New Ventures’ influence on the Growth of SME Employment, Production and Exports in India: Does Institutional Credit matter?

New ventures are considered to be a major source of small firm growth. In Indian context the contribution of new ventures in terms of new employment, production and exports has largely remained unexplored. It is equally important and unexplored, the significance of the contribution of bank credit to the growth of new ventures in India. This paper is an attempt to throw light on these two aspects. The research is based on secondary data of the liberalized period provided by Ministry of Micro, Small and Medium Enterprises, Government of India and Reserve Bank of India. To analyze the influence of bank credit growth on new ventures and the influence of new ventures on growth of additional employment, additional production and additional exports, we used a Bi-Variate Vector Auto Regression. Based on the model generated, Granger causality tests are conducted to obtain the results. The study found that rate of growth of bank credit causes the number of new ventures, implying any increase in the rate of growth of bank credit will be beneficial to the growth of new ventures. The study also concluded that new ventures are not causing the growth of additional employment or additional production. However new ventures cause the growth of additional exports. This is reasonable as entrepreneurs start their new ventures with minimum possible employment and relatively low rate of capacity utilization and they come up to take advantage of the process of globalization by catering to the international market.

What Drives Venture Capital Fundraising in India: An Empirical Analysis of Systematic and Non-Systematic Factors

In this paper, we develop a consolidated Supply-Demand framework of the Venture Capital (VC) ecosystem for India. Further, we empirically analyze the supply side of this ecosystem to ascertain the influence of systematic (macro) and non-systematic (micro) factors on VC fundraising. At the macro level, our results indicate that relatively strong fundamentals of the Indian economy in the past decade as compared with the severe recessionary tendencies in the developed economies have been critical in determining the aggregate volume of VC fundraising. Among the micro factors, past performance and reputation of the individual fund managers have been instrumental in determining their fund raising potential.

On the propagation of a multi-dimensional shock of arbitrary strength

In this paper the kinematics of a curved shock of arbitrary strength has been discussed using the theory of generalised functions. This is the extension of Moslov’s work where he has considered isentropic flow even across the shock. The condition for a nontrivial jump in the flow variables gives the shock manifold equation (sme). An equation for the rate of change of shock strength along the shock rays (defined as the characteristics of the sme) has been obtained. This exact result is then compared with the approximate result of shock dynamics derived by Whitham. The comparison shows that the approximate equations of shock dynamics deviate considerably from the exact equations derived here. In the last section we have derived the conservation form of our shock dynamic equations. These conservation forms would be very useful in numerical computations as it would allow us to derive difference schemes for which it would not be necessary to fit the shock-shock explicitly.

A differential geometric method for kinematic analysis of two- and three-degree-of-freedom rigid body motions

In this paper, we present a novel differential geometric characterization of two- and three-degree-of-freedom rigid body kinematics, using a metric defined on dual vectors. The instantaneous angular and linear velocities of a rigid body are expressed as a dual velocity vector, and dual inner product is defined on this dual vector, resulting in a positive semi-definite and symmetric dual matrix. We show that the maximum and minimum magnitude of the dual velocity vector, for a unit speed motion, can be obtained as eigenvalues of this dual matrix. Furthermore, we show that the tip of the dual velocity vector lies on a dual ellipse for a two-degree-of-freedom motion and on a dual ellipsoid for a three-degree-of-freedom motion. In this manner, the velocity distribution of a rigid body can be studied algebraically in terms of the eigenvalues of a dual matrix or geometrically with the dual ellipse and ellipsoid. The second-order properties of the two- and three-degree-of-freedom motions of a rigid body are also obtained from the derivatives of the elements of the dual matrix. This results in a definition of the geodesic motion of a rigid body. The theoretical results are illustrated with the help of a spatial 2R and a parallel three-degree-of-freedom manipulator.

Subcontracting Relationship of Indian SMEs with a Global TNC: Do SMEs Gain and How?

TNCs having their production bases in developing countries provide increasing opportunity for local SMEs to have subcontracting relationships with these TNCs.Even though some theoretical and a few empirical studies throw light on the nature of assistance provided by TNCs to local SMEs through subcontracting relationships,none of the studies so far analysed the diversity of assistance that subcontracting SMEs of India would be able to obtain from a TNC using quantitative measurement.This paper probes the extent of linkages and diversity of assistance that Indian subcontracting SMEs would be able to obtain from a TNC customer based on primary data from SME subcontractors of a major TNC automobile manufacturer. Statistical analysis of direct assistance revealed that SMEs receive more of product and purchase process assistance. The extent of assistance for their process related,marketing, human resource and financial requirements is low whereas the assistance for their organisational know-how requirements is moderate. The major indirect benefits these SMEs could achieve are knowledge transfer, business volume, superior work culture, reputation and quality improvement.

Simulations and experiments in punching spring-steel devices with sub-millimeter features

This work demonstrates the feasibility of mesoscale (100 μm to mm) punching of multiple holes of intricate shapes in metals. Analytical modeling, finite element (FE)simulation, and experimentations are used in this work. Two dimensional FE simulations in ABAQUS were done with an assumed material modeling and plane-strain condition. A known analytical model was used and compared with the ABAQUS simulation results to understand the effects of clearance between the punch and the die. FE simulation in ABAQUS was done for different clearances and corner radii at punch, die, and holder. A set of punches and dies were used to punch out a miniature spring-steel gripper. Comparison of compliant grippers manufactured by wire-cut electro discharge machining(EDM) and punching shows that realizing sharp interior and re-entrant corners by punching is not easy to achieve. Punching of circular holes with 5 mm and 2.5 mm diameter is achieved. The possibility of realizing meso-scale parts with complicated shapes through punching is demonstrated in this work; and some strategies are suggested for improvement.