The Framework for Resilient Industry: A Holistic Approach for Developing Economies

Introduction: Today the ability of nations to develop and implement innovations is core for their international competitiveness. Ukraine is striving for innovation progress; however, its innovation performance is relatively low. The research problem is to find the bottlenecks, affecting Ukraine’s innovation capability.

Purpose: This study aims to research the national innovation capability profiles, based on cluster analysis, to develop an understanding of drivers and threats for the innovation capability of Ukraine.

Need of the study: The knowledge-based economy, which had already turned into one of the most efficient developmental models of the 21st century, became a key driver of international competitiveness for the leading developed countries due to their progressive structural shifts towards the growth of high-technology manufacturing and knowledge-intensive sectors. These trends are significant to capture for the sake of increasing the innovation capability of the economy of Ukraine.

Methodology: The study is based on the K-means clustering method, which is employed for identifying 10 country clusters based on the indicators of their R&D and innovation activities, which allowed us to assess the innovation capability of Ukraine in comparison with 140 countries of the world. Data selection and normalisation were based on the 2019 Global Competitiveness Report indicators.

Findings: The study showed that Ukraine’s innovation capability problems are typical for most developing countries and are prevalently connected to low R&D expenditures, patent applications, and international co-invention activities. Most countries, except for the technologically developed ones, follow the so-called ‘passive technological learning’ strategies, which usually result in low economic productivity.

Practical implications: Several innovation policy implications have been developed for the government of Ukraine based on the cluster analysis results and accounting for the problems of the national innovation system (NIS).

Purpose: This chapter aims to unveil the challenges of adopting and using banking chatbots in India and identify the challenges of Chat Generative Pre-trained Transformer (ChatGPT) for future banking.

Need for the study: Unveiling the challenges of chatbots and ChatGPT in the banking industry in India is crucial to understand the limitations and areas of improvement to enhance customer experience, ensure data security, and maintain regulatory compliance.

Methodology: The researchers conducted a narrative review systematically summarising and analysing existing literature on chatbots and ChatGPT, providing a comprehensive overview of the challenges faced in the industry.

Findings: The authors identify perceived risk, platform quality, connectivity and infrastructure, data privacy and security, user education and acceptance, existing legacy systems, and regulatory guidelines as the challenges of adopting chatbots. Additionally, the findings reveal that the challenges posed by ChatGPT in future banking include the potential reduction of traditional banking jobs, linguistic diversity, data privacy and security, ethical considerations and bias mitigation, explainability and accountability, integration with existing banking systems, and user trust and acceptance. However, implementing these new technologies also presents opportunities for individuals with unique human skills, such as critical thinking, empathy, and creativity, which are difficult to replace with technology.

Practical implications: By minimising the challenges of ChatGPT and chatbots, the banking industry could achieve improved customer service, cost efficiency, automation of routine tasks, and 24/7 availability, leading to enhanced customer satisfaction and operational efficiency in the banking industry. Additionally, these artificial intelligence (AI) tools enable data-driven insights, personalised experiences, scalability, and efficient handling of large customer volumes, contributing to better decision-making and enhanced customer engagement.

Purpose: This study examines the key role of diversity management in supporting intellectual capital in organisations. Intellectual capital, which includes the knowledge, skills and innovative potential of employees, is recognised as a valuable resource that drives organisational success. By embracing diversity and managing it effectively, organisations can unleash the full potential of their intellectual capital and achieve a lot of benefits.

Methodology: The study is based on primary data. The research method used to achieve the objective and answer the research questions is a critical analysis of the literature on the subject, as well as an analysis of the qualitative research conducted by the author on the topic of building intellectual capital of enterprises in Poland conducted in 2019. The study used a dataset of 1,067 enterprises operating in Poland (with at least 10 employees).

Findings: It should be noted that this study underscores the crucial role of diversity management in enhancing intellectual capital within organisations. By embracing diversity and fostering an inclusive environment, organisations can tap into collective intelligence, creativity, and problem-solving capabilities of a diverse workforce. The benefits extend beyond organisational performance, encompassing innovation, employee engagement, and customer satisfaction.

Significance: The study highlights that it is imperative for organisations to implement effective diversity management strategies and continuously evaluate their progress to unlock the full potential of their intellectual capital and drive sustainable success in a rapidly evolving global landscape.

Purpose: The hospitality industry faces several contemporary issues and challenges that have the potential to impact its growth and development. This study aims to identify and analyse contemporary issues and challenges facing the hospitality industry, including trends, regulations, and Tech salutation.

Need for the study: The hospitality industry plays a significant role in the global economy with its diverse services, including accommodation, food and beverage, events, and tourism. However, the sector faces several contemporary issues and challenges that have the potential to impact its growth and development. This study will provide an overview of the most significant problems and challenges facing the hospitality industry today.

Methodology: The researchers used secondary data for the analysis of the chapter. The researchers reviewed journal papers, books, book chapters, government websites, handbooks, reports, internet, and official records for identification of issues and challenges in the hospitality industry.

Findings: The study identified several contemporary issues and challenges facing the hospitality industry, including the impact of technology and COVID-19 on operations and customer experience, changing consumer preferences for sustainable and ethical practices, labour shortages and retention issues, increasing competition, and changing regulatory environments.

Practical implications: The hospitality industry faces numerous contemporary issues and challenges that impact its sustainability and profitability. Industry stakeholders must understand and address these challenges to remain competitive and relevant in a rapidly changing global market. The findings of this study provide valuable insights into the contemporary issues and challenges facing the hospitality industry and suggest potential strategies for addressing these challenges.

Purpose: The purpose of this chapter is to offer a discussion on the role played by Central Bank Digital Currency (CBDC) in enhancing financial inclusion. The central interest of the study is to place CBDC on the financial inclusion landscape and provide insights on potential opportunities and barriers in making CBDC a strong building block of financial inclusion, as well as the digital financial system.

Design/methodology/approach: This chapter is a conceptual work that builds on relevant literature. This study identifies and suggests potential aspects that can help in the adoption of CBDC as a tool for financial inclusion.

Findings: This chapter analyses opportunities, barriers, and concerns for CBDC in the context of financial inclusion and discusses how critical functions of blockchain technology can lead to the acceptance and adoption of CBDC. Furthermore, it has been demonstrated how CBDC can pave the way for financial inclusion and benefit the existing financial system taking more people from financial exclusion towards financial inclusion.

Originality/value: This is evident that CBDCs and financial inclusion need to be intertwined to support upcoming technological transformations happening in the digital financial ecosystem. Therefore, CBDCs must be viewed from varying lenses to understand the relevance of including CBDCs in the financial system can be expanded. Further, repercussions from the given framework are suggested.

Purpose: The study aims to extract insights into five significant industries, pharmaceutical, space, defence, renewal energy, and information technology (IT), which have huge potential to make India achieving a five trillion-dollar economy in the future.

Design/methodology/approach: The authors focus on future-driven industries which are not only making India a third highest gross domestic product (GDP) producer country but also reviewing the different aspects of these industries and how they can assist India in achieving a five trillion-dollar economies along with determining India’s self-reliance through different governments initiatives in this direction.

Findings: The findings highlight the importance of inclusiveness of policymakers, stakeholders, private players, foreign investors, and the masses. Their significant contributions especially in the pharmaceutical, space, defence, renewal energy, and IT sectors in terms of creativities, innovations, intellect, executions, implementations, and improvements can assist India in achieving its five trillion-dollars economy soon.

Practical implications: This study offers (1) convincing insights into five key industries, pharmaceutical, space, defence, renewal energy, and IT, which have huge potential to increase total GDP volume shortly and (2) the investment areas for the masses where they can see their world not only self-reliant but also will see huge growth in their invested amount in these industries in future.

Originality/value: The insights of five key industries, pharmaceutical, space, defence, renewal energy, and IT, highlight that India has the potential to achieve a five trillion-dollar economy in the future; however, it does not ignore the significant contribution of other industries in making of total GDP.

Introduction: Commercial banks play a vital role in the global economy, facilitating economic growth and providing essential financial services. As key intermediaries between savers and borrowers, these institutions operate in a dynamic and complex environment characterised by various risk factors that can significantly impact their profitability and overall stability. Understanding the interconnected relationships between credit risk, interest rate risk, liquidity risk, and profitability is crucial for effective risk management strategies and the development of appropriate regulatory frameworks.

Purpose: Commercial banks play a critical role in the global economy by facilitating economic growth and providing financial services. This study examines the interconnected relationships between credit risk, interest rate risk, liquidity risk, and profitability in commercial banking.

Methodology: The sample consists of licenced scheduled commercial banks on the Bombay Stock Exchange (BSE) from 2015 to 2022. Using the Smart PLS-SEM 3.0 path analysis technique, the study evaluates the combined influence of these risk factors on profitability and provides evidence-based recommendations for risk management strategies.

Findings: The findings can assist banks in enhancing their risk management practices, and regulators in developing appropriate regulatory frameworks. By understanding the key risk factors and their impact on profitability, banks and regulators can mitigate risks, enhance transparency, and promote stability within the banking sector.

Significance/value: The value of this study lies in its focus on the interconnectedness of risk factors, profitability, and the potential implications for decision-making, risk management strategies, regulatory frameworks, and the overall stability of the commercial banking sector.

Purpose: The study aimed to investigate the impact of corporate governance (CG), non-performing loans (NPLs), and bank size (BS) on the financial performance (FP) of banking institutions in Kosovo.

Need for the study: Despite the growth and development of the banking sector in Kosovo, there’s a dearth of comprehensive research examining the key factors influencing their FP. This study aimed to bridge this gap, with a focus on CG, NPLs, and BS.

Methodology: The research employed a multiple regression model to analyse a sample of banking institutions in Kosovo over the period 2006–2021. The key variables included various CG factors, the level of NPLs, and BS, with FP measured through return on assets (ROA) and return on equity (ROE).

Findings: The study found a significant positive relationship between CG factors and bank performance (BP), particularly board size and board independence. Conversely, a significant negative relationship was observed between the level of NPLs and BP. Furthermore, the study revealed a non-linear relationship between BS and FP, with economies of scale contributing to improved performance up to a certain threshold, after which further increases in size led to inefficiencies and lower performance.

Practical implications: The findings of this study carry important implications for policymakers, banking practitioners, and academics. It underlines the importance of sound CG, effective risk management, and maintaining an optimal BS to enhance the FP of banks in Kosovo. It is suggested that these factors should be considered in the formulation of future banking regulations and strategies.

Introduction: The ethical implications of deoxyribonucleic acid (DNA) profiling or DNA fingerprinting or forensic genetics in criminal investigations have gained significant attention worldwide. In India, DNA profiling in criminal investigations has increased over the years. However, the ethical considerations of DNA profiling in India have yet to be examined adequately.

Purpose: The study aimed to examine the ethical considerations of DNA profiling in India and compare them with international guidelines. By examining the ethical considerations of DNA profiling in India, this study seeks to contribute to the ongoing discourse on the responsible use of DNA profiling in forensic investigations.

Methodology: The study used a qualitative research design, and data were collected by reviewing relevant literature and laws.

Findings: The findings indicate that the Indian legal framework has gaps in addressing the ethical considerations raised by international guidelines, such as the admissibility of DNA evidence in court, oversight of DNA laboratories, safeguards against discrimination, and privacy and confidentiality protections.

The comparative analysis highlights the need for strengthening the legal framework in India, adopting best practices from international guidelines, and incorporating safeguards to protect against discrimination and ensure the privacy and confidentiality of individuals. By adopting these recommendations, India can ensure that DNA profiling is conducted ethically and responsibly, promoting public trust in the criminal justice system and upholding the rights of all individuals.

Purpose: A psychiatric illness called burnout is caused by emotional tiredness, cynicism, and a decreased sense of personal accomplishment. For police officers to handle and adjust to difficult, stressful, and sometimes traumatic events, resilience or recovery during downtime are considered critical capacities. The study aims to investigate the association between resilience or recovery experiences and job burnout among police officers and to ascertain if recovery experiences during off-job time can lessen the harmful impacts of burnout.

Design/methodology: The data were gathered from police officers in the South zone of Kerala state using a structured questionnaire. The police force may have favourable effects on economic development if it embraces resilience-building concepts and develops into a more resilient enterprise. The study used convenience sampling, and the researchers received 300 responses. Karl Pearson correlation and simple regression analysis are used to test hypotheses.

Findings: Findings suggest an association between burnout and resilience or recovery experience measures during off-job time among police officers in Kerala. It is found that recovery experiences can buffer the adverse effects of job stress and burnout.

Practical implications: The results of this study could guide the design of initiatives and programmes that enhance police officers’ performance and satisfaction while also encouraging their general well-being. To further reduce police burnout, implement a programme that aims to improve occupational stress recovery at the organisational level.

Originality/value: It is crucial to evaluate police officers’ burnout and its relationship to resiliency or recovery in their spare time. This study offers unique insights into certain off-the-job behaviours or activities that link to lower levels of burnout; this information could guide programmes or interventions intended to help police personnel.

Purpose: This chapter aims to find the impact of cultural marketing on consumer buying behaviour and analyse the cultural factors affecting consumers’ buying behaviour. Cultural marketing aims to offer and promote a product, a message, or a service to a group of people who may be their potential purchasers and belong to the same culture or particular demographic.

Methodology: This study uses the published research for different countries viz. India, Canada, Germany, the UAE, the UK, the USA, Japan, etc., in the field of culture, cross-culture, and consumer buying behaviour considering various factors and their impact; but in particular, this study focussed on the cultural factors only and analysed their impact on the consumer behaviour of the different countries.

Findings: The study revealed that different countries have their own unique culture. Cultural factors have a positive relationship with consumers’ buying behaviour and exhibit that consumers behave differently towards the same product as per their perception developed by their culture.

Need of the study: Today, the world has become global, and to become a successful consumer oriented market service provider, marketers have to study the psychology of the customers to procure them. This study focusses on one of the essential factors, that is, culture and how cultural factors affect consumer buying behaviour. The study of culture is the gateway to attracting consumers in the market.

Practical implications: The study would help multinational companies in segmentation, targeting, and positioning and developing several marketing strategies for their products. Companies would be able to understand changes in consumer purchasing behaviours that arise from cultural differences, which helps them cater to the needs of their global consumers.

Purpose: This chapter examines the impact of artificial intelligence (AI) on employability and dispels the misconception that AI negatively affects job opportunities. The study aims to shed light on the ways in which AI can enhance employability by complementing natural intelligence and enabling employees to demonstrate creativity in various aspects of their work.

Need for the study: In the 21st century, AI has become ubiquitous, and governments worldwide are actively promoting its integration into various industries and systems. However, concerns about the potential negative consequences of AI have emerged.

Methodology: It is reviewing commentary secondary sources of data viz. books, articles, journals, newspaper articles, reports which have been considered to bring forth the advent of AI being an important premise for the construct of employability

Findings: The findings of this study reveal that the perceived negative impact of AI on employability is a misconception. AI technology, such as Alexa, ChatGPT, and OpenAI, has made significant advancements in the market but is still unable to pass the Turing test. Consequently, it is recommended that AI companies take a pause to fully understand and address the consequences associated with AI implementation.

Practical implications: The practical implications of this study are twofold. First, it debunks the myth that AI jeopardises employability associated with natural intelligence, highlighting the importance of human skills in conjunction with AI technologies. Second, it calls for a strategic approach for organisations and governments to adapt to AI while ensuring the workforce remains adaptable and equipped with the necessary skills. This study provides insights for policymakers, employers, and individuals to embrace AI to augment human potential and improve global market productivity.

Introduction: When people need to take decisions, being economic decisions or otherwise, their decisions tend to rely on information the brain has already processed, and this includes the resources that the person has already invested. This is called sunk cost bias in the behavioural economics literature. On the other hand, mental practices could lead to the mental accounting bias, where people allocate a different value to a fixed amount of money, depending on circumstances.

Purpose: In this chapter, both biases mental accounting and sunk cost are investigated for the tourism industry in Turkey.

Methodology: The topic is researched through scenario-based questions and the Chi-square Automatic Interaction Detector (CHAID) method is applied.

Findings: As a result, it could be reported that people, regardless of gender, fall into sunk cost and mental accounting biases in decisions relating to their vacations. Mental accounting biases can be primarily explained using the scenario questions posed rather than gender, education, and income while sunk cost bias is explained by status, ‘being s university student’ and ‘income level’.

Practical implications: Rapid price changes in the tourism industry can disturb consumers who are mental accounting and sunk cost biased. So, they can change their holiday preferences or be dissatisfied with it and give negative feedback.

Introduction: According to the existing research, one of the key determinants of a company’s survival and market development is its ability to get bank loans or other external sources of finance for business expansion.

Purpose: The study aims to explore the factors affecting access to finance and their effects on the development of medium- and small-sized businesses. These factors include business size and age, profitability, the length of a company’s association with a commercial bank, and banking sector characteristics.

Need for the study: It is particularly crucial for small- and medium-sized businesses since they often have trouble getting funding from banks because they don’t supply the banks with the information they need to assess their loan application prospects, however, when a company’s economic and financial situation improves, banks get access to more information about the firms, and financing is thus more readily available.

Methodology: This research is based on qualitative methods, focus on an elaborative study of the existing literature, and provide suggestions based on the same.

Findings: The findings show that small- and medium-sized businesses, like those in other European nations, have less access to finance than large businesses. It revealed that the company’s size, liquidity, profitability, and banking industry state significantly influence the availability of bank loans.

Purpose: This chapter is based on risk management of the insurance sector with reinsurance as its linchpin. Such is the importance of the insurance sector that its risk management must be considered.

Need for the study: Risk management of various sectors is gaining much attention. The insurance sector, known to manage the risk of multiple sectors, also requires its own chance to be controlled with the same or even more intensity. Considering the importance of reinsurance coupled with the dependency of primary insurers on reinsurers and the absence of research on reinsurers, the need to conduct a comprehensive study on the topic is felt.

Methodology: It will be a conceptual chapter based on the rigorous literature on the topic integrated with the researcher’s insights to bring forth the framework of reinsurers for the readers.

Findings: It is found that insurers can themselves become the victims of the financial crisis in case they insure risks that surpass their economic boundaries. Not only this, the failure of insurance companies can have a ripple effect on the country’s economy. Therefore, insurers must possess financial resilience; to remain so, they need to have prudent management of the risk they are undertaking.

Practical implications: The study covers a relatively less researched area of reinsurance and hence has a vast scope of research in the future. The study would be helpful to stakeholders like regulators and primary insurers. It will unveil the paradigm of reinsurance and enlighten the stakeholders on how to use it effectively.

Introduction: The Udaan Scheme was implemented in response to enduring conflict, economic downturn, and employment scarcity. Under the Rangarajan Committee, the scheme aimed to address unemployment in a selected region through skill development programmes. Based on practical experience, Udaan aimed to build a competitive workforce for India and the global economy.

Purpose: The purpose of the study is to evaluate the success ratio of the Udaan Scheme in addressing the employment challenges faced by the youth.

Need of the study: The chapter highlights the potential of the scheme to be a part of a resilient industry for job employability in politically disturbed areas.

Methodology: The compiled data were analysed using a spreadsheet collected from online sources, providing information on the number of registrations for the skill development programme between March 2012 and May 2018, that is, the programme’s implementation in the pre-UT era, mainly sourced from the Udaan Impact Assessment Report and the Review of the Udaan Scheme in Jammu and Kashmir (J&K).

Findings: The programme, which provided professional training and increased the job-securing capacity of youth, has had a dismal success rate despite the government’s investment of Rs 246 crore. The initiative has employed less than 10,000 individuals, or at most 10% of the target population, falling short of its claimed goals.

Significance of the study in the global market: The scheme addresses unemployment and career development for educated youth, enhancing India’s economic growth and global competitiveness. By providing skill development and exposure to the corporate sector, it empowers youth and attracts international business opportunities. It aligns with global efforts to bridge the skills gap and showcases India’s commitment to human capital development in a conflict-driven state.

Purpose: The availability of resilient energy infrastructure and services is crucial to achieving sustainable development goals. However, defined and trustworthy definitions of resilience exist solely for engineering and energy systems, particularly in the industrialised world or metropolitan systems. However, no universally accepted definition considers the distinctive characteristics of rural regions in developing economies. To define resilience for rural power systems in developing countries, this chapter synthesises many perspectives on resilience, energy systems, and rural environments.

Methodology: It draws on extensive literature assessments on resilience, particularly concerning energy systems and rural areas, as well as other pre-existing frameworks.

Findings: To account for the unique challenges of electricity supply in rural developing nations, a comprehensive ‘Rural Power System Resilience Framework’ is introduced, including technical, economic, and social resilience.

Social implications: To better understand the elements contributing to the stability of electricity grids in developing nations and rural areas, this resilience framework may be utilised by global markets, system owners and operators, government officials, non-governmental organisations, and communities.

Originality: Through establishing this framework, this study sets the path for developing suitable and ‘effective resilience standards’ tailored for implementation in these rural areas, with the ultimate goal of facilitating the fulfilment of achieving domestic and worldwide sustainability objectives.

Purpose: This chapter aims to enlighten the stakeholders on the role and contribution and the issues and challenges of large-scale industries in the wake of the globally unified economies.

Need for the study: Large-scale industries are one of the pillars of any nation and can exercise an immense impact on the numerous facets of the economy of any country. Their role and contribution can benefit all the stakeholders, especially in today’s integrated and interdependent world economies. Hence, there is an absolute need to highlight the issues and challenges and suggest measures to overcome them to promote a resilient global economy.

Methodology: The study gathered data from secondary sources like textbooks, articles, and the internet.

Findings: The findings of the study state that large-scale industries are enormous contributors to employment creation, development of the economy, growth of revenue, research and development (R&D) and innovation, export promotion, and infrastructure. The significant challenges include regulatory compliance, workforce management, economic volatility, political instability, supply chain management, environmental compliance, and technology and infrastructure.

Protectionism, deregulation, public–private partnership, privatisation, and environmental regulation are significant government decisions that affect large-scale industries. The study identifies tax incentives, easy access to financing, and domestic and international trade policies to safeguard large-scale industries’ interests.

Practical implications: Large-scale industries contribute towards the growth of global economic resilience in terms of employment generation, technological advancements, and innovation, fostering international trade in today’s interconnected world.

Introduction: The word consists of different phonemes, which are interconnected to form a meaningful word, since phonemes as a single phoneme have no meaning, but their union forms the meaning of the word.

Purpose: Since the phonemes in the Albanian language, both vowels and consonants, have contradictions with each other, manage to bring words that have the same etymology but can change during writing. For example, in Gheg dialect – baj; hanë, while in Tosk dialect – bëj; hënë, etc. Therefore, the aim of this chapter is to highlight the characteristics of the phonemes of the Albanian language, accordingly the use of phonetic and dialectal elements in the Balkans, before and at present, since these may have implications for economic and industrial strategies.

Need for the study: The Albanian language has a rich vocabulary with standard speech, but its dialects have more words than standard speech. Each dialectal change has required study to see the cause of the change in these phonemes, vowels and consonants.

Methodology: The chapter is focussed on the descriptive method of research. Therefore, the comparison of research approaches has been considered. A quantitative deductive method has been applied for data analyses.

Findings: The results reveal that some of the phonemes undergo changes over time spam. The changes occur in the two dialects of Albania, Gheg and Tosk.

Four Albanian vowels, the phonemes /a/, /e/, /i/ and /u/, come directly from vowels inherited from the Indo-European period; the vowel /o/ is formed by the evolution of long vowels; while the vowels /y/ and /ë/ were found from other vowels in the internal developments of the Albanian language. Whereas nasal vowels were also formed later as internal developments of the language.

Practical implications: The study is important for language researchers and affects the appearance of elements from the field of dialectology and phonetics.

Purpose: Entrepreneurship is one of the best ways towards self-sufficiency and poverty alleviation for women in a country without guaranteed employment. The research contributes and provides reasons for supporting women’s entrepreneurship, as although it is well-documented that women’s entrepreneurship increases economic growth, other approaches need attention, especially those related to sustainability.

Need for the study: Women have superior emotional intelligence, resilience, and capacity to maintain a healthy work–life balance; women make better business and entrepreneurial leaders. Many businesses see encouraging women to join the workforce as a key to achieving sustainability goals. This study will provide valuable insights into the role of female entrepreneurs in driving sustainable business practices in the USA and India – rural India and urban India.

Methodology: The chapter adopts a descriptive research design methodology in conducting a thorough literature review on the evolution of women entrepreneurship in India. The case-based approach has been adopted to depict women entrepreneurs and their growth stories. The analysis is based on qualitative analysis of secondary data and primary data. This research proposes exciting revelations regarding the trend of women entrepreneurship in India and, from a global perspective, challenges women entrepreneurs face in organised and unorganised sectors in India and policies in different countries that promote women entrepreneurship towards sustainability.

Findings: Women business owners in India help the economy thrive, reduce poverty, and have a greater chance of shaping India’s destiny. This chapter looks at how entrepreneurial actions affect cultural morals and values. Women’s business growth rates vary from country to country, and this variation is influenced by the fact that countries can be broadly categorised as either developed or developing.

Purpose: Manufacturing has always been considered a backbone for economic growth. It has been considered an imperative sector in the growth of an economy. This study aims to trace the long-term relationship between gross domestic product (GDP) and manufacturing sector in the context of Indian economy.

Need for the study: According to research, the significance of the manufacturing sector is waning over time. This chapter studies the long-term relationship between the GDP, an indicator of growth, and the manufacturing sector. Over the last few decades, the contribution of manufacturing has been stagnant in the GDP of India.

Methodology: The decadal growth of various sectors in the GDP of India is studied using time series analysis. This study used the data released by the Ministry of Statistics and Programme Implementation (MOSPI) from 1950–1951 to 2013–2014. The long-term relationship between the sector of manufacturing and the GDP is examined through the augmented Dicky–Fuller (ADF) test and auto-regressive distributed lag (ARDL) models.

Findings: The findings suggest that in the Indian scenario, there is no relationship for an extended period between the GDP and the manufacturing sector, which calls for further policy implications.

Practical implications: India, while having the world’s fastest-growing economy, must continue to take steps to attain high growth rates and long-term sustainability by reducing obstacles to the expansion of the service sector in addition to manufacturing. Manufacturing-led services are to be boosted through policy interventions.