Millennial Asia

Capital accumulation and investment positively affect economic growth. Investment is measured by gross fixed capital formation (GFCF), at both national and sub-national levels. GFCF is constructed for both public (government) and private (household and corporate) sectors. At the national level, information on both private and public GFCF is readily available. But at the sub-national level, only public GFCF is available, which does not reflect the accurate investment level. We attempt to bridge the gap by constructing private GFCF and capital stock for Punjab from 2011 to 2021 for nine industries. We chose Punjab because the state was using archaic surveys and reports to calculate private GFCF (up to 2016), which may lead to an underestimation of the overall GFCF and capital stock. We find a higher and more persistent private GFCF than the state’s estimates. Such a trend has also been noticed in several sectors and is even true for private capital stock.

This study uniquely quantifies the gap between entrepreneurial behaviour (EB) and sustainable entrepreneurial behaviour (SEB) among farmers in the Ratnapura District of Sri Lanka, and offers a context-specific framework with policy-oriented strategies to bridge the divide. Data were collected through a pre-tested, structured questionnaire administered to a sample of 392 farmers in the study area using a non-proportional random sampling, complemented by two focus group discussions involving 10 farmers each. The data were analyzed using Reliability Analysis, KMO Test, Confirmatory Factor Analysis, Descriptive Statistics and Thematic Analysis. Results revealed that while farmers exhibit a neutral level of EB, with an EB index of 3.481 out of 5, their commitment to sustainability is relatively lower, as reflected by an SEB index of 2.916 out of 5. The positive gap of 0.565 between EB and SEB indicates that farmers prioritize short-term profitability over long-term sustainability. The context-specific framework and policy-oriented strategies underscore the need for gradual changes and strong external support systems to transition toward SEB, with targeted interventions such as incentives for eco-innovation, stronger market linkages for sustainable products, and financial de-risking measures.

This article aims to investigate the moderating role of digitalization of trade (DT) on the association among foreign direct investment (FDI) and sustainable economic growth in BRICS+ nations over the period 1996–2023. This research employed a panel quantile regression approach for an empirical analysis and the two-stage least squares model for robustness. The findings depict the direct influence of both FDI and DT, which substantially and favourably enhance sustainable economic growth. Together, they stimulate innovation, enhance infrastructure and foster equitable and sustainable economic development for long-term prosperity. The moderating influence of DT on the FDI–growth relationship is found to be significant at all quantiles (except the 10th and 90th). The study recommended that policymakers should lower trade barriers, reduce tariff rates and form investor-friendly policies to attract FDI and promote DT by fostering digital literacy and investment in digital infrastructure for the economic advancement of BRICS+ nations.

The study aims to assess the relative prominence of antecedents responsible for the adoption of digital AI-integrated human resource management (HRM) in small, and medium enterprises (SMEs). The present study has employed the technological–organizational and environment (TOE) framework to identify and categorize the antecedents and their sub-antecedents through an extensive literature review. Further, the fuzzy analytic hierarchy process was employed with a sample of 140 human resource professionals to prioritize the antecedents and their sub-antecedents. In a first for HRM in the context of findings, the sub-antecedents prioritized were the technical interface of software and application, data integrity, competitiveness and relative advantage in the market. Despite government efforts to build a digitally skilled workforce, regulatory compliance for IT security at the SME level remains a gap. The study advocates that policymakers at the government level ensure regulatory compliance for each SME unit to ensure IT-based security. This study has contributed to a theoretical understanding of adopting disruptive technologies for HRM in SMEs. While existing literature emphasizes technology antecedents, the present study underscores the criticality of previously underexplored key sub-antecedents.

Rapid urbanization in Asia has intensified concerns over rising CO₂ emissions, yet the moderating influence of human capital in this process remains underexplored. This study examines whether human capital can mitigate the environmental impact of urbanization in five major Asian economies—China, India, Japan, South Korea and Indonesia—during 1990–2021. Employing advanced panel econometric techniques, including cross-sectional dependence tests, panel co-integration analysis and a panel ARDL framework with Panel Mean Group (PMG), MG and DFE estimators, the study captures both long- and short-run dynamics. Robustness is ensured through dynamic OLS estimation, while Granger causality and variance decomposition provide insights into the direction and strength of causal linkages. The results reveal that urbanization significantly increases CO₂ emissions, with a 1% rise in the urban population contributing to a 7.53% increase in emissions. In contrast, human capital directly reduces emissions by 1.68% and, when interacting with urbanization, offsets its adverse effect by 11.76%. Evidence broadly supports the Environmental Kuznets Curve, although country-specific heterogeneity emerges: human capital fosters sustainable urbanization in China and South Korea, and moderates environmental stress in India, while financial development intensifies emissions in Japan and Indonesia. By quantifying the moderating role of human capital, this study adds novel evidence to the environmental economics literature and underscores human capital development as a key policy instrument for achieving sustainable urban growth and low-carbon development in Asia.

The resilience of living cultural landscapes depends on the equilibrium between ancestral authenticity and the structural shifts of territorial reconfiguration. This research decodes the multi-dimensional attractiveness of highland periodic markets within the geo-cultural amalgamation of Tuyen Quang and Ha Giang. Rather than viewing administrative changes as a mere logistical challenge, this study frames the current provincial merger as a strategic window of opportunity to redefine regional competitive identity. Moving beyond static descriptive accounts, the study employs a hybrid multi-criteria lens, integrating Fuzzy-AHP and TOPSIS, as a structural framework to navigate the granular and subjective perceptions of 33 multidisciplinary experts. The analysis identifies cultural value and experiential authenticity as the primary determinants, where the agency of ethnic communities and the preservation of material heritage serve as pivotal factors. Through the TOPSIS algorithm, Meo Vac Market emerges as the benchmark of resilience, where a high nature quotient converges with the micro-social interactions of diverse ethnic groups. This study argues that in the wake of administrative mergers, attractiveness is not a static asset to be managed but a dynamic outcome of community agency leveraged through visionary public policy. The proposed framework provides a cognitive tool for regional governors to navigate the nature–culture nexus, ensuring that territorial restructuring acts as a catalyst for revitalizing the cultural distinctiveness that defines the region’s global appeal.

This article examines Saim Sadiq’s Joyland (2022) through the frameworks of gender studies and queer theory, analysing how it challenges dominant gender and sexuality narratives in South Asia. Focusing on Biba, a trans woman and erotic dancer, and Haider, a cisgender man grappling with societal expectations, the film destabilizes Pakistan’s heteronormative and patriarchal norms. It employs Gayatri Gopinath’s (2005, Impossible desires: Queer diasporas and South Asian public cultures, Duke University Press) ‘hijrotic’ concept to highlight trans desire as central to South Asian public culture, not marginal. Drawing on Judith Butler’s (1990, Gender trouble: Feminism and the subversion of identity, Routledge) gender performativity and R. W. Connell’s and J. W. Messerschmidt’s (2005, Gender & Society, 19(6), 829–859) hegemonic masculinity, it explores Haider’s evolving gender identity. Despite Pakistan’s legal recognition of transgender individuals, Joyland exposes the gap between formal rights and lived oppression, showing how trans and female bodies are controlled through domestic labour and public morality. The film serves as a critical lens for understanding the complex interplay of gender, sexuality and class in contemporary South Asia.

Nepal’s geographic and ecological diversity render it highly susceptible to climate change, while its complex social structure, characterized by entrenched caste, gender, and ethnic inequalities, exacerbates this vulnerability. The intersection of climatic variability and socio-cultural disparities creates compounded risks, with marginalized groups disproportionately affected by extreme events like droughts and floods. This study focuses on the adaptive strategies and vulnerabilities of Madheshi Dalit Women (MDWs) in the eastern Tarai, using the 2008 Koshi flood as a case study. Grounded in qualitative field research, it employs an intersectional lens to explore how caste, ethnicity, and gender shape MDWs’ livelihood challenges, adaptive responses, and socio-economic deprivation regarding climate-change-induced disaster risks. The research seeks to answer three interrelated questions: the post-disaster changes in MDWs’ labour and livelihoods, their access to land, food security and local conflict, and the state’s role in facilitating post-flood livelihood recovery.

The strategic connection between Vietnam and Laos is characterized by functional cooperation agreements spanning political–ideological, military, economic and cultural–social domains. This partnership aims to foster a new developmental state or a sustainable strategic space for both nations. The foundation of this connection is not solely based on geographical and demographic proximity but is significantly strengthened by the special friendship and solidarity between Vietnam and Laos, as well as practical necessities. Nonetheless, this strategic relationship also encompasses elements of competition and the exertion of Vietnam’s influence over Laos. In the current context, Vietnam and Laos must navigate competitive pressures from external partners, particularly China; seek resources, including domestic private enterprises; prioritize technical infrastructure connectivity and institutional innovation; and leverage advantages from various bilateral and multilateral cooperation mechanisms within the Mekong Subregion to enhance Vietnam–Laos strategic connectivity.

Coconut played a vital role in Malaysia’s food security strategy, particularly within the agrifood sector’s fruit category. The National Agrofood Policy 2021–2030 (NAP 2.0) aimed for a self-sufficiency level (SSL) of 83% by 2030; however, the coconut sector continued to underperform, achieving only 70.3% in 2023. This shortfall was attributed to structural challenges, including land conversion, ageing tree populations, low replanting rates, and limited access to high-yield hybrid seedlings. To address these issues, this study employed a system dynamics (SD) modelling approach to evaluate the effects of various policy interventions, including utilizing abandoned land, providing financial grants, and offering seedling subsidies, on coconut production and SSL outcomes. Simulation results indicated that an integrated policy mix significantly improved production and raised SSL to nearly 80% by 2040. These findings provided actionable insights for revitalizing Malaysia’s coconut sector and underscored the importance of coordinated, long-term strategies to strengthen national agricultural resilience and food security.

Nagaland, located in the northeastern region of India, is marked by its rugged, mountainous terrain. Among its indigenous communities, the Angami Nagas have developed sophisticated agricultural practices, most notably the construction of bench terraces for paddy cultivation on steep slopes. This study examines the terrace cultivation practices of the Angami Nagas, highlighting the embeddedness of these agricultural methods within their cultural frameworks and environmental contexts. Drawing on ethnographic insights, the article examines how indigenous knowledge (IK) informs agricultural organization, resource management, and sustainability. The findings demonstrate that the Angamis’ farming practices are not only ecologically adaptive but also culturally resilient, contributing to long-term sustainability in both food production and environmental stewardship. By illustrating the dynamic interplay between culture and agriculture, this study highlights the importance of preserving IK systems in the face of modern agricultural challenges. It argues that the enduring sustainability of Angami terrace cultivation lies in the synergistic relationship between traditional ecological practices and community life.

This study investigates sectoral and market-wide herding behaviour in Bursa Malaysia by examining the influence of market returns, realized investor sentiment, market liquidity and analyst recommendations. Using high-frequency intraday data from 239 listed firms spanning January 2020 to January 2024, herding is measured through the cross-sectional absolute deviation (CSAD) method. Fixed-effects panel regressions and quantile regressions are employed to capture both average and distributional effects, with Prais–Winsten corrections addressing heteroskedasticity and serial correlation. The results reveal that market-wide herding intensifies during downturns and in periods of heightened volatility and sentiment. Liquidity emerges as a key amplifier of herding, particularly in stressed market states, while analyst recommendation dispersion shows limited moderating impact. Sectoral analysis uncovers significant heterogeneity: herding is most pronounced in financials, consumer staples and technology, while healthcare and real estate demonstrate more dispersed, fundamentals-based trading. These findings underscore the asymmetric and conditional nature of herding behaviour across sectors and market regimes. By integrating sentiment, liquidity and informational variables within a unified framework, this study contributes to behavioural finance literature and offers policy-relevant insights for managing investor overreaction and systemic vulnerabilities in an emerging market context.

To foster deeper economic integration across South Asia, the South Asian Free Trade Area (SAFTA) was instituted, with India assuming a central role in advancing trade relations among SAARC member states. This study examines the trade creation (TC) and trade diversion (TD) effects resulting from India’s participation in the SAARC nations under the SAFTA framework. Employing the gravity model framework developed by Anderson and van Wincoop (2003, American Economic Review, 93(1), 170–192), the analysis is conducted on a panel comprising 28 countries—including India, seven SAARC partners, and 20 India’s major trading counterparts during the 1988–2023 period. To overcome the limitations inherent in traditional gravity specifications, the model incorporates multilateral trade resistance terms and employs the Poisson Pseudo Maximum Likelihood (PPML) estimator to handle zero trade flows and ensure robust estimation effectively. Findings indicate the coexistence of TD and TC effects in terms of imports. These outcomes suggest that SAFTA’s destination-specific liberalization policies—particularly tariff concessions granted to Least Developed Countries (LDCs)—have positively influenced regional trade dynamics. However, gains from reciprocal liberalization appear uneven, diminishing with greater geographical distance among members. Thus, the findings contribute significantly to shaping informed trade policy frameworks across the region.

Access to premarket resources, such as education, depends on multiple socio-economic and demographic factors that encompass determinants like age, gender, caste, income, and occupational status. Notwithstanding the clarion call for ‘leaving no one behind’ under the SDG framework, educational and skill gaps at the inter-gender level continue to persist in rural India. In the case of rural Punjab, India, this article presents a modest attempt to examine the issue of gender-based premarket discrimination in access to formal education and skilling. Utilizing data from the National Sample Survey Organization’s (NSSO) 75th Round on Social Consumption in Education (2017–2018), two binary logistic models were formulated to analyze the role played by gender in an individual’s access to general and technical education (TE). The odds ratios estimated in both models suggest that a female’s odds of accessing formal and skill-based TE are 39% and 30% lower than their male counterparts, ceteris paribus. Thus, the analyses support our hypothesis of gender-based premarket discrimination in access to education and skilling in rural Punjab. To sustain a developmental model rooted in equity, addressing these gender-based inequalities will be of paramount importance in Punjab’s growth story.

Environmental sustainability is a central concern in rapidly developing regions. This article investigates dynamic interactions among PM_2.5, economic growth, trade, international tourism expenditures and air cargo transport for emerging Asian economies over the period 1990–2023. Using panel data methods with variance decomposition, we show that PM_2.5 is predominantly self-driven in the short run but increasingly shaped by external macroeconomic and sectoral forces over time. Air cargo transport has emerged as the most influential external source of variation in PM_2.5. International tourism expenditures contribute to additional variations in PM_2.5, suggesting that tourism-related mobility and consumption can influence air-quality dynamics through indirect channels. GDP shocks are associated with higher PM_2.5, while the non-linear income dynamics captured by GDP and its squared term are broadly consistent with an environmental Kuznets curve–type relationship in the impulse–response patterns. Air cargo transport exhibits a nuanced effect: it is associated with short-run reductions in PM_2.5 in the estimated dynamics, while its overall influence remains substantial in explaining longer-horizon fluctuations. Overall, the results indicate strong internal persistence in PM_2.5, alongside an increasingly important role for transport-related shocks over longer horizons, motivating cleaner production and sustainable logistics policies.

The COVID-19 pandemic and subsequent global economic disruptions have altered the fiscal landscape of many lower-middle income countries, including the Philippines. Using national and international data, this study examines key debt indicators, including debt-to-GDP trends, fiscal deficits, interest payment burdens and external exposures, to assess emerging vulnerabilities. It adopts the IMF debt-sustainability analysis framework to project the Philippines’ debt trajectory under baseline and stress-test scenarios. While not facing an imminent crisis, the analysis reveals asymmetric vulnerabilities: debt sustainability is highly sensitive to growth shocks but relatively insulated from financial market volatility. This pattern reflects the Philippines predominantly domestic debt structure, which limits exposure to external financing pressures but offers limited protection against revenue contractions during economic downturns. Growth resilience and revenue mobilization, rather than external financing access, represent the primary fiscal sustainability constraints. The study recommends rule-based budgeting, enhanced revenue mobilization and efficient spending to safeguard long-term fiscal stability.

We propose a novel empirical framework, featuring a triangular causality model, that integrates digital, financial and real-sector linkages in India through the Unified Payments Interface (UPI). Grounded in the finance-led growth tradition and extending the bank-level digital-liquidity literature to a macro-transmission setting, we introduce and test the liquidity acceleration hypothesis, which posits that digital payment infrastructure may accelerate the transmission of capital-market liquidity to real economic activity. Using monthly data from August 2018 to August 2025, we employ a complementary suite of unit-root tests, the ARDL bounds-testing procedure for cointegration, and the Toda and Yamamoto (1995, Journal of Econometrics, 66, 225–250) augmented Granger causality test, supported by impulse response and forecast error variance decomposition analyses. The results reveal a stable long-run equilibrium among the three sectors and an asymmetric causal architecture in which the stock market acts as the exogenous driver, UPI appears to serve as a real-time conduit and industrial output responds strongly to the stock market and more tentatively to UPI. Financial-market innovations account for a progressively larger share of variance in digital and real activity over the forecast horizon, while remaining almost entirely self-determined. Together, these findings provide initial empirical evidence consistent with the liquidity acceleration hypothesis in the Indian context, positioning UPI not merely as a payments mechanism but also as a potential transmission channel through which financial liquidity appears to reach the real economy, with meaningful implications for India’s evolving digital–financial integration.

This study examines how institutional regimes governing employee inventions shape the national innovation system (NIS) performance, with particular attention to technological catch-up in Asian economies. We conceptualize employee invention regimes as a core institutional component of NIS that structures incentives for knowledge creation, appropriation and diffusion. We classify countries into employer-centred (Group A), inventor-oriented (Group B), contract-based (Group C) and transitional regimes (Group D) according to their legal ownership frameworks. Using US Patent and Trademark Office data covering 1976–2021, we construct comparative indicators of technological cycle time, localization, originality, generality, appropriability, diversification and science–technology linkage. Analysis of variance reveals systematic institutional associations. Inventor-oriented regimes are associated with shorter technological cycles and stronger localization, suggesting advantages for adaptive and incremental innovation in latecomer economies. In contrast, contract-based regimes are associated with higher originality, broader technological generality and stronger science–patent linkages, reflecting their suitability for science-intensive innovation. These findings reveal a structural paradox within NISs: institutional arrangements that promote rapid catch-up may simultaneously limit integration with frontier science unless supported by complementary institutions. By integrating legal ownership regimes into the NIS framework, this study contributes to comparative institutional analyses of innovation and offers context-sensitive insights for Asian economies.

Gender inequality is deeply ingrained in the traditions and practices of South Asian countries, impacting every facet of women’s lives. This article, through the construction of the Gender Disparity Index from 2003 up to 2022, attempts to analyse the development gaps between males and females in health, education and labour market participation dimensions, thus indicating the extent of gender disparities existing in South Asia. The statistical results exhibit that gender disparities have declined over a period of time, and health has emerged as a prominent dimension in reducing these disparities. This article suggests that South Asian countries should strengthen their healthcare systems, especially in countries such as Afghanistan and Pakistan. Also, the countries should focus on bringing more females into the ambit of education, coupled with enhancing their opportunities to participate in the workforce. The road towards equality can be tread when the deep-rooted patriarchy gets challenged through a systematic approach and women become a part of the development process and economic growth.