Abstract
We are delighted to present the fourth issue of the Indian Economic Journal, which brings together seven insightful research articles covering diverse dimensions of development economics, public policy, labour, finance, governance and institutional transformation. The studies featured in this issue employ rigorous empirical methodologies and contribute significantly to the understanding of contemporary socio-economic challenges in India and other developing regions of the world. Collectively, these articles highlight the importance of inclusive development, institutional effectiveness and participatory governance in shaping sustainable economic progress.
The issue opens with the article People’s Participation and Impact of Micro Watershed Project: An Analysis of the Beneficiary Farmer’s Perceived Impact of Jalyukt Shivar of Maharashtra, India by Pravin Chavan. The study critically evaluates the implementation and effectiveness of the Jalyukt Shivar Scheme launched by the Government of Maharashtra to address drought and agrarian distress. Using structural equation modelling and a specially developed impact assessment scale, the author demonstrates that public participation is central to achieving positive irrigation, agricultural, environmental and socio-economic outcomes. The findings reveal that the programme largely remained supply-driven in the absence of active community engagement.
The second article, Determinants of Violence in India: Role of Economic and Ethnic Factors by Shashank Shekhar Shukla and Kaushik Bhattacharya, examines the socio-economic and ethnic determinants of violence in India using the India Human Development Survey data. Employing a probit model, the study reveals significant interactions between caste mobility and exposure to violence. The findings suggest that violence against socially backward groups tends to increase when these groups experience upward economic mobility, while an opposite trend is observed among forward castes. Ethnic fractionalisation, political activism, village feuds and separatist movements are also found to influence vulnerability to violence. The article offers valuable insights into the complex relationship between inequality, identity and social conflict in a diverse society like India.
The third contribution, Role of Hired Agricultural Labour in Crop Production: Evidence from the Brahmaputra Valley of Assam by Anup Kumar Das, explores the growing dependence on hired agricultural labour in farming activities across the Brahmaputra Valley of Assam. Based on farm-level data collected from 237 cultivating households, the study highlights that labour shortages within family farming systems have increased reliance on hired workers. The analysis reveals that larger farmers employ hired labour more extensively across all farming operations, while small and marginal farmers mainly use hired labour for labour-intensive group activities. Importantly, the study finds that hired labour positively contributes to cropping intensity and crop diversification. However, the fragmented agricultural labour market necessitates policy intervention to improve labour availability and efficiency in rural agriculture.
The fourth article, Portfolio Diversification Opportunity Between Europe and India Do Exist by Arup Bramha Mohapatra and Venkateswara Rao Bhanotu, investigates the volatility transmission between major European stock markets and the Indian stock market. Using advanced econometric techniques such as vector autoregression and dynamic conditional correlation multivariate generalised autoregressive conditional heteroskedasticity models, the authors analyse whether portfolio diversification opportunities exist between European markets and India. The study finds evidence of long-run information spillovers from European markets to India, while identifying short-run diversification opportunities, particularly between the London market and the Indian market.
The fifth article, Economic Growth and Stable Employment in the West African Economic and Monetary Union (WAEMU): An Analysis of the Influence of the Institutional Environment Using an Autoregressive Distributed Lag (ARDL) Panel Model by Sangare and co-authors, examines the relationship between economic growth, institutional quality and stable employment generation in WAEMU countries. Using panel data from 1996 to 2021 and an ARDL framework, the study establishes that economic growth positively influences stable employment in both the short- and long-run. Furthermore, institutional quality—particularly corruption control, government effectiveness and regulatory quality—plays a critical role in accelerating employment adjustment during economic shocks. The article emphasises that structural transformation and institutional strengthening are essential for ensuring sustainable employment generation in developing economies.
The sixth article, Nexus between Political Concentration, Fractionalisation, Fiscal Federalism and Human Development: A State wise analysis by Vivek Jadhav and Shrabani Mukherjee, explores the relationship between political structures, religious diversity and human development across Indian states. By constructing composite indices of polarisation and fractionalisation and employing a dynamic panel-data approach, the study finds a significant inverse relationship between religious polarisation and human development. Political concentration also emerges as an influential factor affecting developmental outcomes. The article contributes to debates on governance and fiscal federalism by highlighting how political and social structures shape development trajectories in a federal democracy.
The final article, Status of Digital Payments in BRICS Countries by Prabhjot Kaur and Lakhwinder Singh Kang, examines the evolution of digital payments and digital financial inclusion across Brazil, Russia, India, China and South Africa (BRICS) nations during 2011–2021. The study compares indicators of access and usage of digital payment systems and identifies substantial disparities between BRICS economies and developed nations. The authors argue that governments and central banks in BRICS countries must adopt proactive policy measures to strengthen digital infrastructure, improve accessibility and promote inclusive digital finance.
The articles included in this issue collectively underline the importance of participatory governance, institutional quality, social inclusion and technological transformation in addressing contemporary development challenges. We extend our sincere gratitude to all authors, reviewers and members of the editorial board for their valuable contributions. We hope that this issue stimulates further scholarly engagement and policy dialogue on critical economic and social concerns across the globe.