is how to create it. This, in turn, requires a shift of attention from supply to demand, from a focus on competing to a focus on value innovation that is, the creation of innovative value to unlock new demand. This is achieved via the simultaneous pursuit of differentiation and low-cost. As market structure is changed by breaking the value/cost tradeoff, so are the rules of the game. Competition in the old game is therefore rendered irrelevant. By expanding the demand side of the economy, new wealth is created. Such a strategy therefore allows firms to largely play a non—zero-sum game, with high payoff possibilities. EXAMPLE: TATA Motors: In their recent product, the "'Nano car", they have adopted combination of differentiation and low cost as stated in blue ocean strategy. It is the outcome of combining value innovation and playing a different game. E-commerce E-commerce (also written as e-Commerce, eCommerce or similar variants), short for electronic commerce, is trading in products or services using computer networks, such as the Internet. Electronic commerce draws on technologies such as mobile commerce,electronic funds transfer, supply chain management, Internet marketing, online transaction processing, electronic data interchange(EDI), inventory management systems, and automated data collection systems. Modern electronic commerce typically uses theWorld Wide Web for at least one part of the transaction's life cycle, although it may also use other technologies such as e-mail. E-commerce businesses may employ some or all of the following: Online shopping web sites for retail sales direct to consumers Providing or participating in online marketplaces, which process third-party business-to- consumer or consumer-to-consumer sales Business-to-business buying and selling Gathering and using demographic data through web contacts and social media Business-to-business electronic data interchange Marketing to prospective and established customers by e-mail or fax (for example, with newsletters) Engaging in pretail for launching new products and services Some common applications related to electronic commerce are: Document automation in supply chain and logistics Domestic and international payment systems
  4. Enterprise content management Group buying Print on demand Automated online assistant Newsgroups Online shopping and order tracking Online banking Online office suites Shopping cart software Teleconferencing Electronic tickets Social networking • Instant messaging Impact on supply chain management For a long time, companies had been troubled by the gap between the benefits which supply chain technology has and the solutions to deliver those benefits. However, the emergence of e-commerce has provided a more practical and effective way of delivering the benefits of the new supply chain technologies. E-commerce has the capability to integrate all inter-company and intra-company functions, meaning that the three flows (physical flow, financial flow and information flow) of the supply chain could be also affected by e-commerce. The affections on physical flows improved the way of product and inventory movement level for companies. For the information flows, e-commerce optimised the capacity of information processing than companies used to have, and for the financial flows, e-commerce allows companies to have more efficient payment and settlement solutions.E-31 In addition, e-commerce has a more sophisticated level of impact on supply chains: Firstly, the performance gap will be eliminated since companies can identify gaps between different levels of supply chains by electronic means of solutions; Secondly, as a result of e-commerce emergence, new capabilities such implementing ERP systems have helped companies to manage operations with customers and suppliers. Yet these new capabilities are still not fully exploited. Thirdly, technology companies would keep investing on new e-commerce software solutions as they are expecting investment return. Fourthly, e-commerce would help to solve many aspects of issues that companies may feel difficult to cope with, such as political barriers or cross-country changes. Finally, e-commerce provides companies a more efficient 1241 and effective way to collaborate with each other within the supply chain. The social impact of e-commerce Along with the e-commerce and its unique charm that has appeared gradually, virtual enterprise, virtual bank, network marketing, online shopping, payment and advertising, such this new vocabulary which is unheard-of and now has become as familiar to people. This reflects that the e-commerce has huge impact on the economy and society from the other
  5. side. For instance, B2B is a rapidly growing business in the world that leads to lower cost and then improves the economic efficiency and also bring along the growth of employment.l-t$l To understand how the e-commerce has affected the society and economy, this article will mention three issues below: 1. The e-commerce has changed the relative importance of time, but as the pillars of indicator of the country's economic state that the importance of time should not be ignored. 2. The e-commerce offers the consumer or enterprise various information they need, making information into total transparency, will force enterprise no longer is able to use the mode of space or advertisement to raise their competitive edge. 77 Moreover, in theory, perfect competition between the consumer sovereignty and industry will maximize social welfare.E-$l 3. In fact, during the economic activity in the past, large enterprise frequently has advantage of information resource, and thus at the expense of consumers. Nowadays, the transparent and real-time information protects the rights of consumers, because the consumers can use internet to pick out the portfolio to the benefit of themselves. The competitiveness of enterprises will be much more obvious than before, consequently, social welfare would be improved by the development of the e-commerce. 4. The new economy led by the e-commerce change humanistic spirit as well, but above all, is the employee loyalty.E91 Due to the market with competition, the employee's level of professionalism becomes the crucial for enterprise in the niche market. The enterprises must pay attention to how to build up the enterprises inner culture and a set of interactive mechanisms and it is the prime problem for them. Furthermore, though the mode of e- commerce decrease the information cost and transaction cost, however, its development also makes human being are overly computer literate. In hence, emphasized more humanistic attitude to work is another project for enterprise to development. Life is the root of all and high technology are merely an assistive tool to support our quality of life. The e-commerce is not a kind of new industry, but it is creating a new economic model. Most of people agree that the e-commerce indeed to be important and significant for economic society in the future, but actually that is a bit of clueless feeling at the beginning, this problem is exactly prove the e-commerce is a sort of incorporeal revolution.UGenerally speaking, as a type of business active procedure, the e-commerce is going to leading an unprecedented revolution in the world, the influence of this model far exceeded the commercial affair itself.l-$-Ll Except the mentioned above, in the area of law, education, culture and also policy, the e-commerce will continue that rise in impact. The e-commerce is truly to take human beings into the information society. ROLE OF UGC Educational system has always been expected to play a prominent role in shaping the future of any nation. Operating in a society where several other sub-systems are at play, the educational system would influence and in turn be influenced by these. This implies that political, economic and social development of any nation would seek the cooperation of
  6. education. In societies under the impact of science and technological developments, a complexity in living conditions cannot be over looked. To cope with these complexities, education is expected to develop in man a repertoire of skills and activities. A sound liberal and professional education is an endeavor in this direction. In this context, higher education assumes an important role to respond continuously to the new demand which is taking place during the rapid transformation of societies with regard to economic, cultural, social and other aspects. In a country rooted in a philosophy of democratic socialism, the effective management of the above stated role would necessitate that the educational system, particularly at higher education level, would need to be democratized. Higher education, with such a philosophy shall have to function through certain institutions which would be solely concerned with the fulfillment to specific objectives reflecting the democratic philosophy. These institutions are the Universities. The Universities have always believed to be the way of providing the needed leadership. The Universities have, therefore, been set up not only to keep the society for which they exist moving but there are many ways, by which universities could play a dynamic role in helping in a large measure to deal with emergency problems which characterize the process of change in a developing society. The role may be emphasized, becomes a highly differentiated one, due to the fact that problems in a developing country are unique due to their very nature and therefore, solutions to these problems shall have to be made more intelligently and objectively in the light of conditions prevailing at specific points in time. While participating in these activities, traditionally the Universities make continuous and sustained efforts in three major dimensions viz- teaching, research and extension work. At this juncture it is to be mentioned that teaching in universities/colleges plays a significant role with its various sub-systems viz-courses of study (curricular), method of teaching and evaluation. The Synchronization of courses of study, methods of teaching and evaluation would be a great extent, governed by the consideration as to whether the evaluation is to be made summative or formatively. These academic objectives of a university have to be seen in a changing context of national development programmes in all walks of life. There is no gain saying fact that, teaching in universities play a significant role in fulfilling the function but for creativity and frontiers of knowledge, researches also go hand in hand with the teaching. India's higher education system is the third largest in the world, after china and the United States. In Future, India will be one of the largest education hub. The University Grants commission (UGC) came into existence on 28th December, 1953 and became a statutory body of Government of India by an Act of parliament in 1956. For the co-ordination, determination and maintenance of standards of University education. For the purpose of performing its functions, the commission may Allocate and disburse, out of the fund of the commission, grants to universities and colleges for the maintenance and development, Advise central Government, State Governments and Institutions of higher learning on the measures necessary for the promotion of university education, Make Rules and Regulations
  7. consistent with Act, etc. As per section 18 of the UGC Act, the commission shall prepare once every year an Annual Report, giving a true and full account of its activities during the previous year and copies thereof shall be forwarded to the central Government and the Government shall cause the same to be laid before both Houses of Parliament NEED & IMPORTANCE OFTHE STUDY The higher educations system in India has grown in a remarkable way, particularly in the post - independence period to become one of the largest system of its kind in the world. The UGC serves as a vital link between the Union and State Governments and the Institutions of higher learning. In addition to its role of giving grants to Universities and Colleges, the University Grant Commission also advices Central and State Governments on the measures necessary for the improvement of University Education. It also frames regulations of teachers on the advice of subject specialists and academicians with whom it frequently interacts in connection with the formulation, evaluation and monitoring of programmes. In the next few decades India will probably have the world's largest set of young people. Even as other countries begin to age, India will remain a country of young people. If the proportion of working population to total population increase that should be reflected in a sharp increase in the country's saving rate. If india can find productive job opportunities for working population, that would give India a big opportunity to leapfrog in the race for social and economic development and as a result growth rates would go up. In an environment of global competitiveness it is important that Indian products of the higher education institutions are as competent as graduates of any other country, not only in their scholastic attainments, but also in term of the value system and richness of their personality. Unless the quality and standard of Indian higher education institutions is enhanced zealously and sustained at a higher level through Innovation, creativity and regular monitoring, it seems to be difficult for the Indian academics/professionals to compete in the world scene The University Grants Commission {UGC} which came into existence on 28 December 1953 became a statutory organisation by an Act of Parliament in 1956. It is a national body for the coordination, determination and maintenance of standards of university education. It serves as a coordinating body between the Union and State Governments and the institutions of higher learning. It also acts as an advisory body to these Governments and institutions on issues relating to higher education.
  8. Section 12 of the UGC Act provides that the Commission shall, in consultation with the universities concerned, take all such steps as it may think fit for the promotion and coordination of university education and for the maintenance of standards in teaching, examination and research. To teaching and research, extension was added as the third dimension of education by the Commission. For the purpose of performing its functions, the Commission may allocate and disburse, out of the Fund of the Commission, grants to universities and colleges for their maintenance and development; advise the Union Government, State Governments and Institutions of higher learning on the measures necessary for the promotion of university education and make Rules and Regulations consistent with the Act, etc. The Commission consists of the Chairman, Vice-Chairman and 10 other members appointed by the Government of India. The executive head is Secretary. The University Grants Commission (UGC) has its Regional Offices at Hyderabad, Pune, Bhopal, Kolkata, Guwahati and Bangalore. The Northern Regional Office which was earlier located at Ghaziabad has now been functioning from the UGC Head Quarters as Northern Regional Colleges Bureau (NRCB). The UGC has taken up some new initiatives, viz. Promotion of Entrepreneurship and knowledge based enterprises. Protection of Intellectual Property Rights. Promotion of Indian Higher Education abroad. Training and development of Academic Administrators. Comprehensive Computerisation Initiative AICTE Technical education in India contributes a major share to the overall education system and plays a vital role in the social and economic development of our nation. In India, technical education is imparted at various levels such as: craftsmanship, diploma, degree, post-graduate and research in specialized fields, catering to various aspects of technological development and economic progress. The beginning of formal Technical Education in India can be dated back to the mid 19th Century. The major policy initiatives in the pre-independence period included appointment of the Indian Universities Commission in 1902, issue of the Indian Education policy resolution in 1904 and the Governor General's policy statement of 1913 stressing the importance of Technical Education, the establishment of IISc in Bangalore, Institute for Sugar, Textile and Leather Technology in Kanpur, N.C.E. in Bengal in 1905 and Industrial schools in several provinces. Significant developments include:
  9. Constitution of the Technical Education Committee of the Central Advisory Board of Education (CABE) of 1943; Preparation of the Sergeant Report of 1944; and Formation of the All India Council for Technical Education (AICTE) in 1945 by the Government of India. All India Council for Technical Education (AICTE) was set-up in November 1945 as a national level Apex Advisory Body to conduct survey on the facilities on technical education and to promote development in the country in a coordinated and integrated manner. And to ensure the same, as stipulated in, the National Policy of Education (1986), AIC TE be vested with statutory authority for planning, formulation and maintenance of norms and standards, quality assurance through accreditation, funding in priority areas, monitoring and evaluation, maintaining parity of certification and awards and ensuring coordinated and integrated development and management of technical education in the country. The Government of India (Ministry of Human Resource Development) also constituted a National Working Group to look into the role of AICTE in the context of proliferation of technical institutions, maintenance of standards and other related matters. The Working Group recommended that AICTE be vested with the necessary statutory authority for making it more effective, which would consequently require restructuring and strengthening with necessary infrastructure and operating mechanisms. Pursuant to the above recommendations of the National Working Group, the AIC TE Bill was introduced in both the Houses of Parliament and passed as the AIC TE Act No. 52 of 1987. The Act came into force w.e.f. March 28, 1988. The statutory All India Council for Technical Education was established on May 12, 1988 with a view to proper planning and coordinated development of technical education system throughout the country, the promotion of qualitative improvement of such education in relation to planned quantitative growth and the regulation and proper maintenance of norms and standards in the technical education system and for matters connected therewith. The purview of AICTE (the Council) covers programmes of technical education including training and research in Engineering, Technology, Architecture, Town Planning, Management, Pharmacy, Applied Arts and Crafts, Hotel Management and Catering Technology etc. at different levels. Objectives o Promotion of Quality in Technical Education. o Planning and Co-ordinated Development of Technical Education System. o Regulations and maintenance of Norms and Standards. The Organisation
  10. In accordance with the provisions of the AICTE Act (1987), for the first five years after its inception in 1988, the Minister for Human Resource Development, Government of India was the Chairman of the Council. The first full time Chairman was appointed on July 2, 1993 and the Council was re-constituted in March 1994 with a term of three years. The Executive Committee was re-constituted on July 7, 1994 and All India Boards of Studies and Advisory Boards were constituted in 1994-95. Regional Offices of the Ministry of Human Resource Development, Government of India, located at Kolkata, Chennai, Kanpur and Mumbai were transferred to AIC TE and the staff working at these offices were also deputed to the Council on foreign service terms w.e.f. October 1, 1995. These offices functioned as secretariats of Regional Committees in the four regions (East, South, North and West). Three new Regional Committees in southwest, central and northwest regions with their secretariats located at Bangalore, Bhopal and Chandigarh respectively were also established on July 27, 1994. One more Regional Committee in South-Central region with its Secretariat at Hyderabad was notified on March 8, 2007. The AICTE has its Headquarters in New Delhi and is presently housed in a building having a covered area of 12187 sq. ft. located on 7th Floor, Chanderlok Building, Janpath, New Delhi. Three Departments of the Council are housed in its own building having a covered area of 10630 sq. ft. at IV Floor, East Tower, NBCC Place, Pragati Vihar, New Delhi. The Government of India has allocated 5 acres land in the campus of Jawaharlal Nehru University, New Delhi, for constructing the administrative and other buildings of the Council The AICTE comprises of eight Departments, namely: Administration (Admin) Bureau Academic (Acad.) Bureau Engineering & Technology (E&T) Bureau Finance (Fin) Bureau Management & Technology (M&T) Bureau Planning and Co-ordination (PC) Bureau Quality Assurance (QA) Bureau Research and Institutional Development (R&D) Bureau For each Bureau, Adviser is the Bureau Head who is assisted by technical officers and other supporting staff. The multidiscipline technical officers and staff of the Council are on deputation or on contract from various Government Departments, University Grants Commission, academic institutions etc. Digital India Digital India is an initiative of Government of India to integrate the government departments and the people of India. It aims at ensuring the government services are made available to citizens electronically by reducing paperwork. The initiative also includes plan to connect rural areas with high-speed internet networks. Digital India has three core components. These include: [l] The creation of digital infrastructure Delivering services digitally
  11. Digital literacy The project is slated for completion by 2019.] A two-way platform will be created where both the service providers and the consumers stand to benefit. The scheme will be monitored and controlled by the Digital India Advisory group which will be chaired by the Ministry of Communications and IT. It will be an inter-ministerial initiative where all ministries and departments shall offer their own services to the public Healthcare, Education, Judicial services etc. The Public-private-partnership model shall be adopted selectively. In addition, there are plans to restructure the National Informatics Centre. This project is one among the top priority projects of the Modi Administration The initiative lacks many crucial components including lack of legal framework, absence of [5] privacy and data protection laws, civil liberties abuse possibilities lack of parliamentary oversight for e-surveillance in lack of intelligence related reforms in India, insecure Indian cyberspace, etc. These issues have to be managed first before introducing DI initiative in India. Digital India project is worth exploring and implementation despite its shortcomings that can be rectified before its implementation. Challenges Before Digital India By Digital India The Government of India entity Bharat Broadband Network Limited which executes the National Optical Fibre Network project will be the custodian of Digital India (DI) project. BBNL had ordered United Telecoms Limited to connect 250,000 villages through GPON to ensure FTTH based broadband. This will provide the first basic setup to achieve towards DI and is expected to be completed by 2017. The Digital India initiative is a promising initiative of the Indian Government. Many companies have shown their interest in this project. It is also believed that E-commercewould facilitate the DI project.However, it is not free from challenges and legal hurdles. Some believe that DI cannot be successful till mandatorybcb e-governance services in India are introduced.l-ß-l Having incomplete implementation of the National e-Governance Plan of India will only affect the success of the DI project. India has poor regulations in the field of privacy protection, data protection,cyber law,telegraph, e-governance, e-commerce, etc. Further, many legal experts believe that e-governance and DI without cyber security is useless. The cyber security trends in India have exposed the vulnerability of Indian cyberspace.[Even the National Cyber Security Policy 2013has not been implemented till now. In these circumstances, Critical infrastructure protection would be a really tough task to manage for the Indian Government. The project also lacks the concept of proper E-waste management. the digital India will not be done by Modi. Early Harvest Programmes Early Harvest Programme basically consists of those projects which are to be implemented within short timeline. The projects under the Early Harvest Programme are as follows:
  12. IT Platform for Messages: A mass messaging application has been developed by Deity that will cover elected representatives and all Government employees. Over 1.36 crore mobiles and 22 lakh emails are part of the database. The portal was released on 15 August 2014. Data collection and data sanitization are ongoing processes. Government Greetings to be e- Greetings Government Greetings to be e-Greetings: A basket of e-Greeting templates have been made available. Crowd sourcing of e-Greetings through the MyGov platform has been ensured. Crowd sourcing has also been used to create designs for Independence Day, Teachers' Day and Gandhi Jayanti greetings. E-Greetings portal has been made live on 14 August 2014. Biometric attendance: It will cover all Central Government offices in Delhi to begin with. Over 40,000 Government employees from 150 organisations have already registered on the common Bio-metric attendance portal at http://attendance.gov.in. (link is external) Over 1000 bio-metric attendance terminals are under installation at entry gates of various Central Government buildings which will be connected with Wi-Fi Access points and mobile connectivity. Government employees will be able to mark their attendance from any of the central Government offices in Delhi. Wi-Fi in All Universities: All universities on the National Knowledge Network (NKN) shall be covered under this scheme. Ministry of Human Resource Development (MHRD) is the nodal ministry for implementing this scheme. Secure Email within Government Secure Email within Government: Email would be the primary mode of communication within government. The government e-mail infrastructure would be suitably enhanced and upgraded. Upgradation of the infrastructure under Phase-I for 10 lakh employees has already been completed. Under Phase-Il, infrastructure would be further upgraded to cover 50 lakh employees by March 2015 at a cost of Rs.98 Cr. Deity is the nodal department for this scheme. Make in India A MAJOR NEW NATIONAL PROGRAM. DESIGNED TO FACILITATE INVESTMENT. FOSTER INNOVATION. ENHANCE SKILL DEVELOPMENT. PROTECT INTELLECTUAL PROPERTY. AND BUILD BEST-IN-CLASS MANUFACTURING INFRASTRUCTURE. THERE'S NEVER BEEN A BETTER TIME TO MAKE IN INDIA. The Make in India program includes major new initiatives designed to facilitate investment, foster innovation, protect intellectual property, and build best-in-class manufacturing infrastructure. With the easing of investment caps and controls, India's high- value industrial sectors defense, construction and railways — are now open to global participation. Policy in Defence sector liberalised and FDI cap raised from 26% to 49%. Portfolio investment in Defence sector permitted up to 24% under the automatic route.
  13. 100% FDI allowed in Defence sector for modern and state of the art technology on case to case basis. 100% FDI under automatic route permitted in construction, operation and maintenance in specified Rail Infrastructure projects such as: 1. Suburban corridor projects through PPP 2. High speed train projects 3. Dedicated freight lines 4. Rolling stock including train sets and locomotives/coaches manufacturing and maintenance facilities 5. Railway electrification 6. Signaling systems 7. Freight terminals 8. Passenger terminals 9. Infrastructure in industrial park pertaining to railway line/sidings including electrified railway lines and connectivities to main railway line 10. Mass Rapid Transport Systems Easing of norms underway for FDI in the Construction Development sector. National Manufacturing The need to raise the global competitiveness of the Indian manufacturing sector is imperative for the country's long term-growth. The National Manufacturing Policy is by far the most comprehensive and significant policy initiative taken by the Government. The policy is the first of its kind for the manufacturing sector as it addresses areas of regulation, infrastructure, skill development, technology, availability of finance, exit mechanism and other pertinent factors related to the growth of the sector. An increase in manufacturing sector growth to 12-14% per annum over the medium term. An increase in the share of manufacturing in the country's Gross Domestic Product from 16% to by 2022. To create 100 million additional jobs by 2022 in manufacturing sector. Creation of appropriate skill sets among rural migrants and the urban poor for inclusive growth. An increase in domestic value addition and technological depth in manufacturing. Enhancing the global competitiveness of the Indian manufacturing sector. Ensuring sustainability of growth, particularly with regard to environment. FOCUS SECTORS:
  14. Employment-intensive industries like textiles and garments, leather and footwear, gems and jewellery and food processing industries. Capital goods industries like machine tools, heavy electrical equipment, heavy transport, earthmoving & mining equipment. Industries with strategic significance like aerospace, shipping, IT hardware & electronics, telecommunication equipment, defence equipment and solar energy. Industries where India enjoys a competitive advantage such as automobiles, pharmaceuticals & medical equipment. Small & medium enterprises. Public sector enterprises. NATIONAL INVESTMENT & MANUFACTURING ZONES (NIMZ): The National Investment and Manufacturing Zones are being conceived as giant industrial greenfield townships to promote world-class manufacturing activities. The minimum size is 5000 hectares (50 square kilometres) wherein the processing area has to be at least 30%. The central government will be responsible for bearing the cost of master planning, improving/providing external physical infrastructure linkages including rail, road, ports, airports and telecom, providing institutional infrastructure for productivity, skill development and the promotion of domestic and global investments. The identification of land will be undertaken by state governments. State governments will be responsible for water requirement, power connectivity, physical infrastructure, utility linkages, environmental impact studies and bearing the cost of resettlement and rehabilitation packages for the owners of acquired land. The state government will also play a role in its acquisition if necessary. In government, purchase preferences will be given to units in the national investment and manufacturing zones. CSR Corporate social responsibility (CSR, also called corporate conscience, corporate citizenship or responsible business)LJl is a form of corporate self-regulation integrated into a business model. CSR policy functions as a self-regulatory mechanism whereby a business monitors and ensures its active compliance with the spirit of the law, ethical standards and national or international norms. With some models, a firm's implementation of CSR goes beyond compliance and engages in "actions that appear to further some social good, beyond the interests of the firm and that which is required by law. "CSR aims to embrace responsibility for corporate actions and to encourage a positive impact on the environment and stakeholders including consumers, employees, investors, communities, and others.
  15. The term "corporate social responsibility" became popular in the 1960s and has remained a term used indiscriminately by many to cover legal and moral responsibility more narrowly 141 construed. Proponents argue that corporations increase long term profits by operating with a CSR perspective, while critics argue that CSR distracts from business' economic role. A 2000 study compared existing econometric studies of the relationship between social and financial performance, concluding that the contradictory results of previous studies reporting positive, negative, and neutral financial impact, were due to flawed empirical analysis and claimed when the study is properly specified, CSR has a neutral impact on financial outcomes. Political sociologists became interested in CSR in the context of theories of globalization, neoliberalism and late capitalism. Some sociologists viewed CSR as a form of capitalist legitimacy and in particular point out that what began as a social movement against uninhibited corporate power was transformed by corporations into a 'business model' and a 'risk management' device, often with questionable results.191 CSR is titled to aid an organization's mission as well as a guide to what the company stands for to its consumers. Business ethics is the part of applied ethics that examines ethical principles and moral or ethical problems that can arise in a business environment. ISO 26000 is the recognized international standard for CSR. Public sector organizations (the United Nations for example) adhere to the triple bottom line (TBL). It is widely accepted that CSR adheres to similar principles, but with no formal act of legislation. Types of corporate social responsibility CSR can encompass a wide variety of tactics, from giving nonprofit organizations a portion of a company's proceeds, to giving away a product or service to a worthy recipient for every sale made. Here are a few of the broad categories of social responsibility that businesses are practicing: Environment: One primary focus of corporate social responsibility is the environment. Businesses, both large and small, have a large carbon footprint. Any steps they can take to reduce those footprints are considered both good for the company and society as a whole. Philanthropy: Businesses also practice social responsibility by donating to national and local charities. Whether it involves giving money or time, businesses have a lot of resources that can benefit charities and local community programs. Ethical labor practices: By treating employees fairly and ethically, companies can also demonstrate their corporate social responsibility. This is especially true of businesses that operate in international locations with labor laws that differ from those in the United States.
  16. Ubiquitous Commerce Ubiquitous Commerce also known as U-Commerce, u commerce or uCommerce, refers to a variety of goods and/or services. Sometimes, it is used to refer to the wireless, continuous communication and exchange of data and information between and among retailers, customers, and systems (e.g., applications) regardless of location, devices used, or time of day. Technologies The origin and development of Ubiquitous Commerce is based on various information and communication technologies. These technologies were driving forces for the evolution to business transactions at any time and in any place and so they will be in the future. Among them are the following examples: Internet as the fundamental technology and source mobile data services regarding M-Commerce which are especially Wireless LAN, UNITS, HSDPA and in the future 4G / WiMAX TV technologies/add-ons like Teletext and increasingly IPTV technologies enhancing the communication of devices (EDI, XML, Web service) In addition, there are also technologies regarding the concept of Ubiquitous Computing which are and will be the main driving forces for the Ubiquitous Commerce. These are mainly the following: technologies of M2M communication, which include some of the technologies mentioned above methods for the automatic identification and data capture (Auto-ID) e.g. GPS und RFID in the future also smart and self-organizing devices/systems and the related technologies like sensors, Al Opportunities and threats In conjunction of the evolution of ubiquitous commerce in daily life and the approaching pervasiveness, a few opportunities as well as threats can be identified. Opportunities: • individual advertising and also information supply e.g. based on location, time or mood of the customer
  17. high availability of services • new potential revenue for supplier and accordingly new business models • advanced analysis alternatives for suppliers and customers (location, time, habit) • increasing mobility of customers and suppliers Threats: information privacy and threatening of mass surveillance increasing requirements due to more diversity and quantity of devices and also energy consumption Information overload and likely complexity - also Big Data higher vulnerability to spoofing and security holes; e.g. as a result of more targets rising exclusion of the elderly based on requirements of higher technical skills "desocialization" of customer and supplier Virtual commerce Virtual commerce, or v-commerce, is a type of application, service, or product feature that helps enterprises implement strategies and design Web sites for e-commerce (the buying and selling of goods and services using the Internet). The term "virtual commerce" is sometimes used as a synonym for e-commerce itself Virtual commerce can help organizations transcend physical barriers that brick and mortar operations would usually face. Virtual retailers such as co-shopping sites, on-line auctions, Internet retailers, and e-commerce portals have the potential to reach the world market, while having the ability to customize their services using flexible payment systems and CRM databases for one-to-one marketing. Virtual commerce has been pictured as part of a new paradigm for doing business. Many companies are starting to explore commercial possibilities and trying to engage virtual consumers. For example, Starwood Hotels was an early arrival, prototyping a new real-world hotel on the site, while technology companies like IBM are quietly eyeing virtual communities as the building block for next-generation operating systems. Retailers such as American Apparel are attempting to gain value from both ends of the spectrum by mixing and matching virtual and real-world sales. Virtual commerce provides users with a different experience due to the fact that they are not physically present at a store. Creating a web-presence is considered cheap for firms and can allow them to further establish themselves in the physical market or completely replace their physical presence with a virtual one. [4] Virtual commerce can be challenging to businesses that are already established in the real world and need to communicate their brand image or message on a different format. Online brand strength faced skepticism at first but it soon became apparent that users resorted to brands due to the large penetration of different products online. [4] Virtual is oriented commerce around strategy andprogress rather than profit since it is considered new territory where firms
  18. are trying to establish themselves online. It allows businesses to create products that cater to the demands of customers with help from the increased communication and data collection methods that are available online. [5] Successful v-commerce models have the potential of gaining a competitive advantage and increased exposure. Some businesses choose not to participate in virtual commerce because an online presence does not support the product or service they provide, along with geographic or demographic reasons. Other businesses create an online store that provides a similar experience to that of the physical one, displaying the same products and giving customers a sense of comfort because they can still resort to the physical store for returns or complaints. [6] Businesses that have a physical presence may use v-commerce as a way to experiment or display different products that they would not usually display in-store. [6] This could be because the Internet provides greater geographic and demographic exposure where people with different tastes and incomes shop. Advantages Virtual commerce provides a number of advantages over physical businesses: Greater market exposure. Lower hiring and renting costs. Higher degree of automation, faster transactions. Product prices can be easily changed to match the market price. Quick and hassle-free. Customer specific advertisements can be displayed based on their saved purchase history. Product suggestions and links according to customer tastes. Product information is available for viewing by individual customers, educating them about the product' s features and decreasing returned purchases. 24/7 service Successful v-commerce models could potentially gain a competitive advantage over physical businesses. Newly formed businesses have a chance to flourish without a physical presence and the associated costs. Disadvantages Virtual commerce also provides a number of disadvantages over physical businesses: Customers may prefer a more personalized shopping experience A lack of trust for courier services used to deliver purchases. Shipping charge is considered an added cost. Machine to Machine (M2M) Machine to Machine (M2M) refers to technologies that allow both wireless and wired systems to communicate with other devices of the same type.M2M is a broad term as it does not pinpoint specific wireless or wired networking, information and communications
  19. technology. This broad term is particularly used by business executives. M2M is considered an integral part of the Internet of Things (IOT) and brings several benefits to industry and business in general as it has a wide range of applications such as industrial automation, logistics, Smart Grid, Smart Cities, health, defense etc. mostly for monitoring but also for control purposes. In order to support the rapid new development and the worldwide adoption of the Internet of Things as well as the continued growth of M2M technology and its large scale applications in the future, a global adoption and deployment of the Internet Protocol Version 6 (IPv6) are required because all of the sensors and machine-readable identifiers needed to make the Internet of Things a reality will need an extremely large address space. Even if the current supply of IPv4 addresses were not to be exhausted soon, the size of IPv4 itself is not large enough to support the future requirement of IOT. Consequently, the future success of M2M, as an integral part of the IOT, will largely be determined by the successful global adoption of IPv6 M2M can include the case of industrial instrumentation - comprising a device (such as a sensor or meter) to capture an event (such as temperature, inventory level, etc.) that is relayed through a network (wireless, wired or hybrid) to an application (software program) that translates the captured event into meaningful information (for example, items need to be restocked). Such communication was originally accomplished by having a remote network of machines relay information back to a central hub for analysis, which would then be rerouted into a system like a personal computer. However, modern M2M communication has expanded beyond a one-to-one connection and changed into a system of networks that transmits data to personal appliances. The expansion of IP networks across the world has made it far easier for M2M communication to take place and has lessened the amount of power and time necessary for information to be communicated between machines. 10 These networks also allow an array of new business opportunities and connections between consumers and producers in terms of the products being sold. Human resource management is a process of bringing people and organizations together so that the goals of each other are met. The role of HR manager is shifting from that of a protector and screener to the role of a planner and change agent. Personnel directors are the new corporate "heroes". The today focus in business is personnel. Nowadays it is not possible to show a good financial or operating report unless your personnel relations are in order. The major purpose of HRM is to increase and improve the productive contribution of personnel to the organization in more ethical, social, and administratively responsible way. This purpose emerged from commonly called industrial relations, personnel administration, industrial psychology and personal management. Research shows that its aim is to create a whole organizational culture that binds workers to the company's objectives with full professional commitment, integration, and quality work. The 21st century brings with it enormous
  20. opportunities but also enormous pressure, if the companies will not improve the productivity of the people and treat them "human being' which are the vital objects of all the economic activities leading towards industrial development. Now there is worldwide consensus on human resource being one of the major means of increasing efficiency, productivity and prosperity of the firm. Over the years, highly skilled and knowledge based jobs are increasing while low skilled jobs are decreasing. This calls for future skill mapping through proper HRM initiatives. Organizations are also witnessing a change in systems, management cultures and philosophy due to the global alignment of Indian organizations. There is a need for multi skill development. Role of HRM is becoming all the more important. With the increase in competition, locally or globally, organizations must become more adaptable, resilient, agile, and custome r-focused to succeed. And within this change in environment, the HR professional has to evolve to become a strategic partner, an employee sponsor or advocate, and a change mentor within the organization. In order to succeed, HR must be a business driven function with a thorough understanding of the organization's big picture and be able to influence key decisions and policies. In general, the focus of today's Manager is on strategic personnel retention and talents development. HR professionals will be co aches, counselors, mentors, and succession planners to help motivate organization's members and their loyalty. The HR manager will also promote and fight for values, ethics, beliefs, and spirituality within their organizations, especially in the management of workplace diversity. New Trends in international HRM International HRM places greater emphasis on a number of responsibilities and functions such as relocation, orientation and translation services to help employees adapt to a new and different environment outside their own country. Selection of employees requires careful evaluation of the personal characteristics of theo candidate and his/her spouse. Training and development extends beyond information and orientation training to include• sensitivity training and field experiences that will enable the manager to understand cultural differences better. Managers need to be protected from career development risks, re -entry problems and culture shock. To balance the pros and cons of home country and host c ountry evaluations, performance• evaluations should combine the two sources of appraisal information. Compensation systems should support the overall strategic intent of the organization but' should be customized for local conditions. In many European countries - Germany for one, law establishes representation.' Organizations typically negotiate the agreement with the unions at a national level. In Europe it is more likely for salaried employees and managers to be unionized. HR Managers should take into ac count the following aspects to ensure success: Use workforce skills and abilities in order to exploit environmental opportunities and' neutralize threats. Employ innovative reward plans that recognize employee contributions• Indulge in continuous quality improvement through TQM and HR contributions like• training, development, counseling, etc Utilize people with distinctive capabilities• Decentralize operations and rely on self -managed teams to deliver goods in difficult' times e.g. Motorola is famous for sh ort product development cycles. It has quickly commercialized ideas from its research labs. Lay off workers in a smooth way explaining facts to unions, workers and other affected' groups HR Managers today are focusing attention on the followings: a) Policies- HR policies based on trust, openness, equity and consensus. b) Motivation- Create conditions in which people are willing to work with zeal, initiative and enthusiasm; make people feel like winners. c) Relations- Fair treatment of people for healthy work-place relations. d) Change agent- Prepare workers to
  21. accept technological changes by clarifying doubts. e) Quality Consciousness- Commitment to quality in all aspects of personnel administration will ensure success. Due to the new trends in HR, the HR manager should treat people as resources, reward them equitably, and integrate their aspirations with corporate goals through suitable HR policies. OTHER TRENDS AND CHALLENGES FACED BY HRM Workplace Diversity The dimensions of workplace diversity includ e, but are not limited to: age, ethnicity, ancestry, gender, physical abilities/qualities, race, sexual orientation, educational background, geographic location, income, marital status, military experience, religious beliefs, parental status, and work experience. The challenges of workplace diversity refers to the fact that the future success of any organizations relies on the ability to manage a diverse body of talent that can bring innovative ideas, perspectives and views to their work. The challenge and problems faced of workplace diversity can be turned into a strategic organizational asset if an organization is able to capitalize on this melting pot of diverse talents. With the mixture of talents of diverse cultural backgrounds, genders, ages and lifest yles, an organization can respond to business opportunities more rapidly and creatively, especially in the global arena (Cox, 1993), which must be one of the important organisational goals to be attained. More importantly, if the organizational environment does not support diversity broadly, one risks losing talent to competitors. This is especially true for multinational companies (MNCs) who have operations on a global scale and employ people of different countries, ethical and cultural backgrounds. Thus, a HR manager needs to be mindful and may employ a 'Think Global, Act Local' approach in most circumstances. many local HR managers have to undergo cultural -based Human Resource Management training to further their abilities to motivate a group of professi onal that are highly qualified but culturally diverse. Furthermore, the HR professional must assure the local professionals that these foreign talents are not a threat to their career advancement (Toh, 1993). In many ways, the effectiveness of workplace di versity management is dependent on the skilful balancing act of the HR manager. One of the main reasons for ineffective workplace diversity management is the predisposition to pigeonhole employees, placing them in a different silo based on their diversity profile (Thomas, 1992). In the real world, diversity cannot be easily categorized and those organizations that respond to human complexity by leveraging the talents of a broad workforce will be the most effective in growing their businesses and their cust omer base. In order to effectively manage workplace diversity, Cox (1993) suggests that a HR Manager needs to change from an ethnocentric view ("our way is the best way") to a culturally relative perspective ("let's take the best of a variety of ways"). T his shift in philosophy has to be ingrained in the managerial framework of the HR Manager in his/her planning, organizing, leading and controlling of organizational resources. As suggested by Thomas (1992) and Cox (1993), there are several best practices that a HR manager can adopt in ensuring effective management of workplace diversity in order to attain organizational goals. - Talent management Talent management refers to the process of developing and integrating new
  22. workers, developing and keeping current workers and attracting highly skilled workers to work for your company. Talent management is a process that emerged in the 1990s and continues to be adopted, as more companies come to realize that their employees' talents and skills drive their business success. These companies develop plans and processes to track and manage their employee talent, including the following: Attracting and recruiting qualified candidates with competitive backgrounds Managing and defining competitive salaries Training and development opportunities Performance management processes Retention programs Promotion and transitioning Companies Act 2013 Short title, extent,commencement and application (1) This Act may be called the Companies Act, 2013. (2) It extends to the whole of India. (3) This section shall come into force at once and the remaining provisions of this Act shall come into force on such date as the Central Government may, by notification in theOfficial Gazette, appoint and different dates may be appointed for different provisions of thisAct and any reference in any provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision. (4) The provisions of this Act shall apply to (a) companies incorporated under this Act or under any previous company law; (b) insurance companies, except in so far as the said provisions areinconsistent with the provisions of the Insurance Act, 1938 or the Insurance Regulatory andDevelopment Authority Act, 1999; (c) banking companies, except in so far as the said provisions are inconsistent with the provisions of the Banking Regulation Act, 1949; (d) companies engaged in the generation or supply of electricity, except in so far as the said provisions are inconsistent with the provisions of the Electricity Act, 2003; (e) any other company governed by any special Act for the time being in force,except in so far as the said provisions are inconsistent with the provisions of such special Act; and (f) such body corporate, incorporated by any Act for the time being in force, as the Central Government may, by notification, specify in this behalf, subject to such exceptions, modifications or adaptation, as may be specified in the notification. Formation of company
  23. (1) A company may be formed for any lawful purpose by (a) seven or more persons, where the company to be formed is to be a public company; (b) two or more persons, where the company to be formed is to be a private company; or (c) one person, where the company to be formed is to be One Person Company that is to say, a private company, by subscribing their names or his name to a memorandum and complying with the requirements of this Act in respect of registration: Provided that the memorandum of One Person Company shall indicate the name of the other person, with his prior written consent in the prescribed form, who shall, in the event of the subscriber's death or his incapacity to contract become the member of the company and the written consent of such person shall also be filed with the Registrar at the time of incorporation of the One Person Company along with its memorandum and articles: Provided further that such other person may withdraw his consent in such manner as may be prescribed: Provided also that the member of One Person Company may at any time change the name of such other person by giving notice in such manner as may be prescribed: Provided also that it shall be the duty of the member of One Person Company to intimate the company the change, if any, in the name of the other person nominated by him by indicating in the memorandum or otherwise within such time and in such manner as may be prescribed, and the company shall intimate the Registrar any such change within such time and in such manner as may be prescribed: Provided also that any such change in the name of the person shall not be deemed to be an alteration of the memorandum. (2) A company formed under sub-section (1) may be either (a) a company limited by shares; or (b) a company limited by guarantee; or (c) an unlimited company. Highlights on New Indian Companies Act, 2013 1. 2. 3. 4. 5. 6. Immediate Changes in letterhead, bills or other official communications, as if full name, address of its registered office, Corporate Identity Number (21 digit number allotted by Government), Telephone number, fax number, Email id, website address if any. One Person Company (OPC): It's a Private Company having only one Member and at least One Director. No compulsion to hold AGM. Conversion of existing private Companies with paid-up capital up to Rs 50 Lacs and turnover up to Rs 2 Crores into OPC is permitted. Woman Director: Every Listed Company /Public Company with paid up capital of Rs 100 Crores or more / Public Company with turnover of Rs 300 Crores or more shall have at least one Woman Director. Resident Director: Every Company must have a director who stayed in India for a total period of 182 days or more in previous calendar year. Accounting Year: Every company shall follow uniform accounting year i.e. 1 st April 31st March. Loans to director — The Company CANNOT advance any kind of loan / guarantee / security to any director, Director of holding company, his partner, his relative, Firm in which he or his
  24. 7. 8. 9. relative is partner, private limited in which he is director or member or any bodies corporate whose 25% or more of total voting power or board of Directors is controlled by him. Articles of Association- In the next General Meeting, it is desirable to adopt Table F as standard set of Articles of Association of the Company with relevant changes to suite the requirements of the company. Further, every copy of Memorandum and Articles issued to members should contain a copy of all resolutions / agreements that are required to be filed with the Registrar. Disqualification of director- All existing directors must have Directors Identification Number (DIN) allotted by central government. Directors who already have DIN need not take any action. Directors not having DIN should initiate the process of getting DIN allotted to him and inform companies. The Company, in turn, has to inform registrar. Financial year- Under the new Act, all companies have to follow a uniform Financial Year i.e. from 1st April to 31st March. Those companies which follow a different financial year have to align their accounting year to 1st April to 31st March within 2 years. It is desirable to do the same as early as possible since most the compliances are on financial year basis under the new Companies Act. 10. Appointment of Statutory Auditors- Every Listed company can appoint an individual auditor for 5 years and a firm of auditors for 10 years. This period of 5 / 10 years commences from the date of their appointment. Therefore, those companies have reappointed their statutory auditors for more than 5 / 10 years, have to appoint another auditor in Annual General Meeting for year 2014.

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