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Title: Components of the Money Supply Process in Bangladesh: An Analysis

Abstract: This study provides a comprehensive assessment of the components and effectiveness of the money supply process in Bangladesh, with a particular focus on its underlying determinants, trends, and policy implications. The primary objective is to evaluate whether the existing money supply mechanism, as implemented by the Bangladesh Bank, is effective in meeting the country’s macroeconomic objectives of price stability, economic growth, and financial stability. The research adopts a mixed-method approach, integrating both descriptive and econometric analyses. Descriptive statistics and trend analysis are used to examine the historical patterns of monetary aggregates namely the monetary base (H), money multiplier (m), narrow money (M1), and broad money (M2) over the past two decades. The results reveal that the money supply process in Bangladesh exhibits both short-run volatility and long-run stability, with the monetary base and money multiplier jointly influencing the expansion of M2. Co-integration tests confirm the existence of long-term equilibrium relationships among monetary aggregates, while ECM results suggest a moderate speed of adjustment toward equilibrium following shocks. However, structural break analysis indicates that global financial crises, domestic policy shifts, and recent pandemic-related disruptions have caused significant short-term deviations. The findings highlight that although the Bangladesh Bank’s monetary policy framework has been largely effective in steering the long-run trajectory of the money supply, challenges remain in managing short-run fluctuations and in aligning monetary expansion with real economic growth. The study concludes with policy recommendations aimed at enhancing the effectiveness of the money supply process, including improving forecasting models, strengthening monetary transmission mechanisms, and enhancing coordination between monetary and fiscal policy.

By Sabiha Akter
In Volume: 14,Issue: 2
Title: Executive Clemency in South Asia: Scope and Limits of Pardoning Power in SAARC Nations

Abstract: Within the nations of the South Asian Association for Regional Cooperation (SAARC), the Constitutional power of pardon, which has historically been defended as a tool of mercy and remedial justice, has become a site of administrative excess and constitutional tension. Despite being universally vested in the head of state, the region's use of this power often deviates from its humanitarian justification and serves as a politically useful instrument that erodes public trust in criminal justice systems, judicial finality, and equality before the law. The legislative framework enabling executive clemency in SAARC member states-India, Pakistan, Bangladesh, Nepal, Sri Lanka, Bhutan, Maldives, and Afghanistan is examined critically and comparably in this paper. Through a doctrinal analysis of recent and significant case laws such as A.G. Perarivalan v. State of Tamil Nadu, 2022, Bal Krishna Dhungel (Nepal), 2018 and contentious presidential pardons in Sri Lanka and Bangladesh, the study reveals recurring patterns of partisan misuse of mercy powers, arbitrariness, and opacity in jurisdictions lacking significant judicial or statutory constraints. The paper argues that constitutional democracies dedicated to upholding the rule of law, the current deference to executive discretion is normatively untenable. It contends that limited but principled judicial review, combined with procedural protections such as reason-giving, victim engagement, and independent clemency advisory procedures, is required to keep clemency from devolving into an instrument of impunity. The study concludes by suggesting a reform-oriented constitutional framework and regionally harmonized norms for recalibrating executive mercy within the parameters of legality, accountability, and democratic legitimacy.

By Faraha, Sadaf Ansari
In Volume: 14,Issue: 2
Title: Fostering Innovation through Education: India's National Education Policy (NEP) 2020 and Mainstreaming of Entrepreneurial Education

Abstract: This paper intends to argue that incorporating entrepreneurial education into school and college curricula is essential for developing a creative and resilient mindset in young people, transforming job seekers into producers and improving initiatives like Startup India. It divides its analysis into four main sections: an introduction that presents entrepreneurship as an essential component of education that aligns with SDG 4's objectives for skill development; a comparison of NEP's visionary reforms towards experiential, multidisciplinary learning with pre-NEP 2020 issues like rote learning, vocational silos, and skills mismatches; an analysis of new teaching methods, emphasising flexible structures like credit banks and interdisciplinary enterprise skills; and A list of crucial actions for implementing NEP 2020, including teacher training and innovation councils, have also been analysed. This paper is a descriptive study, which relies on government reports and documents to study the performance of NEP in fostering innovation and entrepreneurship.

By Prateek Agrawal, Rajeev Sijariya, Monika Singh, Ajay Pratap Singh
In Volume: 14,Issue: 2
Title: Impact of Generative AI (ChatGPT, Gemini, Copilot) on Learning Efficiency in the Indian Education System

Abstract: Generative Artificial Intelligence (GenAI) has emerged as one of the most influential technological developments shaping modern learning environments. Tools such as ChatGPT, Google Gemini, and Microsoft Copilot are increasingly being used by Indian students and teachers for explanation, summarization, content generation, and academic support. This study examines how these tools influence learning efficiency in the Indian education system. Using a mixed-method design consisting of a structured student–teacher survey and focused interviews, the study explores changes in understanding, productivity, doubt-clearing, academic confidence, and skill development. Findings reveal that GenAI significantly enhances conceptual clarity, reduces learning time, and supports self-paced learning. However, concerns remain regarding over-dependence, misinformation, ethical use, and unequal access. The paper concludes with recommendations for responsible AI integration in Indian classrooms.

By Shantam Babbar, Rajesh Kumar Raju, Monika Kumari
In Volume: 14,Issue: 2
Title: Redefining Trade Relations: The Effect of Atmanirbhar Bharat on India’s Imports and Exports with China

Abstract: This research explores the impact of India's Atmanirbhar Bharat (Self-Reliant India) policy on its trade relations with China, emphasising their role in global supply chains. It analyses changes in trade patterns, import dependency, export results, and sectoral shifts since the policy's 2020 implementation. By combining quantitative data with qualitative evaluations, the study reveals that the Atmanirbhar Bharat initiative has introduced strategic measures for import substitution, supply chain diversification, and domestic industry support, focusing on enhancing local manufacturing, technological innovation, and entrepreneurship. The study highlights India's structural trade imbalances with China, driven by its significant demand for intermediate goods and capital equipment crucial for manufacturing. This dependence poses challenges to India's self-reliance and complicates trade relations in a globalised economy. The paper offers policy recommendations to enhance trade resilience and competitiveness against Chinese imports, including investing in infrastructure, promoting research and development, and forming strategic international partnerships to mitigate trade imbalances and support sustainable growth.

By Arvind Kumar Yadav, Nitin Kumar
In Volume: 14,Issue: 2
Title: Comparative Analysis of Risk Management Strategies for Non-Performing Assets: A Case Study of SBI and ICICI Bank in India

Abstract: This study examines the differential approach to risk management strategies concerning Non-Performing Assets (NPA) within India's two foremost banks – the Indian Public Sector Bank, State Bank of India (SBI) and the Indian Private Sector Bank, ICICI Bank. While comparing the two banks, using a mixed-method approach, the research combines quantitative analysis of trends in financial indicators (Gross and Net NPA ratios, Provision Coverage Ratio and Return on Assets) and a qualitative analysis of credit appraisal and monitoring and recovery frameworks. Data from 2010-2025 were taken from RBI publications, annual reports and credible academic studies, so there was authenticity and reliability of data. Findings show that SBI's recovery centered reforms such as better provisioning (PCR increase from 70.88% to 75%), restructuring under Insolvency and Bankruptcy Code (IBC) and improved post-sanction monitoring have led to a reduction in Gross NPAs by 47% and significant improvement in profitability (ROA increased from 0.48% to 1.1%). On the other hand , ICICI Bank's proactive and technology-driven risk model, with AI-driven early warning systems, digitised credit scoring and stringent underwriting, regularly maintained low NPAs (down from 3.05% to 1.67%) and enhanced profitability (ROA doubling to 2.0%). Correlation study reports we see that there is a very strong inverse relationship between NPAs, provisioning, Net NPA ratio and profitability (r approx –0.9) which means as NPAs and provisioning go up Net NPA ratio and profitability goes down. This is proof that what we put in place for credit assessment, early identification and recovery does in fact directly improve banks’ performance. We found out that what made SBI successful was its recovery and restructurizing which made ICICI’s success was in prevention and technology based monitoring. Also brought to light is the fact that what is key in the Indian banking system is the integration between AI, data analysis and good governance which banks use in risk management and in the end in the maintenance of asset quality in a sustainable way.

By Achintya Kumar Gupta, Narendra Pal Singh
In Volume: 14,Issue: 2