Management Accountant Nov 2020
Management Accountant Nov 2020
I
ndian Agricultural industry, with move is revolutionary since income is
its allied sectors, is undeniably intrinsically linked to how the markets
the largest livelihood provider in of the harvested produce function.
India, more so in the vast rural areas. First, Farmers’ Produce Trade
It also contributes a noteworthy figure and Commerce (Promotion and
to the Gross Domestic Product (GDP). Facilitation) Bill, 2020 that intends to
The high proportion of agricultural create an ecosystem where the farmers
land, diverse-agro climatic conditions and traders would enjoy freedom of has led to the emergence of many agro
for cultivating different crops are some choice of sale and purchase of agro- companies. Together, these agrotech
of the factors favoring agriculture produce. It would also promote barrier- startups are working to enhance crop
in the country. Schemes such free inter-state and intra-state trade output, increase farmer incomes,
as Paramparagat Krishi Vikas Yojana and commerce outside the physical better farm management, and drive
(PKVY) are helping in developing premises of markets notified under efficiencies in the farm-to-fork value
organic farming by promoting farmers State Agricultural Produce Marketing chain. Such startups who are starting
to produce commodities free of legislations. The farmers will not be new enterprises often face difficulty in
pesticide and residue. charged any cess or levy for sale of raising investment capital. The CMAs
The sudden breakout of pandemic their produce and will not have to bear with their professional expertise can
Agricultural Costing & Pricing
Novel Coronavirus resulting in transport costs. The Bill also proposes negotiate with banks and other agencies
continuous lockdown for a few months an electronic trading in transaction in order to get the assistance they need
have adversely affected the Indian platform for ensuring a seamless trade to establish their new enterprise. Also,
economy due to shutdown in most electronically. In addition to mandis, the CMAs can apply Value Chain
industries. With agriculture forming freedom to do trading at farmgate, Management technique to facilitate
nearly 15-18 percent of Indian GDP cold storage, warehouse, processing management in minimizing resources
over the last few years, its importance units etc. Farmers will be able to and accessing value at each chain
in providing a cushion to the Indian engage in direct marketing thereby level, resulting in optimal process
economy would gain even more eliminating intermediaries resulting in integration, decreased inventories,
relevance this financial year, as growth full realization of price. quality service and enhanced customer
in the other sectors has been weakened Again, The Farmers (Empowerment satisfaction. Further, Organic
due to Covid-19. Firmness in agro and Protection) Agreement of Price food, which is gaining immense
prices could boost the production Assurance and Farm Services Bill, popularity these days for its health
and GDP further. The year 2020-21 2020 has been passed to empower and environmental benefits; even
could well be the year for the Indian farmers for engaging with processors, here CMAs are competent enough
Agricultural sector. wholesalers, aggregators, wholesalers, to advise suitable pricing strategies
The SDGs as specified in the 2030 large retailers, exporters etc., on a for enhancing marketability of the
Agenda for Sustainable Development level playing field. Price assurance organic products and also apply Cost
aims at protecting the planet, ending will be given to farmers even before Management techniques for cost
poverty and hunger, sustainably sowing of crops. In case of higher control and cost reduction to increase
managing natural resources, building market price, farmers will be entitled productivity and consumerism.
global partnerships, reducing to this price over and above the This issue presents a good
inequality, and ensuring prosperity and minimum price. It will transfer the number of articles on the cover story
well-being for the global population risk of market unpredictability from “Agricultural Costing & Pricing”
by 2030. The agricultural sector, being the farmer to the sponsor. Due to written by distinguished experts. We
at the crux of this agenda, can take an prior price determination, farmers will look forward to constructive feedback
active role in achieving the SDGs. be shielded from the rise and fall of from our readers on the articles and
market prices. It will also enable the overall development of the Journal.
The government has passed few
farmer to access modern technology, Please send your emails at editor@
ordinances in the recent past to liberate
better seed and other inputs, reduce icmai.in. We thank all the contributors
farmers from the restrictive marketing
cost of marketing and improve income to this important issue and hope our
regime that has managed the marketing
of farmers. Effective dispute resolution readers would enjoy the articles.
of agriculture produce for decades.
mechanism has been provided with May the light that we celebrate
This sweeping stroke promises to
clear timelines for redressal. Emphasis at Diwali show us the way and lead
bring the entire world of farming
to be given on improvement of research us together on the path of peace,
technology, post-harvest management
and technology. prosperity and social harmony.
and marketing channels at the doorstep
of the farmer. The national vision The convergence of government Wishing everyone a very Happy
of the farm sector is to double the policy, technology, and consumption Diwali ahead!!!
90
91
India India India
Discovery of India
On 1-year
subscription
Save 25% (INR 550)
(11 issues @ INR 1650) FOR SUBSCRIPTIONS, CONTACT
For Students: Tel: +91-22-2481 1031 [email protected]
Save 35 % (INR 770)
(11 issues @ INR 1430)
Peninsula Spenta, Mathuradas Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai 400 013
Tel: 91-22-2481 1010 Email: [email protected] Website: www.spentamultimedia.com
www.icmai.in
Full Page 210 x 267 SM.indd 1 November 2020 - The Management Accountant 7
1/17/2020 11:35:20 AM
PAPERS INVITED
Cover Stories on the topics given below are invited for ‘The Management Accountant’
for the four forthcoming months
• Significant role of MSMEs towards attainment of visionary Atmanirbhar Bharat
• Revision of definition of MSMEs: A step to boost investment and Ease of Doing Business
December 2020
• Inclusion of Startups in Priority Sector Lending: a welcome move towards inclusive development of
the nation
• Loan Restructuring Scheme for COVID-19 hit stressed borrowers
January 2021
• Impact of Artificial Intelligence for Cost-Effective Clinical Trials in the New Normal
Subtopics
Healthcare Cost
Theme
Women in the
Subtopics
The Above Subtopics are only suggestive and hence the articles may not be limited to them only.
Articles on the above topics are invited from readers and authors along with scanned copies of their recent passport size photograph
and scanned copy of declaration stating that the articles are their own original and have not been considered for anywhere else.
Please send your articles by e-mail to [email protected] latest by the 1st week of the previous month.
W
ith the air filled with festive excitement, The last date for filling-up of credentials and
the month of November holds some very selection of any one of the above mentioned three
special festivals of India. I convey my warm options is 12th November 2020. Kindly visit the link
greetings & good wishes to the entire CMA available at https://icmai.in/studentswebsite/exam.
fraternity for all the forthcoming festivals. Diwali marks the php. Please note that after selection of an option to
victory of good over evil and brightness over darkness. May appear in the said examination, no request for any
this auspicious festival of lights illuminate your life and bring change will be entertained.
good health, wealth and prosperity. The Candidates/students are advised to visit
the website of the Institute regularly for further
December 2020 Examination notifications and announcements relating to
The pandemic has affected educational systems worldwide, December 2020 examination and in case of any
leading to the near-total closures of schools, institutions, query or clarification can e-mail us at - exam.
universities and colleges. Online learning and online [email protected]
examination has become a critical lifeline for education, as
institutions seek to minimize the potential for community Meeting with Member Finance, Railway
transmission. Governments across countries have initiated Board
universities and higher education systems to adapt to remote I along with CMA P. Raju Iyer, Vice-President,
instruction to cover lectures, exams, evaluations, and result CMA Chandra Wadhwa, Past President and CMA
publications. B.B. Goyal, Advisor, ICWAI MARF and former
The Institute is committed to take every possible step in Addl. Chief Adviser, Ministry of Finance, GoI
the overall interest of student community in the present extended greetings to Shri Naresh Salecha, Member
scenario. Online classes for students and online home based Finance, Railway Board on 14th October 2020 and
If I have the belief that I can do it, I shall Agriculture, being a prime linkage between the planet and
people, can play a big part in addressing the future needs of
surely acquire the capacity to do it even if I
the world along with the sustainable management of natural
may not have it at the beginning resources. November 2020 of the Journal “The Management
Accountant” is based on the theme “Agricultural Costing &
- Mahatma Gandhi Pricing” that focuses on the transformation of the agricultural
I
sector to achieve sustainable development goals by making
am thankful to the Council Colleagues of the Institute the agricultural system more efficient, productive, and
for having faith in my capabilities and reassigning resilient in a socially-responsible, economically-feasible,
me for the second time the responsibility to serve the and environmentally-sustainable manner.
Institute as Chairman of the Journal & Publications
Committee (2020-21) during this one year. I convey my I request continuous support from every corner in the quest
sincere gratitude to everyone, who supported the activities for value creation through the activities of this department.
of the Journal and Publications department and is committed I am also very much confident that the office bearers of the
to working relentlessly to meet the expectations of the department will provide their assistance and best efforts
members, students and other stakeholders. undoubtedly and commit for its betterment.
Our mission is to establish this department as a premier We solicit your feedback, suggestions and concerns for
research body in the country to raise public awareness the overall development of the Journal and Publications
about policy issues in business, trade, society and economy Department. Please send us mails at [email protected] /
and to facilitate solutions that will contribute to national [email protected] for various issues relating to journal and
development. publications.
WHENEVER
YOU R E A D A GOOD
MAGAZINE
SOMEWHERE IN
THE WORLD
A DOOR OPENS
TO ALLOW IN
MORE LIGHT
Subscribe
Now
CMA Biswarup Basu, President along with CMA P. Raju Iyer, Vice-President, CMA Chandra Wadhwa, Past President
and CMA B.B. Goyal, Former Addl. Chief Adviser, Ministry of Finance, GoI extending greetings to Shri Naresh Salecha,
Member Finance, Railway Board on 14th October 2020.
Bank of Baroda CMA one Credit Card - Exclusively Designed for Esteemed CMA Members
Apply: https://www.bobfinancial.com/creditcard-application-form-icmai.jsp
www.marwar.com
fo l lo w u s
Abstract
For Many Years, Indian Farmer has been at the Mercy of Monsoon, being exploited by Middlemen
& Money lenders and being used as a Vote bank by Politicians! Farmers Committing Suicides
due to indebtedness and Crop Failures has become a regular feature! Various Governments
have made promises to improve the quality of Farmer’s Life without working on core issues like
Policy Changes, Infrastructure Development and Ease of Doing Agriculture! Will this change
any time soon?
Modi Government’s vision for New India involves “Sabka Saath Sabka Vikas”. Transformation
of agriculture sector is crucial in that respect as nearly half of the workforce in the country is
employed in agriculture.In 2015-16, Prime Minister, expressed his near-Term Target of Doubling
Farmer’s Income by 2022-23.
Is it practically possible or is it like one of the Populist Statement? Let’s try to understand.
AGRICULTURAL
TRANSFORMATION
TO BRING THE SDGs TO
FRUITION
Abstract
O
Introduction and people-centric sets of 17 individually. A holistic approach is
ur planet is facing transformative and universal goals required to fulfill the global vision
multiple unprecedented to achieve sustainable development of sustainable development for
and intricate challenges in broad-spectrum has resulted in the planet, people, and long-term
during this century. wide recognition of the growing prosperity. The agricultural sector
The 2030 Agenda for Sustainable significance of the agricultural sector is definitely the main focus of SDG-
Development adopted by the United in socio-economic development. At 2, which is destined to ‘end hunger’
Nations (UN) member states in 2015 present, the agricultural sector is the but it has the potential to address
provides a global commitment to act world’s leading employer and the issues relating to alleviating poverty,
together to overcome these challenges main provider for food and nutrition combating climate change, water and
and transform the earth into a to all and livelihood security to about energy use, responsible consumption,
sustainable pathway for the current 40% of the population. Hence, this and production, among others. Better
and future generations. It encompasses sector is well-placed to contribute to than any other sector, the agricultural
17 Sustainable Development Goals achieving the SDGs. sector is the connecting thread
(SDGs) which integrates social, In developing economies like that holds all the SDGs together.
economic, and environmental India, the agricultural sector plays a According to the Food and Agriculture
dimensions with closely interwoven pivotal role. Nearly half of the Indian Organization (FAO) of the UN, “food
169 targets to shift the planet onto workforce is engaged in agricultural and agriculture lie at the heart of
a resilient and sustainable course activities which contribute to around the 2030 Agenda for Sustainable
to transform the standard of living 15-16% of Indian GDP. Agenda Development.” The linkage between
along with restoring and managing 2030 recognizes that no longer we the SDGs and the food and agricultural
the natural resources sustainably. can consider livelihoods, food, and sector is diagrammatically depicted in
The adoption of these comprehensive management of natural resources Table-1 below.
Table-1-SDGs and their linkage with the food and agricultural sector.
Goals Linkage of SDGs with food and agricultural sector
1. No poverty Around 80% of poor people reside in rural areas.
2. Zero Hunger Food is produced for everyone, yet around 800 million people remain hungry.
3. Good health and well-being Nutrition is essential for good health.
4. Quality education Nutritious food is critical to learning.
About half of the world’s food is produced by women but they do not have much
5. Gender Equality
access to land and resources.
6. Clean water and sanitation The water scarcity problem can be addressed through sustainable agriculture.
7. Affordable and clean energy Modern food systems highly rely on fossil fuels.
8. Decent work and economic
Growth in agricultural activities can reduce poverty by half in low-income economics.
growth
9. Industry, innovation, and
In developing countries, agriculture accounts for one-fourth of the GDP
infrastructure
10. Reduced inequality Through land reforms, there can be fairer access to rural land.
11. Sustainable cities and com-
Unmanageable urbanization can be deterred through rural investments.
munities
12. Responsible consumption
Around one-third of the food produced is wasted or lost.
and production
13. Climate action Agriculture has the potential to respond to climate change.
14. Life below water Around 20% of animal protein is given by fishes daily to about 3 billion people.
15. Life on land Forests are the home for around 80% of the terrestrial biodiversity of the world.
16. Peace, justice and strong
Ending hunger can significantly contribute to world peace and stability.
institutions
17. Partnerships for the goals Partnerships help in raising the voice of the hungry.
Source: Food and Agriculture - Key to achieving the 2030 Agenda for Sustainable Development, FAO, 2016.
The challenges faced by the world in terms of population growth, deforestation, climate change, global warming, etc. have
enhanced the need for sustainable development globally. Food and agriculture, being the main connection between the planet
Research Bulletin, Vol. 46 No. III October 2020 (ISSN 2230 9241)
We invite you to contribute research paper/article for “Research Bulletin”, a peer-reviewed Quarterly Journal of The Institute of
Cost Accountants of India. The aim of this bulletin is to share innovative achievements and practical experiences from diverse domains
of management, from researchers, practitioners, academicians and professionals. This bulletin is dedicated to publish high quality
research papers providing meaningful insights into the management content both in Indian as well as global context.
~~ Soft Copy of the full paper should be submitted in double space, 12 font size, Times New Roman, keeping a margin of 1 inch
in four sides, MS Word (.doc) format.
~~ Each paper should be preferably within 5000 words including all.
~~ An abstract of not more than 150 words should be attached.
~~ The cover page should contain the title of the paper, author’s name, designation, official address, contact phone numbers,
e-mail address.
Papers are invited on the following topics, but not limited to:
Papers must be received within 30th November, 2020 in the following email id:
[email protected]
AN ENQUIRY INTO
THE ROLE OF MARKET
INTERMEDIARIES
IN INDIA’S ONION CRISIS
Avishek Roy
Assistant Professor
Department of Business Administration
Dinabandhu Andrews Institute of Technology and Management, Kolkata
Abstract
This paper assesses the extent to which market intermediaries have been responsible for the
crisis that onion markets have witnessed in the past few years. The paper found that commission
agents and wholesalers frequently indulge in price manipulation to purchase onions at pre-
decided prices instead of at auction prices. Big traders attempt to prevent entry of new traders
in the market by utilising their market dominance, in order to limit market competition. Traders
may also have resorted to hoarding of onions to take advantage of its price rise. This led to an
artificial shortage of onions in the retail markets. Imposing of high margins by retailers also
has caused sudden spikes in onion prices in retail markets.
I
INTRODUCTION powers in these markets. As MARKET INTERMEDIARIES
n the last couple of years, intermediaries continue pursuing AND THE ONION CRISIS
onion prices have seen wide policies for strengthening their Onions are marketed largely
fluctuations. Onions are stranglehold on the markets, farmers through regulated markets or mandis
staple ingredient of Indian are made increasingly vulnerable. On (Kumar(2016)). These markets were
cooking. Rise in its prices causes the other hand, hoarding of onions established in various states under
distress to large sections of the by wholesalers and imposing of high the Agricultural Produce Marketing
population, especially the poor. This mark-ups by the retailers increases its Committee (APMC) Actwhich
makes onion a “politically sensitive retail prices. This lands consumers are aimed to regulate the marketing of
crop”(Chengappa et al(2012)Pg58). in extreme hardship. agricultural products. In Maharashtra
Apparently, unseasonal rains had This paper analyses the role played and Karnataka – two of India’s largest
curtailed supplies leading to a price by commission agents, wholesalers onion growing states, mostfarmers
rise. However, media reports have and retailers in deepening the onion have sold their harvest at the regulated
alleged that the shortage was artificial, crisis by depriving farmers of a fair markets. Majority of onion growers
as wholesalers had hoarded large price for selling onions; and also by are small and marginal farmers with
stocks of onion. Academic papers that making onions exorbitantly expensive meagre land holdings (Chengappa
analysed patterns of onion arrivals in for consumers. et al(2012),Pg27). Due to low
wholesale markets and onion prices productivity of onions in India (Setiya
(wholesale and retail) have made OBJECTIVES and Muthuselvan(2018)Pg12), the
similar observations. This paper has the following aims: output per farmer is quite low. Also,
Onion farmers seldom benefit there is risk of decay and sprouting of
i. To explore how intermediaries
from an increase in its retail prices. onions, as farmers cannot afford the
in the onion supply chain
Intermediaries (or middlemen) in the expenses for cold storage. By selling
exploit market inefficiencies
onion supply chain leverage their their produce at the APMC markets,
for establishing their
superior access to information or farmers benefit from swift disposal of
dominance oversale of onion
material resources and collude among the harvest, possibility of getting better
in the regulated wholesale
themselves to prevent farmers of prices compared to local markets and
markets
realising the best possible price for prompt cash payment.
ii. To assess how actions of
selling their harvest. By exploiting When onions are marketed through
intermediaries leads to the
imperfections already existing in regulated markets, the marketing
marginalisation of the farmers
the regulated wholesale markets and channel comprises of series of
and an exorbitant rise in retail
by utilising their connections with intermediaries (or middlemen) in
prices of onions
market officials,intermediaries are the form of commission agents,
sometime able to attain monopoly wholesalers/traders and retailers.
Often, intermediaries are able to and market players drives down the vulnerable to price manipulations.
attain a dominant position in the price that a farmer gets for selling Here licensed traders collude among
regulated markets by exploiting his harvest at these markets (Banerji themselves to dominate the auction
market inefficiencies and by and Meenakshi(2002)).The APMC process. Thus, they are able to
leveraging various advantages that markets for wholesale onion trade at dictate terms, reducing the farmers
they have relative to the farmers. Lasalgaon, Pimplagaon and Nashikare to only spectators in the process
Inefficiencies in the APMC markets found to suffer from inefficiencies, of determining the purchase prices
along with collusion among the traders low competitiveness and are (Setiya and Muthuselvan(2018)).
Expand your Knowledge with The Management Accountant - The Journal for CMAs. The Journal (ISSN 0972-
3528) started its Journey in 1966. We have expanded our Readership from 1 to 94 Countries. The Management
Accountant Journal is indexed at Index Copernicus and J-gate. It is also having Global Impact and Quality factor
(2015):0.563.
The Articles incorporated here are written on current topics covering various interesting areas of Finance, Tax,
Laws, Cost & Management, Economics, Accounts, Professional Updates, Interviews of eminent personalities,
Information related to Examinations, Newly Launched courses, Placement news, etc. makes the Journal more
Student-friendly.
• If delivered via Ordinary Post - `300/- for 12 issues for registered students of the Institute
• If delivered via Courier/Speed Post - `550/- for 12 issues for registered students of the Institute (`250 for
Courier Charge in addition to `300)
AGRICULTURAL COSTING –
OBJECTIVES AND SCOPE
Abstract
T
Preamble Indian agriculture is also the largest employer. In the post
he Mission of Agriculture can be stated as “To COVID 19 scenario, reverse migration saw millions reaching
meet the food and nutritional needs of global back to their native nests and engaging with agriculture
population; securing the livelihoods of millions in one or the other way. Agriculture’s contribution to the
through employment and entrepreneurship; and nation’s GDP is reported to have grown by 3.4 percent while
help achieve overall socio-economic inclusion”. overall GDP is reported to shrunk by 23.9 percent during the
first quarter of FY 2020-21.
India with nearly 140 million hectares of net sown area and
enviable ranking in the production of multiple agricultural On the global arena, in one sentence, the remarks of a
produce takes a prime position in the world of agriculture. visiting dignitary that “India can be the food factory for the
India is the third largest producer of food grains, second world” summarises the significance of India’s agriculture
largest producer of fruits and vegetables in the world. India is and associated sectors.
the largest exporter of Rice in the world, in the recent years. Notwithstanding the strengths and its significance,
India is also second most populous nation in the world1. agriculture is often under focus, for the challenges
Hence Indian farmers shoulder the responsibility of taking associated with it. Agriculture needs structured institutional
care of the food and nutritional needs of her population. engagement, investments, enabling policy and regulation;
these in turn demand decision support systems backed by
1
According to a newspaper report with 1.33 billion population India reliable data and monitoring mechanisms.
has already overtaken China as the most populous nation in the world.
www.icmai.in
4 5
www.icmai.in
A
INTRODUCTION Umeschandra College
griculture still continues to be the cornerstone of Kolkata
life on which the majority of Indian population
depends. Now coming to the term ‘Agricultural
Marketing’, it defines a total system that other countries. Since varieties of products are listed under
starts with the commitment to produce a marketable farm the term agricultural marketing, hence uniform distribution
commodity, involving all the essential infrastructures of the channels often make the system subside. Hence rebalanced
marketing system, mainly including before and after harvest supply chain needs to be implemented in order to eradicate
operations that also includes several functional, technical, concentration so that proper dispersion of items could be
and economic deliberations and actionslike, assembling, possible. The Government of India under the ministry of
grading, storage, transportation and distribution (National agriculture has also set up specific commodity Boards and
Commission on Agriculture). The farm productions apart export promotion council for monitoring and boosting the
from including cultivated products also included dairy, production,consumption,marketing and export of various
poultry and vegetable farming, fruit, milk, eggs, vegetables, agricultural commodities.
honey. India’s transport facilities, communication system,
though quite upgraded with storage and warehouse facilities LITERATURE REVIEW
still Indian agriculture takes a backseat while comparing with Agricultural policies in this global pandemic has reached
Figure 1:
STRATEGIES AND POLICIES APPLIED BY THE GOVT REGARDING THE AGRICULTURAL MARKETING
Agriculture in India being the most precious tool of economic growth as it mainly creates dependency of other sectors, provides
reforms in the structure of agricultural growth, current position and future. The reforms of regulated markets had been enumerated
in this study that also lists suggestions for agricultural marketing for a vibrant transformation as a whole.
Agriculture being a climate dependent activity actually largely depends on the climates of the place. The natural hazards once
come in the, whole agricultural system takes a backseat, calling for the reforms to be analysed, rebalanced, and reformulated from
time to time. With total production and productivity being constantly increased it is very much essential to provide the farming
DOUBLING OF FARMERS
INCOME -
BACKDROP, EFFORTS,
ACTUAL PROGRESS
& FUTURE COURSE
CORRECTION
Abstract
L
even if we achieve the doubling of income
ower per capita GDP of India’s agrarian class
by a couple of years after the original FY compared to other citizens induced our PM to
22-23 target. envision for Doubling of Farmer Income (DFI)
in 2016 by FY 22-23 from FY15-16 baseline.
Table 1: Historical data of the Primary sector Between FY94-95 to 15-16 (Ref #1):
Farm Real
Total Income Labor Cost Rural Cost Net Income Real Income Income per
FY families Income/
(Rs Cr) (Cr) Index (Rs Cr) (Rs Cr) family
(Crore) family
1994-95 223709 45755 59 177954 301617 14.39 12367 20960
1999-00 426582 90951 90 335631 372923 13.88 24181 26868
2004-05 527289 93130 100 434159 434159 16.61 26138 26138
2011-12 1409932 202804 183 1207128 659633 14.62 82567 45119
2012-13 1558480 245750 220 1312730 596695 14.36 91416 41553
2013-14 1753691 276532 245 1477159 602922 14.10 104763 42760
2014-15 1849931 291708 261 1558223 597020 13.85 112507 43106
2015-16 1940636 306010 273 1634626 598764 13.60 120193 44027
Crucial Findings of the Report (Ref#1): 3. From1983-2013-cultivator income was just one
third of the non- agricultural labor earnings
1. Between FY 94-95 to 14-15-the real income doubled inducing large migration from agriculture.
in 20 years (Rs 43106 vs. 20960). 4. As per 2011 census -22% rural families below
2. From 1965-2015-in 50 yrs -output grew by 3.7 times poverty line (BPL) and even worse for UP, Bihar,
while the population grew by 2.5 times. Jharkhand, Orissa and MP.
Table 2- CAGR and Projected DFI period based on FY 02-03 vs.12-13 data ( Ref#2):
Income/ Family CAGR% CAGR% DFI (Years)
Land size (Hectares)
2002-03 2012-13 Nominal Real Nominal Real
1 Landless (less than .01) 16560 54732 12.70% 6.19% 5.8 11.54
2 Lower Marginal ( .01-.40) 19596 49824 9.78% 3.27% 7.43 21.54
3 Upper Marginal ( 0.41-1.00) 21708 62964 11.24% 4.73% 6.51 15.01
4 Small ( 1.01-2.00) 29916 88176 11.42% 4.91% 6.41 14.47
5 SemiMedium (2.01-4.00) 43068 128760 11.57% 5.06% 6.33 14.03
6 Medium ( 4.01-10.00) 68172 235644 13.20% 6.69% 5.59 10.7
7 Large( above 10 Hectares) 116004 496656 15.65% 9.14% 4.77 7.92
All Size Average 25380 77112 11.75% 5.24% 6.24 13.56
Note: As per 2015-16 census, nearly 68% of the total 14.64 crore holdings were up to 1 hectare.
1) Yield improvement- according to a study (ref #3) 1. Krishak Bharti Farmer Producer Co.Bakhtawarpur,
significant yield gaps noted as under: Delhi-A FPO with 1,100 farmers initially with just
a. Cereals- 28% in Wheat and up to 212% in Jowar. 500 kgs of vegetables were trained for sorting,
grading and for supply of consistent quality produce
b. Pulses- 115% in Bengal gram and up to 225% in
has now been linked up to sell directly to modern
Green gram.
retailers approx 4,000 kg/day with 20% more
c. Oilseeds-24% in Mustard and up to 181% in margins on price apart from savings on the earlier
Sunflower. logistic costs.
d. Vegetables-57% in Potato and up to 173% in 2. Kedarnath Kisan Agro Producer Co. Ltd.
Onion. (KKAPCL)-A FPO of District Tonk, Rajasthan with
e. Fiber crops- 21% in Jute and up to 495% in 1000 farmers opened an Input Supply Shop initially
Cotton. for fertilizers and pesticides. The crops are procured
Further it was noted that even a 50% improvement in from the farmers directly during harvest season and
yield can increase income by Rs 10,000 per hectare sold to appropriate vendors at good price. During
through soil nutrition, crop rotation and weed control as 2016–17, the FPO earned Rs. 17,172,450/- for
seen in Karnataka. Chickpea and Rs. 69,98,887/-for Green gram thus
increasing income and rendering various inputs and
2)Land Utilization and Rational Irrigation. information support.
a. MP published the following data (Ref#4) under the 5) Applied Research Inputs from ICAR (Ref#6)
very first year of DFI initiatives:
a. Land developmental activities carried out in
Area Under single crop- 36 lakh hectares to 28
abandoned cultivated field increased the area under
lakh hectares
cultivation, ensured safe disposal of the runoff
Area Under double crop-97 lakh hectares to 106 water and retention of maximum possible runoff
lakh hectares for ground water recharge and surface storage
Area Under Triple crop-2.5 lah hectares to 3 lakh increasing the crop productivity on sustainable
hectares basis in tribal belt of Jagdalpur district of Chhatisgarh.
Total area expanded by only 1.50 lakh hectares but b. Under Mera Gaon Mera Gaurav scheme of ICAR
effective increase was 11.5 lakh hectares due to enhancement implemented in 3 villages of Jorhat district (Assam)
under double and triple crops. yield gain ranging from 31% ( potato) to 220%(
Mustard) was achieved through simple methods
b. Drip irrigation having potential to increase including soil management and transfer of specific
irrigation by 10 times as noted in Gujarat. agro technology.
c. Andhra’s experience of people lead shared c. Select Integrated Farming System Models--
irrigation under AP Farmers Ground Water System Like Rice-fish-poultry model, rice-fish-vegetable
(APFAMGS) is another good benchmark for better model, makhana-fish-singhara (water chestnut)
yield at minimum water. covering crop-livestock-aquaculture were planned
and demonstrated. These resulted in increased
3) Reduction of cost of cultivation percolation; reduced evaporation due to
subsurface storage; low risk of breaching/ damage
a. Smart nutrient management to optimize the cost & in heavy rain due to controlled runoff movement;
yield mix and to preserve soil fertility. low-cost as compared to check dam through
b. Curtailing overdose of fertilizers and pesticide technology easily understood by farmers.
through organic farming.
Conclusion: Increase in income by 221% under the new mode and also the new method is more conducive for
sustainable agriculture as it is conducive to the risk of climate change.
Also, diversification from farm services into Non Farm Services (NFS) in Agriculture (artisans, equipment repairer,
tool manufacturing, food processing etc.) and Non-Agriculture (Manufacturing, Mudra yojana, wage income etc.) can also
mitigate the risk in agriculture.
Table 4-Real Income (in Rs Crore) growth in Agriculture 2018-19 vs. 2015-16
2015-16 2016-17 2017-18 2018-19 3 YR Inc
UP 194791 206092 219496 223824 15%
W. BENGAL 127667 132376 139248 140444 10%
TAMIL NADU 100916 99287 112079 123560 22%
RAJASTHAN 136858 148778 151203 154953 13%
MAHARASHTRA 144282 178530 184026 184026 28%
ANDHRA 121518 139395 163447 181074 49%
BIHAR 60735 67415 71963 72393 19%
PUNJAB 79763 84749 88693 89111 12%
KARNATAKA 72317 75386 83965 83064 15%
MADYA PRADESH 119758 152387 156031 164850 38%
TOP 10 TOTAL 1158605 1284395 1370151 1417299 12%
72% 74% 75% 76%
ALL INDIA 1616146 1726004 1828329 1872339 16%
Conclusion:
1. While there is substantial progress for states like Andhra, MP, Maharastra, and Tamil Nadu towards DFI the
performance of other major states is still below par.
2. Overall progress achieved for 3 years is barely 16% and unless there is a long impact of the measures in the coming
years the target if DFI may have to be pushed beyond 22-23.
3. Share of the largest 10 state has increased from 72% in 2015-16 to 76% in 2018-19 implying that the growth of other
states has been slower than the major 10 states.
Analysis of average nominal income between 12-13 and 18-19 also shows similar conclusions as indicate in the graph
below (Ref#8):
1. Political impasse on reforms reflects the fact that for speedy implementation it has to evolve through a wide spread
To make the wide publicity of your Region and Chapter of the Institute we print the matters/happenings/news
achievements/activities related to your Region and Chapter. For the wide coverage of the same you are hereby
requested to provide us the brief write-ups related to any activities organised by your Region and Chapter for
the purpose of publication in “The Management Accountant” Journal along with the selected high resolution
pictures (.jpeg format) within 45 days of the date of the event and within 20th of every month to [email protected]
AGRICULTURE MARKETING
ISSUES, CHALLENGES
AND STRATEGIES TO
IMPROVE AGRICULTURE
PERFORMANCE
Abstract
Offering remunerative prices and increasing farmer’s income are the major area of concerns
to make agriculture farming economically viable and sustainable. Considering the critical and
crucial role of agriculture in fulfilling the food and health needs of consumers by ensuring food
security on one side and fulfilling the expectations of the agriculture producers and industry on
the other side in the rapidly changing marketing environment are big challenges. There is need
to rethink, reformulate and rework on the role and strategies of agriculture marketing in the
changed marketing scenario considering agriculture dependent population and its contribution
in GDP. This paper takes the review of agriculture marketing and major challenges and
discussed strategies to overcome those challenges on the basis of secondary resources.
N
1.1 Introduction was dependent upon agriculture and The Government initiated the
ational Commission nearly half of the national income policy measures like public storage,
on Agriculture was contributed through agriculture minimum support price, input subsidy,
constituted in the year sector. The government played major trade protection, regulation of markets,
1970.Food sufficiency role by taking appropriate policy procurement and distribution of food
and food insecurity were the major measures and timely interventions grains etc to regulate the production
issues in front of government after in the marketing system to deal with and flow of food across the country.
independence of our country. This problems of food insecurity and to It was common practice for the
was the period where agriculture boost up the agriculture production government to regulate, monitor and
played more dominant role in Indian and to ensure the adequate supply of control the supply of food items to
economy as around 70% of population food. prevent monopolistic marketing and
Supply chain Network of agriculture produce and strategic strengthening of the distribution received little attention in the
era of agriculture marketing system which was purely focused on marketing infrastructure and regulations. The role of private
S
hri Ajay Agarwal joined Q. How would you describe Administrative Booklet for
SPMCIL as Director your journey as Director streamlining procurement and
(Finance) w.e.f. 23rd (Finance) of SPMCIL, such a other administrative issues
November 2017. He is a Gold prestigious organization? in 110 subordinate offices of
Medalist Commerce Graduate, Cost & Ministry across India etc.
Management Accountant and Masters A. My journey as Director
in Business Administration (HR). He (Finance) of SPMCIL has been Q. How has the company
joined Indian Cost Accounts Service in extremely fulfilling to say the performed over the past year?
the year 1992 and has served various least. To be associated with
Ministries & field organizations in such a prestigious organization A. Despite the challenges of
various capacities. He served Ministry of with rich history and tradition the business and its surrounding
Food Processing Industries, Ministry of of carrying out the sovereign environment, SPMCIL has
Finance, Ministry of Health & Family
function of printing currency registered yet another year of
Welfare, Ministry of Commerce. He
for the nation instils a sense of strong performance in 2019-20.
looked after around 110 subordinate
offices spread across India during his
pride in me. I joined SPMCIL While focusing on the production
tenure with Ministry of Health & Family in November 2017 and it’s targets, the Company has also
Welfare as Director Administration been nearly 3 years with increased productivity per
& Vigilance. He was instrumental the organization. During the employee considerably. In terms
in bringing systemic improvements course of these 3 years, I have of financial performance, the
in the functioning of various offices introduced multiple initiatives Profit before Tax (PBT) from
of Ministry of Health like Central across the finance function continuing operations for the
Government Heath Scheme (CGHS), to make it more robust and year 2019-20 was INR 1026.79
Port Health Offices (PHO), Airport productive. My intent has been crores as compared to INR
Health Offices (APHO), Regional to transform the role of Finance 800.69 crores (regrouped) for
offices and other health institutes of department from a ‘controller’ the year 2018-19 registering a
national prominence through numerous to an ‘enabler’ for new initiatives growth of 28.24% over previous
innovative measures. in alignment with industry year.
He also worked as Chief Vigilance requirements. I would like
Officer, IREDA under Ministry of New to express my deep sense of Q. What emerging
& Renewable Energy. He was Director appreciation to the CMD and my constraints (if any) are you
(Finance), Delhi State Industrial and fellow Directors for supporting facing towards developing
Infrastructure Development Corporation me at every step during this time. state-of-art currency, coins and
Limited (DSIIDC) for more than four diversified security products
years. Prior to joining SPMCIL he
Q. Before joining SPMCIL you in a transparent, cost-effective
served Office of Chief Advisor Cost,
served in various ministries and efficient manner? How do
Department of Expenditure, Ministry
of Finance as Advisor (Cost) for a short
like Ministry of Food Processing you deal with the same?
duration. Industries, Ministry of Finance,
Shri Ajay Agarwal has travelled widely Ministry of Health & Family A. SPMCIL has well established
during his assignment with various Welfare and Ministry of and globally renowned units – 4
Central Government Ministries. He has Commerce. Can you tell us mints, 2 currency presses, 2
attended various training programmes about which ministry you found security presses and 1 paper
in India and abroad including training very challenging and how you mill- which deploy latest
in Financial Analytical Skills in London handled it? state-of-the-art technologies
School of Economics and training on and processes. SPMCIL units
Public Private Partnership (PPP) in a A. I would say my 5-year collectively have almost 100
renowned institute of USA, The Institute stint from 2005-2010 with years of security printing
of Public Private Partnerships (IP3), the Ministry of Health & experience and over two
Washington. Family Welfare was one of centuries of minting experience.
Shri Ajay Agarwal has more than the most challenging as well The units have continuously
30 years of experience and expertise as the most fulfilling. I got an evolved and adapted to changing
in corporate finance, corporate opportunity to work on myriad Marco-economic scenarios
governance, capital structuring, equity areas impacting healthcare over the years. We believe in
and debt funding, strategic business system in India. I oversaw continuously upgrading our
planning, projects funding, treasury some of the key initiatives of manufacturing capabilities and
and financial management, financial
the Ministry including but not aligning them with prevalent
and internal control, supply chain
limited to revamping of Central industry benchmarks. At SPMCIL
management, budgetary control,
cost control, process improvement,
Government Health Scheme we ensure that increased
compliance, statutory and management (CGHS), Contingency Plan for focus is given to research
reporting. dealing with Emergencies, and development, machinery
DIGITAL TRANSFORMATION -
INDIAN STARTUP ECOSYSTEM
AND BLOCKCHAIN PLATFORM
FOR CROWD FUNDING
S
Introduction (Apps) and / solutions that are essential for frontend
tartups across the world have made and are transaction processing, RPA, CRM with AR and VR, data
continuing to make significant contributions for analytics with AI and ML, information safety and security,
digital transformation of business entities across storage, and retrieval management, etc. Certain startups
all industry sectors and government organisations. help by manufacturing innovative products like IoTs,
This has convincingly been established by many research sensors. robots and drones, etc. that are essential for digital
scholars. India is no exception to this phenomenon. Startups transformation.
help such entities by providing innovative applications
Exhibits
Exhibit - I Exhibit - II
Industry-wise Number of Startups Recognised by
State-wise Number of Recognised Startups under Statup
Department for Promotion of Industry and Internal Trade
India Initiative of India
in India
(As on 01.03.2020)
(16th January 2016 - 1st March 2020)
No. of
No. of Recognised
Industry States / Union Territories Recognised
Startups
Startups
Advertising 282 Andaman and Nicobar Islands 12
Nanotechnology 66 Sikkim 3
Robotics 210
Safety 80
Sports 158
Others 1,598
Total 28,979
Webliography
1. https://www.statista.com/topics/4839/startups-in-india/
2. https://www.startupindia.gov.in/content/sih/en/international/go-to-market-guide/indian-startup-ecosystem.html
3. https://aim.gov.in/index.php
4. https://inc42.com/infocus/blockchain-this-week/startup-india-unveils-blockchain-based-certificate-verification-
system/
5. https://www.statista.com/chart/22027/startup-sme-financial-situation-india/
6. https://www.bbc.com/news/magazine-21932675
7. https://www.dezeen.com/2015/07/16/luchtsingel-elevated-pathways-bridges-rotterdam-cityscape-zus-architects/
LEADING IN UNCERTAIN
TIMES –
PREREQUISITES FOR BETTER
NAVIGATION
Abstract
I
n my last article “Conquering and establishments etc. are shut; and safe. On the other hand, everyone
the Difficult Phase”, major movements by road, rail or having been locked within the four
published in March 2020, I air are restricted, if not prohibited walls is desperate to find a foothold for
had narrated on some of the completely; medical infrastructure and staying alive. People carrying out their
aspects that one needs to keep in professionals associated with health, office commitments by working from
mind, for dealing with uncertainties sanitation and security(i.e. doctor, home; trying to manage daily needs
during middle phase of any project. nurse, paramedic personnel, medical of groceries, medicines, milk, fruits
Hardly did I know then that we were shops, sanitary workers, police, etc.) and vegetables, without venturing
heading for an unprecedented medical are stretched beyond limits; people outside; coping with day to day house
emergency, much beyond anyone’s have lost their jobs; migrant workers hold chores by themselves and most
imagination. To be honest, COVID-19 witnessed pitiable conditions for going importantly determined on remaining
Pandemic has caused havoc. On one back to their native states and so as the healthy in this trying time. In nutshell,
hand, economy has shrunk; schools, Government, facing an unparalleled hardly there is anyone, who has not
colleges, offices, factories, shops mayhem trying to keep citizens healthy been impacted with these hostile,
ANALYSIS OF NEWLY
INTRODUCED TCS
PROVISIONS U/S 206(1H) OF
THE INCOME TAX ACT, 1961
(w.e.f. 01.10.2020)
Abstract
I
INTRODUCTION: OBJECTIVES OF THE STUDY:
n short, intention of legislative body behind 1. To understand the newly introduced provisions of
expansion of scope of TDS & TCS is to speed up the TCS u/s. 206C (1H) of the Income Tax Act, 1961.
tax collection & to avoid the tax concealment. Now 2. To analyse the newly introduced provisions of TCS
a day, TDS & TCS provisions are acting as a good u/s. 206C (1H) of the Income Tax Act, 1961.
internal control system for avoidance of tax concealment
3. To understand the application of the newly introduced
and also acting as a tool for collection of tax during the
provisions of TCS u/s. 206C (1H) of the Income Tax
previous year itself; i.e. the year in which income is earned.
Act, 1961, with the help of case studies.
Further today, the details of TDS/TCS get updated and
gets viewed electronically in form number 26AS & the ANALYSIS OF SECTION 206C (1H) OF THE
information being shown in form number 26AS has a good INCOME TAX ACT, 1961: Applicable w.e.f. 01.10.2020:
amount of validity & reliability because it has been uploaded (TCS)
by a third party, not by the assessee himself. Therefore
1. First important clarification is that the provisions
information in form number 26AS acts as a third party
of 206C (1H) are applicable only in case of sale of
evidence and hence it has more reliability, in the eyes of tax
GOODS. This provisions would not be applicable
authority, professionals, assessee and many more.
ROLE OF FINANCIAL
CONCURRENCE IN
PUBLIC SECTOR
UNDERTAKINGS (PSUs)
Abstract
There are different departments in Public Sector Undertakings (PSUs), but Finance
Department plays a very key role and its finance/accounting functions, ensures that the
procedures, rules and regulations are followed in line with the processes and defined government
guidelines. In an organization, finance department has number of wings or branches to take
care of all activities such as establishments, billings, payments, taxation, commercial etc.
along with one of the important activities is concurring the proposals received from various
department of the organization. In a public sector undertaking, a separate department exists
named as Finance Concurrence Department (FCD). We need to understand here the meaning
of financial concurrence and the role of FCD.
The objective of financial concurrencies is to protect financial interest in decision making
while ensuring financial propriety as a part of internal control system. The internal control is
exercised through the vetting and concurrence by finance department so that decision making
is in accordance to the policies, guidelines, rules, regulations, provision of budgets etc. and to
ensure the decision is beneficial to the company.
I
Introduction to Public Sector Undertaking: undertakings (PSUs) – that took the onus of making India
n 1954, while inaugurating the Bhakra Nangal self – sufficient.
dam, the then Prime Minster Jawahar Lal Nehru Before independence participation of public sector
christened it as the “temple of modern India” and undertakings in economic development of the country was
so were born Nehru’s “temples” – public sector almost nil. The Railways, Posts and Telegraphs, Aircraft,
It was in 1948 that India got its first PSU in the form thereby helping in mobilization of funds to meet financing
of ITI (Indian Telephone Industries Ltd). There has needs for planned development of the country.
been appreciable growth in investment in Public Sector
Enterprises (PSEs) over the years. In 1951, there were only Financial Concurrence:
5 public sector enterprises with an investment of Rs. Objective of the study:
29 crores which has increased to 348. These enterprises 1. To identify best practices for financial concurrence &
represent total investment of Rs. 16,40,628 cr. as on 31st vetting in order to reduce lead – time.
March,2019 and paid up capital as on 31st March, 2019
2. To understand the need of financial concurrence.
stands at Rs. 2,75,697.00 cr. CPSEs have earned revenue
of Rs. 25,43,370 cr. during financial year 2018-19 in the 3. To study the delegation of powers as applicable to
different core sectors: Steel, Mining, Non-Ferrous Metals, the executives of the company & related process of
Power, Fertilizers, Refineries, Petro Chemicals, Machine financial concurrence.
Tools, Shipping, Paper, Cement, Sugar, Construction and
etc. These CPSEs are administered by the Ministry of Financial concurrence – to examine the proposal from
Heavy Industries and Public Enterprises. the financial point of view. Financial Concurrence is done by
keeping in mind the cannons of financial proprietary.
These CPSEs are further classified in to Maharatna,
Navrathna, Minisrathna Category – I and Minirathna If the Finance department does not agree or is not
Category – II. in concurrence with any proposal received from any
department, it specifies the reasons thereof and if it agrees
The PSEs have also been making substantial contribution
(with some reservation), it puts the comments along with
to augment the resources of Central Government though
the suggestions to be followed by the concerned executing
payment of dividend, interest, corporate taxes GST and etc.,
department.
Work Steps:
Process Flow Chart of Estimate Vetting & Financial Concurrence:
Sl. No. Activity Finance Concurrent to Examine Kindly note that the DOP shall be approved by the
Chairman and Managing Director from time to time keeping
Indents and Requirements along with criteria of in view the requirement and functioning of the internal
1
Approval Urgency, approval as per DOP.
departments.
From the above, it can be seen that finance concurrence
ADMISSION
has started for the
2nd Batch of BFSI Courses.
Please login to the BFSI portal for further details.
INDIAN START-UPs:
ISSUES, CHALLENGES AND
OPPORTUNITIES
Abstract
Increasing competition is one among the various factors that has led to the rise of self-
employment consciousness among the young generation in India. Over the recent years start
ups have become the flavor of season in Indian markets due to its tremendous population
which provides large potentiality of job markets in India towards job creation and promoting
entrepreneurship in India. For India’s transformation start ups, technology and innovations
act as effective instruments. Interestingly, every year more than 800 technology start ups are
being set up in India. By this 2020, it is estimated that around 11,500 tech-start ups are going
to be established with employment potential of around 250,000 technical people (NASSCOM,
2015). India is becoming a start up nation with the emergence of number of home grown start
ups across the country with business favorable environment. Today, India is amongst the top
five countries in the world in terms of start ups. Start up India is such an ambitious initiative
which is accelerating and revolutionizing start up movement in India. Self Employment and
Talent Utilization Fund (SETU) scheme acts as a major accelerator towards promoting start
ups in the country. However, as each coin has two sides, there are also various constraints
faced by the start up businessmen in India along with ample of opportunities. This Paper aims
to investigate the challenges and Opportunities in the way of start ups in India. This paper has
an intent to explore the major issues or difficulties faced by startups in India, and discuss the
various opportunities of start ups in India by using a literature-based analysis.
S
Introduction period. They mention about ample Globalization as key factor in the Indian
tart-ups are pillars of of problems of Indian start-ups and Economy. Author discusses about a
Economic Growth the need to promote it in both urban start-up ecosystem – its elements and
involving innovation and rural areas. This paper speaks demographic information. Kaur gives
with Technology which about various schemes implemented vivid explanation regarding Indian
strengthens the economic benefits for by different organizations and start-up business challenges such
the Economy. Existing frameworks institutions. Creation of Self- Help as critical Government clearances,
in India are inadequate to fulfill the Groups forms main part. The concept perplexity and expending huge time
aspirations of its population and of Start-ups and Start-up revolution is in making assesses installments to the
become a Global Power. Start-ups discussed along with the latest policy Government due to different taxes,
and Entrepreneurship has a key role initiatives for start-ups introduces absence of mentorship and legal
to play in making a country as a by the Government of India like direction, particularly about rewards
Knowledge Super power. Number of MUDRA, SETU, AIM, Digital India and hazards etc and it also explores
factors drive Indian start-up ecosystem etc. This paper concludes that these various opportunities in start-ups
such as huge funding, advancement in initiatives created start-up ecosystem keeping youth in major place who are
technology, demographic transition and thus increased the scope of self- responsible for transforming India into
etc which paves the way to young employment. 3Mukti Narayan Pidiha a super power. Finally it concludes
start-ups. The Digital revolution in and Rachana Singh (2016) highlight with the remarks that new start-ups are
India along with the start-up evolution the challenges and prospects of start- contracting in recent years for which
is important in transforming India. up India, stand-up India. It begins with funding acts as a major concern along
India in recent years has become the concept of Entrepreneur and its with above mentioned issues which are
the major technology hotbed which roots. They showcase the challenges to be taken care by the Government.
offers fascinating opportunities for for Indians in starting new business 6
Manu Tyagi and Namita Mishra
emerging companies to thrive and such as Financial and social challenges (2019) defines about start-up venture
establish themselves in the world with etc. They also discussed about the and gives brief note about origin of
their Innovative ideas and Disruptive future prospects of Entrepreneurship start-up initiatives by Government and
approaches. in India with the intervention of the current scenario about start-ups in
central, state governments and India which constitute Engineering
Review of Literature large companies. Plan of Action are start-ups as major one in technology
presented from the point of view of based start-ups. They speak about
1
Surabhi Jain (2016) aimed at
Government such as training and various issues and challenges of start-
the growth and prospects of start-up
development, media campaigns, ups and opportunities for start-up
ecosystem in India. While beginning
promoting rural entrepreneurship, in India like population, mindset in
with critical analysis of the concept of
improving infrastructure, monitoring working class and huge investments
a start-up. This article speaks about the
mechanism etc. The conclusive in start-ups.
launch of start-ups initiatives in India,
part highlights about economic Indian Market has predicted the
need for start-up ecosystems in India
contribution of entrepreneurship supremacy for startups exceptionally
and various action plans formulated
and country’s economic policy for in online retailing as well as service
for start-up India in 2016 like funding
its economic growth. 4Mohammed industry in 2016. Furthermore, it is
support, tax holidays, building
Habeebuddin and D. Sakriya (2017) forecasted that there will be over
innovation centers, research parks etc.
highlights the issues and challenges 11,500 startups by 2020 which will
In the conclusive part Jain opined that
for Indian start-ups and also discloses alter the way markets are functioning
innovation plays an important role in
various benefits available to the start- presently. Besides, the environment
start-up ecosystem as well as massive
ups and opportunities like Indian in India is favorable for great accord
industrialization which are in turn
demography, unique set of Indian of entrepreneurship opportunity for
results in expanding per capita income
Problems like health, education, starting own ventures. Today, India
of a country. It speaks about problems
sanitation, infrastructure etc for stands at fourth position in providing
faced by Indian. In order to avoid
Indian start-ups because of their startup ecosystem followed by USA,
this situation, government, Corporate
enormous transformation. Ample of UK and Israel.
and educational institutions have a
challenges identified for Indian start-
role to play like mentor programmes,
ups in this paper are regarding culture, Statement of the Problem
workshops, seminars etc. 2Sunita
mentorship, policies, hiring, funding,
Sanghi and A. Srija (2016) discuss The above literature points out
social issues, consumer behavior
about demographic transition of India the fact that studies have been made
changes, technological infrastructure
and contradiction of workplace in the on Indian startups like problems and
issues, sustainability issues,
structural transition and highlights consequences faced by the Indians
regulatory issues, taxation issues etc.
about importance of Self-Employment. on account of starting new business.
5
Kamaldeep Kaur (2017) explores
They investigated the roots of Most of the studies focused on
the opportunities and investigates
Entrepreneurship in India since pre- programmes, procedures etc. Since
the challenges of Indian Start-ups by
independence and post-independence there is no studies has not been done
OBITUARY
CMA C V Mathews aged 92 years passed away on 19th October 2020. He was
one of the founder member of ICAI-Trivandrum Chapter. He was the Secretary of
ICAI-Trivandrum Chapter during the pre-recognition period of 1969-70 and 1970-
71. He decorated the post of Chairman during 1976-77 and also held the post of
Secretary during the post recognition period of 1971-72, 1978-79, 1979-80 and
1981-82 terms. CMA C V Mathews was a man of integrity, honesty, dedication
and was the driving force behind the formation of ICAI-Trivandrum Chapter and
the contributions made by him towards the development of CMA Profession will
always be remembered. God let his soul rest in peace.
IMPLEMENTING BALANCED
SCORECARD AS STRATEGIC
PERFORMANCE MEASUREMENT
AND MANAGEMENT TOOL IN
FINANCIAL SECTOR -
A STUDY OF PUBLIC SECTOR
BANKS IN INDIA
Abstract
Sudarshana Sharma
Research Scholar - Govt. Commerce College Kota &
Assistant Professor - Finance, Amity Global Business School
Ahmedabad
G
Introduction: have been evaluated. consecutive financial years
rowing criticism of from 2007-08 to 2016-17 have
financial measures Review of Literature: been selected.
alone in performance For identifying the research gap D. Data Collection: This paper is
measurement systems various studies, reports, research based on secondary data which
and increased importance of integrating papers, articles, conference have been primarily compiled
the intangible measures with financial proceedings etc. have been gone through annual reports,
ones has directed the development and through. Few are as follows: Annapurna sustainability reports and
modifications of different approaches & Manchala (2017) measured the Business responsibility reports
for performance measurement systems performance of ICICI, HDFC and Axis and publications from RBI.
of organizations. Contemporary bank on four perspective of Balanced E. Hypothesis of the Study:
performance measurement systems Scorecard and found a significant To draw conclusion on inter-
are aimed at evaluating the difference and suggested to improve bank performance, following
performance of organizations on key performance on each perspective hypothesis has been framed:
strategic operational areas of success to improve overall performance.
H0- There is no significant
combining both financial and non- Kasasbeh (2018) explored that
difference in the Overall
financial aspects. These systems 30.7% Jordanian Commercial Banks
Performance among Public
help in detecting the critical areas of were the full implementer of BSC
Sector Banks.
improvement for enhancing overall and identified problems like lack of
performance. In banking sector, support of top management, different F. Balanced Scorecard Model
intangible factors like satisfied and organization culture, technical issues, Used: A Balanced Scorecard
delighted customers, quality services, political issues, and conceptual Model has been developed
innovative high-tech products and issues etc. which are associated with to measure the performance
services, operational excellency, implementation of BSC. Nnamseh & of banks by keeping in view
intellectual capital, employee Umoh (2019) found that Customer & the basic model given by
satisfaction etc. play strategic role in Internal Business Process Perspective Kaplan and Norton, the
achieving success. Measuring their had a significant impact on Bank’s common strategic objectives
performance on financial aspects performance in Nigeria so banks of banks in India, perspectives
is not sufficient, appropriate and should adopt a BSC model to measure, and measures introduced in
reliable. It is inevitable to implement manage & report their performance in previous studies in banking
a comprehensive performance order to improve competitive position. sector etc. For this thorough
measurement tool to evaluate Turshan and Karim (2020) recognized review of available literature
and improve the performance of that BSC model helped in improving and vision & mission
banks so that a true picture of their performance of banks in Palestine so statements of Indian Banks
performance can be revealed and they suggested to implement BSC as and their objectives have been
it can help them to achieve their an integrated strategic performance done.
long term goals of sustainability, management system. G. Scoring, Ranking and
profitability and competitiveness. A Grading of Performance of
tool propagated by Kaplan and Norton Research Methodology: Banks on Balanced Scorecard
in 1992 named Balanced Scorecard A. Objectives of the Study: - Scores for each measure
is a significant strategic performance To examine and compare the under each perspective
measurement and management overall performance of Public have been assigned on the
system which measures and manages Sector Banks in India using basis of performance scale.
the performance on key strategic Balanced Scorecard Model Maximum scores assigned
perspectives of Financial, Customers, and provide suggestions for to each perspective are 400
Internal Business processes and improvement in the overall i.e. 50 Score each measure X
Learning, Growth and Innovation performance of banks. 8 measures. Therefore total
Perspective. maximum score for overall
B. Sample Size: - 10 Public
This study is an initiative for Sector banks constitute the performance on BSC are 2000
evaluating the performance of sample of the study which i.e. 400 Score X 5 Perspectives.
Public Sector Banks in India using has been selected on highest Total scores gained by the
Balanced Scorecard. In this study market capitalization in BSE banks have been converted into
one more perspective i.e. Social and Sensex. percentage and graded on the
Environment Perspective has been basis of following Table:
C. Study Period: - To reveal the
incorporated alongwith the four
trend in performance of banks
perspectives of Balanced Scorecard
over a longer time period, 10
and then the performance of banks
Name of the 2007- 2008- 2009- 2010- 2011- 2012- 2013- 2014- 2015- 2016- Average
Rank
Bank/Year 08 09 10 11 12 13 14 15 16 17 Score
State Bank
1000 1060 1000 1100 1230 1300 1300 1390 1460 1480 1232 1
of India
Bank of
860 940 1030 1110 1110 1120 1190 1130 1050 1200 1074 3
Baroda
Punjab
National 900 1020 1040 1170 1110 1120 1130 1120 1130 1190 1093 2
Bank
IDBI Bank 810 890 990 1020 990 910 890 1070 980 1020 957 8
Canara bank 750 990 1050 1110 990 1030 1180 1160 1120 1170 1055 4
Bank of
970 950 940 1050 940 1070 1130 1050 1070 1130 1030 5
India
Indian Bank 830 890 1010 980 990 940 1010 980 1000 1140 977 7
Central
Bank of 820 770 940 890 790 950 850 930 900 980 882 10
India
Union Bank 860 860 970 970 920 1080 1060 1070 1130 1150 1007 6
Syndicate
820 780 780 880 920 990 880 1060 940 980 903 9
Bank
Table 2: Mean Ranks and Results of Kruskal Wallis Test of Public Sector Banks
Null Hypothesis
Name of the Bank/Year N Mean Rank Chi-square Degree of Freedom p-value
Accepted/Rejected
SBI 10 81.7
BOB 10 64.7
PNB 10 70.35
IDBI 10 35
Canara bank 10 65.15
45.020 9 0.000 Rejected
BOI 10 54.35
Indian Bank 10 41.85
CBI 10 19
Union Bank 10 48.6
Syndicate Bank 10 24.4
1.2 Grading and Ranking of Performance of Public Sector Banks on Balanced Scorecard
Table 3: Percentage of Overall Performance and Ranking of Public Sector Banks on Balanced Scorecard
Performance
Name of the Bank/ 2008- 2009- 2010- 2011- 2012- 2013- 2014- 2015- 2016-
in Percentage / 2007-08
Year 09 10 11 12 13 14 15 16 17
Ranking
% 50 53 50 55 62 65 65 70 73 74
SBI
Rank 1 1 4 3 1 1 1 1 1 1
% 43 47 52 56 56 56 60 57 53 60
BOB
Rank 4 5 3 3 2 2 2 3 5 2
% 45 51 52 59 56 56 57 56 57 60
PNB
Rank 3 2 2 1 2 2 4 4 2 2
% 41 45 50 51 50 46 45 54 49 51
IDBI
Rank 6 6 4 5 3 8 7 5 7 6
% 38 50 53 56 50 52 59 58 56 59
Canara Bank
Rank 7 3 1 2 3 4 3 2 3 3
% 49 48 47 53 47 54 57 53 54 57
BOI
Rank 2 4 6 4 4 3 4 6 4 5
% 42 45 51 49 50 47 51 49 50 57
Indian Bank
Rank 6 6 3 6 3 7 6 7 6 5
% 41 39 47 45 40 48 43 47 45 49
CBI
Rank 6 9 6 7 6 6 9 8 9 7
% 43 43 49 49 46 54 53 54 57 58
Union Bank
Rank 5 7 5 6 5 3 5 5 2 4
% 41 39 39 44 46 50 44 53 47 49
Syndicate Bank
Rank 6 8 7 8 5 5 8 6 8 7
SBI Poor Satisfactory Poor Satisfactory Good Good Good Good Very Good Very Good
BOB Poor Poor Satisfactory Satisfactory Satisfactory Satisfactory Satisfactory Satisfactory Satisfactory Satisfactory
PNB Poor Satisfactory Satisfactory Satisfactory Satisfactory Satisfactory Satisfactory Satisfactory Satisfactory Satisfactory
IDBI Poor Poor Poor Satisfactory Poor Poor Poor Satisfactory Poor Satisfactory
Canara
Poor Poor Satisfactory Satisfactory Poor Satisfactory Satisfactory Satisfactory Satisfactory Satisfactory
bank
BOI Poor Poor Poor Satisfactory Poor Satisfactory Satisfactory Satisfactory Satisfactory Satisfactory
Indian
Poor Poor Satisfactory Poor Poor Poor Satisfactory Poor Poor Satisfactory
Bank
CBI Poor Poor Poor Poor Poor Poor Poor Poor Poor Poor
Union
Poor Poor Poor Poor Poor Satisfactory Satisfactory Satisfactory Satisfactory Satisfactory
Bank
Syndicate
Poor Poor Poor Poor Poor Poor Poor Satisfactory Poor Poor
Bank
Major Findings: From the above result in improving the performance (2000). Having trouble with your
tables it can be seen that no public of banks on sustainability, profitability strategy? Then map it. Harvard
sector bank got excellent remark on and competitiveness in long run. Business review, 78(1), 167-176.
Balanced Scorecard. All Public Sector 6. Kasasbeh, I. (2018). Problems
Banks were remarked as either poor or This research paper is based on of Management Accounting
satisfactory in most of the years. State the ideas, concepts and research Implementation: The Case
Bank of India among Public sector methodology given in the doctoral of Balanced Scorecard
Implementation within Jordanian
banks was ranked on 1st position on thesis submitted to University
Commercial Banks. International
Balanced Scorecard in most of the of Kota, Kota (Raj.) entitled, Journal of Academic Research
years. “Application of Balanced Scorecard in Accounting, Finance and
in Measuring Performance of Management Sciences, 8(2),
Conclusion and Banks-A Comparative Study of 200-207.
Recommendations: Public and Private Sector Banks in 7. Nnamseh, M.P. and Umoh,
It can be concluded from the results India” by Sudarshana Sharma under V.A. (2019) Efficacy of Balance
of the study that Public Sector Banks the supervision of Dr. Ashok Kumar Scorecard on performance of
have a deteriorating trend in their Gupta. banks in Nigeria. European
overall performance on Balanced Journal of Business and
References: Management, 11(23), 33-40.
Scorecard. To make an organization
a “Sustainable Organization” and to 1. Annapurna V. and Manchala G. 8. Sharma, S. (2020). Application of
achieve long term financial success, a (Dr.) (2017). Performance of New Balanced Scorecard in Measuring
Generation Private Sector Banks Performance of Banks-A
strong Performance Measurement and
in India: A Balanced Scorecard Comparative Study of Public and
Management System is required in Private Sector Banks in India
Evaluation. International Journal
order to continuously measure, evaluate (Ph.D. Thesis submitted under the
of Current Engineering and
and monitor the performance on all Scientific Research.(IJCESR) supervision of Dr. Ashok Kumar
parameters so that corrective actions (Online), 4(5). Gupta). University of Kota, Kota,
can be taken on time. Public Sector India.
2. Annual Reports of Sampled
Banks should implement performance Banks from 2007-08 to 2016-17. 9. Turshan, M.N. and Karim, N.A.
measurement and management tool Retrieved from: Bank’s Websites. (2020). The effect of adopting
like Balanced Scorecard and focus 3. Kaplan, R.S. & Norton, D.P.
Balanced Scorecard (BSC)
on improving their performance as strategic planning tool on
(1992). The Balanced Scorecard –
on different measures of Customer financial performance of banks
Measures that Drive Performance.
Perspective, Internal Business Process operating in Palestine. Asian
Harvard Business Review, 70(1),
Perspective, Learning & Growth and 71- 79. Social Science, 16(1), 95-108.
Innovation Perspective and Social 4. Kaplan, R.S. & Norton, D.P.
and Environment Perspective. These (1996). Using the Balanced
perspectives are the drivers which Scorecard as a Strategic
[email protected]
lead to improvement in performance Management System. Harvard
on financial perspective. Improved Business Review, 74(1), 75-85. [email protected]
performance on all perspectives will 5. Kaplan, R.S. & Norton, D.P. [email protected]
B
ank’s Liquidity is said to be the capacity of
financial crisis the following study has been
a bank to fund increase in assets and meet conducted with certain key bank specific
both expected as well as unexpected cash and variable and macroeconomic variables for
collateral obligations as they become due. The a sample of 60 Indian Commercial Banks
behaviour of every banking sector of the country is expected
to be largely dependent on the respective bank’s liquidity
for a sample period of 11 years using panel
criterion. To specify such movement in future given the data techniques. SIZE, CRAR, EFF, ROA,
present situation of economic slowdown due to ongoing OPDT, CER, NNPA are significant for
pandemic an effort has been made to develop a proto type the original model. CRAR and EFF are
model with the inclusion of the ‘crisis interaction term’
in the backdrop of the global financial crisis of 2007-08.
significant for the crisis interaction model.
This study is undertaken to magnify the effects of 3 crisis In this paper only the crisis interaction
interaction term deduced from the main model in reference model has been reported and given
to the Monetary Transmission Literature, to account for the preference.
variations in the bank’s liquidity behaviour.
PRESENT SCENARIO OF
‘ONLINE EDUCATION’
DURING COVID-19 PANDEMIC
Subhendu Kundu
Assistant Professor
Department of Commerce
Nabagram Hiralal Paul College, Hooghly
Abstract
The Covid-19 pandemic has shaken the earth from its core and has disrupted the entire activities
of all sectors including education sectors. Government of India has closed all educational
institution starting from school level to college- university level. E- learning system has taken
the place of conventional mode of education. For this purpose a questionnaire survey has been
made in Google Form to study the impact of ‘online education’ during this Covid-19 situation.
Total 153 responds have been received from students, teachers and guardian. Most of the
respondents are agreed that online education is really helpful during this pandemic situation.
Although there is a lot of limitation and constraints to adopt this digital form of learning.
C
Introduction around the world have decided to go complete lockdown
ovid 19 was first reported in Wuhan Municipal for few weeks in an attempt to contain the spread of the
area in China in December, 2019 but in that time COVID-19 pandemic. In India the Hon’ble Prime Minister
Wuhan Municipal Commission was reported Mr. Narendra Modi had declared a voluntary national curfew
this disease as a cluster of cases of pneumonia. named as ‘Janata Curfew’ for 14 hours on 22nd March, 2020
On 11th March, 2020 WHO declared Covid-19 as pandemic. and thereafter on 24th March, 2020, the Government of
The devastating and severe impact of COVID-19 has shaken India under Prime Minister Narendra Modi ordered 21 days
the world to its core. Further, most of the Governments nationwide lock down and extended it from time to time.
The first question was regarding awareness of ‘Online Classes’ among the students community. The result is shown in
chart 1.
Chart 1.
The second question was relating to Mode of teaching- i.e. classroom teaching or online teaching. This is shown in table 1.
Table. 1
Classroom
Online Teaching
Teaching
School Students 77.78 22.22
Students of Higher
83.33 16.67
Education
Guardian 71.4 28.6
Source: Online Survey
Observation:
Most of the students i.e.,, 77.78% and 83.33% respondents of school and college students respectively are prefer to join
classroom teaching whereas 71.4% respondents of guardian are also support classroom teaching. Therefore, conventional
class room teaching has no other alternative.
The third question was that the online class is relevant and helpful for continuing study during this Lock Down Situation.
The observation of this question is shown in table 2a and 2b.
Table. 2a
Very much irrelevant Not Relevant Neutral Relevant Very Relevant
School Students 7.41 18.52 29.63 22.22 22.22
Students of Higher
5 6.67 40 26.67 21.67
Education
Source: Online Survey
Table.2b
Yes No May be
Teachers 78.8 5.8 15.4
Guardian 85.7 - 14.3
Source: Online Survey
Observation:
On analysis of the above table 2a and 2b, it is observed that 44.44 % and 48.34% respondents of school and college
students respectively are agreed that online classes are either relevant or very much relevant. Whereas 78.8% and 85.7%
respondents of teachers and guardians are thinking that online classes are helpful for continuing classes during this Lockdown
Situation. Most interesting is that about 30% school students and 40% students of higher education are neutral in this question.
Therefore, online classes are plays the role of substitute of conventional class room teaching.
The fourth question was relating to watching YouTube channel for educational purpose. The response relating to this
question is shown in table 3.
Table.3
Yes No
School Students 80.77 19.23
Students of Higher Education 83.33 16.67
Observation:
On analysis of the above chart it is observed that SWAYAM, Shodhganga, e-shodh Sindhu etc are not much familiar than
the private e-learning platforms. 51.67% students are known about BYJU’S one of the leading private e-learning education
provider. This is because of advertisement campaigning. Private e-education providers are basically focused on school level
education whereas SWAYAM, Shodhganga, e-shodh Sindhu etc are basically for the students of higher education, research
fellow etc.
The sixth question was relating to online Private tuition class which is shown in table 4 and chart 5.
Table.4
Yes No
School Students 57.69 42.31
Students of Higher education 43.33 56.67
Guardian 71.43 28.57
Source: Online Survey
Observation:
It is observed from the above table and chart that school students and guardians have express their positive opinion regarding
online private tuition whereas 56.67% students of higher education are not opting online tuition during this lockdown time.
Table 5.
Yes No Don’t Know
School Students 26.92 26.92 46.15
Students of Higher
36.67 18.33 45.00
Education
Teachers 42.3 42.3 15.4
Observation:
From the above table 5, it is shown that 46.15% and 45% students of school and colleges are not aware of Learning
Management System of their institution. Whereas 42.3% teachers are agreed that their institution have their proper Learning
Management System and 42.3% teachers also pointed out that their institution have not provided any LMS.
The second question was institutional initiative regarding ‘Online classes’ during this Lock Down situation.
Chart.7
Observation:
From the above Chart 7 it found that 92.59% and 96.67% respondents of school and college students are agreed that institution
have taken initiative to conducting online classes in a formal or informal structure which helps the students’ community to
continue their study. Similarly 94.2% teachers are also agreed in this question. Many of them are taking interactive classes and
uploading notes / e-content in their institutional website. In this blended learning environment, interaction between teacher
and students become more flexible and basically learners play the central role (Nguyen, 2017, p. 175).
The third question was relating to structured routine for ‘Online classes’.
Chart.8
The fourth question was regarding regular attendance of ‘Online classes’ as per routine.
Table. 6
Yes No
School Students 81.48 18.52
Students of Higher Education 81.67 18.33
Observation:
It is observed from the table 6 that about 82% respondents of students, both school and higher education are interested to
attend online classes. This is really a very good indication relating to this alternative mode of education.
The fifth question was specifically for teacher community regarding taking of regular classes.
Table.7
%
Yes 67.3
No 3.8
No Fixed Schedule 26.9
No classes due to exam 1.9
Observation:
On analysis of the above table 7 and chart, it can be said that 67.3% teachers are taking online classes as per schedule routine
but 26.9% teachers are taking classes without proper routine because they are taking classes generously as their institution has
not taken any initiative for online classes. In this situation it is the common responsibility for educators to assist in students’
learning with teaching methods, teaching materials, and diversified teaching media with more efficient and interesting manner
which helps students to accept gladly (Lin et al., 2017, p. 3560).
The sixth question was regarding institutional arrangement of any training program for teacher relating to ‘online classes’.
Table.8
%
Yes 32.7
No 48.1
Observation:
It is observed from the above table 8 and chart that 48.1% teachers were agreed that no formal training relating to online
classes had arranged by the institution and those who are tech savvy they were adopting technology of digital learning by their
own interest and 19.2% teachers have agreed in this regard. But it is true that formal training is necessary for taking online
classes for majority of the teachers.
The opinion survey regarding attendance, interest and feedback of the students relating to online classes.
Table.8
Extremely Poor Poor Average Good Appreciating
Students’ Attendance 19.23 55.77 13.46 11.54
Teachers’ Interest on online classes 5.77 61.54 19.23 13.46
Students feedback regarding
3.85 11.54 50.00 21.15 13.46
online classes
Source: Online Survey
Observation:
From the above chart 12 it is clearly shows that 98.1%
teachers have been participated different webinar for the
academic interest and also attend different workshop or
training program for skill development and knowledge.
Webinars and e-conferences became normal during this lock
down period, and sharing expertise among academicians
around the globe with different academic matter (Jana,
2020, p. 80). Different educational institutions especially
higher education institutions have organized many national
and international webinars which are really enrich their
Observation:
knowledge in different diverse area. Cost of organizing such
type of webinars is very low in compare to conventional It is observed that parental or family support or motivation
seminar and workshop. Therefore, this is very much cost is necessary for attending online classes of their children’s,
effective also. These are not only cost effective but also time especially school going students. 64.3% respondents of
convenient. guardians are agreed in this point.
Hope you are getting The Management Accountant Journal in physical form at your doorstep regularly. If
not, requesting esteemed Members, Students and Subscribers to mail us at: [email protected] for smooth and
uninterrupted delivery of the same.
November 2000
November 1990
November 1980
November 1970
Source: Extracted from the various issues of The Management Accountant Journal
THE INSTITUTE OF COST ACCOUNTANTS OF INDIA THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
BANGALORE CHAPTER KOZHIKODE MALAPPURAM CHAPTER
The Chapter organized various professional development A MoU was signed between the Chapter and St.Joseph’s
meets on “Impact of new technologies like Artificial College, Devagiri in Calicut on 30th September,2020.CMA
Intelligence on the work of Finance Professionals”, Askarali P.C, Chairman of the chapter, Mr.Bony Augustine,
“Occupational Fraud - An Introduction”, “An Insight into Administrator of St.Joseph’s College, Devagiri, Mr Sunil
the Employees’ Pension Scheme 1995”, “Revenue from M Antony, Director of St.Joseph’s College, Devagiri &
(b) The TRQ authorization shall contain name Genotropin Patient Pfizer Products India
49
and address of the importer, IEC code, Customs Assistance Programme Private Limited
notification No., sub-heading or tariff item as
1 applicable, quantity and validity period of certificate. Atgam Patient Assistance Pfizer Products India
50
Programme Private Limited
(c) The TRQ authorization shall be issued
Aromasin Patient Assistance Pfizer Products India
electronically by the Directorate General of Foreign 51
Trade and transmitted to ICES system. Programme Private Limited
(d) Imports made against the TRQ shall be allowed Campto Patient Assistance Pfizer Products India
52
only upon debiting electronically in the ICES system Programme Private Limited
120
INTERMEDIATE AND FINAL EXAMINATION TIME TABLE & PROGRAMME – JUNE 2020 (Merging) AND DECEMBER 2020
INTERMEDIATE FINAL
Day & Date (Time: 10.00 A.M. to 1.00 P.M.) (Time: 2.00 P.M. to 5.00 P.M.)
(Group – I) (Group – II) (Group – III) (Group – IV)
Thursday,
Financial Accounting (P-05) ------------------- Corporate Laws & Compliance (P-13) -------------------
10th December, 2020
Friday, Operations Management & Strategic
------------------- ------------------- Corporate Financial Reporting (P-17)
11th December, 2020 Management (P-09)
Saturday,
Laws & Ethics (P-06) ------------------- Strategic Financial Management (P-14) -------------------
12th December, 2020
Sunday, Cost & Management Accounting and
------------------- ------------------- Indirect Tax Laws & Practice (P-18)
13th December, 2020 Financial Management (P-10)
Monday,
Direct Taxation (P-07) ------------------- Strategic Cost Management – Decision Making (P-15) -------------------
14th December, 2020
Tuesday,
------------------- Indirect Taxation (P-11) ------------------- Cost & Management Audit (P-19)
15th December, 2020
Wednesday,
Cost Accounting (P-08) ------------------- Direct Tax Laws and International Taxation (P-16) -------------------
16th December, 2020
Thursday, Strategic Performance Management and Business
------------------- Company Accounts & Audit (P-12) -------------------
17th December, 2020 Valuation (P-20)
EXAMINATION FEES
Group (s) Final Examination Intermediate Examination
One Group (Inland Centres) `1400/- `1200/-
(Overseas Centres) US $ 100 US $ 90
Two Groups (Inland Centres) `2800/- `2400/-
(Overseas Centres) US $ 100 US $ 90
1. Application Forms for Intermediate and Final Examination has to be filled up through online only and fees will be accepted through online mode only (including Payfee Module of IDBI Bank). No Offline form and DD
payment will be accepted for domestic candidate.
2. STUDENTS OPTING FOR OVERSEAS CENTRES HAVE TO APPLY OFFLINE AND SEND DD ALONGWITH THE FORM.
3. (a) Students can login to the website www.icmai.in and apply online through payment gateway by using Credit/Debit card or Net banking.
(b) Students can also pay their requisite fee through pay-fee module of IDBI Bank.
4. Examination form already submitted by the students for the Intermediate and Final Examinations, June, 2020 session will remain same for the Intermediate and Final Examinations to be held in December, 2020. Students
need not apply again.
5. Students who have submitted examination form for the Intermediate and Final Examinations, June, 2020 session are allowed to add their Group with payment of differential examination fee for appearing in the
Intermediate and Final Examinations to be held in December, 2020.
6. The students who have not enrolled for the Intermediate and Final Examinations, June, 2020 session may enroll afresh by submitting online examination form for December, 2020 term of examination.
7. Last date for receipt of Examination Application Forms is 10 th October, 2020.
8. The provisions of Direct Tax Laws and Indirect Tax Laws, as amended by the Finance Act, 2019, including notifications and circulars issued up to 31 st May, 2020, are applicable for December, 2020 term of examination for
www.icmai.in
Secretary
www.icmai.in November 2020 - The Management Accountant 121
122 The Management Accountant - November 2020 www.icmai.in
F
We believe that your brand and services are best served by reaching out regularly to your stakeholders.
Hence, custom publications to us are Relationship Publishing, that effectively strengthen your
brand with your customers.