XLRI brain to boost teaching of Social Entrepreneurship

Jamshedpur (The Telegraph, Dec 8, 2008): A mentor in the steel city is leading the way to author a social entrepreneur’s bible in India.

XLRI professor Madhukar Shukla, who heads the institute’s Fr Arrup Centre for Ecology and Sustainability (FACES), will team up with seven academics from across the nation to produce a teaching handbook on social entrepreneurship to guide faculties and students alike.

Shukla, who was recently presented the Academic Contributor Award for 2011 by the Villgro Innovation Foundation and IIT-Madras’s Centre for Social Innovation and Entrepreneurship, conceptualised the handbook that the group aims to pen within six months.

Shukla co-authors are Shambu Prasad of Xavier Institute of Management, Bhubaneswar; Harish Chaudhary of Faculty of Management Studies, Banaras Hindu University; Sourav Mukherjee of IIM-Bangalore; Ankur Sarin (IIM-Ahmedabad); P.K. Biswas, Indian Institute of Forest Management, Bhopal; Satyajit Majumdar, TISS, Mumbai, and Krishna Tanuku of Indian School of Business (ISB), Hyderabad.

He explained that few dealt with social entrepreneurship as a subject in India. “There are many who would like to take up social entrepreneurship as a teaching course... As most of them tend to get no support, the teaching handbook has been planned to streamline issues and topics in the area for their benefit,” said Shukla, a faculty member of organisational behaviour and strategic management.

The group of professors met at the Khemka Forum on Social Entrepreneurship at ISB-Hyderabad to discuss the initiative in November.

The handbook will comprise guidelines for starters, besides an outline of related courses offered by institutes and professional bodies and classroom material such as case studies, articles, documentaries and research papers.

“We will upload it on the Internet. It may also be given the shape of a social networking site or website. We may later publish hard copies,” Shukla said.

Prof Ram Kumar Kakani (XLRI) co-authors book on Strategic Thinking

Strategic Thinking: Explorations around Conflict and Cooperation.
Saha, Biswatosh and Parthasarathi Banerjee and Ram Kumar Kakani
Sage Publications, Sept. 2011,
ISBN: 978-8-13-210690-6

Strategic Thinking is an exploration of the world of strategic action centered on the strategist actor who remains immersed in the multi-faceted conflicts and contests of the pragmatic life of business. This book explores the various modes through which nodes of power holders are formed or decimated in the organization. It embraces the twin dimensions of strategic motives-deterrence and novel market making-around the theme of governance, without conflating the differences between these differing motives riding on differing dynamics of decreasing and increasing returns.


Dr. Ram Kumar Kakani B. Tech (Andhra Univ.), Fellow (IIM Calcutta) is an Associate Professor of Finance & Strategic Management Area, XLRI Jamshedpur, India. He has worked with industry and was a residential scholar at Copenhagen Business School Denmark, Singapore, & U.A.E. He has authored and co-authored ten management books.

"Strategic Brand Management for B2B Markets" - by Prof Sharad Sarin (XLRI Jamshedpur)

Strategic Brand Management for B2B Markets

by Prof Sharad Sarin (XLRI Jamshedpur)

Sage Publications (Response Books)
ISBN: 9788132105220

This book aims to uncover the hidden and unexploited power of leveraging from the concept of brand and brand building for B2B marketers. It focuses on the need of B2B marketing from the point of view of Indian markets and economic conditions at home.

With extensive discussions on the three most respected corporate brands in India—Tata, Larsen & Toubro and Infosys—the author demonstrates how these companies have created value through brands and how their branding initiatives are benchmarks in their journey to success. With three decades of experience as an academician and consultant in B2B Marketing, the author argues that a brand-driven business can accelerate the transformation of all the big and small B2B marketers to gain competitive advantages. He advocates the need is for a holistic brand management approach and illustrates his point through six case studies of leading brands

Prof Sharad Sarin (B.E. (Jodhpur), PGDBA (IIMA), Ph.D. (Pune)) has been with XLRI since 1976. Before joining XLRI, he worked in industry for four years. He is currently on the Boards of XLRI Jamshedpur, Mudra Institute of Communications, Ahmedabad and Tata Refractories Limited. Over the last 30+ years, he has been a corporate consultant to several large and well-known Indian companies. He has conducted more than 100 programmes and workshops on Strategic Marketing, Industrial Marketing, Relationship Marketing, Strategic Management and Customer Satisfaction, both in India and abroad. He has been Visiting Faculty to IIM-Ahmedabad, University of Colorado at Boulder and Rhode Island in the USA. His areas of interests are: General Marketing, Industrial Marketing, Competition and Globalization, Relationship Marketing and Marketing’s Role in Development.

Prof Trishit Bandyopadhyay's book: A Regional Energy-Economy Model - A Case Study Of Karnataka

A Regional Energy-Economy Model - A Case Study Of Karnataka: Incorporating penetration of new and renewable energy technologies in a multisectoral intertemporal optimizing framework

by Prof Trishit Bandyopadhyay, XLRI Jamshedpur

Publisher: LAP LAMBERT Academic Publishing (14 Oct 2010)
ISBN-10: 384335992X
ISBN-13: 978-3843359924


It is widely being acknowledged that renewable energies will become important in future and we are already getting a glimpse of that now.In order to study the impact of penetration of new and renewable energy technologies in a regional economy,under a planning and policy analysis context,-it is often desirable to have a unified framework which integrates all forms of energies,both conventional and renewable,that have reasonable potential of being harnessed.This integration has been achieved here by developing a multisectoral intertemporal optimizing model which allows the study of interactions between the energy sector and the regional economy and thus would be a valuable tool for energy planning and policy analysis.Equity related goals could also be introduced into the model,as shown in the book while assessing the impact of gap reduction in per capita household energy consumption as heat between rural and urban areas.The working of the model has been demonstrated by energising it with data from the state of Karnataka,India.The energy policy analysts,the regional planners,and students including practitioners interested in applications of optimizing models should find this book useful.

Prof. Trishit Bandyopadhyay, B.Tech(IIT Kharagpur), Fellow(IIM Bangalore] teaches Strategic Management of Technology, Innovation and Operations at XLRI Jamshedpur. He has earlier worked in public and private sector organisatons in areas such as Electronic Switching R&D, Project Implementation and Production Management.

On book covers, now - XLRI Faculty turn Authors

Jamshedpur, Sept. 10 (The Telegraph): XLRI faculty members are venturing beyond the confines of the classroom and reaching out to a potential global audience by penning books.

XLRI faculty Manish Singhal has penned a 148-page book titled Spirituality at work — a study of Indian non-profit organisations. The book, published by Germans publishers Lap Lambert Academic Publishing, explores how spirituality makes people better workers.

“Most professionals work for only themselves. They have a limited understanding of different aspects of spirituality such as integrity and wholeness, which makes people stick to a particular organisation. There has to be some connect and meaning to keep people interested in their work,” said Singhal, who teaches organisational behaviour at XLRI.

Singhal’s book is the outcome of a three-year study on six non-profit organisations based in Calcutta, of which three — Bharat Sevasharm Sangha, Aurobindo Ashram and Ramkrishna Mission — were spiritual organisations. The others were Indian Institute of Cerebral Palsy, Vikramshila, Child In Need Institute (CINI). Around 148 people participated in Singhal’s survey.

In his book, Singhal ingeniously applied his core findings from these non-profit organisations and applied them to the profit-making world of enterprise.

His peer, Debasis Pradhan, assistant professor at XLRI, also published a book on marketing management titled ‘To Push or to Pull: Dynamics of Promotional Strategies Book’.

The book, brought out by another German publisher, VDM Verlag, explains the basics of promotional strategies. The 292-page book comprehensively addresses the push and pull debate, with focus on Indian rural industries. Pradhan’s book explores the customer-based brand equity measurement approach with dimensions like retailer awareness, retailer association, retailer perceived quality, and retailer loyalty.

Book on "Spirituality at Work" by XLRI Prof Manish Singhal

Spirituality at Work: A Study of Indian non-profit Organizations

Paperback: 148 pages

Publisher: LAP LAMBERT Academic Publishing (July 23, 2010)

Language: English

ISBN-10: 3838374703

ISBN-13: 978-3838374703


About the Book
Spirituality at work (SAW) is being considered as a significant construct to deal with a number of issues resulting from increased dynamism in the business context and the resulting stresses and strains at organizational and individual level. The conceptual framework in this study linked individual SAW needs and organizational SAW supplies to emerge with a P-O fit model on Spirituality at work. The individual SAW needs, organizational SAW supplies and SAW P-O fit were related to outcomes of Job Satisfaction and Organizational Commitment. FINDINGS: The distinction between religion and spirituality that forms the basis for defining SAW for scholars did not find support in this study. The 3-way conceptualization of SAW in terms of Integrity/Wholeness, Meaningful work, and Larger than oneself was supported. The influence on outcome variables grew progressively stronger in this order: individual SAW needs, P-O fit on SAW, and organizational SAW supplies. This study provides the first empirical proof of the interactive effects of individual and workplace spirituality on outcomes of interest to organizational scholars.

Prof Manish Singhal, a BE (Mech), MBA from XIM Bhubneshwar and a Fellow (Behavioral Sciences) from IIM Calcutta, is a faculty in Organizational Behaviour area and also the Acting Coordinator - Doctoral Programs.

He poseeses an eclectic profile with qualifications in mechanical engineering, MBA in financial and general management, and Fellow from IIM Calcutta in OB, with experience in sociology and disciplines of anthropology, archaeology, journalism and yoga. He has previously worked in chemical plant maintenance, event management, administration, teaching and providing training in holistic personality development and various management functions. His six years of post-MBA experience in the spiritually-oriented service mission of Vivekananda Kendra, Kanyakumari, as a dedicated selfless social worker has provided the breadth of experience to be able to relate to various human imperfections and encourage the move towards actualizing one’s potential.

XLRI professor pens "To Push or to Pull: Dynamics of Promotional Strategies"

Sept 8 (THe Pioneer): Indian B schools have been regularly churning out cutting edge research work and publications that are making waves in the contemporary management discipline. Leading from the front are the top Indian B schools where a blend of knowledge with practical applications has incubated a healthy environment of learning and top of the line research.

XLRI assistant professor of Marketing Management Debasis Pradhan has penned a book on marketing management titled To Push or to Pull: Dynamics of Promotional Strategies Book. The book reveals a lot about the current promotional strategies prevalent in the global marketing scenario.

In this book, the focus has been on the promotional strategies being adopted by three rural industries of India. Relevant research questions have been identified with the help of literature review coupled with exploratory work that has led to the conceptualisation of a framework. Survey method has been used for data collection. Data analysis and its interpretation have been discussed in detail with a reference to the scope for further research.”

The 292-paged book would constructively address the push vs. pull debate with a focus on Indian rural industries.

Prof. Pradhan, along with another faculty of XLRI, had earlier published a seminal paper on “Measurement of Retailer Brand Equity Using Fuzzy Analytic Hierarchy Process.” Therein it was proposed that retailer brands possess equity termed as retailer brand equity or retailer equity.

It is an “added value” endowed to the retailer brand as a result of past marketing activities of the retailer. Branding of retailers can be instrumental in influencing customer perception and driving the store choice and loyalty. Measuring retailer brand equity can help the retailers and the brand mangers to be more strategic in their decision-making. This study undertaken in India has followed a customer-based brand equity measurement approach wherein dimensions like retailer awareness, retailer association, retailer perceived quality, and retailer loyalty have been considered. A fuzzy analytic hierarchy process (AHP) was used to measure the retailer brand equity. The same was presented by the in University of Cologne, Germany this year.

Such publications and research are the need of the hour in the changing and volatile fields of global management. It is indeed heartening to notice that our national schools are sizing up to the challenge and able to leave a strong mark in the field.

Prof Pradhan is a post graduate and fellow from XIMB and IRMA respectively. He joined XLRI 2006 and teaches Advertising and Sales Promotion, Consumer Behaviour, and Marketing Management. Prior to this, he has more than two years of managerial experience in power sector. Papers and cases authored by him have been published in national and international journals of repute.

"Marketing Management: A Decision Making Approach" - 5th book from Prof P Venugopal, XLRI

A contemporary discourse on the rapidly changing environment of the world of marketing, this book provides the mantra to transform short-run sales into long-term marketing growth. Starting with the basics of marketing, it takes the reader on a smooth journey to understand various strategies of correct 'decision-making' in the market. In doing that, it provides an in-depth analysis of how to build a sustainable customer base in the ever-growing competitiveness and dynamism of the Indian marketing arena.

The author defines marketing to include all activities associated with identifying the needs of the target customers and making them 'want' the product. Thus, the book redefines the need hierarchy, allowing marketers to look at their technical product as more than one marketing product, and develop a marketing product concept.

Prof P Venugopal is a Post Graduate and Fellow in Management from the Indian Institute of Management, Ahmedabad, is Professor (Marketing) at XLRI, Jamshedpur. He joined XLRI in 1994, and also served as the Dean (Academics), XLRI during 2004-2010. Prior to his stint at XLRI, Prof. Venugopal held managerial positions for 10 years in the marketing divisions of two agribusiness companies.

Professor Venugopal has authored the books on four books, including “Marketing Channel Management: A Customer Centric Approach” and “Input Management, The State of the Indian Farmer: A Millennium study”, and has also been involved as a consultant with several projects for both the profit and non-profit sectors.

Prof Suma Damodaran's "Managerial Economics" goes into 2nd Edition

Managerial Economics
By Suma Damodaran
Oxford University Press
ISBN13: 978-0-19-806111-3
ISBN10: 0-19-806111-0
608 pages

The second edition of Managerial Economics is a comprehensive textbook specially designed to meet the requirements of management students.

Introducing students to the related economics in business decision-making, this text now provides more simplified explanations of the fundamental concepts and principles of managerial economics. In an attempt to better bridge the gap between economic theory and application, the revised edition is now enhanced and supported with several new exhibits, cases, and illustrations.

Dr Suma Damodaran is Professor of Economics at XLRI, Jamshedpur. Formerly a faculty at the Indian Institute of Management Kozhikode, she had over two decades of experience in teaching. Dr. Damodarans research and consultancy interests are in the subjects of Managerial Economics and Industrial Economics.

Book on Implication of GATS on Education - by Dr Arundhati Sarkar Bose, XLRI, Jamshedpur

This is the 5th or 6th book published by XLRI Professors within last 2 months!!!

Analysing GATS: Settlement of Disputes and Implications for Education Sector
Author: Dr Arundhati Sarkar Bose
Publisher: LAP LAMBERT Academic Publishing (10 Jun 2010)
ISBN-10: 3838364554
ISBN-13: 978-3838364551

This book takes a close look at the General Agreement on Trade in Services (GATS) under the WTO, a multilateral trade agreement with a purpose of liberalising services trade. The book is divided into two parts. Part A looks into the ambiguities present in the trade laws in GATS and how some of these ambiguities have been resolved though settled disputes in the WTO. Part B of the book looks into one particular service sector, that is, education services and analyses the implications of liberalising market access to foreign suppliers in this particular sector. Researchers and scholars of International Economics, Business Economics, Trade Law and policy makers will find the work useful.

Dr. Arundhati Sarkar Bose is M.A. M. Phil. and Ph. D. from the Centre for Economic Studies and Planning, JNU, New Delhi. Before joining XLRI, she taught at Lady Shri Ram College, New Delhi and Miranda House, New Delhi. She has also taught in an external program of the London School of Economics and worked as a research fellow at IIFT. Her area of research is International Trade and Finance, Labour Economics and Economics of Education.

Prof Ram Kumar Kakani's New Book

Financial Performance and Corporate Strategy of Indian Business Groups: A Study and Synthesis
Paperback: 260 pages
Publisher: LAP LAMBERT Academic Publishing (24 Jun 2010)
ISBN-10: 3838377230
ISBN-13: 978-3838377230

This work not only synthesizes the existing theories linking corporate strategies with financial performance but also uses case-based and empirical analysis to probe the linkages and relation. India?s corporate sector continues to be dominated by business houses. Using 12-years accounting & capital market data, this book studies the impact of strategy on performance of 240 large Indian business groups, constituting over 40% of India's market capitalization.

Dr. Ram Kumar Kakani B. Tech (Andhra Univ.), Fellow (IIM Calcutta) Associate Professor of Finance & Strategic Management Area, XLRI Jamshedpur, India Was a residential scholar at Copenhagen Business School Denmark, Singapore, & U.A.E. Is among the top 1% of SSRN authors ranking (2007 onwards) and co-authored two popular text books (McGraw Hill).

Prof Sumit Sarkar (XLRI, Jamshedpur) co-authors "Managerial Economics"

MANAGERIAL ECONOMICS
ISBN: 9780070700789
Christopher R. Thomas(University of South Florida-tampa)S. Charles Mauric(Texas & A&M University)
Sumit Sarkar (XLRI, Jamshedpur)

The primary goal of this book is to teach students the economic way of thinking about business decisions. Managerial Economics develops critical skills and provides students with a logical way of analyzing business decisions. The book is already established, appropriate Indian examples with global perspective makes the book more desirable and interesting to the faculties and students. The book has relevant Indian examples and case studies. The spirit of the adaptation is to bring an Indian perspective along with the US and global economic scenario.

Book on "Performance Management" by XL Prof S Bagchi

Prof Soumendra Narain Bagchi
XLRi Jamshedpur
ISBN-13: 9788131511497
344 Pages Paperback
Imprint :Cengage Learning India

Performance management is the most critical function for all organizations intending to enrich the worth of human capital and delivering profits to the entire stakeholders as a consistent practice. Targeting graduate students of Business and Economics and those specializing in human resource management, Performance Management will help the students who aim to become managers and those who want to be human resource management professionals. The book presents the concepts in a coherent and simple manner.

The author provides a strong theoretical framework while emphasizing the application of concepts through real-life examples, illustrations, caselets, and case studies. The book explores the implementation of different frameworks for performance management and then analyses different human resource management practices that enable performance at the individual employee level. Each chapter is followed by a comprehensive case to illustrate and challenge the students to apply the concepts covered. The cases included in the book cover different Indian organizations ranging from manufacturing, banking to IT industries.

XLRI Prof Ram Kumar Kakani co-authors book on Cashflow Statement

ISBN: 9780070680715
Copyright Year: 2010

Finance Made Easy Series has been designed to cater to managers and executives with little understanding of finance and little time to read treatises on financial management. Hence, the series seeks to demystify apparently complex financial statements and help create a finance-savvy executive class, the key to fiscally sound and successful businesses. A lucid, creative and concise exposition of financial statements, their components, jargon and computational methods along with short stories and numerical examples makes for an engaging read for busy professionals.

How to Read a Cash Flow Statement focuses on Cash Flow Statement, that enables a company to gauge cash position and manage daily functions more efficiently.

Book published by XLRI Prof Manoj Thomas

Strategy, structure, processes and incentives:
Comparative analysis of three large public irrigation systems in India
by Prof Manoj Thomas, XLRI Jamshedpur
LAP Lambert Academic Publishing
ISBN 978-3-8383-6007-2, Paperback, 168 Seiten

The book describes the operational strategies of three large canal irrigation systems in India and examines how the structures, processes and incentives have been shaped by the context. Faced with the crisis of sustainability, all the systems have adopted the option of decentralized management to varying degrees. This variation has led to differences in performances- both in irrigation as well as in recovery of irrigation fees. The study demonstrates that understanding of the internal dynamics of the irrigation department and various actors are crucial for constructive policy transformation process. Understanding the incentives of the key stakeholders and managing the incentive structure would help bring about the change in irrigation organizations, which many government organizations are eager to introduce.

XLRI Students to Participate in New York Univ's Social Entrepreneurship Conference

Jamshedpur, Aug. 27 (The Telegraph): Students of XLRI are all set to take issues related to rural women and environment to a global platform.

Two students of personnel management and industrial relations — Rashmi Kamath and Mahima — have got a chance to present a case study on the topic “Challenges of scaling and measuring social impact” at the 6th Annual Satter Conference of Social Entrepreneurs organised by Stern School of Business of New York University.

This year’s conference is dedicated to ongoing research on Social Entrepreneurship.

The abstract of the case study is based on scalability issues of social entrepreneurship. In mid-August, XLRI sent the abstract to the organisers and within a week they received a response. The subject of the study is New Education and Environment Visions (NEEV), a city-based unit that specialises in herbal soap making. NEEV, which started its operation in 2007 as a herbal soap making unit under Khadi and Village Industries Commission, trains rural women of Hurlung village and helps them to be self-sufficient.

“The presentation of the study in the US will bring in more business for us as well as directly help 200 women associated with us,” said Shikha Jain, the director of NEEV.

“We have Social Entrepreneurship as a paper in our course, so when we came to know about the conclave, we decided to participate. We will focus on the problems faced of a new social venture,” said Mahima.

The conference is scheduled to be held in the first week of November in New York and over 80 entries have poured in from across the globe. The students are looking for sponsors to fund their trip to the US.

XLRI Prof's book on the Economics of "Network Industries"

Prof Sumit Sarkar's book Network Industries: Economic Aspects of Compatibility, Technology Licensing and R&D Investment in Market for Systems got published by VDM Verlag, Germany.

The book, "deals with the economic aspects of some technological issues in industries that exhibit network externalities. The work particularly focuses on markets for systems. A collection of two or more components that work only when used together forms a system. Systems exhibit network externality, which arises due to the complementarities between the components. Firms doing business in the markets for systems behave strategically while deciding on compatibility between competing products and / or technologies. Adoption of technology or investment in R&D may also be a strategic decision. While addressing three different issues, the author analyses the implications of such strategic behaviour. The analysis is game theoretic. Researchers and scholars of Network Economics, Microeconomics, Business Economics, Industrial Organization Theory and Strategy will find the work useful."

Dr. Sumit Sarkar is a Ph.D. from the Centre for Economic Studies and Planning, JNU, New Delhi. Prior to joining XLRI, he had taught at IIT Kanpur and IIM Kozhikode. He has also taught in an external program of the London School of Economics.

Best Paper Award for XLRI's Fellow Student at the 12th Strategic Management Forum

XLRI's FPM student, Ms Parama Barai won the Best Paper Award for her paper titled "Deterrence Strategy in Takeovers - a Game Theoretic Model" at 12th Annual Convention of the Strategic Management Forum.

This year, the Strategic Management Forum was hosted by IIM, Bangalore on May 27-29, 2009, and the theme of the forum was "Strategic Management Research in India: Roadmap for the Future".

SAP Research Award for XLRI Professor Sanjay Kumar

BANGALORE (June 4, 2009): SAP Labs India has established the SAP Research and Innovation Award to recognize the scientific and research potential of Indian academics and their role in nurturing industry-ready talent.

“In an effort to set up formidable alliances with some of the best institutions in India, SAP is attempting to harness the Indian talent pool to establish collaboration between Indian Academics and SAP’s research and development departments,” Kush Desai, managing director, SAP Labs India told TOI. “These awards will be instrumental in building an essential framework of knowledge-sharing between the industry and the academia of the country. This will go a long way in ensuring conversion of indigenous scientific ideas into business propositions.”

SAP Research and SAP Labs India had invited entries on contemporary and relevant research topics like advanced web technologies, real-world awareness, real-time enterprise transparency and so on...

Eight candidates were short-listed to present their projects to a committee of SAP Research experts and five winners were selected in the final round, including Prof Jalote, Indraprastha Institute of Information Technology (IIT), Delhi, Prof. Balasubramaniam, BITS, Pilani, Prof. Sanjay Kumar, Xavier Labour Relations Institute (XLRI), Jamshedpur and others.

The winning projects will be awarded a research grant of Rs 11,00,000 each for a project duration of one year, and receive an opportunity to collaborate with SAP Research and its partners...

One of the winners, Prof. Sanjay Kumar, Xavier Labour Relations Institute (XLRI), Jamshedpur, says, “We are grateful to SAP Research for providing us with a platform to incubate our ideas into business projects. We are excited to work with researchers at SAP Labs India, as this will foster sharing of best practices among the industry and the academia, a quintessential element that ensures success in innovation."

XLRI's Prof HK Pradhan prepares Theme Paper for UN's Doha Summit

Nov 27 (Hindustan Times): THE XLRI, Jamshedpur, will have its presence felt during the United Nation's Conference on Financing for Development to review the implementation of the Monetory Consensus at Doha (Qatar). The conference is scheduled between November 29and December l. Professor of finance and economics at the institute, Dr H K Pradhan, has been preparing the main paper for the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), which will be presented at the international conference that assumes significance in view of the global recession.

Dr Pradhan, who was associated with the Commonwealth Secretariat for two years, is the only Indian involved in the theme paper of ESCAP.He has visited 20 countries across the globe on important assignments.

Speaking to the Hindustan Times, Dr Pradhan said that the theme paper lays enumerates that the world economy must adjust to a lower level of equilibrium and the asset price inflation should correct itself, but not at the cost of losing the financial institution. "Government and central banks must work towards ensuring the development of soundly managed and adequately capitalised banking system that can safely and efficiently intermediate between savers and investors.At the country level, there is a need for stronger institutional arrangements, discouraging all forms of speculations in the financial markets, excessive risk taking, requiring stable macro-economic policy and encouraging productive investments in the real economy," said Pradhan.

He also said that the paper has put forward a proposal for establishing Asian Monetary Fund (AMF) in Asia, a regional currency fund to provide emergency support during a currency for liquidity crisis in Asia, especially in the light of the financial turmoil.