Title Code: HPENG01196 ISSN: : 2582-5968 HGPI I I N N T T E E R R N N A A T T I I O O N N A A L L J J O O U U R R N N A A L L O O F F MULTI IDI ISC CIP PLI INA A R RY R R E E S S E E A A R R C C H H A A N N D D D D E E V V E E L L O O P P M M E E N N T T Volume 1 Issue 1 December 2018 [email protected]| [email protected]
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Prof. (Dr.) S. P. Bansal, Vice Chancellor, HPTU, Hamirpur
Prof. Kulbhushan Chandel, Dean of Academics, HPTU Himachal Pradesh
Review Board
ADVISORY BOARD
Prof. (Dr.) Madan Mohan Goel Vice Chancellor,
Former Director, RGNIYD, Govt. of India Former Pro Vice-Chancellor,
VKSU (State University) Ara, Bihar, Former Dean of Colleges,
Kurukshetra University
Prof. (Dr.) S.C. Aggarwal
Dr. Mahesh Chand Garg Professor, Haryana School of Business Guru Jambheshwar University of Science & Technology Hisar - 125 005 (Haryana)
Dr. Sunil Dutt Professor & Head, Department of Education & Educational Management & Central Public Information Officer, National Institute of Technical Teachers Training & Research (NITTTR), Chandigarh
Dr. Harish Handa, Associate Professor, Shaheed Bhagat Singh College, Delhi University
Former Director, Shri Atma Ram Jain Institute of Management & Technology, Ambala City
Dr. Poonam Bassi Assistant Professor, School of Management Studies, Baddi
University of Emerging Science & Technology
Dr. Ashok Kumar Editor in Chief, IJIDT
MMU Mullana, Ambala, Haryana
Dr. Vijaya Kumar Sankaracharya University of Sanskrit,
Kerala – 683574
Mrs. Sapna Goel Associate Editor,
IJIDT
MMU Mullana, Ambala, Haryana
Volume 1 Issue 1 December 2018
HGPI
Title Code: HPENG01196 ISSN: : 2582-5968
International Journal of Multidisciplinary
Research & Development
General Information
HGPI International Journal of Multidisciplinary Research & Developmentis peer- reviewed quarterly journal
published on behalf of Himalayan Group of Professional Institutions. This Journalpublishes paper of original research
work related to management, engineering and technology, education, Commerce and industry, insurance banking and
cooperation, science, law and public administrationetc. The journal is published annually.
HGPI International Journal of Multidisciplinary Research & Developmentis an open access journal and readers are
allowed to freely read, copy, print, search or link to the full length of its articles for any academic purpose.
1. To rule out bogus as fake currency cunning funds which had been used by the group of terrors to fund for an act of terrorism in India.
2. This step eliminated more than 5 Lakh crore black money from the Indian economy.
3. If we look in past in Jan. 1946, notes of 1000 and 10,000 were withdrawn and replace it by issuing new 1000/5000 and 10,000 notes in 1954. The govt. had again took this step. In 16.01.1978 demonetized 1000/5000/10,000 rupees notes to trace out black money.
Objectives of the paper
1. To sketch the impact of demonetization and its experience in various countries.
2. To examine or analyze the prompt impact of demonetization on economy.
3. To work out the probable outcomes and impact of the demonetization in Indian economy.
Research Methodology
The secondary data is the base of this paper. This data has been assembled from various newspaper, journals, internet, news channel and graphs, and the percentile method has been used to analyzing the secondary data.
Procedure to exchange old notes
The central bank of India strictly followed the detailed procedure for this demonetization. New 2000/500 notes and Rs. 100 notes were issued following are the main points: -
1. The person or citizen who hold these type of currency to tender their bank notes at any of ce of the central bank or any nationalize or private bank branch and credit the value into their bank accounts.
2. The limit of cash withdraw from bank accounts restricted to Rs. 20,000 per week and Rs. 10, 000 per day from Nov. 09, 2016 to Nov. 24, 2016.
3. The provision for immediate cash need was, old
500/1000 notes upto Rs. 4000 per individual can be replaced for new currency as well as Rs. 100 bank notes over the counter of bank branches from Nov. 10th 2016. It was necessary to lling up a requisition form along with ID Proof.
4. All ATMs will distribute (dispense) notes of 100 and
50 rupees.
5. At the time of demonetization, banks provided all
withdrawal transaction at ATMs free of cost till 30th
Dec.2016 to their customers.
The cash withdrawal limit from ATMs was restricted to
Rs. 2000 per day per card upto 18th Nov. 2016 but by 19th
Nov. 2016, this limit was reused Rs. 4000 per day per
card.
However, there were some entities where we could use
our old currency notes there were petrol pumps, Govt.
Hospitals, CNG stations, airlines booking, trains, state
govt. recognized diaries and ration shops, schools, post
of ces until 14th Nov. 2016 for foreign tourists,
international airports were also instructed to facilitate to
accept the notes up to the value of Rs. 5000.
Literature Review or The experiences of some countries Soviet Union
Mikhail Govt. banned the currency notes of Ruble 50 and
100 in soviet-union to trace out the black money and give
the proper life to the common public in 1991. But in the
beginning the decision of Gorbachev took a long term and
common people started doubting the government, due to
the decision of Mikhail Gorbachev.
Ghana
In 1982, Ghana Govt. take the step of demonetization of
cedi 50 to move back of black money in the nation. Due to
this the people of this country lost their faith inS the
economy of the country. The impact of this
demonetization was after few days, crores of money were
found on roads.
Britain
In 1971 to bring uniformity in currency the Britain Govt.
took the step of demonetization and old notes stopped in
circulation and replace it with coins of 5 to 10. The
declaration of this step was announced by govt. from last
2 years. This policy get success in Britain.
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Congo
In Congo dictator, Mobutu made desirable changes in currency prevailing in the country for the smooth running of the economy. The result was not fruitful the prices of daily need goods increased and share mkt. show a huge downfall.
Myanmar
In 1987 to keep in view of trace out the black money and corruption. The military govt. stopped the currency notes in Myanmar. But in this scenario the number of people died due to political dispute among govt. and so, demonetization come to an end.
Nigeria
In the presidentship of Muhammadu Buhari, he started a
new type of currency of notes to bring economy in a stable
position. Buhari resigned from his position because he
didn't buy any undesirable changes in the economy. It
took a long time 21 years for him to become president
again.
North Korea
In 2010, keeping in view to change in the economy and to
move back the black money of the country, dictator Kim
Jon-2 made some changes with currency. But due to this
change the prices of necessity product increased. This led
the common man to become angry.
Impact of Demonetization in Indian Economy As the country say goodbye to the old currency of Rs
500/1000 rupee note and with restrictions on exchanging
money and impose a tax on high amt of deposits the
economy of India is going through some serious churn.
Cash Crunch
Those sectors dealing with cash only i.e. vendors,
demonetization has direct impact on above these sectors.
Indian system mainly functions on cash and so less cash
means a disruption in the ow. Even sectors like real
estate, which deals with illegal cash transactions, will go
through a rough patch leading to a fall in pro ts.
Interest Rate
The main impact of demonetization is on an interest rate.
Due to this money is deposited in the bank and people
earned in it for the same. After the announcement that Rs.
500/1000 is not a legal tender form 9 Nov. 2016, there had
been huge deposits in banks. Some of the leading private
and public banks reduced the rate of interest on deposits.
Investors get less interest on their deposits, but the good
news was that it would have a long term positive effects
an Indian economy as leading rate or we can say rate on
loan will fall. This will boost credit & investment to
recover the slumping economy.
In ation
Due to the demonetizations, the general price level
become lower which may lead to de ationary
pressures, because of less cash supplying in comparison
of goods. Fall in price would help to the common man
because during this goods become cheaper.
The tax effect
In this scenario the deposits of above Rs. 2.5 Lakh have
not been justi ed to the income tax department will be
taxed 200 percent. This could help to convert black
money into the white money fold. The revenue provided
from this used to the de cit the budget. This step will
help to provide revenue to central govt. Demonetization
is the
rst step in creating a ripple in taxation policy before
GST Ralls out.
Growth:
The parameter in the estimation of growth of an economy
is the GDP. Research from have already cut growth
estimates by 0.5%. Because there are many sectors where
run through cash so Indian's economy could shrink. The
sectors which are non-tax payer, now be formalized. A
fall in consumption is also due to a fall in cash availability.
This demonetization also helps to produce a huge amount
from non-tax paying sectors. This will help in the growth
and their fare GDP would not face a negative impact.
Effect on various economic entities
There are certain sectors of the Indian economy, which
could face short term disruption in the facilitation of their
transactions. These sectors are small traders, service
sectors, political parties, household, retail sectors and
professional bodies like doctor, carpenter etc.
The Sectoral impacts of demonetization
Consumer Electrical
Consumer electrical products like fans, lights, switches,
are low ticket-size products (priced between Rs 100 to Rs
2,500) as well as products of basic necessity. Hence, we
do not expect any severe impact on their demand because
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of the demonetisation drive. However, the consumption of certain products like house-wiring cables and industrial cables could be impacted because two of their key user industries are housing construction and infrastructure projects which are likely to be affected by demonetisation. These measures are negative for Voltas, Havells India as a lot of demand comes from Tie II/III towns and is dealt in cash.
Telecoms
There is no meaningful impact seen on telecom due to
demonetisation plan. However, the slowdown in
smartphone sales could potentially slow adoption of
mobile broadband subscriber penetration. Moreover, any
pressure on global liquidity could delay the plans of telcos
who are looking to monetize tower assets. Further
telecom companies will be under pressure due to
relatively high valuations, negative earnings momentum
and lack of positive catalysts.
Financial (Banks, MFIs, NBFCs, HFCs) Banks will bene t from the move to demonetize.
CASA accretion will shoot up in banks, esp PSU Banks.
This is owing to rush to deposit cash in the
banned denominations (500/1,000 Rupees). The
CASA growth has already seen a sharp improvement
and the huge deposit in ow will result in a system wide
moderation of the rate environment. However, this can
be short lived. This is because a large part is likely to be
utilised by depositors to pay for business/personal
requirements, a relatively smaller part may be parked
into higher yielding deposits while some may be simply
withdrawn in the form of cash. Ten year yields have
crashed to 6.4% (~down 40 bps in 2 weeks) and this is
expected to aid treasury pro ts signi cantly. Overall,
the banking system has already seen an in ux of Rs 4.0
tn of CASA mix over past ten days and it is expected
that the deposit base increases by Rs. 10 tn by Dec-end
and even if 25-30% of these deposits nally stays in the
banking system and that alone can boost the systemic
CASA mix by up to 3%. Some pressure can be seen in
form of asset quality for both Banks and NBFCs –
particularly on Loan Against Property (LAP),
developer nancing (players like Indiabulls Housing
Finance, PNB Housing etc) and impact in SME
business (DCB Bank etc). Further there might be some
pressure on the cash collection which has been the forte
of some of the NBFCs (Like MMFS – 60%
is cash collection). Further all these NBFCS (like Repco,
Chola Finance, Gruh) has the MOATs that was to look
beyond the Tax Forms ( only 3% of Indian les IT tax
return) so this might hamper their operations. Some
impact could be seen on demand for consumer durables,
which could impact the players like Bajaj Finance,
Capital First. This will also be negative for gold
nance players (Muthoot Finance, Manappuram
Finance) wherein a lot of dealing happens in cash
(similar impact was visible when PAN card was made
mandatory for Rs. 2 lakhs). For MFIs, these might not
be much negative in near to longer-term (near term - for
1 month or so - cash collection and delivery might get
delayed due to issues in currency circulation), given the
lower ticket size in which they operate.
Information technology
We do not expect demonetization to impact the IT sector
as more than 95% of revenues come from exports.
Domestic business is also a B2B business. There may be
an impact on Hardware companies which operate in the
domestic economy, though. There may be a temporary
impact on training companies, due to the cash crunch.
However, as IT training or IT-led training is linked to
career progression, so any structural impact on demand is
not expected.
Textile
The organized textile sector has welcomed the decision as
the demonetization decision by RBI would restructure the
transaction structure and would outcome in crystal clear
business deal with out of the country merchants. This
decision would upturn the custom of automated clearance
arrangement for making disbursements and would
decrease the dark dealings expressively. On opposing,
this resolution is a setback for the un-organized textile
zone of the nation who is reliant on national marketplace
for pro ts generation. Control of withdrawals from the
bank is likely to in uence the weekly disbursement to
contractual employees in textile division. Moreover,
restrictions on cash extractions would destructively
in uence the obtaining of new material like yarns and
fabric in the nation.
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Impact of Demonetization for Indian Economy (Short term & long term) The demonetization work actually directed by Prime
Minister Narender Modi in our nation. This is
considerable to an extent but shadows positive as well as
adverse sides. The basic aim of the demonetization is to
shower the store of “Kala Dhan (Black Money)” out of the
country and make it the taxable part in the country.
“This is positive to step the cleaning of the black money.
Though, assured belongings will occur as a result of
demonetization. Dealings will nowadays activate to
change to silver economy with the help of banking system
which means there will be ow in deposits of bank.
Straight investments in terms of deposits enhanced.”
Number of well-known temperaments like politicians,
entrepreneur, and so on have a huge stock of black money
either in the country or out of the country. The notes which
are of high value denominations. When they hear the
news of demonetization they will be involuntary to
deposit the (Kala Dhan) black money into the banks. They
will get new currencies after submitting their PAN or
Adhar number or Passport number. This facilitates the
administration to catch the offenders and hold onto an eye
on all the fraud persons who are aiding them in altering
their black money into white money.
However this change causes some problems for society
because post of ces and banks do not have enough
volume of cash money. People are facing a lot of
complications with the old currency units. People have to
make long lines either to or to exchange or deposit their
money. Besides this, the ATMs are not restructured yet.
The retailers or shopkeepers as well as common man are
denying to take Rs. 2000 note as they don't have enough
amount of small deno minat io n money. The
administration is enchanting essential steps to promotion
the ATMs and printing new currency notes at an
extraordinary quickness so that it touch the people
without making any more confusion in the marketplace.
The unexpected stop in the obtainability of currency has
commanded to a liquidness shock to the common people
in the country. De ciency in the currency of Rs. Five
Hundred and Rs. One thousand has disturbed trade and
industry accomplishments such as intake, investment,
manufacturing, occupation etc. Due to this a number of
good and bed, as well as short term and long term impacts,
be seen in the economy
Impacts which can be seen short term
The rst and foremost impact is that the GDP
creation will be affected with the decrease in
consumer demand. Due to a decrease in
Consumption, the production will also decrease if
there is production increase due to this the
Employment also decreases due to this we cannot
expect Growth and Tax revenue.
There are Certain sectors in the society like the sector
of agriculture, traders, domestic people, daily
breadwinner etc. will face short term disturbances due
to unavailability of cash in liquid form.
The supply of money will decrease in the short-run till
the new currency Rupees Five hundred and Rupees
Two thousand gets widely spread in the marketplace
of the nation.
There has been a Negative impact on the consumption
patterns and disposable income of the people is
expected during these days.
Due to less currency ow will decrease in ation.
There is short-term downturn in areas like
construction, real-estate, textile, handcrafts goods etc.
The impact of the demonetization will be seen on
agriculturalists as this is the reaping time of harvest
and this sector generally deal in cash only.
As we know during this period there are no
investments will take place then the rate of capital
formation growth will go down.
Long-term impacts
Government income will change as more pro t
would be announced. The unbanked individuals will
move to keep money like Jan-Dhan contributing
towards government's endeavors of budgetary
incorporation.
Demonetization will set responsibility in movement
as administration/deals impose isn't paid by
individuals like nearby picture takers, tailors and so
on and along these lines their wage goes unaccounted.
Collection of higher assessments will help in the
country building like an advancement of streets,
foundation, transportation and numerous others.
Increase in country formative undertakings will
request more work and other talented labor which will
offer ascent to business openings.
It will get more business tax collection i.e. GST
bene ts.
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Title Code: HPENG01196
Cash in the framework will help instructive advance
sand business credits accordingly bringing more chances.
It will prompt better business condition, less
de lement and straightforwardness.
The substantial increment in the interest of Digital exchanges framework, E-wallets, use of plastic cash, online exchanges utilizing E-saving money and so forth.
Gold imports will be lessened on account of the interests in gold by individuals as a choice to trade store out the bank.
CONCLUSION
To nish up the choice of demonetization will demonstrate amazing in the long run and our duty expert will acquire an immense bene t since now the general population will designate them for the pro ts and
lling and the administration can gain enormous nancial advantage.
On the off chance that the cash vanishes, as a few hoarders
might not want to be seen with their money heap, the
economy won't pro t. Then again if the cash discovers
its way in the economy it could have an important
effect. Anyway encounters from various nations
demonstrates
that the move was one of the arrangement that neglected
to settle an obligation loaded and swelling ridden
economy.
REFERENCES 1. Partap Singh. 2013. Gold Prices in India: Study of
Trends and Patterns, “Internat ional Journal of
Innovations in Engineering and Technology (IJIET)”,
HGPI INTERNATIONAL JOURNAL OF MULTIDISCIPLINARY RESEARCH AND DEVELOPMENT | December 2018 | Vol. 1 | Issue 1 13
Received on : 08.08.2018
Revised on : 22.09.2018
Accepted on : 26.10.2018
Abstract
TQM is a never ending process of improving work processes. It is considered to be
an important management philosophy, which sustains the organizations in their
efforts toward quality improvement and satis ed customers. TQM helps the
organization for improving the quality of the product, better improvement,
customer satisfaction, competitiveness, and increase in productivity and
pro tability by continuously improving the quality of the process.
As we know that there are different tools and techniques of TQM are available to us. This paper includes a review of the existing techniques for quality improvement. TQM addresses all the issues for achieving excellence through continuous improvement. The proposed model discusses management issues, Implementation practices, and cultural changes. The aim of TQM is not only to provide information to the higher management but also have the authority to implement its policies. In most of the organizations, it is assumed that - Quality 1/Productivity
But this is not the case always. This paper re ects some light on, how to improve productivity without compromising with the Quality. TQM is a better option but whether it really works or it is just a paperwork to get some certi cations. This paper is of signi cance for practitioners, academics and for one who has an interest in the Quality improvement and practical evaluation of the tools and techniques for a variety of situations and appropriately applies the quality tools or techniques.
KEYWORDS:Totalqualitymanagement(TQM), Quality tools and techniques
Continuousqualityimprovement.
To Cite: Yadav, D.K. (2018). Total Quality Management: A Futuristic Approach. HGPI International Journal
of Multidisciplinary Research and Development, 1(1), 13-16.
TQM deals with every eld of the organization i.e. from the raw material to the customer. It involves every process that is encountered between raw material and a
nished product.
RESEARCH METHOD Basically we used different tools and techniques for the measurement of any Research.I here used the secondary data for the research. I used the observational and questionnaire techniques for the TQM analysis. I also study the behavior of the customer regarding different products. According to me knowledge management, training, supplier quality management, customer focus, strategic quality planning, continuous improvement, employee involvement and process management as the factors of TQM practices based on the literature review. I also included multiple performance factors, namely, operational performance, inventory management performance, employee performance, innovation performance, social responsibility, customer results, and market and nancial performance, to cover all aspects of rm performance.
TQM is mainly concerned with continuous improvement in all work, from high level strategic planning and decision-making. It stems from the belief that mistakes can be avoided and defects can be prevented. It leads to continuously improving results, in all aspects of work, as a result of continuously improving capabilities, people, processes, and technology and machine capabilities. Continuous improvement must deal not only with improving results but more importantly with improving capabilities to produce better results in the future. The ve major areas of focus for capability improvement are demand generation, supply generation, technology, operations and people capability.
EXPLANATION AND DISCUSSION Focused area: Our focus is to improve the quality which
leads to improving the productivity by decreasing the time,cost and effort. But as we try to improve the quality, productivity suffers. suppose in an organization, there is an average production of one thousand pieces but instantly a breakdown occurs then rst of all the production suffers and the root cause of the failure is to be found, and if it is due to some component failure then the whole lot of those components is to be rejected.
The breakdown continue until another lot comes or the production continues with the existing lot. If the existing lot is to be used then it is a compromise with the quality. If we want to wait for another lot then the productivity suffers. This is a common problem because the components are tested on a sampling basis. Sampling assures the quality of the components but not completely. This is the drawback of sampling which leads to lower down the quality. The situation is more worst if the production increases. There is also another factor that is time. The components used are tested for a speci ed time interval.A component may work for a small durations but may fail if used for long, and if we test it for more time then also it will lower down the productivity.
Another factor is the component testing environment are three environments namely
1. Manual testing
2. Automatic testing
3. Live test
If the component is to test manually then it can cause more failure. If we automatically test the component then the testing ef ciency will increase but still it is not completely assured. And if the product is to be tested in a live environment the up to some extent it is much more reliable since the behavior of a component is governed by various other components also. Hence there is always a need for improvement in every aspect. Hence our focus is to make the equation Quality α productivity true. One important Question arises here that why we are investing so much on the Quality. The answer is to maximize the pro t. But whether it actually happens or not. I am taking an example of a manufacturing organization below:
HGPI INTERNATIONAL JOURNAL OF MULTIDISCIPLINARY RESEARCH AND DEVELOPMENT | December 2018 | Vol. 1 | Issue 1 14
Title Code: HPENG01196
Production Model In the above model there are two Quality checks. We are imposing these checks even after the raw material is already assured at the Vendor end. For these Quality checks, we have implant manpower, machinery, training and certi cation.
Proposed Model The above model eliminates the requirements of two Departments of Quality management i.e. IQA and FQA. The time requirement is also reduced as the detection and correction efforts are manipulated as a parallel activity with the production. Also, the overall cost which includes manpower, equipment cost, calibration cost and training etc.
Commitment: an important factor:
TQM is a process to change the existing working environment for an organization so that the overall methodology to obtain a quality product will change. There are many factors that affect the implementation of TQM. One of the most important is the lack of commitment among the individuals. Second thing is that we must know that where we are i.e where our level of
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Quality lies. The concept that where we are and where we
want to be is very necessary. For this proper planning is
required. We must look forward beyond our personal
gains, as if the organization grows, we automatically
grow. We should discover the long-term bene ts for the
organization.
Proposed work: TQM is helpful in gaining the trust of the customer.
According to Deming's chain of Quality improvement,
assuring the Quality of will increase the productivity by
reducing the rework, but why this rework is done. The aim
of TQM is not only to improve the product but also to
improve the processes as well. we are using the word
processes because the process is concerned with only a
single department, whereas TQM is applicable to all the
departments. In order to completely assure the quality of
the work product, the product should be tested in a live
environment i.e. at the customer end. After the product
reaches the customer, a particular time period should be
provided so that the customer can have suf cient time
to work with the product in his own manner. The
organization compensates this by imposing a guarantee
on the product. It means that the organization is also
afraid that the product may fail. Our motto is to overcome
this fear.
Conclusion:
TQM is a methodology for the continuous improvement
towards Quality. Some factors should be considered to
implement it without which it does not work. One such
factor is the commitment. This commitment should be at
the managerial level as well as at the worker level. The
planning should be worked out not only for pro t
maximization but also to reduce the cost, increase the
productivity and uplift the level of quality by reducing the
rework. Work should be done on the experimental basis.
References: 1. Total Quality management: making the concept
work by Pierre Julliard, Julliard associates,
Brook eld, Connecticut.
2. Total Quality Management in Software engineering
by Mitchell K.D.Pham, Deptt of management and
information systems, University of Auckland.
3. Implementing total quality management for the world class product development by E.C Yee and
R.C. Sotak.
HGPI INTERNATIONAL JOURNAL OF MULTIDISCIPLINARY RESEARCH AND DEVELOPMENT | December 2018 | Vol. 1 | Issue 1 16
more creativity in organizations. Competitive strength of the organization, productivity boosts up frequently. More solutions can be offered to customers because of new ideas and methods adopted in the organization. Workforce diversity increases the ef ciency of employees to work more effectively in a competitive manner. Workforce diversity leads to change the working attitude among employees as employees from different backgrounds work collectively with different mindsets having innovative and creative ideas. Workforce diversity opens the doors for the organizations to enter in the global market as there are employees with language diversity in an organization which is familiar with different languages. Workforce diversity is a source of goodwill for the organizations as workforce diversity is evidence that the organization does not involve employment discrimination.
Review of Literature Priscilla Dike (2013) reveals in “The impact of workplace diversity on organizations” that Managers should be prepared to change some part of their company techniques when the diversity management techniques adopted are not working effectively and the vision for change must be communicated effectively. Further, it was mentioned that managers should adopt some change management principles to guide them on the decision making of the change. The researcher also suggested a future study on, “The implications of workplace diversity on employee”. Elizabeth Foma (2014) reported in “Impact of Workplace Diversity” that management is essential in every business which focuses and prioritize diverse hiring due to many bene ts that diversity brings with some minor set backs. Further, it was suggested that each of the different organizations has to create a diversity management plan that is apt and according to their unique needs. Darwin Joseph R. (2015) concluded in “The Effect of Workforce Diversity on Employee Performance in Singapore Organisations” that the diversity of all three demographic pro les of the workforce - namely age, gender and ethnicity - does not signi cantly impact the performance of employees. Further, it was concluded that organization culture, human resource practices, nature of work and business strategy of individual rms are different from each other. Aydan Ordu (2016) states in “The effects of diversity management on job satisfaction and individual performance of teachers” that diversity management in educat iona l inst it ut ions and
determination of their performance are based on teachers' perceptions. It was suggested that apart from individual performance, group performance can also be addressed.
Objective To study the impact of workforce diversity in the organization
Need of the Study In today's business era, people are getting more aware of the happenings in their surroundings and this awareness leads to cut throat competition in the corporate sector. Diverse people work in the diverse environment and they have to accept each other's differences. Due to this, there is an urgent need to study the impact of workforce diversity in different organizations.
Scope of the Study The workforce is the key asset of any organization. Workforce Diversit y becomes a challenge for organizations as well it provides ample opportunities for their betterment. People with diverse mind set come with innovative and unique ideas for development; on the other hand, sometimes language barrier and cultural background become a hindrance in organizational growth. Workforce diversity has a wider area to cope up with the study “Workforce Diversity in Organizations” focuses on diverse workforce working in the corporate world in general.
Research Methodology The research basically focused on the impact of workforce diversity on organizations. The research is descriptive in nature. The focus of the study is on various diverse parameters age, gender, cultural and educational background along with bene ts of workforce diversity and challenges faced by organizations due to a diverse workforce. Bene ts of workforce diversity along with challenges faced by organizations due to a diverse workforce.
Discussion The research study reveals employees' differences, similarities, behavior, experiences, etc. These are some of the identi cations which have a direct or indirect impact on their individual performance and organizational performance as well. In this paper, some of the essentials,
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their bene ts, challenges are also considered for providing a valuable outcome.
Diversity on basis of Age In an organization diverse age group, people are working. Most of the time old age people have more experience than the younger ones. They seek more attention because of their working experience and age factor also. on the other hand, youngsters nowadays prefer smart work instead of hard work. Their mind set is quite different from old ones. They focus on implementing their knowledge practically which they gained during studies. Here there is a need to manage the diverse workforce properly so that ultimate goals can be achieved smoothly.
Diversity on basis of Gender Diverse workforce always seeks attention in most of the organizations. Preference of the organizations is smart workers not male and female. Except for some manufacturing units where mostly, male employees are preferred because of hard work. Today's market scenario is different as there is technological upgradation which is not gendered biased. Nowadays, females are evolved as self-dependent which creates a feeling of equality among males and females. Diversity on the basis of Culture India is a nation with diverse cultures which leads to unity in diversity. When it comes to the corporate world every employee work together to achieve the common goal of the organization. Different culture working under one roof elevate mind set of employees which helps in organizational growth and individual growth as well. Simultaneously, sometimes cultural diversity become a challenge for the organizations as people with different mind set give preference to their opinion. Managing diverse cultures is crucial for any organization. The feeling of togetherness is required in any rm, no culture is superior or inferior. Every culture has own positive and negative outlooks which cannot be ignored.
Diversity on the basis of Educational background Education is an essential variable in every organization. People having different educational backgrounds work together to ful ll an organizational goal. Employees work in an effective manner as per their educational level. There must be no biases among employees on the basis of education. Collectively working together with the
different educational background is not always easy, sometimes the attitude of employees having higher education become negative for people having low education or feeling of inferiority occurs among employees with lesser education. Managing all the employees with diverse education is a very typical task but necessary to do to develop an organization positively.
Bene ts of Diversity in Organizations Diversity in the workplace is a valuable asset of any organization. People with a different background, qualities, behavior or any other diverse parameters work collectively to achieve a common goal. A diverse workforce provides valuable output to the organizations. It helps the organization and individual employee as well to enhance skills and abilities which can further be utilized in the similar or different organization at the same time or later on in future. A diverse workforce, provides innovative ideas. Different people having different mindset providing their opinion on the same problem which helps the organization to select the optimum and unique one. In diverse workforce people with different languages works together which can be a valuable asset for any organization. Different languages open the doors for organizations to work globally. It also provides opportunities for employees to learn different languages for their personal growth also. workforce diversity enhances the personal skills of employees as people with different backgrounds work on the same platform which makes them feel a sense of equality which have a direct impact on their work performance and their morale as well.
Challenges of Diversity in organizations Diversity in organizations is very important but as everything comes with two faces diversity also have some negative outcomes along with positive ones. At some points organizations have to face some challenges due to workforce diversity. These challenges become a great hindrance in organizational development. Challenges like communication barrier and resistance to change in organization due to workforce diversity which act as a barrier in routine working of the organization. Employees cannot be able to convey their viewpoints thus a better idea just remained an idea. Technology is upgrading day by day but the mind set of people is not developing at the same speed which leads to resist change. A diverse workforce has various kinds of fears in their mind like
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fear of losing a job, the feeling of inferiority because with the advancement of technology expectations also grows up from the employees which they think they will not be able to perform properly.
Conclusion and Suggestions It can be concluded on the basis of the above study that workforce diversity has been proved as a valuable asset to any organization. More the diverse workforce more diverse will be the organization. A well-managed working environment with diverse mind sets enhances the skills and abilities of employees working together. With increased skills level employees become more ef cient and competitive. Simultaneously there are some drawbacks or challenges which an organization is facing with a diverse workforce like communication barrier, resistance to change, different beliefs and opinions of employees. There is a need to deal with these problems. Therefore, it is suggested that proper diversity training should be provided to the employees and morale of the employee must be up so that they can communicate with each other without any hesitation and changes should be welcomed by the employee. These problems should be tackled at its level best.
References 1. Dike Priscilla (2013) “The impact of workplace diversity on organizations” www.theseus. /bitstream
/handle/10024/63581/Thesisxx.pdf.
2. Foma Elizabeth (2014) “Impact of workplace diversity”Rev. Integr. Bus. Econ. Res. Vol 3(1)
3. Joseph. R. Darwin (2015) “The Effect of Workforce Diversity on Employee Performance in Singapore Organizations”
6. Ordu Aydan (2016) “The effects of diversity management on job satisfact ion and individual performance of teachers” vol. 11(3), pp. 105-112.10 February, 201610.5897/ERR2015.2573
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the control of the Insurance Regulatory and Development
Authority of insurance companies in India. All insurance
companies are working in India under the control of
IRDA of India.
OBJECTIVES OF THE STUDY
To know the development of private and public
players in the eld of Life Insurance.
To analyze the market share of life insurance in India.
To ascertain the claim settlement ratio of the various
insurance sector in India
To understand the LIC 2016s New Life Insurance
Policies.
To consider the leading private life insurance players
in India.
LIMITATION The study is planted on a secondary approach of data. Data is not enough to study. A Limited number of topics were included in the study
MAJOR PRIVATE LIFE INSURANCE PLAYERS IN INDIA There are top 10 private life insurance companies in India. LIC SBI Life Insurance Reliance Nippon life Insurance Company Birla Sun Life Insurance ICICI Prudential Life Insurance ING Vysya Bank TATAAIG Bajaj Allianz Life Insurance Max Life Insurance HDFC Life
N E W P O L I C I E S O F L I F E I N S U R A N C E
CORPORATION OF INDIA
The LIC has launched four types of new insurance
policies up to September 2016. The policies names are:
1) Jeevanpragati.
2) JeevanLabh plan.
3) Jeevanshikhar
4) LIC's JeevanAnand
JEEVAN PRAGATI
LIC of India introduced this plan on 3rd
Feb, 2016. It is a
non-linked plan which provides a subsidy support plan. In
this plan at every 5 years during the term policy, death
sum guaranteed undoubtedly increases. This plan no. is
838. The minimum entry age of plan is 12 yrs completed
and maximum age limit is 45. It is a policy of 12-20 years
term and the method of payment is zero on annually, half-
yearly, quarterly and monthly. Under this policy there is
no limit to the maximum basic sum insured but the
minimum basic sum insured is the limit. 1,50,000 Loans
under this scheme can be surrendered after 3 years and
after 3 years of full premium payment.
FEATURES OF JEEVAN PRAGATI PLAN
LIC's Jeevan pragati is a not associated policy which
provides a combination of savings cum protection.
This plan offers the 10 times of the sum assured risk
coverage.
This plan also offers credit facility to their ower
holder.
Its prime award form build upon the age of life sure
and sum assured of wisdom.
JEEVAN LABH
LIC of India introduced Jeevan Labh plan on 4th
Jan. 2016.
This scheme is a not associated scheme with limited
prime paying subsidy plan. This plan no. is 836. The
minimum entry age of plan is 8 yrs completed and
maximum age limit is 59. This 16 (10), 21 (15), 25 (16)
year duration policy and method of payment is annual,
half yearly quarterly and monthly. Under this policy there
is no limit to the maximum basic sum insured but the
minimum basic sum insured is the limit. 2,00,000 Under
this plan, the loan can be surrendered after 3 years and
after 3 years of full premium payment.
FEATURES OF JEEVAN LABH PLAN
This plan provides high returns due to high bonuses
Under this plan prime Payment Less than the maturity
year paid by policyholders.
In case of a child's education and marriage this plan is
more useful.
This plan also provides accident bene t.
Under this premium, the policy report has been
approved by income tax under payment 80C.
Under this fair treatment 10 (10D is tax-free)).
JEEVAN SHIKHAR
Life insurance Corporation launched a de ned time plan
named Jeevan Shikhar. This plan launched in January,
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2016. Its maximum period is 120 days. Its main purpose
was to save the tax. This plan no. is 837. The minimum
entry age of plan is 6 yrs completed and maximum age
limit is 45 years (Nearest birthday). It is a 15 yr term
policy & mode of payment is one time (single premium).
Under this policy, There is no limit to the maximum basic
sum insured but the minimum basic sum insured is the
limit. 1,00,000 in the majority of 20,000 Under this
scheme, after three months and 3 months after loan (70
years of single premium in 1 year, 90% surrendered.
THE FEATURES OF THIS PLAN
This is a single premium plan which covers 10 times
your premium. If your premium is Rs. 2,00,000then
the sum insured will be Rs. 20,00,000.In this plan there
is no maximum limit.
Under this minimum maturity, the sum insured should
be Rs. 1,00,000.
It is acommon funding plan.
JEEVAN ANAND
Jeevan Anand is new plan of LIC. It is a non-linked plan
that strives for a combination of security and savings and
provides nancial protection against death during the
life time of the policy holder. This plan also concerned
the need and liquidity through its loan facility.
THE FEATURES OF THIS PLAN
JeevanAnand provides death bene ts.
in this plan, accidental death and disability bene t is
an inbuilt feature.
Under this, before Policy Maturity Death Bene t is
Sum Assured + accrued Bonus and after Policy
Maturity Death Bene t is only Sum Assured.
Hazardous occupation with additional premium can
be provided to people under this plan.
S o u rc e : w w w. m y i n s u r a n c e c l u b . c o m / l i f e -
insurance/companies/lic-of-india/jeevan-anand
GROWTH OF LIFE INSURANCE SECTOR IN
INDIA 2015-16
According to IRDA, LIC is the world's largest insurance
company in India. Its rst year premium income
increased by 24.7% in 2015-16While SBI is the fastest
growing private life insurance company in India. In the
area of life insurance sector, 24 players eliminated RS
58,286.40 million rupeesNew business premium
collected during the period April 2016-September 2016
According to the ICRA paper, the origin of the
performance of nine insurance companies in India. There
is an expected increase of 12-15% in the nancial year
2016-17, out of which eight in the public sector and one in
the private sector.
IRDA CLAIM SETTLEMENT RATIO IN 2015- 2016
YEAR FOR INSURERS:
In 2015-2016, Max Life Insurance Company has a good
CSR (Claim Settlement Ratio). It can reject 1.5 percent of
the claim claims of 91.5% in only 30 days.
There are pending claims of 4.35% rejection in HDFC
Life Insurance. Pending claims are in 14% and the
prescribed claims are 76% within 30 days.
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CONCLUSION
In the improvement of the national economy, the life
insurance players play an important role. To attract their policyholders the private life insurance companies provides numerous new policies. Humans have to face a lot of health problems in the modern competitive term. India's IRDA and LIC should pay attention to presenting new plans to face the health problems of humans from day to day activities. The Life Insurance Corporation of India should educate the importance of insurance to the general public through an agent and corporate social responsibility activity.
INTRODUCTION Entrepreneurship is not restricted to business and pro t. But in actual "Entrepreneurship involves bringing about change to achieve some bene t. This bene t may be nancial but it also involves the satisfaction of knowing you have changed something for the better”. There are so many pull factors that attract the individual to go through entrepreneurship as a career option.
It includes the high need for inter- dependence, to get a high nancial reward, opportunity to deal with each and every aspect of the business. Problems like lack of knowledge, raising funds, product problem, dealing with competition, liquidity etc. also faced by entrepreneurs. Today, it is important for the entrepreneur business owners and marketers to understand how to in uence and educate the
potential customers through proper Mass communicative tools. Thanks to the internet and social media through which entrepreneurs were able to communicate and inform the potential customers with the very effective way so that they will consciously look after the products and services provided by the entrepreneurs to the general public for their betterment.
REVIEW OF LITERATURE According to one of the News of August 2017 published by Harpreet Singh Dua in “ Economic times “. Traditional media like Newspaper, Radio, and TV were taken as effective ways to reaching out to a large Audience but still Proper interaction cannot possible through traditional media. Because of Real-time responsiveness also very dif cult in Traditional Media.
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Received on : 14.09.2018
Revised on : 29.10.2018
Accepted on : 30.11.2018
Abstract
This paper examines the role of the internet and social media in the
entrepreneurship. It is a globally accepted fact that through the Internet and social
media people were able to interact with so many people at a time. As well as they can
easily share their ideas information and learn lots of new ways of doing business.
The purpose of this paper to discuss the platform and social networking sites where
a new idea can generate which leads to Innovate something new and share for the
development of the economy and increase the goodwill of product and services
provided by entrepreneurs.Hence this paper evaluates how social media boost
entrepreneurship and how different social media platforms help marketers and
entrepreneurs to interact with target customers.
Keywords: Entrepreneurship, Social – Media, Internet, Social Networking sites.
To Cite: Dhiman, S. (2018). Entrepreneurship: Role of Internet and Social Media. HGPI International Journal of
Multidisciplinary Research and Development, 1(1), 40-42.
On the other hand, with the help of social media, it becomes easy to personally communicate, Personal- isation broadcast messages.
Eunice Mukolwe (2016) Reported in his work “ Social Media and Entrepreneurship tools bene t and Challenges – A case study of women online Entrepreneurs on kilimani Mums Marketplace on Facebook“ that Social media gives women entrepreneurs an opportunity to connect in a very personal and meaningful way with their customers. According to him, however, it is only social media that allows consumers to participate and propagate their views. Research suggested that one should conscious about the social media strategy and analyse that which media best work for the business.
This Present paper studied Different social media
platforms which contribute for entrepreneurs in growing
their Business.
OBJECTIVE OF STUDY
The Objective of this paper is to discuss and study the
signi cance of the internet and social media in
entrepreneurship. How Different Social Networking sites
gave their valuable contribution in Marketing activities,
Engagement with the customers and audience, boosting
sales Etc.
MAJOR HYPOTHESIS INCLUDES
While collecting data and going through research it is
assumed that:-
1) Every age group persons are active on social media and they know how to sur ng the internet.
2) Internet and social media is the mean of fast sharing of information compared to any other mean.
RESEARCH METHODLOGY
Data and information collected for this paper are
descriptive in nature. Secondary sources like magazines,
newspaper, books were taken into consideration at the
time of collecting data. Journals and various other
publications also gave their valuable contribution to this
paper.
R O L E O F I N T E R N E T A N D S O C I A L
NETWORKING SITES IN ENTREPRENEURSHIP
Social media provide great marketing opportunities to the
entrepreneurs. Gradually through the internet and social
media entrepreneurship is converted into “Netpreneur-
ship”. Where the people who make or deliver products
and services for and over digital network. Netpreneurship
is basically a small startup which is solely online internet
based and where there is no physical of ce. In this
website, blog, e- presence is their only of ce. Well, the
internet is as powerful as oxygen. Now it becomes very
easy for the idea generators to make their idea
implemented ef ciently. Here are some of the Social
Networking sites as under
1) LinkedIn: LinkedIn, is one of the professional
business related site, this networking site allows
companies and individual creators to create
professional pro les. So that they can contact the
people having same professions or any other.
2) Google+: Google+ is also one of the internet based
social network. It includes hangouts, communities,
YouTube, Google search, Google, Gmail and also
many others. In entrepreneurship, one can encourage
Review from customers and clients on google+.
YouTube is also one of the second largest search
engines in the world. which helps the entrepreneurs
to promote their business and product through
different-different channels or by creating their own
Channels. Here entrepreneurs can also promote their
business through ads.
3) Twitter: It is a Microbloging service. In which users
can follow each other and post or “tweet" a message
but there is a limit that maximum it may be 140
characters. It helps entrepreneurs to contact or reach
a global audience for a very small cost. And
sometimes it's free. It also provides service to
promote and sell the brand. On this platform,
entrepreneurs can see the response and also what
customers really feel about their brand and product
4) Pinterest: Pinterest is launched in March 2010,
Pinterest is a relative newcomer in the social media
arena. This platform include digital bulletin board
where business can pin their content .Half of all US
millennial use Pinterest. One can create a Pinterest
business account rather than a personal account. If
entrepreneurs have their personal account then they
can convert it into a business account. Here
entrepreneur can look for seeking out ideas for the
products and other means product.
5) Facebook: It is also one of the social networking Site.
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Title Code: HPENG01196
With its help entrepreneurs can simply getting their
business in front of their target audience. One can
connect with large number of potential customers
and get knowledge regarding the other competitor
actions also. Entrepreneurs can create pages related
to their business and promote their business through
this networking site. In March 2018 Facebook is the
number one of the top 10 social media sites. Whether
the entrepreneur's goal is brand awareness, online
conversation, idea generation, Facebook is helpful in
reaching the goal of used properly.
6) Instagram: It is also one of the visual platform, As
one can publish posts like photos and videos. It is
based on the concept that “showing is better than
telling”.
There are many other networking sites where
entrepreneurs can make their business grow .and they can
advertise their products also to attract more and most
potential customers.
B E N E F I T S O F S O C I A L M E D I A I N
ENTREPRENEURSHIP
Here are some of the bene ts of social media in
entrepreneurship.
1) A Special role in idea generation and analysis.
2) Helpful in increasing popularity.
3) Humanize the brand.
4) Helpful in increasing website Traf c.
5) Engagement with the customer and audience.
6) Helpful in KYC.
7) Helpful in keeping eye on target or potential
customer.
8) Awareness about competitors.
9) Monitoring the result.
10) Analysis of feedback and reviews.
11) Know new business opportunities and competitive
analysis.
CHALLENGES FACED BY ENTREPRENEURS
W H I L E U S I N G S O C I A L M E D I A I N
ENTREPRENEURSHIP
Internet and social media make it very easy for everyone
to access information and get knowledge regarding
different products and services available to them. But
still, entrepreneurs have to face many problems while
promoting their product and services through social
media. Entrepreneurs have to face every type of
customers. Sometime they have to face negative
comments, Complaints on social media which have a
negative impact on the other customers also. In such case
sometime loss of potential customer also can be possible.
And most of the people still using social media for
communication purpose, not for purchasing and product
knowledge orientation. Good internet connectivity is also
very important for this which is the biggest issue in some
areas. Negative social media posts also have negative
Impact.
CONCLUSION
Social media gives an opportunity to the entrepreneurs to
link with potential customers. Because it is social media
that allows general public and the customer to share their
views and participate freely. It is also true that only
through social media entrepreneurs can't make their
business run and successful. There are many other factors
also which in uences success. But still it is suggested
that entrepreneurs should not avoid using something
Introduction E-way bill is an electronic Permit of Transport at ion of goods. I t i s mandatory by the Government under Section 68 under the Rule of 138 of the Goods and Services Tax Act. It is charged when the value of goods for Consignment exceeding 50,000 ( fty thousand rupees). The consignor or consignee is responsible for the generation of an e-way bill. For the registration of e-way bill rstly registered under GST Common Portal (www.gst.gov.in).After the registration of GST go to the portal of an e-way bill ( www. ewaybil lgst . gov.) Inusing GSTIN. Once GSTIN is entered, the system sends an OTP to his registered mobile number, registered with GST Portal and after authenticating the same, the system enables him to generate his/ her username and
password for the e-way bill system.
Objectives The objective of my study is to
understand the basic concept of the e-way bill.
To analysis how it is connected with GST.
To understand the online process forlling the E-way bill.
Parties involved in E-way bill Consignor: A person who sends the
goods. Consignee: A person who receive the
goods. Transporter:A Middleman who
provides atransportation/ Vehicle to deliver the goods from consignor to consignee. It plays an important role in E-way bill. Without Transporter ID , E-way bill
HGPI INTERNATIONAL JOURNAL OF MULTIDISCIPLINARY RESEARCH AND DEVELOPMENT | December 2018 | Vol. 1 | Issue 1 43
Received on : 17.09.2018
Revised on : 31.10.2018
Accepted on : 30.11.2018
Abstract
After the GST new Phenomenon was launched on 1stApril 2018. It has destination
based approach. It is used to monitor the movements of goods from consignor or
consignee through online mode. It is applicable for transportation by Rail, Road, Air
or Ship. There are many ways to ll the E-way bill by using Web-based system,
by SMS,by Android App, by Bulk generation, by Site-to-Site integration; by
GSP (Goods and Services Tax Suvidha Provider)In this Paper I am discussing
theWeb based system. This research paper is completely informative because
maximum people are not aware of what is actually E-way bill and how it works. Its
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