Research Communication VSRDIJBMR December 2012

VSRD International Journal of Business and Management Research, Vol. 2 No. 12, December 2012 / 612 ISSN No. 2231-248X (Online), 2319-2194 (Print) © VSRD International Journals : www.vsrdjournals.com

RESEARCH COMMUNICATION

FUTURE TRENDS IN HUMAN RESOURCE MANAGEMENT Shilpika Pandey

Assistant Professor, MBA Department, Ambalika Institute of Management & Technology, Lucknow, Uttar Pradesh, INDIA.

Corresponding Author : [email protected]

ABSTRACT Human Resource Management is a process which brings people & organization together to meet the organizational goal. But over the past years, Human Resource Management has evolved considerably and experienced a major transformation in form and functions. Driven by a number of significant internal and external environmental forces, HRM has progressed from a largely maintenance function, with little if any bottom line impact, to what many scholars and practitioners today regard as the source of sustained competitive advantage for organizations operating in a global economy.

If we go to previous era most of the enterprises had ad hoc management practices where the managers were the owners. The administrative systems that exist today in the civil services were inherited from the British colonial period. In 1974, the Ethiopian regime nationalized all private firms and hierarchical management practice was implemented with the establishment of personnel management departments.

The paper will raise the relevant issues in detail regarding the current employment practices (human resource management) in the selected organizations. In this section, we would like to pay attention to some factors that are more likely to challenge managers in general, and the government in particular, in the future with regard to HRM. Firstly, the impacts of brain drain privatization and globalization. Secondly, the role of Human Resource is changing from that of a protector & screener to the role of planner & change agents. Thirdly, the changing demography of the workforce and their expectation from the organization they are associated. We believe that to succeed in the years up to 2020, executives will need to master a range of hard and soft skills for which they will require the confidence to manage multi-generational teams.

Well said by David Ulrich –“HR should not be defined by what it does but by what it delivers”.

Keywords : Future Trends in HRM, Brain Drain, Globalization, Privatization, Change Champion, Employee Advocate, Changes in HRM, Strategic Partners, Generation X and Y.

1. INTRODUCTION Human resource (or personnel) management is the sense of getting things done through people. It's an essential part of every manager's responsibilities, but many organizations find it advantageous to establish a specialist division to provide an expert service dedicated to ensuring that the human resource function is performed efficiently.

"People are our most valuable asset" .The reality for many organizations is that their people remain: Under valued Under trained Under utilized Poorly motivated, and consequently Perform well below their true capability

The rate of change facing organizations has never been greater and organizations must absorb and manage change at a much faster rate than in the past. In order to implement a successful business strategy to face this challenge,

organizations, large or small, must ensure that they have the right people capable of delivering the strategy.

The market place for talented, skilled people is competitive and expensive. Taking on new staff can be disruptive to existing employees. Also, it takes time to develop 'cultural awareness', product/ process/ organization knowledge and experience for new staff members.

As organizations vary in size, aims, functions, complexity, construction, the physical nature of their product, and appeal as employers, so do the contributions of human resource management. But, in most the ultimate aim of the function is to: "ensure that at all times the business is correctly staffed by the right number of people with the skills relevant to the business needs", that is, neither overstaffed nor understaffed in total or in respect of any one discipline or work grade.

Human Resource Management is a process which brings people & organization together to meet the organizational

Shilpika Pandey VSRDIJBMR, Vol. II (XII), 2012 / 613

goal. But over the past years, Human Resource Management has evolved considerably and experienced a major transformation in form and functions. Driven by a number of significant internal and external environmental forces, HRMhas progressed from a largely maintenance function, with little if any bottom line impact, to what many scholars and practitioners today regard as the source of sustained competitive advantage for organizations operating in a global economy.

2. CHANGES IN HRM Some of the significant changes that are likely to take place in the human resource management are as follows:

Increase in education levels : Due to technological progress and the spread of educational institutions workers will increasingly become aware of their higher level needs; managers will have to evolve appropriate policies and techniques to motivate the knowledge of workers. Better educated and organized workforce will demand greater discretion and autonomy at the work place.

Technological Developments: This will require retraining and mid-career training of both workers and managers. Rise of the international corporation is proving new challenges for personnel function.

Changing Composition of Work Force: In future, women and minority groups, SCs and STs would become an important source of man power in future on account of easy access to better educational and employment opportunities. Therefore manpower planning of every organization will have to take into consideration the potential availability of talent in these groups. Changing mix of the workforce will lead to new values in organizations.

Increasing Government Role: In India, personnel management has become much legalized. In future private organizations will have to co-ordinate their labour welfare programmes with those of the government private sector will be required increasingly to support government efforts for improving public health, education training and development and infrastructure.

Occupational Health And Safety: Due to legislative presence and trade union movement, personnel management will have to be more healthy and safety conscious in future.

Organizational Development : in future, change will have to be initiated and managed to improve organizational effectiveness. Top management will become more actively involved in the development of human resources.

New Work Ethic : greater forces will be on project and team forms of organization. As changing work ethic requires increasing emphasis on individual. Jobs will have to redesign to provide challenge.

Development Planning: personnel management will be involved increasingly in organizational planning, structure, composition etc. Greater cost-consciousness and profit-orientations will be required on the part of the personnel department.

Better Appraisal and Reward Systems: organizations will be required to share gains of higher periodicity with workers more objective and result oriented systems of performance, appraisal and performance linked compensation will have to be developed.

New Personnel Policies: new and better polices will be required for the work force of the future. Traditional family management will give way to professional management with greater forces on human dignity.

3. OBJECTIVE OF RESEARCH To study the impacts of brain drain privatization and

globalization. To study the role of Human Resource, that is changing

from that of a protector & screener to the role of planner & change agents.

To analyze the changing demography of the workforce and their expectation from the organization they are associated.

We believe that to succeed in the years up to 2020, executives will need to master a range of hard and soft skills for which they will require the confidence to manage multi-generational teams.

4. BRAIN DRAIN, PRIVATIZATION AND GLOBALIZATION

Many countries today are experiencing what is widely termed ‘brain drain’. Brain drain, or the loss of talented professionals from smaller to larger economies, affects not only countries, but also the organizations within them and the occupations they support.

Brain drain is thereby damaging to a range of groups who share a common interest in finding ways to retain and reattract skilled employees. That need is logically sharpest of all for those professions whose workers are the most mobile. In accountancy, for example, mobility is facilitated by the universality of its qualifications, language, and standards. Not surprisingly then, accountants as a profession has been reported to have relatively low levels of organizational commitment to particular employing firms. That finding is important because organizational commitment may be a key incentive to remain with a firm, either by never leaving it in the first place or by returning to it after periods spent working overseas .This study explores whether Human Resource Management (HRM) theory, and in particular HRM theory that focuses on building organizational commitment, can be adapted to help redress brain drains in accountancy.


The globalization of labour markets has impacted significantly on worker mobility, with the greatest impact being on professionals who engage in knowledge work This enhanced mobility affects nations, firms, and occupations alike, which all must struggle to retain a reasonable share of the world’s professional talent .Given that shared goal, it is reasonable to expect that theories and research in one domain may be able to assist measures to counteract brain drain in another. Hence, the dynamics of brain drain for nations may not be radically different from the processes of turnover for organizations.

Privatizationis the incidence or process of transferring ownership of a business, enterprise, agency or public service from the public sector (government) to the private sector ("business"). In a broader sense, privatization refers to transfer of any government function to the private sector - including governmental functions like revenue collection and law enforcement.

The term "privatization" also has been used to describe two unrelated transactions. The first is a buyout, by the majority owner, of all shares of a public corporation or holding company's stock, privatizing a publicly traded stock, and often described as private equity. The second is a demutualization of a mutual organization or cooperative to form a joint stock company.

The pressures on traditional IR models are not all due to privatization & globalization, as we see, but many of the changes taking place can be traced to globalization. It is not always easy to disentangle the causes and effects of globalization. However, it would probably be true to say that globalization is represented by the opening up of markets due, in large measure, to foreign direct investment consequent upon the lowering of investment barriers in practically all countries; by the liberalization of trade, and by the deregulation of financial markets in consequence of which governments increasingly have little control over the flow of capital across borders. All this implies the dominance of the market system, facilitated by the collapse of alternative economic (and in many cases political) systems.

Among the responses of employers are the following: Moving production overseas to reduce costs and to

facilitate sensitivity to local and regional market requirements.

Contracting out and out-sourcing. It is an important rationale of out-sourcing that it, on the one hand, enables an enterprise to concentrate on its core competencies, and on the other hand, it makes service work more productive.

One important response has been the introduction of flexibility in the employment relationship to increase the capacity of enterprises to adapt rapidly to market changes.

This has involved measures such as flexible working hours part-time work different types of employment contracts to the standard ones familiar to collective IR flexibility in functions, so that employees who are multi-skilled are not confined to the performance of only one task. They can cover up for absenteeism, and make some jobs redundant. Globalization has, through technology diffusion, substantially increased the introduction of new technology. This, as well as the need for flexible adaptation to market changes, has led to the re-organization of production systems and methods of work, such as the following: Reduction of narrow job classifications and

demarcation lines between managers and workers, accompanied by skills enhancement needed to perform jobs with a broader range of tasks.

Increasing areas for worker involvement in the conception, execution and control of work.

A greater focus on workplace relations and policies and practices conducive to better motivation and performance such as information-sharing and two-way communication.

These responses have increased the necessity for employers to make more investments in skills training, to offer incentives to employees to improve their skills, and for workers to take upon themselves some responsibility for their own development.

The competition generated by globalization and rapid technological changes accompanied by shorter product life have, while destroying countless jobs in industrialized countries, created opportunities for multi-skilled and easily trainable workers, and for the most significant group of emerging employees - the knowledge worker.

Knowledge and skills have become the most important determinants of investment, employment opportunities, productivity and quality and of flexibility. Other changes in the nature of work and workers are being brought about partly by globalization, but not entirely because of it. For instance, it is arguable whether globalization is solely responsible for the growing service sector, and it does not account for the rapid influx of women into the workforce. Be that as it may, some of the changes which have a fundamental impact on traditional IR include the following: The expanding service sector at the expense of the

manufacturing sector in industrialized and rapidly industrializing countries

More advanced and skilled workforces The rapid influx into the workforce of women who

will, in some countries, occupy more than half the emerging jobs an increasing number of people who will not be working in an organization, though they will be working for an organization .

The decreasing number of people working under 'permanent' contracts of employment, and the proliferation of other types of work arrangements such as part-time and temporary work, home work and contract work. Thus traditional IR has been challenged


to accommodate different types of employment contracts, and different types of pay systems to reward performance and skills.

5. CHANGING ROLE OF HUMANRESOURCE The role of the HR professional is changing. In the past, HR managers were often viewed as the systematizing, policing arm of executive management. Their role was more closely aligned with personnel and administration functions that were viewed by the organization as paperwork.

When you consider that the initial HR function, in many companies, comes out of the administration or finance department because hiring employees, paying employees, and dealing with benefits were the organization's first HR needs, this is not surprising.

In this role, the HR professional served executive agendas well, but was frequently viewed as a road block by much of the rest of the organization. While some need for this role occasionally remains — you wouldn’t want every manager putting his own spin on a sexual harassment policy, as an example:-Some industry commentators call the Human Resources function the last bastion of bureaucracy. Traditionally, the role of the Human Resource professional in many organizations has been to serve as the systematizing, policing arm of executive management.

In this role, the HR professional served executive agendas well, but was frequently viewed as a road block by much of the rest of the organization. While some need for this role occasionally remains — you wouldn’t want every manager putting his own spin on a sexual harassment policy, as an example — much of the HR role is transforming itself.

The role of the HR manager must parallel the needs of his or her changing organization. Successful organizations are becoming more adaptive, resilient, quick to change direction and customer-cantered. Within this environment, the HR professional, who is considered necessary by line managers, is a strategic partner, an employee sponsor or advocate and a change mentor.

6. STRATEGIC PARTNER In today’s organizations, to guarantee their viability and ability to contribute, HR managers need to think of themselves as strategic partners.

In this role, the HR person contributes to the development of and the accomplishment of the organization-wide business plan and objectives. The HR business objectives are established to support the attainment of the overall strategic business plan and objectives. The tactical HR representative is deeply knowledgeable about the design of work systems in which people succeed and contribute. This strategic partnership impacts HR services such as the design of work positions; hiring; reward, recognition and strategic

pay; performance development and appraisal systems; career and succession planning; and employee development.

7. EMPLOYEE ADVOCATE As an employee sponsor or advocate, the HR manager plays an integral role in organizational success via his knowledge about and advocacy of people. This advocacy includes expertise in how to create a work environment in which people will choose to be motivated, contributing, and happy.

Fostering effective methods of goal setting, communication and empowerment through responsibility, builds employee ownership of the organization. The HR professional helps establish the organizational culture and climate in which people have the competency, concern and commitment to serve customers well.

In this role, the HR manager provides employee development opportunities, employee assistance programs, gain sharing and profit-sharing strategies, organization development interventions, due process approaches to problem solving and regularly scheduled communication opportunities.

8. CHANGE CHAMPION The constant evaluation of the effectiveness of the organization results in the need for the HR professional to frequently champion change. Both knowledge about and the ability to execute successful change strategies make the HR professional exceptionally valued. Knowing how to link change to the strategic needs of the organization will minimize employee dissatisfaction and resistance to change.

The HR professional contributes to the organization by constantly assessing the effectiveness of the HR function. He also sponsors change in other departments and in work practices. To promote the overall success of his organization, he champions the identification of the organizational mission, vision, values, goals and action plans. Establish, direct, administerandcoordinate theoverall

HRPROGRAMSforallthedepartmentsofthe Company. Strategically plan for, develop and efficiently /

effectively operate the services and capabilities of the company, in alignment with the corporate objectives / strategies.

As a broad guideline, the HR provides services to the organization/other departments/ overseas counterparts.

To varying degrees, HR MANAGERS provide guidance to the organization management, other departments/ overseas counterparts.

HR managers provide advice to line managers, and managementin general to other departments/ overseas counterparts.


Share responsibility with their line management for the success of the business and the running of the business.

Contribute to the long term / strategic organizational issues likepeople selection, people requirement, people development, organization development, quality of work life.

Proactively contributes to the change management, people management, team development, new technology introductionetc.

Acts as a management consultant on HR ISSUES working along side the line managers.

Monitors the implementation of HR policies / procedures.

HR managers will have to accommodate employees in their virtual work locations and find ways to manage corporate culture, socialization and employee orientation. In order to obtain and maintain a competent workforce, they must act as organizational performance experts and shape employees behavior without face to face meetings.

9. CHANGING DEMOGRAPHY OF THE WORKFORCE

With the advent of globalization and liberalization, the industries are facing the challenges of diverse workforce along with the changing demography. Gone are the days, when only men of age between 30-60yrs. were found in organization holding responsible positions. The current and future Human Resource dictates a very big group of workforce with difference in age, gender, culture and values and beliefs. Now are the days where youth has captured the seats of senior level managers in the companies and carrying out responsibilities of the company on their shoulders. The day will come when the industries will be facing tough competition between the young-energetic blood and white haired experienced personnel, between men’s power and women’s sincerity & dedication or between innovative minds and old age experienced heads. This change has made the role of Human Resource Manager becomes more challenging with the increasing diversity in workforce, as he has tohandle them differently treating them as separate individuals, whether it may be young executives, women or senior persons in company.

The years to 2020 promise significant change for managers and executives. Most will need to master new skills to address the emerging challenges. Successful executives will be those who can effectively manage three generations in the workplace, create more flexible working environments, optimize individual and team performance, balance stakeholder interests and build and maintain their personal expertise.

The bar for success in management continues to rise. Managers and executives will need to maintain their skills of the last decade and to master the additional tools and techniques of the next. To do this, they will require new types of executive education that provide strong general management skills, including interpersonal and intercultural skills, as well as industry and functional training to develop specialist expertise in their fields.

The workplace will increasingly focus on the performance of people as a core company asset. Models of flexible working will continue to evolve in response to the changing needs of Baby Boomers and the preferences of Generation Y. Greater attention will be given to measuring the performance of people, not just physical and financial assets, and also to developing new techniques for improving performance. Problem solving and creativity skills will become increasingly important.

The coming decade or so will bring with it a significant generational shift in the labour market. For the last few decades, the Baby Boomers have been the dominant group in the workforce. Over the next 15 years, although a large part of this group will reach or pass retirement age, many will choose not to retire in the traditional sense. Generation X will have moved forward into management roles, and Generation Y will be an increasingly important group in the workforce. Australia is likely to experience a period of prolonged skill shortage. The challenge for managers is that the three generations working together in the next decades will exhibit marked differences from each other. In a skills-focused and skills-short economy, success will require – to a greater extent than ever before – the ability to manage across generations.

Traditionalists Baby Boomers Generation X Millennial

Work Style By the book - "how" is as important as "what" gets done

Get it done - whatever it takes - nights and weekends

Find the fastest route to results; protocol secondary

Work to deadlines - not necessarily to schedules

Authority/ Leadership

Command/control; rarely question authority

Respect for power and accomplishment

Rules are flexible; collaboration is important

Value autonomy; less inclined to pursue formal leadership positions

Communication Formal and through proper channels

Somewhat formal and through structured network

Casual and direct; sometimes skeptical

Casual and direct; eager to please

Recognition/ Reward

Personal acknowledgement and compensation for work well done

Public acknowledgement and career advancement

A balance of fair compensation and ample time off as

Individual and public praise (exposure); opportunity for


reward broadening skills

Work/Family Work and family should be kept separate Work comes first Value work/life balance Value blending personal

life into work

Loyalty To the organization To the importance and meaning of work

To individual career goals

To the people involved with the project

Technology "If it ain't broke, don't fix it" Necessary for progress Practical tools for getting things done What else is there?

The New Retirement : Over the last 30 to 40 years, the average Indian’s expectation of working life has shortened. A decade ago, many would have hoped for, or even assumed retirement at 55 or soon after. However, in practice older workers are now working longer than in the past. Many neither wants, nor is financially prepared to retire at 55, 60 or even 65. Indeed, many will have longer careers than their parents, contrary to all expectations. As a result, we are witnessing a new ‘shape’ to the careers of older workers. For businesses competing for skills, there is clear value in retaining capable and experienced staff for longer and in smoothing management transitions. As the Boomer bulge continues to represent a very large group of customers, companies may also benefit from ensuring the profile of their frontline staff broadly aligns with that of their customer base.

Creating a Path for Generation ‘X’ : Generation X is the first generation in modern times to manage their own careers. Its members tend to move frequently between employers and also markets in the interests of developing their careers. This is the generation most often described as ‘materialistic and transitionally motivated’, a characteristic that has contributed to the steadily rising numbers of long term departures from India, as people move abroad to advance their careers Generation X workers present both opportunities and challenges to the executive. On the one hand, this cohort boasts a significant cadre of high caliber individuals with good international experience. Compared to previous generations, it is less sexist, more technically literate, and more inclined towards team work and a collegiate approach. On the other hand, this is a generation that has repeatedly demonstrated its willingness to vote with its feet. In a period of prolonged labour shortage over the next 15 years, this group will become a key talent pool from which to draw senior staff. Executives wanting to retain this generation will need to work hard to do so by addressing some critical issues.

Preparing for the Next Generation: The ‘Y’s : The children of the Boomers are Generation Y. They are an increasingly distinct group from Generation X and share some attributes with their own parents. Generation X directly witnessed the job losses and insecurity of structural reform in the 1980’s and the substantial recession of the early 1990’s. While Generation Y has grown up in a period of prolonged and relatively undisturbed economic growth. Heavily influenced by the internet boom, members of Generation Y often have entrepreneurial ambitions, are passionate about social and environmental causes, and seek

to strike a balance between their working and private lives. This group also tends to demand an ethical management approach and to promote a corporate agenda that looks beyond value creation for shareholders.

Within the workplace, Generation Y does tend, at least to date, to be ‘high churn’ employees. They choose to leave jobs not to further their careers elsewhere but to take up voluntary work, ‘downshift’ their lifestyles, or continue their studies. Whether these attitudes change over time remains to be seen. However, managers will need to consider the changes required in the workplace to hold and inspire these workers.

The next fifteen years will see three very different generations side by side in the workforce. Each of these generations brings a different outlook on life and a different set of needs. None fits readily into traditional working arrangements. We are already seeing shifts in employment practices in response to changing needs. This cross-generational management challenge will intensify during a period of structural labour shortage, as skilled people have an increasing say in the way their workplaces operate.

Going forward, executives will need to develop practices and arrangements that meet a much more complex and diverse set of needs and preferences than that faced by their predecessors.

Increased participation by women in the workplace over the last ten years directly correlates with an increase in part-time positions and flexible working hours. In the coming decades, the ability to provide flexible job structures and workplace conditions will be critical to attracting and retaining a demographically diverse talent pool. Companies and executives able to accommodate the specific needs of different sectors of the labour force will enjoy a significant advantage in recruiting and retaining staff.

Managing a more flexible workplace will not be easy. Simple, traditional methods usually employed by executives, including ‘managing by walking around’ or gathering the team together round a table, may no longer be sufficient.

If there is cause for disappointment in the last decade it has been the lack of progress of women into executive ranks. Many believed that removing the most obvious institutional barriers to women’s success in the corporate world would result in their accession into management and, over time, a gender mix in the executive ranks to match the general


population. This has not happened. Instead, it is clear that the roadblocks in women’s career paths are more diverse and subtle than previously understood.

The lack of progress for women can be attributed to two main factors: The lack of flexibility in management roles and job

structures makes them unattractive or unavailable to women with children or other family responsibilities; an

The failure to actively identify, mentor and bring through promising women candidates means they may miss out on opportunities to develop their talents further.

The last decade has produced little progress in the status of women in the corporate workplace. Missing targets by so much should not be acceptable to executives. Over the next decade or so, successful executives will take on the personal challenge of bringing talented women into management ranks and keeping them there. This is likely to involve the acceptance of more flexible working arrangements and the development of the skills needed to mentor and develop talented women. Executives and companies will be increasingly measured on their success in retaining and promoting women.

Workforce diversity should be seen in terms of age, gender. Race, ethnic composition, religion and nationality. Successful 21st century corporations no longer view diversity as a problematic issue. They view diversity as an opportunity that can be utilized to compete more effectively in the local and global markets.

Managing diversity means aiming for a 'heterogeneous workforce' that is capable of achieving its potential in a non-discriminatory, fair and just work environment.

What are the reasons for diversity being considered as an important activity in managing the human resources? The following 5 reasons as to why diversity has become an important activity: Shift from manufacturing to a service economy Globalization Innovative business strategies that demands teamwork Mergers and Alliances Changing labor market conditions

Some of the recent trends that are being observed are as follows: The recent quality management standards ISO 9001

and ISO 9004 of 2000 focus more on people centric organizations. Organizations now need to prepare themselves in order to address people cantered issues with commitment from the top management, with renewed thrust on HR issues, more particularly on training.

Charles Handy also advocated future organizational

models like Shamrock, Federal and Triple I. Such organizational models also refocus on people centric issues and call for redefining the future role of HR professionals.

To leapfrog ahead of competition in this world of uncertainty, organizations have introduced six- sigma practices. Six- sigma uses rigorous analytical tools with leadership from the top and develops a method for sustainable improvement. These practices improve organizational values and helps in creating defect free product or services at minimum cost.

Human resource outsourcing is a new accession that makes a traditional HR department redundant in an organization. Exult, the international pioneer in HR BPO already roped in Bank of America, international players BP Amoco & over the years plan to spread their business to most of the Fortune 500 companies.

With the increase of global job mobility, recruiting competent people is also increasingly becoming difficult, especially in India. Therefore by creating an enabling culture, organizations are also required to work out a retention strategy for the existing skilled manpower.

10. CONCLUSION The years to 2020 promise significant change for managers and executives. Most will need to master new skills to address the emerging challenges. Successful executives will be those who can effectively manage three generations in the workplace, create more flexible working environments, optimize individual and team performance, balance stakeholder interests and build and maintain their personal expertise.

The bar for success in management continues to rise. Managers and executives will need to maintain their skills of the last decade and to master the additional tools and techniques of the next. To do this, they will require new types of executive education that provide strong general management skills, including interpersonal and Intercultural skills, as well as industry and functional training to develop specialist expertise in their fields.

11. REFERENCES [1] www.chillibreeze.com/articles_various/human-

resources.asp [2] rru.worldbank.org/Public Policy Journal/Privatization-Impact [3] AMR Research, 2006: The Human Capital Management

Applications Report, [4] DMG Consulting: 2009 Contact Centre Workforce

Management Market Report [5] http://economics.about.com/od/globalizationtrade/l/aaglobali

zation.htm [6] http://www.fibre2fashion.com/industry-article/8/738/impact-

of-globalization1.asp [7] Goyal K A. & P.K.Khicha, “Globalization of Business:

Future Challenges”, Third concept, An International Journal of Ideas.


[8] Government of India, Planning Commission, 1992. Eighth Five Year Plan, 1992-97 New Delhi.

[9] Indian Government, Economic survey, 2002-03-04-05 [10] Reserve Bank of India Annual Report-2004-05 [11] The India Economic Summit Report – 2005.

Research Communication VSRDIJBMR December 2012

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