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3894 items in total found

Working Papers | 2026

Strengthening India’s Bullion Export Policy - A Descriptive Study

Bhavy Gupta and Sundaravalli Narayanaswami

India is the world’s second-largest gold consumer, yet its bullion export contribution remains negligible due to fragmented regulations, a lack of London Bullion Market Association (LBMA) accreditation, and distorted duty structures. This study examines the operational dynamics of the India International Bullion Exchange (IIBX) at GIFT City, India’s domestic refining capacity, and benchmark frameworks from Switzerland, Japan, and Dubai. Using policy analysis, trade data, and institutional reviews, the paper identifies under-utilized refining capacity and the absence of globally recognized certification as primary export barriers. Findings indicate that rationalizing duty structures, operationalizing domestic accreditation under the IFSCA Good Delivery Guidelines, and deepening IIBX integration with domestic refineries and export channels are critical to unlocking competitiveness. The study proposes a coordinated policy framework that aligns sovereign certification standards with enhanced refining utilization and diversified sourcing, providing a strategic roadmap to position India as a credible global bullion hub by 2030.

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Working Papers | 2026

Fractional Ownership of Art in India: Case for a Bespoke Framework

M P Ram Mohan and Rishabh Kumarpal Mehta

India’s art market is increasingly gaining traction. Yet the regulatory framework governing trading in artwork and access to art markets remains underdeveloped. The Supreme Court of India’s decision in Osian’s Connoisseurs of Art v. SEBI established that pooled investment in artworks can constitute a Collective Investment Scheme (“CIS”). However, the CIS regime has had limited success in making art accessible as an asset class to a broader investor base. This paper examines the resulting gap. Against the backdrop of commercialisation of art, the paper first examines the prevalent business models used for fractional ownership before analysing Indian securities regulation, tax law, property law, art and cultural laws. The paper argues that the present fragmented regime is inadequate for a functional fractional ownership platform in art. It draws on India’s real estate and bullion regulations while drawing comparisons from the United States, South Korea, and the European Union. The paper proposes a ‘Small and Medium Art Investment Trust’ (“SM AIT”) framework built around single-artwork special purpose vehicles, regulated investment managers, exchange-listed units, independent authentication and valuation, securities-grade disclosure, business-trust taxation, and compliance with art laws. The framework seeks to convert art from a legally recognised investment concept into a regulated and scalable investment product.

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Working Papers | 2026

Global Value Chains and Decarbonization: A Firm-Level Threshold Evidence from India

Poornima Varma, Sunghun Lim, Drishti Sharma

Do global value chains (GVCs) make firms cleaner, and under what conditions? Leveraging rich firm-level data from India in the period of 2010–2024, this study investigates the impact of GVC participation on firms’ environmental performance. To address dynamics and heterogeneous responses, we estimate dynamic panel threshold regressions with firm growth as the regime variable. We find that GVC participation raises energy and carbon intensity for low-growth firms but reduces both—and increases renewable energy use—for high-growth firms. Channel decomposition shows that forward participation delivers the clearest efficiency and decarbonization gains in the high-growth regime, while backward participation improves energy efficiency at high growth yet exhibits mixed carbon effects; in the low-growth regime, forward linkages raise intensity whereas backward linkages are comparatively less harmful or even carbon-reducing. This paper underscores the capacity-dependence of trade integration’s environmental impact and shows that policy can shift the relevant margin through finance, R&D, and compliance infrastructure.

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Working Papers | 2026

Movie Directors as Leaders – A Study in Creative Vision, Passion and Influence

Bharathan Kandaswamy, Neharika Vohra, Sukruti Phatak

This paper examines leadership through the lens of movie directors and argues that filmmaking offers a rich model for management in complex, high-pressure environments. Drawing on examples from Indian and global cinema, it shows how directors function as “first among equals,” combining artistic vision with collaboration, discipline, and decisive action. The paper highlights five core leadership lessons: collaborative authority, leading by example, building high-performance teams, adaptive innovation, and managing principal artists. It demonstrates how effective directors create trust, psychological safety, and constructive feedback cultures while balancing creative freedom with operational control. The paper also shows how strong directors prepare thoroughly, respond resourcefully to constraints, and turn crises into opportunities through flexibility and clear judgment. In dealing with stars and diverse technical teams, they resolve ego conflicts through transparency, role clarity, and respect for contribution. Ultimately, the paper suggests that movie directors embody a distinctive form of leadership that blends strategy, execution, emotional intelligence, and resilience. These lessons are highly relevant for managers and future professionals seeking to lead creatively, adapt to uncertainty, and deliver results while preserving vision and teamwork.

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Journal Articles | 2026

CSRIndeX: A Python tool for computing normative CSR benchmarks from SEC filings

Aparna Raj C, Sundaravalli Narayanaswami

Measuring corporate social responsibility (CSR) remains empirically challenging due to the lack of standardised, comparable data on firms’ social and environmental expenditures. While corporate disclosures increasingly reference sustainability and responsibility, actual CSR spending is rarely reported in a consistent, machine-readable format. This paper introduces CSRIndeX, an open-source Python software that addresses this gap by combining disclosure-based CSR measurement with normative spending benchmarks derived from firm profitability. CSRIndeX automatically retrieves Form 10-K filings from the United States Securities and Exchange Commission (SEC), extracts CSR-related narrative disclosures, and computes coverage-based disclosure breadth (Disclosure Quality, DQ) and thematic balance metrics. In parallel, the software retrieves firm-level net income from the SEC XBRL Company Facts API. It calculates user-defined normative CSR spending targets as a proportion of fiscal-year profits. By explicitly separating descriptive disclosure metrics from normative benchmarks, CSRIndeX provides a transparent and reproducible framework for empirical analysis of CSR, policy evaluation, and comparative research at the firm level.

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Working Papers | 2026

Spiritual Leadership: One More Leadership Style? Should We Care? Absolutely!

Reema Nayyar, Neharika Vohra, Rupashree Baral

Most leaders search for ways to improve how employees grow and perform as a team and, in turn, improve organizational performance.  Advice on how to lead well—heroically and successfully—is a dime a dozen. The current context, variously defined as brittle, anxious, uncertain, nonlinear, and incomprehensible, makes people anxious and fearful, which, in turn, prevents them from flowing. Amid the chaos and unprecedented change, the need for leaders to engage with their people is greater than ever.  We believe that one conceptualization of leadership formed over the last 25 years, spiritual leadership (SL), can serve as an anchor to help leaders make headway in the current context.  However, SL is also a concept that is poorly understood and often rejected before its usefulness is evaluated.

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Working Papers | 2026

One Person Companies in India: A Decadal Assessment 2014-2024

Megha Tiwari and M P Ram Mohan

One Person Company (OPC) was introduced in India under the Companies Act, 2013, and registrations began in 2014 with the first official data release in 2015. An OPC is defined as a company that has a single shareholder. By design, OPCs are meant to offer sole proprietors the benefits of a corporate structure, including a separate legal identity, limited liability, the ability to convert into other types of companies, along with minimal administrative burdens and compliance requirements. OPCs, have been in existence for over a decade, and amendments to the law are now being contemplated. This study outlines the legal framework governing OPCs and undertakes an empirical analysis of key performance parameters over the ten-year period from 2014 to 2024.

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Journal Articles | 2026

Dynamic order assignment under warehouse disruption risks: A switching-curve policy, heuristics, and insights

Govind Lal Kumawat, Debjit Roy

E-commerce order fulfillment is increasingly disrupted by natural events such as pandemics, hurricanes, and floods. This study investigates order assignment decisions considering warehouse disruption risk, order-class priority, and shipping costs. We develop a stochastic dynamic programming model for the order assignment problem. Our analysis reveals a switching-curve policy for order assignment. We find that disruption risk significantly affects the order assignment decision, with optimal switching thresholds decreasing as the disruption rate increases. To efficiently compute these thresholds, we develop three index-based heuristic policies. Among them, our improvement heuristic achieves an average optimality gap of 7.21%, outperforming the myopic policy (8.48%) and the least shipping cost heuristic (14.17%). Through a comprehensive numerical study, we uncover several important insights. Disruption and recovery rates have nonlinear effects on order fulfillment costs. Specifically, while investing in mechanisms to enhance recovery speed is beneficial, the gains become progressively smaller as recovery becomes faster. Additionally, shared order-processing capacity at warehouses with class-wise priority can prove a more effective strategy than maintaining dedicated capacities for each order class. This research provides actionable strategies for managing e-commerce fulfillment under warehouse disruption risks, enhancing operational efficiency and cost management.

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Journal Articles | 2026

Gender gap in commute time allocation: analyzing the effects of major life events and urban–rural differences using India’s time use survey

Sandip Chakrabarti, Sagar Verma, Muskan Verma

Gender differences in time use have been studied extensively, thereby informing gender-inclusive policymaking. Differences appear at young ages and change with major life events such as employment, migration, marriage, and childbirth. Since time allocation across activities determines well-being, researchers have analyzed the causes and consequences of such differences to promote multidimensional gender equality. However, although the importance of context-specific analysis of gender gaps in time allocation to commuting and other work-related travel has been emphasized in the literature, countries across the developing world remain relatively less studied. We use India’s Time Use Survey and consider a sample of 24,780 employed persons belonging to 13,501 single-member households or dual-earner nuclear married couple households with or without children to investigate the gender difference in commute time allocation. We find that, relative to men, women allocate significantly less time to commuting. Moreover, this “gender commute gap” is statistically significant in households with young children and persists even in households with older children. An intra-household analysis reveals that the gap is smaller in urban than rural areas, and that intra-household gender differences in unpaid domestic work and childcare responsibilities are associated with the gap within households. Closing the gender commute gap is imperative.

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Working Papers | 2026

Non-Compete and Non-Solicitation Clauses

M P Ram Mohan, Siddhartha Shukla, Tom Lyle and Prem Vinod Parwani

This note provides an overview of non-compete and non-solicitation clauses, contrasting Indian law with key principles and considerations under English law. It examines the doctrinal framework under Section 27 of the Indian Contract Act, 1872, on the restraint of trade. It shows how there are differing thresholds of enforceability of non-compete and non-solicitation clauses, depending on whether they appear in employment or commercial contexts. It then compares India’s doctrinal framework with other common law jurisdictions, with a particular focus on the English common law “reasonableness” framework that governs the enforceability of non-compete and non-solicitation clauses in the UK. The article concludes by demonstrating litigation and enforceability challenges of these types of clauses, along with suggestions for practitioners to strategically address them.

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