A Study on Futures Trading in Commodities With Special Reference to Rubber

Futures trading in Commodities has three specific economic functions viz. price discovery, hedging and reduction in volatility. Natural rubber possesses all the specifications required for futures trading. Commodity futures trading in India attained momentum after the starting of national level commodity exchanges in 2003. The success of futures trading depends upon effective price risk management, price discovery and reduced volatility which in turn depends upon the volume of trading. In the case of rubber futures market, the volume of trading depends upon the extent of participation by market players like growers, dealers, manufacturers, rubber marketing co-operative societies and Rubber Producer’s Societies (RPS). The extent of participation by market players has a direct bearing on their awareness level and their perception about futures trading. In the light of the above facts and the review of literature available on rubber futures market, it is felt that a study on rubber futures market is necessary to fill the research gap, with specific focus on (1) the awareness and perception of rubber futures market participants viz. (i) rubber growers, (ii) dealers, (iii) rubber product manufacturers, (iv) rubber marketing co-operative societies and Rubber Producer’s Societies (RPS) about futures trading and (2) whether the rubber futures market is fulfilling the economic functions of futures market viz. hedging, reduction in volatility and price discovery or not. The study is confined to growers, dealers, rubber goods manufacturers, rubber marketing co-operative societies and RPS in Kerala. In order to achieve the stated objectives, the study utilized secondary data for the period from 2003 to 2013 from different published sources like bulletins, newsletters, circulars from NMCE, Reserve Bank of India (RBI), Warehousing Corporation and traders. The primary data required for this study were collected from rubber growers, rubber dealers, RPS & Rubber Marketing Co-operative Societies and rubber goods manufacturers in Kerala. Data pertaining to the awareness and perception of futures trading, participation in the futures trading, use of spot and futures prices and source of price information by dealers, farmers, manufacturers and cooperative societies also were collected. Statistical tools used for analysis include percentage, standard deviation, Chi-square test, Mann – Whitney U test, Kruskal Wallis test, Augmented Dickey – Fuller test statistic, t- statistic, Granger causality test, F- statistic, Johansen co – integration test, Trace statistic and Max –Eigen statistic. The study found that 71.5 per cent of the total hedges are effective and 28.5 per cent are ineffective for the period under study. It implies that futures market in rubber reduced the impact of price risks by approximately 71.5 per cent. Further, it is observed that, on 54.4 per cent occasions, the futures market exercised a stabilizing effect on the spot market, and on 45.6 per cent occasions futures trading exercised a destabilizing effect on the spot market. It implies that elasticity of expectation of futures market in rubber has a predominant stabilizing effect on spot prices. The market, as a whole, exhibits a bias in favour of long hedges. Spot price volatility of rubber during futures suspension period is more than that of the pre suspension period and post suspension period. There is a bi-directional association-ship or bi-directional causality or pair- wise causality between spot price and futures price of rubber. From the results of the hedging efficiency, spot price volatility, and price discovery, it can be concluded that rubber futures market fulfils all the economic functions expected from a commodity futures market. Thus in India, the future of rubber futures is Bright…!!!

T-Policy in Reliability and Inventory

In this thesis T-policy is implemented to the inventory system with random lead time and also repair in the reliability of k-out-of-n system. Inventory system may be considered as the system of keeping records of the amounts of commodities in stock. Reliability is defined as the ability of an entity to perform a required function under given conditions for a given time interval. It is measured by the probability that an entity E can perform a required function under given conditions for the time interval. In this thesis considered k-out-of-n system with repair and two modes of service under T-policy. In this case first server is available always and second server is activated on elapse of T time units. The lead time is exponentially distributed with parameter  and T is exponentially distributed with parameter  from the epoch at which it was inactivated after completion of repair of all failed units in the previous cycle, or the moment n-k failed units accumulate. The repaired units are assumed to be as good as new. In this study , three different situations, ie; cold system, warm system and hot system. A k-out-of-n system is called cold, warm or hot according as the functional units do not fail, fail at a lower rate or fail at the same rate when system is shown as that when it is up.

Economics of Human Resource Planning With Special Reference to Higher Education in Kerala

Ongoing changes in global economic structure along information revolution have produced an environment where knowledge and skills or education and training are considered increasingly valued commodities. This is based on the simple notion that nation’s economic progress is linked to education and training. This idea is embodied in the theory of human capital, according to which the knowledge and skill found in labour represents valuable resources for the market. Thus the important assumptions of the Human capital theory are 910 Human capital is an investment for future (2) More training and education leads to better work skills (3) Educational institutions play a central role in the development of human capital(4) the technological revolution is often cited as the most pressing reason why education and knowledge are becoming valuable economic commodities . The objectives of the present study are, the investment and institutional or structural framework of higher education in Kerala, the higher education market and the strengths and weakness of supply demand conditions , cost and the benefits of higher education in Kerala , impact of recent policy changes in higher education,need for expanding higher education market to solve the grave problem of Un employment on the basis of as systematic manpower planning and the higher education and its association with income and employment.

Targeted Public Distribution System in Food Grains:Extent of Utlization by the Tribal Population in Kerala

In India, Food Security meant supply of food grains and the medium was Public Distribution System. Public Distribution System (PDS) is a rationing mechanism that entitles households to specified quantities of selected commodities at subsidized prices. The Objectives of PDS are maintaining Price Stability, rationing during times of scarcity, welfare of the poor, and keeping a check on private trade. Kerala has registered remarkable improvement in poverty reduction in general over the years among all social sections, including scheduled caste and scheduled tribe population. As part of the structural adjustment intended to reduce public expenditure, PDS has been modified as Revamped PDS (RPDS) during 1992 and later on as Targeted PDS (TPDS) in 1997, intended to target households on the basis of income criterion, classifying people as Below Poverty Line (BPL) and Above Poverty Line (APL). TPDS provides 25Kg. of food gra.ins through the Fair Price Shops per month @ Rs.3/- per Kg. of rice/ wheat to the BPL category and @Rs.8.90 and Rs.6.7O for rice and wheat respectively to the APL category of people. Since TPDS is intended to target the poor people, the subsidy spent by the government for the scheme should be beneficial to the poor people and naturally they should utilize the benefits by purchasing the food grains allotted under the scheme. Several studies have shown that there is underutilization of the allotments under TPDS. Therefore, the extent of utilization of TPDS in food grains, how and why remains as a major hurdle, in improving the structure and system of PDS. Livelihood of the tribal population being under threat due to increasing degradation of the resources, the targeting system ought to be effective among the tribal population. Therefore, performance of the TPDS in food grains, in terms of the utilization by the tribal population in Kerala, impact thereof and the factors, if any, affecting proper utilization were considered as the research problem in this study. The study concentrated on the pattern of consumption of food grains by the tribal people, whether their hunger needs are met by distribution of food grains through the TPDS, extent to which TPDS in food grains reduce their share of expenditure on food in the total household expenditure, and the factors affecting the utilization of the TPDS in food grains by the tribal population. Going through the literature, it has been noted that only few studies concentrated on the utilization of TPDS in food grains among the tribal population in Kerala.The Research Design used in this study is descriptive in nature, but exploratory in some aspects. Idukki, Palakkad and Wayanad have more than 60% of the population of the tribals in the state. Within the three districts mentioned above, 14 villages with scheduled tribe concentration were selected for the study. 95 tribal colonies were selected from among the various tribal settlements. Collection of primary data was made from 1231 households with in the above tribal colonies. Analysis of data on the socio-economic factors of the tribal people, pattern of food consumption, extent of reduction in the share of expenditure on food among the household expenditure of the tribal people and the impact of TPDS on the tribal families etc. and testing of hypotheses to find out the relation/association of each of the six variables, using the data on BPL and APL categories of households separately have resulted in findings such as six percent of the tribal families do not have Ration Cards, average per capita consumption of food grains by the tribal people utilizing TPDS meets 62% of their minimum requirement, whereas the per capita consumption of food grains by the tribal people is higher than the national average per capita consumption, 63% deficiency in food grains may be felt by tribal people in general, if TPDS is withdrawn, and the deficit for BPL tribal people may be 82%, TPDS facilitates a reduction of 9.71% in the food expenditure among the total household expenditure of the tribal people in general, share of food to non-food among BPL category of tribals is 55:45 and 40:60 among the APL, Variables, viz. household income, number of members in the family and distance of FPS from tribal settlements etc. have influence on the quantity of rice being purchased by the tribal people from the Fair Price Shops, and there is influence of household income and distance of FPS from tribal settlements on the quantity of rice being purchased by the tribal people from the open market. Rationing with differential pricing on phased allotments, rectification of errors in targeting, anomalies in norms and procedures for classifying tribal people as BPL/APL, exclusive Income Generation for tribal population, paddy cultivation in the landholdings possessed by the tribal people, special drive for allotment of Ration Cards to the tribal people, especially those belonging to the BPL category, Mobile Fair Price Shops in tribal settlements, ensure quality of the food grains distributed through the TPDS, distribution of wheat flour in packed condition instead of wheat through the Fair Price Shops are recommended to address the shortcomings and weaknesses of the TPDS vis-avis the tribal population in Kerala.

Legal Control of Fishing Industry in Kerala

This work is a study on ‘Legal Control of Fishing Industry in Kerala.Fishery and Fishery-related legislations are sought to be examined in the light of scientific opinion and judicial decisionsThis work is divided into five Part.The thrust of time Study is on the success of legislative measures in attempting to achieve socio-economic justice for the fishermen community.Fishing is more an avocation than an industry. It is basically the avocation of the artisanal or traditional fishermen who depend on it for their livelihood. As an ‘industry’, it is a generator of employment, income and wealth.The modern tendency in national legislations is to integrate legal proivisions relating to EEZ fisheries into the general fisheries legislation.Chartered fishing was introduced by the Central Government during 1977-78 to establish the abundance and distribution of fishery resources in Indian EEZ, for transfer of technology and for related purposes.Going by the provisions of Articles 61 and 62 of the U.N. Convention on the Law of the Sea, 1982, foreign fishing need be permitted in our EEZ area only if there is any surplus left after meeting our national requirements.Conservation of the renewable fishery resources should start with identification of the species, their habitats, feeding and breeding patterns, their classification and characteristics. Fishing patterns and their impact on different species and areas require to be examined and investigated.the Central Government, that the Kerala Marine Fishing Regulation Act, 1980 was passed.our traditional fishermen that our Governments in power in Kerala resorted to the appointment of Commissions after Commissions to enquire into the problems of resource management and conservation of the resources. The implementation of the recommendations of these Commissions is the need of the times.General infrastructure has increased to a certain extent in the fishery villages; but it is more the result of the development efforts of the State rather than due to increase in earnings from fishing. Fisherwomen ar e still unable to enjoy the status and role expected of them in the society and the family.Around 120 million people around the tuorld are economically dependent on fisheries. In developing countries like India, small-scale fishers are also the primary suppliers of fish, particularly for local consumption. A most important role of the fisheries sector is as a source of domestically produced food. Fish, as a food item, is a nutrient and it has great medicinal value.Consumers in our country face a dramatic rise in fish prices as our ‘fishing industry’ is linked with lucrative markets in industrial countries. Autonomy of States should be attempted to be maintained to the extent possible with the help and co-operation of the Centre. Regional co-operation of the coastal states interse and with the Centre should be attempted to be achieved under the leadership of the Centre in matters of regional concern. At time national level, a ifisheries management policy and plan should be framed in conformity with the national economic policies and plans as also keeping pace with the local and regional needs and priorities. Any such policy, plan and legislation should strive to achieve sustainability of the resources as well as support to the subsistence sector.

International Trade and Cochin Port A Historical. and statistical Analysis -- 1881-1980

The overall focus of the thesis involves the International trade and cochin port a historical and statistical analysis 1881-1980.Analysing the trend of exports and imports through cochin port during the course of the last hundred years .This analysis has brought to light some very pertinent facts which , in our opinion,deserve serious consideration of the policy makers,the partise involved in trade and those who are interested in the development of the cochin port.Our study is restricted to twelve commodities -ten commodities of exports and two commodities of imports.The study reveals that the commodities that were exported from cochin are subjected to fluctuations -some mild and others wild. The projections only indicate the potential and unless we are very cautious the chance will be taken away by our competitors .With reference to the development of the port in particular and the states economy in general we would like to make a suggestion .This suggestion relates to declaring cochin as a free port .This will go a long way in the develppment of the port and the state's economy.The sooner it is done the better for the port and the state.

Ablueprint for export development of Kerala

An attempt is made to identify the causes for the decline of Kerala’s agricultural export performance. The study evaluates the policies of the government and programmes of the organization assigned with the task of development of export trade of specific commodities. The researcher recommends a plan of action with long term perspective and suggests appropriate strategies for the export development of the traditional and nontraditional agricultural items. T he thesis also review trends in the world trade of the major exports from Kerala

Analysis of some Stochastic models in inventories and Queues

The thesis entitled Analysis of Some Stochastic Models in Inventories and Queues. This thesis is devoted to the study of some stochastic models in Inventories and Queues which are physically realizable, though complex. It contains a detailed analysis of the basic stochastic processes underlying these models. In this thesis, (s,S) inventory systems with nonidentically distributed interarrival demand times and random lead times, state dependent demands, varying ordering levels and perishable commodities with exponential life times have been studied. The queueing system of the type Ek/Ga,b/l with server vacations, service systems with single and batch services, queueing system with phase type arrival and service processes and finite capacity M/G/l queue when server going for vacation after serving a random number of customers are also analysed. The analogy between the queueing systems and inventory systems could be exploited in solving certain models. In vacation models, one important result is the stochastic decomposition property of the system size or waiting time. One can think of extending this to the transient case. In inventory theory, one can extend the present study to the case of multi-item, multi-echelon problems. The study of perishable inventory problem when the commodities have a general life time distribution would be a quite interesting problem. The analogy between the queueing systems and inventory systems could be exploited in solving certain models.

Impact of land reforms on scheduled castes in kerala - a case study

Perhaps the most characteristic feature of our timesis that economic development has become the goal and ambition of people. The needs which this desire creates are immense they are of course urgent everywhere and they cannot be postponded. Consequently there was a frantic search for formulae of rapid economic development. It was claimed that agrarian reform is the indispensable condition for the development of productive forces and industrialization of the state.A key element in the land reform policy is the provision for ownership of land .Measures taken include redistribution of large estates ,assistance to tenants or labourers to acquire holdings and settlement schemes to establish new farming units on reclaimed or developed lands.In this thesis an attempt is made to evaluate the impact of these reforms on the agrarian structure in general and the scheduled caste in particular.

Studies on the production management in the seafood processing industry in Kerala

Kerala was the pioneer in modern seafood processing and exporting. But now the industry is Iacingalot of problems due to low productivity and deterioration in the quality of the products. only about 17% of the installed freezing capacity in sea food processing industry was reported to be utilised during 1979-80. The price of the export commodities its decided by the buyers based on international supply and demand pattern and based on the strength and weakness of dollar/yen. The only way to increase the profitability of the processors is to reduce the cost of production to the possible extent. The individual processors find it difficult to continue in this field due to low productivity and quality problems. The main objectives of the research are to find out how the production is being managed in the seafood processing(freezing) 17industry in Kerala and the reasons for low productivity and poor quality of the products. The study includes a detailed analysis of Location of the factories. Layout Purchase, production and storage patterns. Production planning and scheduling. Work Measurement of the processing of important products. Quality Control and Inspection. Management Information System

Isolation, purification, characterization and application of proteinaceous protease inhibitor from marine bacterium Pseudomonas mendocina BTMW 301

The microorganisms are recognized as important sources of protease inhibitors which are valuable in the fields of medicine, agriculture and biotechnology. The protease inhibitors of microbial origin are found to be versatile in their structure and mode of inhibition that vary from those of other sources. Although surplus of low molecular weight non-protein protease inhibitors from microorganisms have been reported, there is a dearth of reports on proteinaceous protease inhibitors. The search for new metabolites from marine organisms has resulted in the isolation of more or less 10,000 metabolites (Fuesetani and Fuesetani, 2000) many of which are gifted with pharmacodynamic properties. The existence of marine microorganisms was reported earlier, and they were found to be metabolically and physiologically dissimilar from terrestrial microorganisms. Marine microorganisms have potential as important new sources of enzyme inhibitors and consequently a detailed study of new marine microbial inhibitors will provide the basis for future research (Imada, 2004).

Implication of Trade, Livelihood and Employment Exclusion among Workers in Plantation Sector in Kerala

The first part of the study has focused on the trends in area, production and productivity comparing the state’s performance with of national level performance. Also an attempt was made to understand the trends in commodity price over the years especially in the post liberalization period from the early 1990s. Plantation commodities occupy an important share in the country’s export basket and thereby earning foreign exchange to the national exchequer. Taking into consideration the competitive dimension of natural rubber, cardamom and pepper in the export market was analyzed to see penetration of these commodities in the world market.The second part of the study has tried to understand the plantation workers livelihood by understand the employment generation in the sector. Livelihood assets of plantation workers were analyzed to understand the nature of ownership of various assets. Understanding the poor quality and ownership of various livelihood assets and their relative deprivation the study also tried to understand the income-expenditure patterns and the nature of indebtedness among workers and the factors responsible for deprivation and thereby social exclusion.Area, Production and productivity trends of rubber, pepper and cardamom show a mixed picture. Area, Production trends are impacted greatly by the commodity price of the plantation crops.High correlation exists between commodity price and area and production trends of plantation crops in the state.In terms of Natural Rubber, Kerala experienced a steady growth over the years in terms of area production and productivity as the price of rubber has increasedIn terms of black pepper, the state witnessed a deceleration in growth.In the case of cardamom the area of cultivation declined whereas production increasedProductivity of natural rubber, pepper and cardamom has increased substantially over the yearsEmployment pattern in rubber and spices sub-sector has been analyzed by looking in to the commodity prices so as to see the changes in employment pattern over the years. The study has helped to understand that commodity price and employment generation in plantations are interconnected to such an extent that a fall in the commodity price have greater reverberations on the employment pattern in plantations.Livelihood analysis both in the small and large holdings show that workers belonging to rubber (large and small rubber) plantations have shown better possession of livelihood assets when compared to spices plantation workers as 16.2 percent of the spices sub-sector workers claimed about ownership of house which is considered to be an important and primary livelihood asset.In the case of natural assets like accessibility, availability and duration of water for drinking and other household purposes, the situation of workers in spices plantation still remain poor as around 80 percent of workers depending on public well public taps and canals as source of drinking water.Evaluating financial assets also give clear indication that the road to secure financial assets still remains a distant dream for the workers in plantation sectorEvaluating income and expenditure trends pinpoints to the fact that disparity in terms of income exist among the plantation workersWhile observing the employment though wage levels have improved because of improvement in commodity price of plantation crops, significant improvements are not visible in their livelihood and they remain excluded compared to other sections of the society.