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Sequel to the results of the preceding chapter that depicted positive associations of credit with the indicators of growth and development, the present chapter aims at investigating the interrelationships of credit with GDP and HDI separately in a bivariate framework for the selected countries for the period 1990–2019. For this purpose, this chapter first develops a theoretical model in line with the Barro (1991) model where bank credit is introduced as a good institutional component of endogenous growth. Then, it goes for a time series exercise to establish the long-run relations and short-run dynamics for the pairs of variables, credit-GDP and credit-HDI, to justify the linkages between the financial sector and the real sector. The study arrives at mixed results across the countries. In many cases, credit has been identified to be strongly related to income and development indicators in the long run through cointegrated stable relationships. Furthermore, credit makes a causal influence on GDP and HDI in some developed countries whereas GDP becomes a causal factor to credit in some developing countries. It is thus recommended for further aggravation of the two sectors’ linkages under the patronisations of the governments and the monetary authorities of the countries to have high growth of income and development so that a part of the sustainable development goal can be achieved through the financial sector.

The literature on sustainable development reveals that the financial sector and the real sector should maintain a coherent association in the long run. Thus, like that in a country-level significance, the relevance of the investigations of the interrelationships between the financial sector’s development and the growth and development of the states within a country is also required to be done. This chapter tries to examine the interrelationships between two sets of variables, bank credit and state output, and bank credit and human development, for the pre-reform and post-reform periods. Using the appropriate time series econometric analysis, the study finds no long-run relationships between credit and NSDP during the pre-reform period but it has observed a number of states where such stable relations hold during the post-reform period. Again, there are mixed results between the two in the Granger causality analysis during both the periods. There are the states like AP, Bihar, Karnataka, Kerala and WB where developments in the financial sector influence the growth of the real sector, while the reverse causality, that is, from the real sector to the financial sectors works in case of Assam, Haryana, MP and Maharashtra. Bidirectional causality between the two is observed in the states like TN, WB, etc. Further, the study finds very small number of states where credit and human development are interlinked in the long run. However, in the short run, the financial sector makes influences to the human development in case of the states like Bihar, Odisha and TN.

There is a rich literature which states that India did not suffer much from the impacts of the US financial crisis, but there is a school of thought which believes that the idea of India being insulated or decoupled from the contagion on account of limited integration into the world economy has been proved to be wrong. What is interesting is the focus has always been on the services sector and not on the manufacturing sector in India. In this background, this chapter tries to understand whether manufacturing sectors' productivity growth was one of the reasons that the crisis worsened in India or was it because of the crisis that India's manufacturing sector went into a deep recession. To look into the causality issue, the author estimates the productivity loss index (PLI) for the Indian industries during the period between July 2007 and July 2010 by estimating the fall in growth percentages in consecutive months for a total of 9,000 manufacturing, mining, and electricity industries. The data at monthly level have been retrieved from the Centre for Monitoring Indian Economy (CMIE) Prowess database. Based on the causality results, the chapter shows that it was because of the subprime crisis that India's manufacturing sector went into a deep recession. Using a probit model, the chapter also estimates the probability of the US subprime crisis being responsible for the productivity loss in India's manufacturing sector during the above-mentioned period.

The financial system of an economy, especially banking, facilitates efficient allocation of resources from savers to borrowers for productive investments, and thus promotes economic growth. State-wise bank credit in India shows a growing divergence, despite the aim of central planning to reach a degree of convergence in macroeconomic performance over time. This chapter analyzes how diverging bank credit affects macroeconomic performances of the Indian states, through an alternative approach of composite indicators-based rankings of states adopting the methodology of TOPSIS (Technique for Order Preference by Similarity to Ideal Solution) that is used in operations research or more specifically MCDM (multiple criteria decision-making). A composite indicator of the states’ annual macroeconomic performances has been constructed taking indicators of output growth, per capita state domestic product, inflation, and fiscal indicators for years 2006–2018. States are ranked by both macroeconomic performance and bank credit to states, and the correlation between the two indicators, known in the literature to be interlinked,is studied here to understand how the availability of credit or lack of it has influenced State level macroeconomic development in India. The results thus show that wealthier and better performing states continue to attract the larger chunk of bank credit, while weaker states have not been able to catch up. An important policy implication would be to place even more emphasis on higher levels of credit growth for weaker states, particularly infrastructure credit, to achieve a degree of income convergence throughout the Indian economy.

Introduction – Female employment and policies are an important aspect of growth and development. Inadequate utilisation of female labour force within the national economy reflects in economic and social indicators especially in developing countries. Women’s self-development, active participation in labour markets, and social and economic opportunities are the main factors in the development of countries. This study attempts to research the effects of female work force participation in the member countries of the Organisation of Islamic Cooperation (OIC) on economic growth in time period between 2004 and 2016. The countries were selected among the countries that have high and middle human development index according to Human Development Report in 2017.

Purpose – In this chapter, it is aimed to support the employment of female labour force and to show its share in development and growth in the member countries of the OIC. The aspect differs from similar studies to address the issue in term of Islamic countries.

Methodology – While analysing the impact of female employment on growth, the panel data analysis method and fixed and random effect model were used.

Findings – It has been found that female employment has a positive impact on economic growth for the selected OIC countries.

The growing incidence of precarious employment across many sectors is a serious challenge for a developing country like India. Neo-liberal arguments justify precarity as essential for the development of the free market economy and advocate realigning human resource practices with an ever-changing business environment and labor cost conditions. This chapter seeks to identify the determinants and dynamics surrounding precarity of workers engaged in temporary employment in India. It uses the unique Employment and Unemployment Survey data set published by the National Sample Survey Organisation of Government of India for two time periods 2009–2010 (66th Round) and 2011–2012 (68th Round) to bring out the dimensions of precarity and identify the determinants (both micro- and macro-levels) of participation in temporary employment. We find that precarious employment is most likely to affect the young, women, non-union members, those belonging to minority and socially deprived communities with low land holding and low educational status. Precarious employment is also most pronounced in states where labor-intensive industries are exposed to global import competition and where labor laws are rigid. The chapter concludes by discussing the implications of these findings for the economic and social policies that Indian governments have adopted in recent years.

In order to sustain our argument that a blending of visual sociology and the sociology of development can be productive and politically engaged, we need to locate the debate in the wider developmental context into which sociological interventions can be made. As this chapter will demonstrate, popular understandings of development, mostly mediated by visual imagery, reflect a rapidly changing development industry, as well as affording significant social theoretical insights. Thus, we need to briefly consider some of the key features of the development landscape, and the ways in which sociologists might engage in this, particularly in the context of the globalisation of development; the ways in which processes of globalisation are transforming the actors and agents involved in development, the roots of development authority and legitimacy and the changing ways in which development is defined and understood. This already hints at an important link with the visual; “development” must be understood as being linked to the same processes and relationships which underpin a world increasingly shaped by the visual image.

This chapter examines the Kenyan Fairtrade flower as a site of value making, one that provides a constructive lens into how moral obligation and ethical accountability are shaped by risk perceptions and become visible through the process of transnational commodity exchange. Specifically, it argues that while Fairtrade labeling responds to the risks of corporate capitalism through consumption practices predicated on extending care and compassion to distant communities, it is also embedded within commodity chains that advance liberal ethics as a mode of “governmentality” over African producers. These ethics are associated with new technologies of information gathering, regulation, and surveillance that simultaneously assuage consumers’ anxieties and channel their sympathy-based humanism into new forms of ethical normativity. Fairtrade's relational ethic, for example, is accompanied by a private regulatory assemblage that authorizes certain knowledge forms, thereby circumscribing the social and economic rights available as well as the form of personhood through which they can be claimed. Thus, although Fairtrade is cast as morally unproblematic, it can also serve as a mechanism through which specific interests are naturalized and circulated through a benevolent vernacular of economic and social rights.