1.JAIPURIA 100 Years of Excellence Sec-14-C,Vasundhara, Ghaziabad - 201 012 Ph: 0120-4550100, Fax: 0120-2882804 Jaipuria Institute of Management www.jaipuria.net (Approved by All India Council for Technical Education and Affiliated to Mahamaya Technical University, Noida) Jaipuria Institute of Management Ghaziabad JAIPURIA 100 Years of Excellence JaipuriaGroup of Management Institutions: Jaipuria Group of Management Institutions (JGMI) have established themselves as leading management institutes in northern India, comprising Jaipuria Institute of Management (JIM), Jaipuria Institute of Management Studies (JIMS) and JaipuriaInstitute (JI) Jaipuria Institute of Management (JIM) conducts a well established Mahamaya Technical University approved MBA programme. Jaipuria Institute of Management Studies (JIMS) was set up in the year 2008 and runs a Post Graduate Diploma in Management (PGDM), a two year full time programme approved by AICTE. Jaipuria Institute (JI) has been conducting BBA programme affiliated to CCS University since 2004. JGMI has developed a NEW VISION, it aims to become a Fully Integrated, Socially Responsible Group of Management Institutions, of National Reckoning, by Meeting the Growing and Emerging needs of industry and business through Teaching, Training, Research and Consulting in the field of Management, Directly (BBA/MBA/ PGDM/MDP/Consulting) and Indirectly (FDP/Literature Development/Research/Conference). The Group has thus initiated meaningful Conferences, Faculty Development Programmes and Management DevelopmentProgrammesunderthe NEWVISION. Jaipuria Group of Management Institutions in Vasundhara and the NEW campus at Indirapuram, Ghaziabad aims to provide quality management education to transform individuals into Business Leaders, Skilled Managers and Entrepreneurs. Challenges of Managing Sustenance & Growth in the Era of Economic Downturns National Conference on 20th April, 2012

2. Contents National Conference on Challenges of Managing Sustenance and Growth in the Era of Economic Downturns th 20 April 2012 JAIPURIA 100 Years of Excellence Messages Abstract 1. Does Experience Matter in the Cross Border Mergers and Acquisitions? 2. Does Debt risk Transferable? Contracts and Earnouts in M&A Dialogue 3. Challenges of Micro Finance Institutes and its impact in Economic Development of Assam: an Impact study of SHGs in Assam 4. Global Economic Downturn And Its Impact On Indian Economy 5. Managing a Business in Turbulent Times Impact of Economic Meltdown- the Challenges for India 6. Liberalized FDI policy & its contribution to GDP growth in India: A sectoral analysis of top 10 sectors 7. Restaurant Industry: Growing concern about Sustainability insights 8. Disinvestment Policy in the Context of Globalization 9. FDI in Retail Sector : Challenges or Opportunities 10. Sustainability quotient of Indian economy - challenges and imperatives 11. Sustanibility and Growth in Indian Tourism Industry for Economic Development 12. Impact of Greek Debt Crisis on Indian Economy and Indian Financial Markets 13. NPA Management by the Indian Banking Sector in the Turbulent Economic Environment 14. Challenges in Managing Healthcare Delivery System in the Era of Economic Downturn 15. Sustaining Growth through Management Education in INDIA 16. SWAPS: Effective Tool For Risk Management in Economic Downturn 17. Indian Economical Status and Its Impact on Slowdown IT Industry: An Information Revolution 18. Managing Generation Mix: Challenges and Prospects 19. Pension Sector Reforms and Economic Growth Special Reference to India 20. Challenges of IT in managing and controlling the business in this era of economic downturn 21. Skill Challenges of Sustenance and Growth in Economic Downturn 22. TV Broadcasting and Economic down turn Research study on talent management as a global key for sustenance. 23. Internet Marketing : An effective way of marketing in these challenging times. Jaipuria Institute of Management was set up by Seth Anandram Jaipuria Education Society in 2001. It has sprawling campus spread over 5.5 acres on Delhi-Meerut link road within NCR. During this short span of 10 years, under the able guidance of the President, Dr.Rajaram Jaipuria, JIM, is being acclaimedasaleadingbusinessschoolinNorthernIndia. Jaipuria Institute of Management, Ghaziabad, was established by fulfilling all the norms regarding academic, financial and social aspects set by concerned statutory bodies. The Institute started a full time 2 years master degree course in Business Administration (MBA), from the academic session 2001. The course is duly approved by AICTE, Ministry of HRD (Govt. of India) and affiliatedtoMahamayaTechnicalUniversity,Noida(UP). About Jaipuria Institute of Management Dr. Partho P. Kar Member, Board of Governors, IIM, Lucknow Dr. Krishna Kumar Former Director & Professor, IIM, Kozhikode Dr. Sharad K. Goel Director, Jaipuria Institute of Management Studies Prof. Nikhil Garg Director, Jaipuria Institute Dr. Y. P. Singh Ex-Dean, Faculty of Commerce, Delhi University Dr. Daviender Narang Director Jaipuria Institute of Management, Ghaziabad Organizing Secretary Dr. S. P. Singh Dean, FMS, Gurukula Kangri Vishwavidyalaya Haridwar Dr. Somesh Kumar Shukla Faculty of Commerce, University of Lucknow Dr. Ashok Mittal Chairman, Department of Economics Aligarh Muslim University Prof. Neera Verma Chairperson, Department of Economics Kurukshetra University Advisory Committee Conveners Mr. Ajay Tripathi Jaipuria Institute of Management Ghaziabad Chief Patron Dr. Rajaram Jaipuria President Jaipuria Group of Management Institutions Patron Shri Shishir Jaipuria Vice President Jaipuria Group of Management Institutions Organizing Committee Dr. Ashwani Varshney Jaipuria Institute of Management Ghaziabad Ms. Najaf Shan Jaipuria Institute of Management Ghaziabad Administration Dr. Anil Kumar Gupta Deputy Director (Administration) Jaipuria Group of Management 1-13 14 14 15 16 17 18 18 19 19 20 21 22 23 24 25 25 26 27 27 28 28 28 29 3. National Conference on Challenges of Managing Sustenance and Growth in the Era of Economic Downturns th 20 April 2012 JAIPURIA 100 Years of Excellence National Conference on Challenges of Managing Sustenance and Growth in the Era of Economic Downturns th 20 April 2012 JAIPURIA 100 Years of Excellence 24. 25. The Importance of Organisational Climate in Project Management 26. Impacts of Soft Skills on e-Government Projects Success 27. Changing Role of HRM Practitioners in Era of Economic Downturn 28. Sustenance of Indias Export with Related Measures 29. Studying the present status of Islamic banking worldwide and its SWOT analysis to find out, its future potential in India 30. Corporate Entrepreneurship: A Winning Tool in the Continuing Global Economic Crisis 31. Service Loyalty and its Relationship with Service Quality: Implications for Service Marketers 32. The Critical Need for Succession Planning In Economic Downturn 33. Recognizing the Opportunities of Language without which India May miss the Globalization Bus 34. The Role of Corporate Brand Identity during an Economic Crisis 35. Managing Organisational Changes and McKinseys 7 S model 36. Retailing in India-A way to Growth of Organized Retailing in Emerging Economies: Challenges and Opportunities 37. Overcoming the Challenges of Managing Sustenance and Growth in the Era of Economic Downturns with the help of youth marketing strategies in India 38. Relationship of collaboration A Pragmatic Study of Economic activities 39. Analysis of Arbitrage strategies by formulizing of Market Timing 40. Impact of Micro Finance on Women & Children With Special Reference To India & Bangladesh 41. Measuring Entrepreneurship in Developing Countries 42. A Study of Viral marketing 43. Indian Banking System: Comparative Study of Past and Present scenario 44. Employee Retention through Strategic Human Resource Management 45. How To Survive in Slowdown Storm ? 46. Empirical Analysis of CAPM and APT models in FMCG companies listed in BSE Stock exchange 47. Revival Of The Piigs Countries from the Era of Economic Downturn 48. Challenges to Maintain Economic Growth During the Recession Employee retention challenge in the ICT Public Sector in Mauritius 49. 50. Application of the Sharpes Single Index Model for Optimal Portfolio Construction 51. Sustainability of Turnaround for Achieving Consistency in Operational Efficiency: A Study of Indian Railways 52. Making Sense of Corporate Social Responsibility: Issues and Challenges in Indian Perspective 53. Understanding Eurozone Crisis & Its Impact on Indian Exports 54. Glocalisation-Success Mantra of Globalisation 55. Managing the Sales Workforce Diversity 56. An Empirical Study on Role of Demographic Factors on Stress Affecting Employee Motivational Level 57. Management of Foreign Exchange Risk in the emerging market of India- A study of Brassware market of Moradabad & Rampur 58. Becoming an Entrepreneur by Outsourcing: A Case Study of Aligarhs Locks & Hardware Industry 59. Constructive Development, Self monitoring and correcting workplace deviances An insight during Downturn 60. Concept of J.N.D: A boon for FMCG Marketers 61. Sustainable Development and Education in a Globalized Environment: A perspective 62. An Eye upon an aviation sector in India With special reference of Kingfisher Airlines 63. M&A Growth Strategy Creates Value for the Organizations: A Study of Bank of Rajasthan Merging with ICICI Bank 64. Reasons for Corporate Governance Failures 65. Cloud Computing for SMEs in Indian Context 66. Causes Of Recessionary Job Stress 67. Role of Technology in managing sustain financial growth-A study on media selection preferences by bank customers 68. Sustaining Growth through Management Education in INDIA: The changing face of management education & challenges for tomorrow 69. Impact of IT Integration in Managing the Growth of MSMEs in Downturns 70. Managing Talent for Sustainable Competitive Advantage 71. Green Information Technology -a Strategy For Socially Responsible Software Companies GDP Growth and Challenges of Managing Sustenance 44 44 45 45 46 47 47 49 49 50 50 51 51 52 52 53 53 54 54 55 55 56 56 29 30 30 31 31 31 32 33 33 34 34 35 35 37 38 38 39 39 40 40 41 41 43 43 43 4. National Conference on Challenges of Managing Sustenance and Growth in the Era of Economic Downturns th 20 April 2012 JAIPURIA 100 Years of Excellence 72. Accompany Inclusion 73. Impact of Global Crisis on Finance Theory 74. Impact of Economic Downturn on Indian Retail Industry: Challenges, Opportunities and Outlook 75. Issues and Challenges of Managing Organisational Cultural Change with the New Business Environment of India 76. Mobile Enterprise Resource Planning : Success Or Failure A Research Agenda 77. Environmental Protection : The Responsibility Of Growth (A Study Of Environment Safety Policies At Petronet LNG Ltd) 78. Cluster Supply Chain- Case Study Innovative Solution Towards Sustainable Development:Financial Literacy Should 57 57 57 58 59 59 60 05 Messages It gives me immense pleasure to know that Jaipuria Institute of Management is organizing a one day National Conference on "Challenges of Managing Sustenance Growth in the Era of Economic Downturns" at Ghaziabad on 20thApril, 2012 and a Souvenir is also beingpublishedtoearmarktheevent. India has always been on an upfront in intellectual capital even during the recent global turmoil since 2007. The credit for such resistance to domestic and global economic pressure goes to the valiant efforts made by professionals from Industry and academics who havealwayscohesivelyprovidedanewoutlooktotheNationintoughtimes. Jaipuria Institute of Management has taken an initiative to provide a Juncture where individual efforts may be unified and today's youth brigade of budding managers may be enlightenedandstreamlinedwithglobalcounterparts. On this occasion, I highly appreciate the management and organizers of the institute fortheirearnesteffortsandextendmybestwishes forsuccessfulConferenceandSouvenir. Yours Sincerely, (SRIPRAKASH JAISWAL) SRIPRAKASH JAISWAL Jhizdkktk;loky M E S S A G E Room No. 353, 'A' Wing, Shastri Bhavan, New Delhi-110001, Tel.: 011-23384498, 23385946, 23389132, Fax: 011-23386219 Camp Office: 480, Pokharpur, Lal Bangla Cantt, Kanpur (U.P.). Tel: 0512-2450686, 2450851, Fax: 0512-2450776 Dated : 6th April, 2012 National Conference on Challenges of Managing Sustenance and Growth in the Era of Economic Downturns th 20 April 2012 JAIPURIA 100 Years of Excellence dks;ykea=h Hkkjrljdkj kkL=hHkou]ubZfnYyh&110001 MINISTER OF COAL GOVERNMENT OF INDIA SHASTRI BHAVAN, NEW DELHI-110001 5. 07 Messages Messages 06 It is a pleasure to know that Jaipuria Institute of Management, Ghaziabad is organizing a one day National Conference on "Challenges of Managing Sustenance and Growth in the Era of Economic Downturn" on 20th April, 2012 and also bringing out a souvenir on this occasion. The topic being of global relevance and highly topical hence the deliberation should be brought out in the form of proceedings if possible. I am sure the contents of this souvenir will be selected so as to provide useful information and a variety of reading material for the students and staff. I wish the editorial team a great success and congratulate the management, administration,staffandstudentsforthisendeavor. Withbestwishes, (Prof. S.K. Kak) Vice-Chancellor National Conference on Challenges of Managing Sustenance and Growth in the Era of Economic Downturns th 20 April 2012 JAIPURIA 100 Years of Excellence National Conference on Challenges of Managing Sustenance and Growth in the Era of Economic Downturns th 20 April 2012 JAIPURIA 100 Years of Excellence The Jaipuria Group has been a major force in the establishment of establishing reputable centres for management studies. This effort has made a significant contribution to enriching knowledge, skills and general awareness. I am happy to learn that the Jaipuria Group of Management Institutions is organizing a one-day National Conference on "Challenges of Managing Sustenance and Growth in the Era of Economic Downturn" on Friday, 20th April 2012. I am sure that the deliberation at this Conference will throw more light on the various aspects that underlie the growth dynamics, as well as the international contexts, and bottlenecks that need to be cleared in the domestic arena in order to realize the full potential of the Indian Economy. (Saumitra Chaudhuri) M E S S A G E lnL; ;kstukvk;ksx ;kstukHkou ubZfnYyh&110001 MEMBER PLANNING COMMISSION YOJANA BHAWAN NEW DELHI-110 001 lkSfe=pkS/kqjh SAUMITRA CHAUDHURI egkek;kizkfof/kdfoofo|ky; Mahamaya Technical University C-22, Sector-62, Noida, G.B. Nagar (U.P.) - 201301 Ph:0120-2472706, Fax: 0120-2400418Prof. S.K. Kak Vice-Chancellor Dated: 16th January, 2012No: MTU/Noida/VC/2012/109 M E S S A G E 6. 09 Messages Messages 08 I am delighted to know that Jaipuria Institute of Management, Ghaziabad is organizing a National Conference on Challenges of Managing Sustenance and Growth in the Era of Economic Downturn on 20thApril, 2012 and on this occasion is bringing out a Souvenir. The theme of the conference is very appropriate. I hope that this conference will provide a common platform for academicians, researchers and industrialists to share their knowledge and experience about all aspects of challenges of managing sustenance and growth in the era of economic downturn. I trust that the souvenir will prove to be an effective instrument to present the vision of the conference and the conference will be successful in achieving its objectives. I congratulate the organizers and the team for organizing the event and related publications and wish for its success. (Kripa Shanker) M E S S A G E Date : 20.01.2012 I am happy to know that the Jaipuria Institute of Management, Ghaziabad will be organizing one day National Conference on "Challenges of Managing Sustenance and Growth in the Era of Economic Downturn" on April 20, 2012 and publishing a Souvenir on this occasion. I send my best wishes and greetings to the organizers and all the participants and extend my full support and convey my best wishes for the successful publication of the Souvenir. (Professor Sukhadeo Thorat) F.NO.PS/CH/ICSSR/2012 Dated: 20.03.2012 M E S S A G E National Conference on Challenges of Managing Sustenance and Growth in the Era of Economic Downturns th 20 April 2012 JAIPURIA 100 Years of Excellence National Conference on Challenges of Managing Sustenance and Growth in the Era of Economic Downturns th 20 April 2012 JAIPURIA 100 Years of Excellence xkSrecq)izkfof/kdfoofo|ky; iwoZorhZ mRrjiznskizkfof/kdfoofo|ky; GAUTAM BUDDH TECHNICAL UNIVERSITY (Formerly Uttar Pradesh Technical University) vkbZ-bZ-Vh-ifjlj]lhrkiqjjksM]y[ku&226021m0iz0Hkkjr I.E.T. Campus, Sitapur Road, Lucknow - 226021 (U.P.) India Phone Fax E-mail URL : : : : : + 91-522-2732194 (O) + 91-522-2731631 (R) + 91-522-2732189 vc@uptu.ac.in www.uptu.ac.in, www.uptu.nic.in izks0dikkadj dqyifr Prof. Kripa Shanker Ph.D. (Cornell) Vice Chancellor INDIAN COUNCIL OF SOCIAL SCIENCE RESEARCH (Ministry of Human Resource Development) JNU Institutional Area, Aruna Asaf Ali Marg New Delhi-110067 Tel: 91-11-26741679 (O), Fax: 26741863, 26742109 Email: Chairman@icssr.org, Website: www.icssr.org Hkkjrh;lkekftdfoKkuvuqla/kkuifjkn~ ekuolalk/kufodklea=kky; ts-,u-;w-baLVhV~;w"uy,fj;k]v:.kkvklQvyhekxZ] ubZfnYyh&110067 7. I am glad to know that the Jaipuria Institute of Management,Vasundhara, Ghaziabad is organizing one-day National conference on "Challenges of Managing Sustenance and Growth in the Era of Economic Downturn" onApril 20, 2012. I congratulate the organizers for holding a conference on such an important issue and hope that the deliberations in the conference will help the students to have a better perspective of the present state of economy and the steps to be taken for overall improvement of Economy in general and Services & Manufacturing sectors inparticularforgeneratingemploymentandlivelihoodsforskilledmanpower. I wish all success of the conference and a bright future of MBA students studying in JaipuriaInstituteofManagement,Vasundhara,Ghaziabad. Withwarmregards, Yours Sincerely, (Dr. B.K. SHARMA M E S S A G E 11 Messages Messages 10 D.O. No. fnuakd% Dated: 02.03.2012 S.K. Tomer President Noida Management Association M E S S A G E I am happy to learn that Jaipuria Institute of Management is organizing a National conference on "challenges of Managing Sustenance and Growth in EraofEconomicDownturns" on 20thApril2012. The topic of the conference is a key issue being addressed nationally at all platforms.TheIndian Economy has succeeded in achieving a high average growth rate since liberalization. However, the biggest challenge is not sustaining growth but managing growth. It is under this backdrop, that companies are re-inventing their strategies whether to grow organically or proceed with in organic growth. During the conference vital subjects are likely to be discussed and deliberated such as challenges of industries and society at large, Human Resource as an assetandgovernanceinthechangingEnvironment. I wish to congratulate the Jaipuria Institute of Management on the topical theme, wide reach and popularity of this excellent event and my best wishes for asuccessfulconference. S.K.Tomer President (Affiliated to All India Management Association) C-20/6A, Institutional Area, Sector-62, Noida, 201301 www.nmanoida.org, e-mail info@nmanoida.org, Telefax: 0120-2401305, 6494413 National Conference on Challenges of Managing Sustenance and Growth in the Era of Economic Downturns th 20 April 2012 JAIPURIA 100 Years of Excellence National Conference on Challenges of Managing Sustenance and Growth in the Era of Economic Downturns th 20 April 2012 JAIPURIA 100 Years of Excellence Dr. B.K. SHARMA DIRECTOR & CHIEF REGISTRAR (BIRTHS & DEATHS) funskd,oaeq[;jftLVkj tUe,oaeR;q GOVT. OF NATIONAL CAPITAL TERRITORY OF DELHI DIRECTORATE OF ECONOMICS & STATISTICS 'B' Wing' 3rd Floor, Vikas Bhawan-II, Near Metcalf House Upper Bela Road, Delhi - 110054 Tel. No. 23812841 Fax No. 23812851 E-mail : dires@nic.in Website : www.delhi.gov.in 8. 13 Messages Messages 12 The global economic slowdown and current turbulence in the developed countries of Europe and America has been a serious concern to us. In addition to this political instability and social unrest which has plagued the Gulf countries in the last few years has raised many questions. With this backdrop, it becomes relevant that economists, policy makers and researchers come together and brainstorm the issue and find a suitable solution for putting back the world economy to the path of growth and prosperity. I am glad to know that a one day national conference on Challenges of Managing Sustenance and Growth in the era of Economic Downturns is being organized by Jaipuria Institute of Management. I hope by the end of this conference, certain concrete strategies will come out which will provide directions to mitigate this enormous challengewhichtheworldisfacing. Jaipuria Group has been in the forefront of education and has a strong history that spans industry, education and social services. The group has been taking significant initiatives to promote quality education and provide inclusive growth to all the stakeholders. On behalf of the Jaipuria Group, I welcome all the delegates and scholars to this conference. ShishirJaipuria VicePresident M E S S A G E Date : 14th April, 2012 JAIPURIA GROUP OF MANAGEMENT INSTITUTIONS Campus: Sector-14C, Vasundhara, Ghaziabad-201 012 (U.P.) Tel: 0120-4156525-27 Fax: 0120-2882804 E-mail: shishir@jaipuria.net Website: www.jaipuria.netJAIPURIA 100 Years of Excellence M E S S A G E The greatest challenge to the world economy since the Great Depression, as global output was declining, trade flows drying up and jobs vanishing around the world. The economic downturn has also made the economy more diffident about the virtues of globalization.We know that globalization can also have a repulsive side if it is not dealt with judiciously. The depth and magnitude is such that no economy is immune from it. All the developed and developing economies are experiencing the most severe economic pandemic since then. Collective and far-reaching action is needed to find the rightapproachso thatsustainedandinclusivegrowthcanbeachieved. With the same vision and zeal we at Jaipuria Institute of Management are organizing a one day National Conference on 20th April 2012, on "Challenges of Managing Sustenance and Growth in the Era of Economic Downturns". We hope that through this common platform, eminent scholars, academicians and veterans from industry shall be abletosharetheirvisionandprovideaninsightontheburningissue. We open heartedly welcome all the delegates to this Conference and hope that this will beaprofessionallyrewardingexperiencefor all. Withallmybestwishes tomakethisConferenceamilestoneofachievement. Prof. (Dr.) Daviender Narang Organizing Secretary(Conference) National Conference on Challenges of Managing Sustenance and Growth in the Era of Economic Downturns th 20 April 2012 JAIPURIA 100 Years of Excellence National Conference on Challenges of Managing Sustenance and Growth in the Era of Economic Downturns th 20 April 2012 JAIPURIA 100 Years of Excellence JAIPURIA INSTITUTE OF MANAGEMENT Sector-14C, Vasundhara, Ghaziabad-201 012 (U.P.) E-mail: directorjim@jaipuria.net JAIPURIA 100 Years of Excellence Dr. Daviender Narang M.B.E., M.F.C., Ph.D Director Ph: 0120-4550100 Fax: 0120-2882804 Mobile: 9560050000 9. 1514 ABSTRACTS Using the data on cross border mergers and acquisitions by US firms, in this paper we investigate if prior experience in acquisitions is helpful for the acquirers in making subsequent acquisitions. Our sample contains all completed cross border mergers and acquisitions by publicly traded US firms from 2003 to 2009 where acquiring firm gains control of either public, private or subsidiary targets locate in either a developed or a developing country. We compute the three day cumulative abnormalreturnfortheUSacquirersaroundtheannouncementdatereportedintheSDCPlatinumdatabase.Wefindthatwhen aUSfirmacquiresaprivateorsubsidiaryinternationaltarget,theshareholdersoftheacquiringfirmexperiencesignificantlosses but when the target is a public firm, the deal creates value for the acquiring firm shareholders. Univariate results suggest that unlike deals involving targets in developed countries, when US firms acquire public or private targets in developing countries, acquisition experience is an important factor. Our cross sectional regression result confirms that past experience does not influencethe USfirmswhen theyacquiretargets from the developedcountries.Wefind thatpast experiencematters only when the US firm acquires private targets from the developing countries, experience does not influence the acquisition of public or subsidiarytargetsfromdevelopingcountries. Does Experience Matter in the Cross Border Mergers and Acquisitions? Ann Marie Hibberd College of Business & Economics West Virginia University Morgantown Edward R Lawrence Department of Finance College of Business Administration, Florida International University, Florida Krishnan Dandapani Department of Finance College of Business Administration, Florida International University, Florida Global firms are designing tactics to become corporate raider by choosing merger & acquisition (M&A) as a synergistic choice (Machiraju, 2007; Ray, 2010). M&A is an opportunity for target firm shareholders in a high premium, on the other hand escalating monopoly by an acquirer in the respective market. In recent years, most of the deals get completed because of financer availability thus both investment bankers and private equity firms. However, if deal has completed by transferring heavy-debt from target firm to acquirer that causes negative shareholders market returns (Kasparova, 2007; Schlingemann, 2004). Further, acquirer has to bear target firms debt consequently it would affect on capital structure, interest payments and firmfreecashflows.Inthewesterncapitalmarkets,acquirerhastwostrategicfinancingoptionsnamelyContractsandEarnouts. This paper aims to discuss the importance of these riskless debt alternatives in M&A literature. Exclusively, we present illustrations to gauge the synergy benefits attached with these models. Thereafter, we discuss possible implications to impart and motivate Indian bankers in strengthening and cheering M&A market. Strategically, this leads toinitiate an entrepreneurship activity thatencouragesyoung leaders toparticipate in such deals. The term M&A are often confused or used interchangeably by the business media. A merger typically refers that two companies coming together to become one (Machiraju, 2007; Sherman, 1998; Srinivasan & Mishra, 2007). Merger, acquisition and diversification have become in touch-pads of greater importance in the global business arena. Further, corporate restructuring refers to the change in ownership, business mix, asset mix and alliances to enhance the shareholders value (Kumar & Rajib, 2007; Pandey, 2009; Ramakrishnan, 2010). Leveraged buyouts (LBOs) are the next wave after the end of conglomerate mergers in 1980s. In a LBO transaction, debt financing typically represents 50 per cent or more of the purchase price. The debt is secured by the assets of an acquired firm find typically amortized over a period of less than ten years (Kasparova, 2007). The debt is scheduled to be paid off as operations generated Does Debt risk Transferable? Contracts and Earnouts in M&A Dialogue K. Srinivasa Reddy Doctoral Scholar (Ph.D) Department of Management Studies Indian Institute of Technology, Roorkee Dr. V.K. Nangia, Professor Dr. Rajat Agrawal, Assistant Professor Department of Management Studies Indian Institute of Technology, Roorkee National Conference on Challenges of Managing Sustenance and Growth in the Era of Economic Downturns th 20 April 2012 JAIPURIA 100 Years of Excellence National Conference on Challenges of Managing Sustenance and Growth in the Era of Economic Downturns th 20 April 2012 JAIPURIA 100 Years of Excellence funds or from the sale of the assets of the acquired firm. Traditionally in more than 90 per cent of the LBO transactions, the purchase price of an acquisition has been financed with debt and the tangible assets of the target firm that have been used as collateral for the loans. However, the range of options available to a buyer to finance an acquisition ranges from very simple to the very complex. There are common sources in financing an acquisition, which they include seller as a source of financing, debt finance(includesassetbased lending,seniordebt,convertibledebtand subordinateddebt)and equityfinanceincludesventure capital, private placement, strategic investors etc (Machiraju, 2007; Ray, 2010). Particularly, information asymmetry and valuation risk are important determinants of the choice between cash and share exchange offers (Schlingemann, 2004). In this paper,weexaminecontracts and earnouts thatusually negotiated,documented,registered and legalized betweentarget entity, acquirer and banker. These type of financing settings normally occurred in Russian and Japanese market. Since India is a young country in many discoveries, inventions and developments. Internationalization might promises economic growth but associatedrisksareinvolved.Thestudyconcludesthatcontractsandearnoutsfinancingmergermodelswouldbenefitthestates in developing countries as fit framework for government control as well as strategic advantage like inorganic growth opportunities. The size and growth of rural population is a very vital factor to determine the feasibility of economic development of a region. The Census 2011 provisional population total on rural-urban distribution for Assam, 86 per cent of the state's population lives in rural areas, and only 14 per cent are urban residents. The economy of Assam continues to be predominantly agrarian. The dependence of labour force on agriculture and allied activities was nearly 53 percent as per the population census 2001 and is scatteredover27districtsand26312villages.Commercialcapital,i.e.,loansfrombanksorothercreditagencies,isnotgenerally accessible to farmers in Assam. As a result, borrowing from unscrupulous lenders, who are not regulated by the state, at an extremely high interest rate is commonin the state. Although the amountof commercial loan for agricultural purposes was over Rs. 77 billion in 1990-91, most of these loans went to tea gardens. Their main reason for refusing agricultural loan was a lack of necessary collateral, mostly in the form of land. A lack of proper land inheritance documentationand a lack of adequate amount of land (due to land fragmentation) were two main reasons for lack of collateral among many farmers of Assam. Although Integrated Rural Development Programme (IRDP) was designed to assist rural farming, the need remains largely unfulfilled in Assam. As a result, many MFIs are coming to assist these farmers in agricultural and allied services in recent years. The access to micro-finance services (includes basic financial services - small loans, savings accounts, fund transfers and insurance; alongside non-financialservices suchasbusinesstraining,microfinanceassistspeoplelivinginpoverty)isstillnotthatsignificantandneed much better effort in comingyears. Considerable advances were made in the 1990s in the design of NGO-managedprogrammes andpoverty-targetedbankstoincreaseaccesstosmallloansandsavingsfacilities.Ourstudymainlyfocusesongroundimpactof microfinanceintheholisticdevelopmentofAssamandemphasishasbeengiventoidentifythechallengesfacedbytheMFIsand other financial institutes in Assam. We also studied the awareness level among the rural folks about the different micro finance schemes and donors available within the region. The ground difficulties found by a villager in accessing and repayment of credit and the feedback of suggestions given by them for a hassle free credit system also take into consideration while preparing this report. Keywords:EconomicDevelopment,commercialcapital,agrarianeconomy,MFIs,holisticdevelopment,Creditsystem. Challenges of Micro Finance Institutes and its impact in Economic Development of Assam: an Impact study of SHGs in Assam Samir Sarkar Assistant Professor Department of Business Administration Gauhati University, Gauhati Partha Pratim Borah Research Scholar Gauhati University, Gauhati 10. 17 ABSTRACTS 16 ABSTRACTS The world was just recovering from the economic recession of 2008/09 that global economy was again hit by the economic downturn. The current economic downturn has originated from fiscal and financial crisis in Euro Zone countries particularly Portugal, Ireland, Italy, Greece and Spain coupled with credit rating downgrade of United States by Standard & Poor in August 2011. But, the contagion spread to other counties as well. Europe appears to have entered recession, and growth in several major developing countries (Brazil, India, and to a lesser extent Russia, South Africa and Turkey) has slowed. As a result, global growthandworldtradehaveslowedsharply.For2011,GDP(GrossDomesticProduct)growthrateisestimatedat2.7%forworld, 1.6% for high income countries, and 6.0% for developing countries. In 2012, global economy is expected to grow at 2.5%, high- income countries at 1.4% (Euro Area countries at -0.3% and others at 2.1%), and developing countries at 5.4%.1 The GDP of India is likely to grow at 6.9% in the fiscal 2011-12 as compared to growth rate of 8.4% in 2010-11.2 Reflecting the growth slowdown,worldtrade,whichexpandedbyanestimated6.6%in2011,islikelytogrowonly4.7%in2012.1 ResurgenceofmarketconcernsaboutthefiscalsustainabilityinEuroAreacountriesandexposureofbankstostressedsovereign debtledtosharpdeclineincapitalinflowstodevelopingcountriesinsecondhalfof2011.Thegross capitalinflowstodeveloping countries plunged 45% to $170 billion from $309 billion in the like period of 2010.1 Average FDI (Foreign Direct Investment) inflows to India declined to US$ 3.2 billion per month during September-November 2011 from US$ 4.9 billion per month during April-August 2011.3 Reflecting decline in capital flows, developing countries currencies weakened sharply vis--vis U.S. dollar in the second half of 2011. Major currencies such as Mexican peso, Indian rupee, South African rand and Brazilian real lost 11% or more in real effective terms. Between end-of-July 2011 and early January 2012, developing country stock markets lost 8.5% of their value. This, combined with the 4.2% drop in high-income countries stock market valuations, has translated into $ 6.5 trillion,or9.5%ofglobalGDPinwealthlosses.1 The impact of financial turmoil since August 2011 has had limited impact on industrial production in the countries outside the high-income Europe. Industrial production in Euro Zone countries declined at 2.2% annualized rate during the three months ending October 2011 and had been declining since June 2011. In contrast, Japanese industry grew at an annualized rate of 6.5% during the same period, boosted by reconstruction spending and bounce-back effects following the Tohoku disaster. Industrial Production in United States grew at a 3.1% annualized rate during the fourth quarter of 2012.6 Industrial growth in remaining high-income countries was at 4.4% during three months ending October 2011. Among developing countries, industrial production in China has grown at 11% annualized rate during three months ending November 2011.1 With the slowdown in demand, both domestic as well as external, Growth (y-o-y) of Index of Industrial Production (IIP) of India moderated to 3.8% during April-November 2011 as compared to 8.4% during the same period of 2010-11. The IIP declined 4.7% in October 2011 beforewitnessingrevivalingrowthof5.9%inNovember2011.3But,IIPgrowthsloweddownto1.8%inDecember2011.5 Unemployment rates in high-income countries have persistently remained at high levels, though there was some improvement in the US where the unemployment rate dropped to a two and half year low of 8.5% in December 2011.3 In Japan, it was 4.5% in November 2011. The unemployment rate in Euro Zone has been above 10% in the third quarter of 2011.4 Economicdownturn is likely to have negative impact on employment growth in India due to lower GDP growth rate and employment elasticity with respecttoGDP. The financial turmoil in Europe has impacted global trade as well. The dollar value of global imports has fallen at an annualized rate of 8% during the three months ending October 2011. Import volumes of both high-income countries and developing countries have declined. The volume of global exports has also declined. The exports of high-income Europe have declined, but thoseofotherhigh-incomecountrieshaveincreased.Theexportsofdevelopingcountrieshavedeclinedatanannualizedrateof 1.2% during the third quarter of 2011 and have continued to decline in November.1 After performing well during the first half of Global Economic Downturn and its Impact On Indian Economy Satyendra Kumar Singh Chief Engineer Saipem India Project Limited, New Delhi National Conference on Challenges of Managing Sustenance and Growth in the Era of Economic Downturns th 20 April 2012 JAIPURIA 100 Years of Excellence National Conference on Challenges of Managing Sustenance and Growth in the Era of Economic Downturns th 20 April 2012 JAIPURIA 100 Years of Excellence 2011, Indian exports decelerated in Q3 of 2011-12. Austerity measures undertaken by the European economies and decline in consumptionexpendituremayfurtherimpactIndiasexportsinthecomingperiod.3 This paper makes an analysis of factors responsible for the economic downturns; nature of economic downturn in developing countries with special reference toIndia, and high-incomecountries; and the impact on international capital flows, global trade, industrial production, unemployment level, currency exchange rate, stock market value, etc. It also discusses the challenges facing the Indian Government and companies to manage the sustenance and growth in this era of economic downturns. Whereas challenges for the Government are: controlling the fiscal deficit, encouraging the international capital inflow, employment generation, encouraging the investment, infrastructure development, monetary easing, inflation control, tackling the subsidy problem, etc. The challenges for the Indian companies are: finding the alternatives to high income countries particularly Euro Zone countries for trade, finances, etc; managing the currency risk; ensuring the profitability of the foreign subsidiariesparticularly operatingin the countries hit most bythe downturn; sustaining operatingmargins in an environmentof weakerproductprices;fundingtheinvestmentsinviewofhighinterestrates;maintainingthesalesinanenvironmentofweaker demands;etc. The Global financial crisis has its roots in the middle of the year 2007 and it accelerated in 2008. The root cause for the financial crisis is the sub-prime crisis i.e. unbridled lending by major financial institutions. The United States is the biggest consumer of goods produced by the developing countries. Consequently any crisis that has its roots in the USA will have a major impact on India. When GDP was as lowas 4.8% in Sep 08, in order tostimulate the demand in Indian market,Central Bank of India (RBI) had included20000crorerupeesinDec08andhadfurtherraisedrupees3lakhcroreliquidityinthemarketthroughcutsinrates.The cuts in the Repo rates and Reverse Repo rates brought them down to 3.25% & 4.75% respectively. The cash reserve ratio (CRR) wasalsobroughtdownto5%andinterestratesonborrowingswerereduced. The Indian financial system is robust and is not so adversely affected by the Economic Meltdown (as compared to the Western World) primarily because the Financial Reforms have not yet taken place ; thanks to the Left Parties. The impact has not been so severe also because of the tightcontrol mechanism of the Reserve Bank of India, the statutory authorities and most importantly theconservativepoliciesadoptedbythenationalizedbanksasagainsttheprivatebanks.Thispaperdiscussesthekeyissues: ImpactofeconomicmeltdownontheIndianEconomy Possibleresponsestothiscrisis PoliciesofIndianCompaniestosurvivethiscrisis KeyWords:EconomicMeltdown,FinancialCrisis,Profits Managing a Business in Turbulent Times Impact of Economic Meltdown- the Challenges for India Deepali Gargeb Asst. Professor, Department of Business Management Padmshree Dr. D.Y. Patil University, Navi Mumbai Dr R Gopal Director, Dean and Head of Department Department of Business Management Padmshree Dr. D.Y. Patil University, Navi Mumbai 11. 19 ABSTRACTS 18 ABSTRACTS The Decadeof 80`s emergedas a beginningof the high rateof economicgrowth,this tendencyhad continued in the ninetiesand further growth stimulus has occurred in the early 21st century. Developing countries like India need substantial foreign inflows to achieve the required investment to accelerate economic growth and development. India is the third largest economy in the world in PPP terms; it is a preferred destination for foreign direct investment. India`s liberalized FDI policy permits up to a 100% FDI Stake in ventures. Number of changes was approved on FDI policy to remove the cap in most of the sectors like civil aviation, construction development mining etc. In this paper, we examine the various links among foreign direct investment (FDI), Sectoral analysis and economic growth and one-way FDI flows from developed to developing countries. The upward moving growth curve of different sectors contributes to the GDP growth over the past few decades. Today`s India provides highest returnsonFDIthananyothercountryintheworld. Keywords:FDIpolicy,ForeignDirectInvestment,RestrictedsectorsforFDI,Sectoralanalysis. Liberalized FDI policy & its contribution to GDP growth in India: A sectoral analysis of top 10 sectors Anuradha Bharadwaj Assistant Professor Ideal Institute of Technology, Ghaziabad Reena Shukla Assistant Professor Ideal Institute of Technology, Ghaziabad There is a growing awareness that the future sustainability of our society, including maintaining our high standard of living, requires us to take environmental impacts into account along with social and economic considerations. We create wealth by utilizingnaturalresources,yetwehavefrequentlymeasuredourperformanceonlythroughfinancialoutcomes.Now,wearenot only increasingly aware of the need to protect and repair the environment for its own sake, but we appreciate the close relationship between the health of our environment, people and the economy. The Triple Bottom Line-considering the economic,environmentalandsocialaspectsofouractivities-isawayforustostarttorecognizeandvaluetheserelationships. The purpose of this study is to explore the real view of restaurant industry; it is a conceptual paper, exploring into the possible economic model practices in restaurant industry that will help restaurant industry as well as society to move towards sustainability. This paper also tries to explore the barriers in the way of sustainability. Design of the study is exploratory, and sourceofdataisavailablesecondarydataaswellasindepthsurveyofliterature. Keywords:SustainableDevelopment,SustainableDevelopmentPractices,Restaurantindustry,BarrierstoSustainability Restaurant Industry: Growing concern about Sustainability insights Ms. Monica Srivastava Assistant Professor Jaipuria Institute of Management Ghaziabad Dr. Ranjana Pandey Research Scholar Faculty of Management Studies Banaras Hindu University Varanasi National Conference on Challenges of Managing Sustenance and Growth in the Era of Economic Downturns th 20 April 2012 JAIPURIA 100 Years of Excellence National Conference on Challenges of Managing Sustenance and Growth in the Era of Economic Downturns th 20 April 2012 JAIPURIA 100 Years of Excellence One of the greatest advantage of the disinvestment is that it generates non-inflationary funds for the investment in the social and infra-structural sector. The new UFA Government has decided to go with the policy of disinvestment. In the absence of pressure from left parties, the new government is going to disinvest some of the PSUs. According to Pranab Mukherjee It is our intention to enable the PSUs to benefit from techno-managerial efficiencies and become more competitive in the market. The fund requirements of PSUs are for modernisation and technological upgradation. Mukherjee said public sector undertakings were the nations wealth and part of that should rest in the hands of the people. Accordingly, while retaining at least 51 per cent equity, the government will encourage peoples participation in the divestment programme. For 2009-10, the Government has peggedtherevenueestimatesfromdisinvestmentatRs1,120crore,lowerthantheRs1,165croregarneredin2008-09. For 2009-10, the Government proposes to disinvest a small portion of equity in Rail India Technical and Economic Services Ltd, Cochin Shipyard, Telecommunications Consultants India Ltd, Manganese Core India Ltd, Rashtriya Ispat Nigam Ltd and Satluj Jal VidyutNigamLtd.Thegovernmentshouldsellaminimum10percentstakeinallunlistedpublicsectorenterprisesandauction thosethatcantberevived,theEconomicSurveysaid,whilerecommendingadisinvestmenttargetofRs25,000croreannually. RevitalisethedisinvestmentprogrammeandplantogenerateatleastRs25,000croreperyear,saidbytheeconomicsurvey. The prescription coincides with government declaring disinvestment as one of its top most priorities for mobilisation of resources,particularly,asitisfreefromthepressuresoftheLeftpartiesthathadobstructedtheprocessinthelastfiveyears. Asking the government to sell a minimum of 10 per cent equity in all profit-making unlisted PSUs, it said: Complete the process ofselling5-10percentequityinpreviouslyidentifiedprofitmakingnon-Navratnas.Asregardstheloss-makingPSUs,theSurvey said the government needs to auction all loss making PSUs that cannot be revived. For those in which net worth is zero, allow negativebiddingintheformofdebt-writeoff. Keywords:MajorFeaturesDisinvestmentPolicy,AdvantagesofDisinvestment,DisadvantagesofDisinvestment,Suggestions. Disinvestment Policy in the Context of Globalization Mr. Gulshan Kumar Academic Counsellor Vivekanand College, IGNOU Centre Department of History and Tourism Management FDI in retail has become the new buzzword in policy-making and in dustrial circles. The government has already allowed 51 per centFDI in single-brand retailing and is contemplating the pros and consof allowingFDI in retail for multiple brands. Meanwhile, small retailers are up in arms over the governments proposal. Political consensus too is yet to build up as the consequences of allowing FDI in multi-brands are still being debated.The India Council for Research on International Economic Relations (ICRIER) has recommended the phased opening up of the retail sector with an initial cap of 49 per cent FDI. It has supported foreign investment because such a move would speed up the growth of organized formats in retailing. It has also argued that foreign retailers can anyway enter the Indian market through other routes, such as the franchise route. Therefore, the existing FDI ban has not, in reality, restricted the entry of foreign companies in the retail sector. While they have been there already, it is the nation which has lost on investment. Also the entry process for the retail companies through these other routes is non- transparent and complex. These things can be rectified by allowing FDI in retail. The ICRIER has also suggested that the govern- ment should grant industry status to the retail sector. It should also issue licenses to players that are to be allowed, make quality standards for local and imported products and specify those products where FDI would not be allowed. Besides all these things, domesticretailersshouldbegiventimetoadjusttothechangedscenariobeforethesectorisopenedup. Keywords:FDIPolicy,PositiveAspectsofFDIinRetailSector,NegativeAspectsofFDIinRetailSector. FDI in Retail Sector : Challenges or Opportunities Dr. Manish Kumar Academic Counsellor Vivekanand College, Ignou Centre Department Of Political Science And Public Administration 12. 21 ABSTRACTS 20 ABSTRACTS Sustainability quotient of Indian economy - challenges and imperatives Prof. Ashok Dubey Professor Amity International Business School Amity University, Noida Global economy is presently plagued with crisis and uncertainty all around. The economy of super rich nations is facing worst crisisleadbyAmericaandfollowedbyEuropeannations.Othernations,includingIndiahasbeenadverselyaffectedbyeconomic melt down and is finding difficult to sustain growth of 8-9% which was often quoted by Planning Commission and Finance Ministry officials a couple of years back. The fact is that we cannot wish away the crisis as our economy has co-mingled with worldeconomyafterweadoptedliberalization,privatizationandglobalizationinpostreformseraof1991.Theimmediatecause of global recession was lead by USA, in terms of sub-prime crisis in 2008, but the seeds of problem were sown much before this immediate crisis. Profligacy, spend thrift, buy today-pay later, greed overcoming need and desire to make quick bucks were the primary cause for recession which was stroking the fire in American economy. The genesis of the present problem of economic downturn can be summarized into four issues such as financial shock triggering a global slowdown that is concerned with the systemic sub-prime crisis in USA in 2008. The other issue relates to spiraling commodity including food prices, Euro nation debt crisis and overall weakness in financial sector regulation. The present financial crisis has affected all economies around the world,particularlythoseeconomiesthataremoreintegratedwiththeAmericanfinancialsystem. InlighterveinitissaidthatifAmericasneezesothernationscatchcold,andthisistruismforIndianeconomyaswell.Ourbilateral trade with America may be significant, but our economy has been to an extent adversely affected by slowdown in American economy which has been seen in last couple of years. The external link to 2008-09 slowdown was clearly visible in the hit our exports took: they grew negatively, declining 15% during the 12 month period immediately following the crisis. However, our crisis is home grown. One could potentially count many factors but two of them stand out: fiscal profligacy combined with monetary tightening and near paralysis in decision making at all levels of the government. The former was clearly at the heart of the slowdown in investment activity, while the latter additionally impacted the utilization of the existing capacity. Slowdown in decision making had initially begun in the environment ministry but it rapidly spread to other ministries and even states in the wake of the revelation of one corruption scandal after the other. Government developing a cold feet on naming the individuals who have stashed black money abroad, showing lack of grit and determination to handle corruption, lackadaisical approach in passing an effective Lokpal bill in parliament, political expediency gaining currency over efficiency and proficiency and passing thebuckofresponsibilitytocoalitiondharma.Willful neglectbypresentleadershiphasresultedinreversalofreforminitiative by the government in opening the door to foreign investments in multi brand retail. Investment climate was vitiated and FIIs started withdrawing money. Stock market fell like a pack of cards, real estate development and infrastructure came to a halt. Compoundingourproblemfurtherwasincreasingwideningchasmof balanceofpaymentandrupeesharplydepreciatingvis-- visdollarandoilpricesescalatinginworldmarket. Indias heavy dependence (about 70%) on imported crude oil together with the high and increasing crude oil prices have led to concerns about energy security and the impact of high crude oil prices on the sustainability of rapid economic growth in the future. Thus a renewable energy source like ethanol which can be blended with petrol appears promising. While Brazil has been able to use ethanol as fuel substitute on a large scale, China experienced rapid increase in food prices, when it tried to do the same. India can produce ethanol from waste products like molasses, but given the limited land availability in India and the likely rapid increase in demand for food in near future due to rising incomes, it may be difficult to divert significant amounts of food cropsforethanolproductioninIndia.Producingethanolfromwastebiomasscouldbeanalternate,butitneedslotofR&D. Revivingand sustaininggrowthinthepresentscenario,though aherculeantask,ispossibleand doable.Smallcoursecorrection, which is politically feasible, would not just return us to 8-9% growth path but also launch us into double-digit growth trajectory. This would require ending the inertia in government decision making, rethinking the right approach to social programs and implementation of some basic policy reforms such as those relating to land acquisition, higher education, multi brand retail, National Conference on Challenges of Managing Sustenance and Growth in the Era of Economic Downturns th 20 April 2012 JAIPURIA 100 Years of Excellence National Conference on Challenges of Managing Sustenance and Growth in the Era of Economic Downturns th 20 April 2012 JAIPURIA 100 Years of Excellence tackling corruption head-along, creating favorable investment climate and prodding investors to invest without any fear of bureaucracyandred-tapism. There are good long term reasons for optimism. With savings rate inching towards 35%, we are generating ample funds for investment. The workforce and its skill level as reflected in rising levels of literacy and education are growing.. The economy is highly open to competition from foreign goods and services as well as foreign investors. This means that entrepreneurs cannot afford inefficiencies. Finally, India still remains very far from the global productivity frontier. This gives us considerable scope for growth through technological catch up. What is really needed is to give human touch to economic reforms and make aam aadmi a partner in progress and growth. The bottom of pyramid needs to be taken of and if this is done the growth will take careofitself. Tourism is one of the worlds largest industries. For developing countries it is also one of the biggest income generators. A number of countries in Asia and the Pacific consider tourism to be an important vehicle for economic and social development. The tourism industry has the potential to generate foreign exchange earnings, create employment, promote development in various parts of the country, reduce income and employment disparities among regions, strengthen linkages among many sectorsofthenationaleconomyandhelptoalleviatepoverty. However,thisstandardviewofthetourismindustry doesnotgive a complete picture of the potentialcontribution that tourism can provide for developing countries.In order tosustain tourism, it is necessary for countries to address various issues arising from tourisms contribution to development in a comprehensive, systematic way. Issues of policy-making, planning, management and the participation of the private sector and other stakeholders must be addressed in terms of opportunities for action and possible constraints that need to be overcome by concertedefforts. ThetourismindustryinIndiaissubstantialandvibrant,andthecountryisfastbecomingamajorglobaldestination.Indiastravel and tourism industry is one of them most profitable industries in the country, and also credited with contributing a substantial amount of foreign exchange. This is illustrated by the fact that during 2006, four million tourists visited India and spent US $8.9 billion. Several reasons are cited for the growth and prosperity of Indias travel and tourism industry. Economic growth has added millions annually tothe ranksof Indias middle class, a group thatis driving domestic tourism growth. Disposable incomein India hasgrownby10.11%annuallyfrom2001-2006,andmuchofthatisbeingspentontravel. TheTourismMinistry hasalsoplayedanimportantroleinthedevelopmentoftheindustry,initiatingadvertisingcampaignssuch as the 'Incredible India' campaign, which promoted Indias culture and tourist attractions in a fresh and memorable way. The campaignhelpedcreatea colorfulimageof India intheminds of consumers alloverthe world, and has directlyledtoan increase intheinterestamongtourists. The travel and tourism sector creates more jobs per million rupees of investment than any other sector of the economy and is capable of providing employment to a wide spectrum of jobseekers from the unskilled to the specialized , even in the remote parts of the country. One or two decades before people travel only it is needed. Over the decades, tourism has experienced continued growth and deepening ?diversification to become one of the fastest growing economic sectors in the world. Tourism has become a thriving global industry with the power to shape developing countries in both positive and negative ways. No doubtithasbecomethefourthlargestindustryintheglobaleconomy. Sustanibility and Growth in Indian Tourism Industry for Economic Development Mrs. Urvashi Garud Asst. Professor Institute of Management & Commerce Jiwaji University, Gwalior 13. 23 ABSTRACTS 22 ABSTRACTS In developing countries like India tourism has become one of the major sectors of the economy, contributing to a large proportion of the National Income and generating huge employment opportunities. It has become the fastest growing service industry in the country with great potentials for its further expansion and diversification. However, there are pros and cons involved with the development of tourism industry in the country. The developing world has immensely contributed to the economicboostthatIndia is currentlyenjoyingand it'stourism sector has not been leftout of the share of profits either-a major achievement for the image of brand India build up by a successful financial system in place in our country. Some economists credit this fiscal feature of success of Indian financial system to the income generated by the tourism segment, movements across the cross-section of rising business opportunities, agricultural and educational sectors opening up as well as novel and attractivepackagingofbrand-buildingforIndiathathaveinturn,benefitedthetravelindustryaswell. This article presents an analysis of the challenges to sustainable tourism development in developing countries with special referencestoIndiaasapartofthedevelopingworld.Itwasfoundthatthefactorsthathaveemergedaschallengestosustainable tourism development related to priorities of national economic policy, the structure of public administration, an emergence of environmental issues, over commercialisation, and the structure of international tourism system. It concludesthatalthough the principles of sustainable tourism development are beneficial, their implementation is an enormously difficult task to achieve and owing to the prevailing socio-economic and political conditions in the developing world. Hence, any operation of principles of sustainabletourism developmentnecessitateshard politicaland economicchoices,and decisionsbased upon complex socio- economic and environmental trade-offs. Moreover, it states that implementation of these hard decisions may not be possible unless international organisations encourage and collaborate with governments of developing countries to implement the principlesofsustainabletourismdevelopment. Keywords:Sustainabletourism,economicgrowth,Indiantourismindustryanddevelopment. ThispaperhighlighttheeffectsofGreekDebtCrisis,especiallyfocusingonIndianEconomyandIndianFinancialMarkets. Takahira Ogawa, S&P Director (Sovereign & International Public Finance Ratings) pointed out that the stock market of India will be comparatively more affected with the Greek crisis. Because of the contagion spreading not only the Europaen Union countries,butUSandotherasiancountriesareaffectedaswell. AswarnedbyGlobalcreditratingsagencyStandard&Poor,thatifthedebtcrisisinEuropesustainsforalongertimethenitcould have a substantial negative impact on the Indian economy. Also as already commented by Takahira Ogawa, S&P Director (Sovereign & International Public Finance Ratings) If the solution of the Greece crisis takes longer to get resolved then the economyofIndiawillbesubstantilyaffected. Even after the bailout of International Monetary Fund (IMF) the world markets are worried about the viability of the rescue effort. The biggest worry to the Indian Stock Markets is repatriating funds, reduced exports to europaen countries, reduced foreignreserves,capitaloutflowsandsharpdepreciationintherupeevalue. So the developing economies like India has to learn from these instences that the fiscal deficit has to be kept within the limits.Scopeofthispaperistocriticalyexaminetheabovestatedhighlightedpoints. KeyWords:SoverginDebt,EuropaenUnion,DebtCrisis,IndianEconomy,FiscalDeficit Impact of Greek Debt Crisis on Indian Economy and Indian Financial Markets Dr. Neelu Tiwari Associate Professor Jaipuria institute of Management Ghaziabad Ms. Shuchita Singh Assistant Professor Department of Management Studies JSSATEN, Noida National Conference on Challenges of Managing Sustenance and Growth in the Era of Economic Downturns th 20 April 2012 JAIPURIA 100 Years of Excellence National Conference on Challenges of Managing Sustenance and Growth in the Era of Economic Downturns th 20 April 2012 JAIPURIA 100 Years of Excellence Duringthelastdecade,GrossNPA%ageofIndianbakingsectorisestimatedtohavedeclinedfrom11.4%in2001to2.3%in2009. While some experts attribute this decline to tight management by banks & RBI; others dispute veracity of claims by the Indian bankingsectorandsuspectittobeacaseofwindowdressingbybanksthroughnexusbetweenauditors&banks. The world economies were caught off guard by the emergence of USA mortgage and sub-prime crisis around the year 2008. During the recent years, economic turmoil enveloped the western world which later on spread to rest of the world. The UNO in its report World EconomicSituation and Prospects 2012 has cautionedthatthe year 2012 couldbe a "make-or-break" year for theglobaleconomy. The situationin India is no different.Global economicslowdown has impacted India as well. GDP growth rate is expected toslow down from 8.5% in the financial year 201011 to around 7-7.5% for the financial year 2011-12. As a result signs of stress on Indian Banking Sector are showing up. Gross NPAs for the year 2010 are estimated to have risen to 2.4%. Global ratings firm Moody's recently downgraded its rating of State Bank of India's (SBI) financial strength by one notch to D+' on account of the lender'slowTier-Icapitalratioanddeterioratingassetquality. NPAs are likely to continue rising in the near term due to higher interest rates and a slower economy. RBI expects non- performingassets(NPA)toinchupto2.9percentduring2011.Thusoverallsituationrequireshugecaution. This paper explores the challenges faced by the Indian Banking Sector in the current turbulent economic environment and and its effects on the NPAs in Indian Banking Sector. The paper also examines the effectiveness of NPA management practices adoptedbytheIndianbankingsector. Section 1 of the paper covers the growth of Indian banking Sector during last decade and their emergencein global arena. It also highlightstheNPApositionofselectleadingIndianbanks. Section 2 encompasses literature review covering NPA management during the last decade and role of RBI. As per studies, while on the whole NPAs have shown declining trend, it is suspected that some banks might have fraudulently and in nexus with auditors have concealed all bad assets and NPAs during last ten years in the name of reformation. NPAs position remains worrisome in government banks mainly due to alleged widespread corruption, ill-motivated decision on lending taken by some corrupt officials and due to inaction of such corrupt officials. Further Indian politicians do not seem to have supportive role in generalforloanrecoveryastheydonotlikethattheirvotersbepressedhardforrepaymentofloan.Theypreferwaiverofloanor delay in its recovery to motivate voters to join their fold and vote for them. It is also suspected that banks have reduced their exposureinSMEsegmentand increasedtheirfocus and exposureinbulklendingtobigcorporatehouses forreducingGross NPA percentage. Section 3 explores the effects of current turbulent economic environment on the Indian banking Sector. A variety of factors are projectedtohaveadverseeffectontheworkingofIndianbanks.Firstofall,Inflationratecontinuestoremainuncheckeddespite repeated bank rate hikes by the central bank, RBI. High inflation rate is adversely impacting the corporate profitability including lending banks. This can also affect debt service coverage ratio of debtors. High interest rates can have adverse impacts on banks credit growth and may also impact repayment by debtors. Lending to recession-hit sectors like textile and steel accounts for significant proportion of total lending by Indian banks. Credit to power and infrastructure sectors has also grown rapidly in the pastfouryears,whichhascreatedadditionalrisksfortheIndianbanks.InadditionState-ownedbankshaveahigherallocationto small industries, which couldget hurt early if the industrial slowdown continues. These are worrisome developments,which are likely to impact the Indian banks bottom-line in the future. Thus varieties of factors are expected to result in rise of NPAs in the NPA Management by the Indian Banking Sector in the Turbulent Economic Environment Dr. Vijay Kumar Khurana Professor, giBS New Delhi 14. 25 ABSTRACTS National Conference on Challenges of Managing Sustenance and Growth in the Era of Economic Downturns th 20 April 2012 24 ABSTRACTS National Conference on Challenges of Managing Sustenance and Growth in the Era of Economic Downturns th 20 April 2012 banks. Section 4 examines the effectiveness of recent NPA management strategies adopted by the Indian banking sector in the current eraofeconomicturbulence.Indianbankscontinuetoreshuffleloanportfolios. Section 5 summarizes the capability of Indian banks to respond to the challenges / threats emanating from the turbulent environment. Indian banks continue to focus on high return on investment, low cost-to-income ratios and the efficient use of technology which may help them to fight the challenges. According to Mr Rajeev Thakkar, CEO, Parag Parikh Financial Advisory Services, If margins are high then NPAs are not a cause for concern... There is a difficulty in the system but we are certainly not intorecessionaryterritory.AstudybyBostonConsultingGroup(BCG)projectsthatby2025theIndianbankingsectorwillbethe thirdlargestintheworldonassets,behindChinaandtheUS. Thus the paper covers the entire dynamics of NPA management in the Indian banking Sector in the current turbulent economic environment. The healthcare sector is a central part of our society, often in focus and often questioned. The sector is difficult to govern and conservative whilst rapid technical development challenges the ability of organizations to adapt. To a great extent, the organization of the healthcare sector is anachronistic and potential improvements spread slowly if at all. Understanding the elements of organizing, managing and governing, have central implications for developing tomorrows healthcare systems and thefocusisfurtheronunderlyingmechanismsandpositions. The requirement for collaboration across stakeholders including support of regulators, policy makers, decision makers and health system leaders is clear. There is a need for private sector actors toengagethese players todemonstrate the health impact and not just the financial impact. Innovators face challenges when scaling, transferring and replicating private sector health innovationscreatingdialogueandamutualgroundisessential. Within developing countries, access to basic healthcare services is seen to be extremely limited and many simply lack access to even the most basic services; the social impact on life expectancy is large with high mortality rates due to diseases where preventative measures and treatmentexists. Within emerging economiesgrowth in healthcare is not keeping up with economic anddemographicgrowth,leadingtovastunmetneedswherehealthcareisonlyreachingasub-setofthepopulation. There is an opportunity to make a step-change impact on healthcare delivery around the world by looking to examples where a step-change impact, albeit usually in small pockets, has been achieved. There are examples, in resource-constrained settings, where innovative healthcare entrepreneurs are developing creative approaches to care delivery that improves access to quality careataffordablecosts. KeyWords:Innovativehealthcareentrepreneur Challenges in Managing Healthcare Delivery System in the Era of Economic Downturn Rajiv Jain Professor Mangalmay Institute of Management & Technology, Greater Noida JAIPURIA 100 Years of Excellence JAIPURIA 100 Years of Excellence One of the greatest strength of Indian middle class, the backbone of Indian economy, is they give utmost priority to professional education which includes management education, as evident by mushrooming of management institutions in India. As such professional education in general and management education in particular, stands at a crossroads in India. Without change, the traditional university structure of educating and training tomorrows business leaders, it is unlikely to be surpassed and compete,theincreasinglydiverseandtechnologicalglobaleconomy. In the first decade of 21st century Indian economy has emerged as a powerful nation. This powerful economy has not only helpedIndianpeopletoprosperbutalsohelpedtheworldeconomytorecover.TheIndiangrowthstoryislargelyduetoitspolicy and tough decision taken in the past. It is said that getting power is easy but maintaining power is difficult, so to maintain this powerful status one need to explore other potentially viable areas which will lead to generate more power in tough time. It is evident from Indian growth story that investing in intellectual property has long term effect as in the case of IT sector and biotechnology sector, one of the areas which consist of tremendous potential is education in general and management education in particular. Although government of India is also showing its commitment by introducing Right to education Bill in 2010,butthereisalottobedoneespeciallyinhighereducation. In this paper first we will discuss about management education in India and later, how management education will help in the sustainablegrowth. KeyWords: SustainableGrowth,ManagementEducation,GlobalEconomy. Sustaining Growth through Management Education in INDIA Mr.Shanti Ranjan Upadhyay Assistant Professor Institute of Management Sciences (SHEPA) Varanasi (U.P.) Dr. Anupam Shukla Associate Professor Institute of Management Sciences (SHEPA) Varanasi (U.P.) With the globalization of industries and world financial markets, swaps have become one of the most popular financial tools in presentera.The versatilityof the swapsenablesits users toincreasetheirpositions in capitalmarketstogetherwith reduction in their financial risks arising from such positions. Swaps can not only replace other derivative instruments such as futures and forwards, but also can complement them. Swaps refer to a contract between two parties, termed as counter-parties, who exchange payments between them for an agreed period of time according to certain specified rules. It is defined as a financial transaction involving two counter-parties who agreed terms to exchange streams of payments or cash flows overtime on the basis of agreed at the beginning of the contract. Swap is like a series of forward contracts. Swaps involve a series of exchanges at specific futures dates between counter parties. As regards benefits of swaps, swap relates to positions between paying and receiving fixed-rate flows, principal amounts, maturities, collateralization, better documentation and net settlements. Collateralization with marketable securities has become a significant characteristic of swaps. Some counterparties resist on the posting of collateral, since they are often limited by negative pledge. More protective documentation in swap agreements provides fast remedial action in advance in case of actual default. The various tests of financial condition found in credit agreement are included in swaps contracts, through cross-default or cross-acceleration clauses, users can gain the benefits. Such protection makes the position favorable. This paper aims at highlighting the various types of swaps, their benefits and how cantheyeffectivelybeusedtomanageriskineconomicdownturn. Keywords:foreignexchange,hedging,riskmanagement SWAPS: Effective Tool For Risk Management in Economic Downturn Dr. Akansha Jain Assistant Professor Dronacharya Group of Institutions, Greater Noida 15. 27 ABSTRACTS National Conference on Challenges of Managing Sustenance and Growth in the Era of Economic Downturns th 20 April 2012 26 ABSTRACTS National Conference on Challenges of Managing Sustenance and Growth in the Era of Economic Downturns th 20 April 2012 Indias economy has been fuelled by the growth in the technology sector in the recent past. A large part of this growth is dependent on the outsourcing or off shoring of key business processes and software development activity (and related services) by large global corporations and other organizations. Hence, the global slowdown has also affected the business climate within India and the growth rate of the Information Technology (IT) and Information Technology Enabled Services (ITES) sectorisalsoexperiencingthetremorsoftheglobalrecession. The IT-ITES industry in India has today become a growth engine for the economy, contributing substantially to increases in the GDP, urban employment and exports, toachieve the vision of a powerful and resilient India. While the Indian economy has been impacted by the global slowdown, the IT-ITES industry has displayed resilience and tenacity in countering the unpredictable conditionsandreiteratingtheviabilityofIndiasfundamentalvalueproposition. Todays escalating, competitive and demanding environments have forced companies to be more efficient, operate leaner and continuously create new procedures to keep ahead of competitors - adding final consumer value to a product or service in the formoflowerprices,qualityandbetterservicehasbecomeanessentialrequirementintheglobalmarketplace. Corporations are trying to adapt with increasing competitors innovations to find global opportunities and resources, focusing on core competencies and mutually beneficial relationships, and finally, outsourcing those activities which can be performed morequicklyandatlowercostsbysubcontractors.Inagloballyintegratedeconomy,outsourcingisleadingtooverallbenefitsfor the source economies, providing significant monetary and employment benefits. India has become a target destination for multinationals toback end theirIT operationsin India owingtoits strong value proposition. We have witnessed an increased use of offshoring by global and European outsourcers, and the emphasis on productivity and delivering value by select Indian players. The Indian IT / ITES sector can be viewed from two perspectives - Indian global IT and Indian IT offshorer. The globally IT companies are increasingly looking inwards and focusing on process benchmarking, enhanced utilization of infrastructure and talent, increasing productivity and greater customer engagement. Global companies with roots in India are increasingly offshoringworkinordertocutcost,asaresultofwhichIndiaiswitnessingarevenuegrowth. India being one of the worlds fastest-growing tech markets, thriving mainly on exports is also experiencing the tremors of the global economic crisis. IT spending as a percentage of revenue normally varies from 3.5% in manufacturing companies, 5-6% in globalretailchainstoabout9.5%inthebankingindustry.Thesecouldseemarginaldeclineascompanieswilltendtoholdspends onnewITdeployments.IndiahasbecomeatargetdestinationformultinationalstobackendtheirIToperationsinIndiaowingto itsstrongvalueproposition. While there are growth-related challenges in the short to-medium term, there seem to be some opportunities for managing the bottom line for the rest of the year. The macroeconomic environment is depressing and has impacted the overall confidence in thesectorfromamarketperspective. All in all, the environment looks weakest in a long while, and yet there remain pockets of opportunity. These areas, if tapped intelligently, would enable the IT firms to ease the blow of this financial crisis and help them tide through the tough times. The crisis has now spread globally, and further reduces room to maneuver. To conclude, we are tempted to use a popular aphorism; the Chinese character for Crisis represents two symbols Danger and Opportunity. Important challenges remain to be met if the full potential of the region's IT sectors are to be realized. Second, they must do everything possible to ensure Indian Economical Status and Its Impact on Slowdown IT Industry: An Information Revolution Durgesh Kumar Thakur Research Scholar Karnatka State Open University Deepesh Kumar Thakur Lecturer Lingayas University JAIPURIA 100 Years of Excellence JAIPURIA 100 Years of Excellence more and better linkages between the growing IT sector on the one hand, and the rest of the real economy on the other, both agriculture and industry. Third, they must do everything possible to ensure that political stability is maintained by cleverly managing the ethnic and class tensions inevitably affected by the process of globalization and restructuring. Finally, the emerging public-private partnerships among the top national elites must be more transparent and successful in promoting the growth of locally owned, indigenous firms that actually innovate in this fast-moving field. Indeed, the use of modern information systems may introduce greater transparency into these relationships. By so doing, IT buoyed reforms may help better protect regional politicaleconomiesshouldanothereconomiccrisisloomonthehorizon. KeyWords:IT&ITES,IndianEconomy,ITSector,ITGlobalization,InformationRevolution Management of generation has been an area of concern for industries since inception of industrialization. Gen X, Gen Y and Gen Z have been the buzz words these days. In recent year there has been a lot of discussion in management and organization literature about the workforce diversity and cross-cultural values. One of the main issues that have been ignored by most of these studies is generation diversity at workplace. Each generation has different work values, different perception of authority, different view about what is important in life, admires different leadership styles. This paper explores and analyzes the different value system shared by different generation and corresponding management strategies to manage the generational mix in an organization. KeyWords:Cross-culturalvalues,Diversity,Traditionalist,GenerationXers,GenerationYers,BabyBoomer, Managing Generation Mix: Challenges and Prospects Dr D K Tripathi Assistant Professor HRM I.T.S Institute of Technology and Science Mohan Nagar, Ghaziabad Prof D K Pandey Associate Professor HRM I.T.S Institute of Technology and Science Mohan Nagar, Ghaziabad As an economic force pension funds cannot be ignored. Pension funds are the fastest growing of all financial institutions. The economic role of pension funds is considerable and well acknowledged. They cover half the labour force and represent majority of the financial assets of the entire household sector. Pension funds may enhance economic growth by increasing the aggregate levelofsavingsavailableforinvestment.Theeconomicimpactofpensionfundsaremostnoticeableinthechannelingoffundsto capital markets, the re-distribution of income & wage contract negotiations. Less obvious economic effects however may be emerging in the spending and saving habits of many wage earners. Considering the importance of saving on capital formation and economic stability the impact on saving becomes particularly significant. A saving level change resulting from pension contributions, could have far reaching implications in terms of national and stability. Pension reforms in India have generated widespread interest internationally. The paper highlights the major concerns of pension sector and their overall impact on Indianeconomy. KeyWords: Pensionreforms,pensionfunds,economicgrowth,saving Pension Sector Reforms and Economic Growth Special Reference to India Preeti Gupta Faculty Netaji Subhash Institute of Management Sciences(NIMS), Delhi 16. 29 ABSTRACTS National Conference on Challenges of Managing Sustenance and Growth in the Era of Economic Downturns th 20 April 2012 28 ABSTRACTS National Conference on Challenges of Managing Sustenance and Growth in the Era of Economic Downturns th 20 April 2012 IT (information technology) plays an important role in managing and controlling the various activities of business like production,marketingfinanceetc.IThelpsbusinessinanalyzingthedataneededandfeedbackbyitscustomers.Todaythereisa cut throat competition among the various organizations. Therefore IT faces lot of threats and challenges for this purpose. In this paper we discuss some the challenges of IT like unethical behavior, less proficiency of employer, viruses etc. This paper is great weapontoknowaboutuseofITinbusiness. Keywords:InformationTechnology,business,challenges,organizationetc. Challenges of IT in managing and controlling the business in this era of economic downturn In the time of economic downturns and financial recession, organizations and employees struggle not only for sustenance but evenforsurvival.It'sbutnaturalthatinthetimeofeconomicdownturnswhenmarket,price,interestrateandpurchasingpower are down, job insecurity is high since organizations follow the policy of retrenchment, scrutiny or downsizing; the challenges of managing sustenance and growth are innumerable todeal with. The end objective is toget aware the challenges tohandle them for sustainable growth of managing sustenance in economic meltdown and financial recession. Thus to survive at this critical junction, one needs to aware with the challenges of sustenance and growth. To address such turmoil, this article focuses on the importance of identifying these challenges to face this time of crisis. Additionally today's global environment also warrants developmentofnewcopingskillstobeabletointegrateandassimilateinahighlyheterogeneouseconomicenvironment. KeyWords:downsizing,retrenchment,recession. "Skill Challenges of Sustenance and Growth in Economic Downturn" Ms. Sonia Gouri Asst. professor IAMR, Ghaziabad Mr. Ajay Kumar Asst. professor IAMR, Ghaziabad Television and talentare inseparable terms. Television in India has the highest reach as compared toprintmedia. More than half ofthepopulationhasaccesstotelevisioninIndia. This research paper will focus on the challenges of managing sustenance and growth in the era of economic downturn with talent management as a key for survival. It will be analyzed how top talent plays an important role in sustaining businesses and what are the challenges and possible restoration measures which could be implemented during economic down turns. This paper will enumerate how Talent is the leading indicator of whether a business is headed up or down and will demonstrate the importanceofTalentasabigdifferentiatorbetweencompaniesthatsucceedandthosethatdonot.Thosethatsustainareledby people, who can adapt their organizations to change, make the right strategic bets, take calculated risks, conceive and execute newvaluecreatingopportunities,andbuildandrebuildcompetitiveadvantage. TV Broadcasting and Economic down turn Research study on talent management as a global key for sustenance. Ramesh.C.Raina IMT Ghaziabad Dr. Manosi Chaudhary Birla Institute of Management Technology Greater Noida Rashi Assistant Professor Management Department Subharti University, Meerut Deepak Sharma Assistant professor Computer Application Department Subharti University, Meerut Shreya Panwar Assistant Professor Management Department Subharti University, Meerut JAIPURIA 100 Years of Excellence JAIPURIA 100 Years of Excellence The proposed research study will describe how big multinational companies have sustained during economic crises with the help of Talent management policies. Many companies survived during economic meltdown namely General Electricals, Citi Bank,TOYOTA;thisstudywillanalyzetheirtalentmanagementstrategieswhichhelpedtheminsurvivalintoughtimes. The biggest challenge is identifying, developing and retaining star performers during the economic downturns. Every company has its constellation of stars the consistent top performers who help the organization shine. They are the vital few who contribute the most to the bottom line and drive a companys results and reputation. Demonstrates Kindler, B, Jeffrey now more than ever before, we are counting on our best people to find ways to drive growth in this brutal marketplace. Reaching out tosupport,sustain,andfullyengagetoptalentiscentraltoourstrategy. Business is static without talent. Machines, buildings, money, technology, facilities are insufficient and do not help in driving businesses. Keep a hi tech machine on the floor of IBM it will remain there for hundreds of years until not operated by a talent. Put a plasma monitor hung on the wall, it will not telecast any program until human interference is not there. Companies put moreresourcesonfinancialsystemsandinteriorsthantoptalent.Wemaysaythatifeconomicdownturnhappensitiscausedby lackoftalentandifitisrestoreditissobecausetoptalenthelpinrevivingthegrowthprocess. There is a considerable growth of internet marketing in the recent times. In all sectors internet marketing is used either for promotion of products and services or for selling the products and services as a direct channel or for providing convenience to consumers and maintaining relationship with them. The main objective of this research paper is to study the role of internet marketing with respect to different functions of Promotion, Distribution and Customer Relationship Management (CRM). This study is based on primary data collected from Internet users who comes across various forms of internet marketing. Data interpretation and Data Analysis is done with the various statistical tool like T-test. The findings of study states that Internet marketingintermsofdifferent functionslikePromotion,DistributionandCRMiseffective. Internet Marketing:An effective way of marketing in these challenging times. Jitendra Singh Rathore Assistant Professor Poornima Group of Colleges, Jaipur Mauritius is facing an acute shortage of Information Technology (IT) professionals. This is partly being addressed by the recruitment of professionals from other countries in the private sector only. The public sector has a strict mode of recruitment and employment of foreigners is not straightforward. ICT organisations are investing in recruitment and training, but the mobility of labour poses a serious threat to successful completion of projects. It is important to investigate into the need of retainingemployeesandthebenefitsthatemployeeretentioncanbringtoICT organisationsinordertosupportthevisionofthe Government. In this study, the problems faced by Mauritian Public Sector in attracting and retaining the best talents are investigated and recommendationsaremadetoensureafavourableworkenvironmentforhigheremployeemoraleandhighproductivity. Keywords:Employeeretention,PublicSector,InformationTechnology,Mauritius. Employee retention challenge in the ICT Public Sector in Mauritius Aneerav Sukhoo Central Informatics Bureau, Mauritius Mahen Soobron Central Informatics Bureau, Mauritius Poornanund Ramnia Central Informatics Bureau, Mauritius 17. 31 ABSTRACTS National Conference on Challenges of Managing Sustenance and Growth in the Era of Economic Downturns th 20 April 2012 30 ABSTRACTS National Conference on Challenges of Managing Sustenance and Growth in the Era of Economic Downturns th 20 April 2012 Organisational climate is one of the most important concepts permeating the thinking of industrial psychologist over the past few years. Organisational climate is considered to be important because of its relationship to other organisational phenomena suchasproductivity,jobsatisfaction,performanceandleadershipbehaviour. Consequently, the hypothesised relationship between organisationalclimate and productivity has been a long-standing interest in the study of organisational climate among organisational researchers. Research over many decades leaves no room for doubt thatanorganisation'sclimatehasaprofoundanddirectinfluenceonproductivity. In this context, this study aimed to assess the relationship between the organisational climate and employee productivity. The findings of this study helped to primarily audit the organisational climate and secondly to determine the relationship of the variousdimensionsoforganisationalclimatewithproductivity. Climate dimensions measurement were also analysed against productivity measurements. The evidence collected lent support tothepropositionthatthereisastatisticalassociationbetweenorganisationalclim