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The study shows the nature of the short-run Phillips curve in India and in the USA during the period from 1961-2020 using the reciprocal model. Both the two countries show a negative slope of the Phillips curves, so the inverse relationship between the rate of inflation and the rate of unemployment prevails in both the two countries. However, the slope of India’s Phillips curve is little bit steeper than that of the USA; which confirms- if the rate of unemployment lowers, or the employment rate rises, the rate of inflation will be a little bit higher in India than that of the USA. The study further estimates the natural rate of unemployment in both the two countries. The estimated natural rate of unemployment clusters around 5-6% in both the two countries, which is a significant one as the economists suggest.

Keywords: Short-run Phillips curve, rate of inflation, rate of unemployment, natural rate of unemployment

The proposed study is an attempt to determine whether a relationship exists between rainfall index and NSE Nifty index. The study used the monthly mean rainfall data and monthly closing price of Nifty index. The study applied Augmented Dickey-Fuller (ADF) test, correlation analysis, the GARCH (1,1) model, and the Granger Causality test to analyse the interrelationship. The results of correlation matrix show that there is no interrelationship between the two variables. The GARCH (1,1) model found that the NSE Nifty index is not affected by the rainfall indexand Granger Causality test displays that rainfall index does not Granger Cause the Nifty index. According to the authors’ knowledge, this is the first empirical study to determine the interrelationship between the rainfall index and the Nifty Index over a longer period of time.

Keywords: Rainfall index, NSE Nifty index, GARCH (1,1) model, Granger Causality test and Distinct asset.

Analyzing the extraction of water for agricultural use in the study region, of surface and underground origin, the former has decreased (from 37.6 to 34.2%) and the latter has increased (from 62.4 to 65.8%). Climate change has greatly affected the frequency and intensity of rainfall, especially in small regions. In the case of the study municipality, with three types of climates (temperate, warm and semi-warm) and highly eroded semi-arid soil, it has presented problems of water availability. The need arises to decide which would be the appropriate irrigation crops to ensure their maximum production value, subject to the water requirements that ensure their full development. To respond, a linear programming model was formulated under two scenarios. The model is complemented with the criterion of cross elasticities of supply prices, that is, from the point of view of the producer. It was proved that green lucerne, corn, oats and forage sorghum, pastures and meadows, are not feasible due to their water consumption. Historically, crops with the highest production value were Autumn-Winter: forage oats, grass and meadows; Spring-Summer: green forage maize; and Perennials: green lucerne. Substitute crops turned out to be date, taco and African perennial palms. This tool will support decision-making in strategic planning in agribusiness and government policies. The model can be applied to any region.

Keywords: Region, Water, Crops.

JEL codes: C61, D29, Q01.

Fiscal policy is a very important constituent of development policy of the economy. It is comparatively more effective than the monetary policy due to its direct and immediate impact on the economic development activities and the determinants of development. Therefore, fiscal policy is preferred than the monetary policy especially for economic stability, improvement and enhancement in economic growth. This has adequately proved in the world great depression crisis, as per the suggestions of J M Keynes. It is a policy of the government regarding public expenditure and revenue mobilization so as to realise and achieve its pre-determined objectives. This policy has very important instruments such as public revenue, taxation, public expenditure, public debt and deficit financing. The study concludes that government of India is mainly depending on internal debt (>98%) than the external debt to mobilise public debt, is right and justifiable. Importance of the disinvestment as a source of public debt of government of India has increased significantly, which indicates the withering away of the government from the development of the economy and enhancing privatization. The government of India is interested in the development of the economy at present, current and short run than the future, long run and sustained, is not rationale and appropriate. Public debt is an important instrument of fiscal policy and thereby development policy having extensive, intensive and long term development of the economy. Therefore, its proper formulation and sincere, rigorous, honest implementation is very much needed. Along with the important role of the public debt as an effective means of development of the economy, it is also an instrument of correcting fiscal imbalance, especially fiscal deficit.

Keywords: Public debt, development, fiscal imbalance, fiscal policy, fiscal deficit.

JEL Classification: H60, H61, H62, H63, H68

The financial activity of corporate sector comprises corporate finance parting with ownership and management. Trend of corporate financing is crucial in an emerging economy of a nation. The prevalent approach in the Indian financial markets shows how Indian firms are accessing their capital requirements. Capital is the base and keeps on-going business. Trading is termed as financial market comprising of primary market and secondary market. Capital at the microenterprises become base for the peace progress of economy. The focus of study is on the capital financing received as debt, equity and related forms. Trend of debt tendency in India remain low and falling over the past years while equity remains rising. Emerging trends in corporate finance outlines the progress of capital market. Firms are deprived of credit availability through debt market and highlight the contemporary corporate financing through initial public offer (IPO). Assess of the primary market contribution efficiency in terms of pace and progress of the corporate sector.

Keywords: Capital budgeting, capital market, corporate finance, primary market, stock exchange

This study examines the long-run relationship between three important macroeconomic variables in terms of crude oil price, consumer price index, and exchange rates and Sensex. On account of insufficient crude oil reserve, India’s import bill is increasing day by day; consequently a huge pressure can be felt on

foreign exchange reserve. Nonetheless, inflation rates have been increased. These ultimately hit the India’s stock market. Time series data has been collected from the RBI database for the period from April 1, 2014 to March 31, 2022. While analyse the data, correlation analysis, unit root test, Johansen cointegration test and vector autoregression model have been used. Correlation test results show that crude oil price influences Sensex very meagerly, exchange rates influences Sensex moderately, and consumer price index influences Sensex negatively. From vector autoregression analysis it is found that crude oil price, consumer price index, and exchange rates do not influence the Sensex in the long run.

Keywords: Crude oil price, consumer price index, exchange rates, Sensex, India, vector autoregression.