IIMA Institutional Repository Collection: Working Papers
http://hdl.handle.net/11718/31
Working Papers2024-03-18T08:38:33ZGold in household portfolios during a pandemic: evidence from an emerging economy
http://hdl.handle.net/11718/26566
Title: Gold in household portfolios during a pandemic: evidence from an emerging economy
Authors: Chatterjee, Oindrila; Gopalakrishnan, Balagopal; Mohapatra, Sanket
Abstract: This paper examines how Indian households allocate their savings portfolio
across gold, financial assets, and cash during the COVID-19 crisis. Our study
relies on a nationally representative household survey conducted in 2020-2021 for
142 districts in India. We find that the portfolio allocation of households in districts
with a higher incidence of COVID-19 shifted towards gold—a safe asset—during
the pandemic compared to households in other districts. The shift towards gold is
accompanied by a shift away from financial assets and other assets (primarily cash).
A similar shift towards gold is observed for districts that experienced the largest ad-
verse economic impact—captured by lower night-time lights intensity—during the
pandemic. Households in districts with greater banking access and better health in-
frastructure show a smaller shift towards gold. A panel estimation with normal and
COVID-19 period surveys confirm the baseline results. Our findings contribute to a
better understanding of the role of economic crisis in shaping the financial decisions
of households.2023-06-01T00:00:00ZChanging landscape of logistics in India with Multimodal logistics parks
http://hdl.handle.net/11718/26558
Title: Changing landscape of logistics in India with Multimodal logistics parks
Authors: Dutt, Avi; Shrey, Apurva; Roy, Debjit
Abstract: Logistics costs in India account for a higher proportion of total value of goods compared to other
developed countries. According to the Ministry of Road Transportation and Highways (MoRTH), it
was around 13-14% in 2015 while for other developed countries it was approximately 7-8%.Another
indicator of higher logistics cost is the difference in road freight cost per ton per kilometre. For India,
the cost is around INR 1.9 per ton per km (almost double that of the cost incurred in the US). Lower
speed of freight movement also increases the freight cost. In India, the average speed of freight
movement, according to MoRTH, is around 25-30 kmph which is around 60-70% lower than that of
the US. Thus, overall logistics efficiency in India is affected due to multi-party coordination delays
and infrastructure challenges. To address this challenge, India is developing Multimodal Logistics
Parks (MMLPs) along with other initiatives.
MMLP refers to a freight-handling facility encompassing a minimum area of 100 acres (40.5
hectares), with various modes of transport access, and comprising mechanized warehouses,
specialized storage solutions such as cold storage, facilities for mechanized material handling and
inter-modal transfer container terminals, and bulk and break-bulk cargo terminals (Concept Note-
LEEP, n.d.). It is a type of Logistics Park where various value-added services are rendered in addition
to rail/road-based transportation. The purpose of MMLP is to reduce coordination among different
parties during transfer of cargo from one mode to another.2023-02-01T00:00:00ZRise of quick commerce in India: business models And infrastructure requirements
http://hdl.handle.net/11718/26557
Title: Rise of quick commerce in India: business models And infrastructure requirements
Authors: Ranjekar, Gauri; Roy, Debjit
Abstract: The democratisation of mobile internet, increase in e-commerce penetration and omnichannel
distribution has led to an expansion of the e-commerce industry. The COVID19 pandemic
and the subsequent control measures like lockdowns and social distancing led to disruptions
in the e-commerce industry (Mandloi et al., 2021). This has also influenced consumer
behaviour and led to an increase in the online purchase of perishables and groceries by
customers. A part of the shift can be attributed to the diversion of spending from clothing and
lifestyle to household essentials (Nahata, 2022). Further, COVID19 led to an expansion in
online grocery purchases by 80% in 2020 to USD 2.66 billion1(Patil et al., 2021, p2). The
demand was accompanied by instant delivery expectations, leading to the emergence of the
quick commerce business. It is estimated that the industry will grow at a CAGR of 27.9%
between FY 2022 and FY 2027 (Pratik and Arora, 2022). Today, many players operate in the
quick commerce business. Some are new players like Zepto and Pickily while others are an
extension of established players like Swiggy Instamart, Blinkit, Dunzo Daily, Country
Delight, and Big Basket Daily among others. These players use different business models
based on business dynamics and customer requirements to process orders instantly with
efficiency and accuracy. Warehouses are a key element of the quick commerce supply chain.2023-03-01T00:00:00ZDisciplining orders under the national financial reporting authority framework: stepping into a strict liability regime
http://hdl.handle.net/11718/26556
Title: Disciplining orders under the national financial reporting authority framework: stepping into a strict liability regime
Authors: Ram Mohan, M P; Raj, Vishakha
Abstract: The National Financial Reporting Authority (NFRA) was established to fill a gap in the
oversight of auditors by independent regulatory bodies. Prior to the establishment of the NFRA,
only the Institute of Chartered Accountants of India (ICAI), a self-regulatory body could bar
auditors from practicing in the event that they had engaged in professional misconduct. This
regime began to change as auditors engaged with public firms, bringing the securities regulator
into the mix as well. The decisions of ICAI and SEBI have not followed a consistent approach.
A finding of misconduct is often accompanied by a finding of gross negligence and the latter
does not have a uniform definition. The NFRA, being a nascent authority has only begun to
issue orders against auditors over whom it has jurisdiction. Its orders are based on the same
substantive law relating to professional misconduct of auditors as the ICAI, however, NFRA
orders have shown more consistency in their approach and outcome. This paper examines the
decisions of the NFRA from 2020 till December 2022 and posits that the consistency in its
approach has been achieved by developing a no-fault regime for auditors.2023-06-05T00:00:00Z