Crises are commonly treated as episodic disruptions that interrupt otherwise stable market processes. This framing casts crises as external shocks and resilience as a technical capacity to absorb and recover from them. In contrast, this paper advances a relational perspective in which crises are understood as intensified manifestations of structural fragility already embedded within market systems. Rather than anomalies, crises render visible the social, moral, and institutional arrangements through which value is routinely produced, maintained, and legitimized. We argue that crises function as relational?moral inflection points in which dominant value regimes are disrupted and renegotiated. This disruption foregrounds the socially constructed character of value and exposes the limitations of firm-centered and harmony-oriented approaches such as Creating Shared Value (CSV), which assume stable conditions, aligned interests, and commensurable values. We extend this critique by proposing a constructionist alternative?Creating?Shared Value (C?SV)?that situates value as plural, contested, and continuously co-constituted through networks of actors, practices, and institutions. To theorize how markets respond under such conditions, we develop a typology of exchange modalities?commodity, barter, gift, mutuality, and sharing?and map these onto different resilience orientations. We show how stabilization, adaptation, and transformation are not discrete outcomes but interrelated moments in the ongoing reconstitution of market order. By reframing crises as constitutive rather than exceptional, and value as relational rather than objective, the paper contributes a systemic account of resilience that foregrounds legitimacy, relational infrastructures, and the moral foundations of exchange in times of disruption. ? The Author(s) 2026

This study examines how urban-educated entrepreneurs without prior agricultural knowledge innovate and succeed under resource constraints in India's agriculture sector. Drawing upon two in-depth case studies, one in hydroponic vegetable cultivation and the other in electrochemical soil testing, we analyze how non-traditional entrepreneurs in rural India succeed by leveraging the accumulated stock of agricultural knowledge, building institutional collaborations, and repurposing multidisciplinary technologies. Both startups integrate technologies such as AI and IoT to develop scalable, sustainability-focused solutions. Our findings extend resource mobilization and knowledge recombination theories by highlighting how intellectual, rather than financial capital, underpins entrepreneurial success in emerging economies. Our study contributes to the research on rural entrepreneurship and agricultural innovation by revealing the mechanisms through which non-traditional entrants drive transformation in historically land-based production systems. ? 2026 The Authors.

This chapter explores the growing importance of alternative assets in India, particularly after the introduction of SEBI?s Alternative Investment Fund (AIF) regulations in 2012. Alternative assets, which include private equity, venture capital, real estate, infrastructure, gold, private debt, hedge funds, cryptocurrencies, and art, offer diversification benefits and are less correlated with traditional markets, making them attractive in volatile environments. The chapter categorises alternative assets into liquid (e.g., real estate investment trusts and infrastructure investment trusts) and illiquid (e.g., private equity, venture capital, private debt). Illiquidity risk is a key characteristic, often offset by an illiquidity premium. Real estate and infrastructure investments, historically illiquid, have become more accessible through real estate investment trusts and infrastructure investment trusts. These instruments have attracted substantial capital due to their income-generating potential and SEBI?s reduced minimum investment thresholds. Gold remains a favoured asset due to its negative correlation with equities and its role as a store of value, especially amid inflation and geopolitical risks. Private debt is rising as banks tighten lending norms, with venture debt, distressed debt, and direct lending gaining traction. Cryptocurrencies are also recognised for their diversification benefits but are highly volatile and face regulatory resistance. Hedge funds, though limited in India, use complex strategies like long-short, merger arbitrage, and yield curve arbitrage. Key investor groups include high-net-worth individuals, sovereign wealth funds (SWFs), and family offices. SWFs favour long-term, strategic investments with lower fees, while family offices, growing rapidly in India, leverage open mandates and offshore routes like GIFT City?s Family Investment Funds. SEBI-registered AIFs have mobilised over Rs. 5 lakh crore across three categories, with Category II (private equity, debt) dominating the investments. Despite regulatory caution, alternative assets are projected to comprise 20 per cent of India?s AUM by 2026, driven by demand for returns, diversification, and inflation hedges in an increasingly complex investment landscape. ? 2026 selection and editorial matter, Partha Ray, Ashok Banerjee, and Sankarshan Basu; individual chapters, the contributors.

Psychological empowerment plays a crucial role in motivating individuals to pursue their goals. This research explores a unique method to empower consumers in their goal pursuit: anthropomorphizing goals as dependent persons in need of care. Through three studies, including an incentive-compatible study and a field study conducted at a hypermarket, we demonstrate that viewing personal goals as dependent persons who require care and nurturance (e.g., presenting a goal as a dependent person in a health app) can significantly enhance goal pursuit (e.g., choosing healthy snacks) by boosting psychological empowerment. We find that this motivational boost does not occur when a goal is simply anthropomorphized as any person (Study 1), when it is depicted as a dependent object (Study 1), or when it is anthropomorphized as an independent person (Study 2). This research contributes to a deeper understanding of motivation in goal pursuit and offers practical implications for marketers. Specifically, by using marketing communications to frame goals as entities that require care, marketers can help individuals foster a more engaging and empowering relationship with their aspirations. ? 2025 Society for Consumer Psychology.

As Environmental, Social, and Governance (ESG) disclosures gain prominence among stakeholders, regulators, and investors, attention needs to be paid not just to their extent but also to their balance. While prior research has explored the board-related drivers of overall ESG disclosure and its impact on firm performance, the board-level antecedents of asymmetry between environmental and social disclosures remain underexamined. Many firms disproportionately emphasize one dimension, creating imbalances in sustainability communication. Concurrently, debates continue over whether women appointed to corporate boards, often during periods of adversity, have meaningful influence over governance outcomes. This study investigates whether board female representation is associated with reduced asymmetry between environmental and social disclosures. Grounded in signaling, institutional, and agency theories, we employ panel data from S&P 500 firms spanning 2016?2022. Our results show that higher female representation on boards is linked to relatively stronger environmental disclosures, though this relationship exhibits diminishing returns at higher levels of women representation. Additionally, we find that larger board size weakens this association, while board age has no significant moderating effect. These findings contribute to governance and ESG literature by highlighting how female-centric boards shape sustainability communication strategies and by offering practical insights for firms seeking more integrated ESG reporting. ? 2025 ERP Environment and John Wiley & Sons Ltd.

Rice (Oryza sativa) is a staple food crop for more than half of the world?s population. Besides high gluten-free nutritional contents, it has high economic value supporting livelihood of millions of farmers. That is why a lot of research is being carried out to derive new varieties of rice and improve its yield, stress tolerance, and grain quality. It remains a central goal in agricultural research. Genome-wide association studies (GWAS) provide a powerful framework for linking genetic variation to complex phenotypic traits, but the high dimensionality of genomic data presents significant challenges for model selection and prediction. Using rice genotype and phenotype data, we compared the performance of several frequentist and Bayesian modeling approaches: multiple linear regression (OLS: Ordinary Least Squares), LASSO (Least Absolute Shrinkage and Selection Operator), Ridge, Bayesian LASSO, Bayesian Sparse Linear Mixed Model (BSLMM), and a Bayesian spike-and-slab prior model. Phenotypic traits were transformed where necessary to approximate normality, and predictive performance was evaluated through cross-validation using mean squared error and predictive correlation. The spike-and-slab prior model often outperformed the classical methods, yielding superior prediction and effective variable selection. Our findings demonstrate the value of Bayesian model selection frameworks for plant GWAS and trait prediction, and highlight the effectiveness of Bayesian methods in identifying informative markers in rice. Such approaches hold promise for accelerating genetic improvement and supporting marker-assisted selection in crop breeding programs. Rather than emphasizing biological interpretation of individual loci, our results highlight differences in predictive behavior, stability, and inferential characteristics across models. ? 2026 Basu et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.

This chapter provides a comprehensive overview of India?s commodity derivatives markets, emphasising their critical role in economic planning, price discovery, and risk management. While commodity spot markets in India are fragmented and regionally dispersed, exchange-traded derivatives markets are centralised and standardised, offering futures and options contracts across agricultural and non-agricultural commodities. India has a long history of commodity trading, dating back to the 19th century. However, post-independence policies imposed several restrictions, with meaningful reforms re-emerging only in the early 2000s. The establishment of national-level electronic exchanges like MCX and NCDEX marked a turning point. Since 2015, regulatory oversight has been transferred from the Forward Markets Commission (FMC) to SEBI, which has initiated several reforms, including the introduction of options contracts, extended trading hours, and participation from mutual funds and foreign investors. Despite these advances, the market faces recurring suspensions in agricultural derivatives trading?typically during inflationary periods?which, along with inconsistent regulations and high trading frictions like the Commodity Transaction Tax, limit liquidity and participation. Most trading volume remains concentrated in non-agricultural commodities such as crude oil and gold, with MCX accounting for over 85 per cent of the turnover. The derivative markets have improved price discovery and risk-transfer functions for several commodities. However, structural weaknesses persist, including poor integration between spot and derivatives markets, limited participation by hedgers and institutions, and inadequate warehousing, grading, and logistics infrastructure. These frictions have prevented efficient convergence between spot and futures markets. Drawing on global lessons, especially from China and the US, the chapter underscores the need for harmonised standards, regulatory clarity, and institutional engagement. A phased, integrated approach involving spot and derivative market development is essential for unlocking the full potential of India?s commodity markets and enhancing their contribution to economic resilience and price stability. ? 2026 selection and editorial matter, Partha Ray, Ashok Banerjee, and Sankarshan Basu; individual chapters, the contributors.

Motivation: Agricultural input subsidy programmes are crucial for improving agricultural productivity in sub-Saharan Africa (SSA). However, there is little empirical evidence on how second-generation input subsidy programmes (SISPs) based on information and communication technology (ICT) are implemented and the institutional challenges that undermine their effectiveness. Purpose:?This article assesses the implementation of ICT-based SISPs and their?challenges in SSA using the Nigerian e-wallet input subsidy programme as a case study. We draw on a conceptual framework that integrates the national innovation system (NIS), contingency theory, and new institutional economics. Approach and methods: We analysed expert interviews and participatory qualitative data from Process Net-Maps and focus group discussions (FGDs) using content and Process Net-Map analyses. Findings: The results show that over 20 public, private and community actors were involved in implementing the e-wallet SISP across five stages. The programme increased private-sector participation, reduced corruption, improved recipient targeting, and speeded up input delivery compared to first-generation input programmes. However, weak institutional arrangements (such as poor funding, restricted institutional collaborations, and stakeholder capability gaps) undermined the innovation aspect of the e-wallet SISP. The programme also faced five main challenges: policy inconsistency, poor information flow and weak reporting, moral hazards such as ?round-tripping,? input leakage and diversion, and elite capture. The study concludes that institutional constraints, rigid organizational structures, and a narrow focus on solving first-generation programme challenges limited the ability of actors to adapt to new and evolving challenges. Policy implications: Effective SISPs and input policies require supportive institutional environments that allow actors from all sectors to function effectively. Programmes should thus be designed and managed with flexible and organic structures that foster collaboration among private, public, and community stakeholders. Continuous, stage-specific evaluations and smart governance tools, such as real-time mobile data collection and buy-back initiatives, can strengthen monitoring, input tracking, accountability, and input use incentives. ? 2026 The Author(s). Development Policy Review published by John Wiley & Sons Ltd on behalf of ODI Global.

Digital transformation, anchored in data and powered by frontier technologies such as artificial intelligence (AI), Generative AI (GenAI), and emerging agentic systems, is arguably the most widely pursued initiative among companies of all sizes worldwide. Digital natives and traditional incumbents alike are struggling to cope with the relentless pace of technological change. While successful incumbents may have mastered value creation and extraction within their established core businesses, they often continue to treat digital as peripheral to their core strategy. Yet recurring flashes of potential reveal digital as a credible source of sustainable advantage, creating ambiguity about its true scope and impact. Many organisations struggle to find a clear starting point or design a roadmap, and even when initiatives begin, return on investment (ROI) and change management remain major barriers. The second edition of this book offers theories and frameworks to understand and develop these elements, while updating and refining practical models for technology taxonomy, digital literacy, digital transformation, and paths to value. Incorporating lessons on competing in the digital era, it features real-world cases in consulting and strategy, accessible to students, instructors, and professionals without prior expertise. Designed to support teaching and learning, it remains a valuable resource for students of Business, Management and Marketing; Organisational Change; Production, Operations and Information; Management e-Business; Information / Knowledge Management; Innovation Management; Organisational Studies; and Management of Technology and Innovation. ? 2026 Srinivas Pingali, Shankar Prakash, and Jyothi R. Korem.

We provide novel evidence on the role of firms? banking relationships with government banks (GOBs) during a climate-related shock when relief funds are unavailable. Using variation in the locations of rainfall shocks and firms? banking relationships, we find that firms maintaining exclusive banking relationships with GOBs (GOB firms) secure more debt relative to other firms during rainfall shocks. We do not find such effects for firms that maintain exclusive relationships with private banks, foreign banks, or maintain multiple banking relationships. We also find that GOB relationships are particularly beneficial for firms that are more vulnerable to rainfall shocks, have long-term relationships with GOBs, and are, at the same time, healthier compared to other firms. With regard to real effects, GOB firms invest more and remain profitable than other firms during rainfall shocks. Overall, our results highlight the benefits of GOB relationships for firms during climate shocks. ? The Author(s) 2025. Published by Oxford University Press on behalf of the European Finance Association. All rights reserved. For commercial re-use, please contact reprints@oup.com for reprints and translation rights for reprints. All other permissions can be obtained through our RightsLink service via the Permissions link on the article page on our site?for further information please contact journals.permissions@oup.com. This article is published and distributed under the terms of the Oxford University Press, Standard Journals Publication Model (https://academic.oup.com/pages/standard-publication-reuse-rights)

Motivated by the recent exits of automotive original equipment manufacturers (OEMs) from various markets, we study a stochastic capacity allocation problem in which the capacity allocation decisions of a dominant supplier influence both market demand and the exit risk of an OEM. For example, a shortage of critical components can jeopardize the OEM's profitability, ultimately increasing its risk of market exit. We develop a stochastic capacity allocation model where the buyer (i.e., OEM) faces service-dependent demand and market exit risk. The customer demand is modeled as a function of the OEM's market goodwill, which evolves based on the component supply from the supplier. We show that the supplier's optimal capacity allocation policy follows a goodwill-dependent threshold policy characterized by two control limits, which depend on the OEM's market goodwill, risk tolerance, and profit objectives. Our analysis yields several key insights. First, even when component supply is more critical for a fragile OEM, the supplier may sometimes allocate less capacity to the fragile OEM than to a non-fragile one. Second, when the OEM faces service-dependent demand, the supplier strategically allocates more capacity than in scenarios without service-dependent demand. Finally, we observe that as customers emphasize recent experiences, the optimal capacity allocation increases. This heightened sensitivity necessitates more careful handling by the OEM, prompting the supplier to ensure a more reliable supply of components. The insights from our study provide suppliers of critical components with valuable strategies for managing production for OEMs that are facing service-dependent demand. ? 2026 Elsevier B.V.

The accelerated adoption of generative artificial intelligence (AI) is transforming engineering management practices, driving rapid changes in labor market demand for generative AI skills (GAIS). We propose a novel structural topic modeling (STM) framework for the dynamic identification of in-demand GAIS using free-form job description texts. We use STM with real-time job postings data to discover in-demand GAIS and estimate the labor market premium associated with these skills. We illustrate the proposed framework using a large corpus of generative AI job postings to identify the ten most salient GAIS. Furthermore, we show how skill identification can be conditioned on specific job characteristics, such as required experience or job location. Finally, we demonstrate how the STM framework can be used as a decision-support system, providing practical insights into various real-world decisions faced by engineering management professionals and organizations. Theoretically, our study contributes to the engineering management literature by operationalizing a dynamic capabilities approach to workforce agility. Practically, it provides an evidence-based tool for engineering managers to guide workforce development and hiring strategies using real-time labor market insights. More generally, our study offers a practical framework for engineering managers to continuously sense and respond to evolving labor market demands in fast-changing technological domains. ? 1988-2012 IEEE.

E-commerce order fulfillment is increasingly disrupted by natural events such as pandemics, hurricanes,?and floods. This study investigates order assignment decisions considering warehouse disruption risk, order-class priority, and shipping costs. We develop a stochastic dynamic programming model for the order assignment problem. Our analysis reveals a switching-curve policy for order assignment. We find that disruption risk significantly affects the order assignment decision, with optimal switching thresholds decreasing as the disruption rate increases. To efficiently compute?these thresholds, we develop three index-based heuristic policies. Among them, our improvement heuristic achieves an average optimality gap of 7.21%, outperforming the myopic policy (8.48%) and the least shipping cost heuristic (14.17%). Through a comprehensive numerical study, we uncover several important insights. Disruption and recovery rates have nonlinear effects on order fulfillment costs. Specifically, while investing in mechanisms to enhance recovery speed is beneficial, the gains become progressively smaller as recovery becomes faster. Additionally, shared order-processing capacity at warehouses with class-wise priority can prove a more effective strategy than maintaining dedicated capacities for each order class. This research provides actionable strategies for managing e-commerce fulfillment under warehouse disruption risks, enhancing operational efficiency and cost management. ? Copyright ? 2026 ?IISE?.

While women?s entrepreneurship theory and practice have advanced significantly in the last few decades, the persistent challenges women entrepreneurs face suggest the need for novel theoretical insights that illuminate their experiences of entrepreneurship as an everyday, embodied practice. Drawing upon Sara Ahmed?s critical interpretive phenomenological account of affective economies and based on qualitative accounts from 58 entrepreneurs in India, this paper explores how gendered-classed experiences enable or constrain embodied practices of women entrepreneurs in the Global South. We make two key contributions to women?s entrepreneurship literature within management studies. First, we show how gendered and classed experiences orientate entrepreneurs when navigating the possibilities and restrictions faced in everyday spaces of commerce. Second, we develop a theoretical understanding of the affective and situated negotiation of entrepreneurial work in?situ through what we call the embodied territories of entrepreneurship. We discuss how ?embodied territories? provides an important counterpoint to cognition-driven affect literature that dominates management research and advances the broader affective turn in management studies. Overall, this research presents an alternative way of understanding a hitherto overlooked perspective on how women embody, experience, and negotiate entrepreneurial spaces. ? 2025 Society for the Advancement of Management Studies and John Wiley & Sons Ltd.

This chapter offers a comprehensive overview of the Indian equity markets, emphasising the evolution, structure, and global positioning of the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The BSE, established in 1875, is Asia?s oldest stock exchange, while the NSE, launched in 1994, introduced reforms and technological advancements that revolutionised trading in India. Over time, NSE has emerged as the dominant exchange, accounting for over 90 per cent of market turnover due to its innovation and liquidity. The chapter distinguishes between primary and secondary markets and elaborates on mechanisms for raising equity capital such as IPOs, FPOs, rights issues, and preferential allotments. It also explains key concepts like IPO underpricing, bonus issues, stock splits, buybacks, and dividends. Buybacks, particularly via open market operations and tender offers, are discussed alongside associated regulatory scrutiny. Foreign portfolio investments have significantly influenced Indian markets, with net positive inflows in most years, reflecting global investor confidence. Regulatory oversight is primarily led by the Securities and Exchange Board of India, supported by multiple acts ensuring investor protection, market integrity, and fair practices. The chapter also delves into market microstructure, highlighting automated trading systems and the rise of algorithmic and high-frequency trading (HFT). While HFTs bring efficiency and liquidity, they raise concerns of fairness. Finally, the chapter situates the NSE globally, ranking it 7th by market capitalisation, 3rd by number of trades, and 13th by traded volume, underscoring India?s rising prominence in global capital markets. Unlike their developed market counterparts, stock exchanges in India are nearly unfragmented, with only a two-exchange system. The Indian exchanges today match the best international exchanges in almost every respect and are getting ranked in the top ten lists in every parameter every year. ? 2026 selection and editorial matter, Partha Ray, Ashok Banerjee, and Sankarshan Basu; individual chapters, the contributors.

In many real-life experiments with human subjects, missing data are common. Multiple imputation is widely used to handle unobserved data points. In statistical research, selecting important variables from multiple imputed datasets can be challenging, as each imputed dataset may yield different sets of variables. Over the last decade, stacking imputed datasets and analyzing the resulting integrated data has gained attention. In this article, we consider both horizontal and vertical stacking approaches. The horizontal stacking approach in conjunction with different group penalties is discussed alongside the recently proposed vertical appending method, for identifying predominant variables under time-to-event data. The proposed methods are investigated numerically. Finally, the methods are illustrated in two real-world oncology experiments. ? 2026 American Statistical Association.

As Environmental (E), Social (S), and Governance (G) disclosures gain prominence for investors, regulators, and stakeholders, attention must extend beyond disclosure volume to the balance across ESG dimensions. Many firms emphasize one or two pillars over others, producing asymmetries in sustainability communication, which we term ESG dispersion. These imbalances can create confusion for stakeholders and impact investor trust. While prior research focuses largely on board-level antecedents of aggregate ESG disclosure, the consequences of such internal imbalances remain underexplored. Drawing on signaling, institutional, and resource-based perspectives, we examine how ESG dispersion is associated with overall ESG disclosure using panel data from S&P 500 firms (2016?2022). We find a U-shaped relationship: firms with low or high dispersion disclose more, whereas moderate dispersion reduces disclosure intensity. This non-linearity could be because low dispersion signals uniformity and clarity, while moderate dispersion could create ambiguity and coordination challenges, and high dispersion may motivate firms to strategically highlight key ESG strengths. R&D intensity partially mediates this effect, highlighting the role of internal innovation in translating ESG priorities into disclosure. Governance conditions moderate this association in their own ways: board women representation dampens the relationship, reducing the sensitivity of disclosure intensity to extreme ESG balance or concentration. While CEO duality has no significant impact. These findings carry societal and managerial implications, linking internal ESG alignment and governance to transparency, stakeholder trust, and corporate accountability. Managers should also monitor the alignment between the individual E, S, G pillars, besides the aggregate ESG disclosures, and consider governance structures in this context. ? 2026 ERP Environment and John Wiley & Sons Ltd.

Why do some multinational enterprises (MNEs) persist with non-equity foreign operating modes despite transaction cost concerns? Building on an inductive multiple case study of nine Indian firms operating across 62 emerging markets, we theorize ?high involvement?low investment? as a distinct foreign entry and operating mode, where MNE managers augment foreign partners? operations?through co-selling, marketing, capability building, and end-user services?without equity-based governance control. High involvement fosters partners? trust in MNEs, enabling the bundling of MNEs? consultative selling skills with partners? relational networks. While subsequent market expansion moves, such as adding new partners, risk eroding existing partners? trust, consistent relational engagement through transparency, long-term orientation, and empathy preserves trust and sustains partnerships, enabling the persistence of a high-involvement, low-investment mode. Counterintuitive to transaction cost economics logic, our model explains how high involvement in both pre- and post-entry stages, together with the sustained use of relational assets, enables a persistent non-equity pathway for internationalization. We contribute to entry and operating mode research by identifying people-centric involvement as a dimension of foreign market commitment, alongside capital-centric investment. Further, we extend the asset-bundling view by highlighting managerial involvement as a mechanism for cross-border interorganizational trust and the bundling of intangible assets. ? Academy of International Business 2026.

High-dimensional time series has diverse applications in econometrics and finance. Recent models for capturing temporal dependence have employed a bilinear representation for matrix time series, or the Tucker-decomposition based representation in case of tensor time series. A bilinear or Tucker-decomposition based temporal effect is difficult to interpret on many occasions, along with its computational complexity due to the non-convex nature of the underlying optimization problem. Moreover, the existing matrix case models have not sufficiently explored the possibilities of imposing any lower-dimensional pattern on the transition matrices. In this work, we propose a regularized additive matrix autoregressive model with additive interaction of row-wise and column-wise temporal dependence, that offers more interpretability, less computational burden due to its convex nature and estimation of the underlying low rank plus sparse pattern of its transition matrices. We address the issue of identifiability of the various components in our model and subsequently develop a scalable Alternating Block Minimization algorithm for estimating the parameters. We provide a finite sample error bound under high-dimensional scaling for the model parameters. Finally, the efficacy of the proposed model is demonstrated on synthetic and real data. ? The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature 2026.

The banking, financial services, and insurance (BFSI) sector occupies a key role in the Indian economy. While the direct contribution of the BFSI to GDP is around 8 per cent, its role in intermediating financial flows is much broader. Admittedly, since the bank nationalisation of 1969, the Indian financial sector has been dominated by the public sector banks. However, coinciding with the initiation of economic reforms since the early 1990s, India?s bank-dominated financial sector has undergone gradual and steady transformation. Accordingly, this sector?s market capitalisation has increased more than 50 times, experiencing a spurt from Rs. 1.8 trillion in 2005 to Rs. 91 trillion in 2025, representing a compound annual growth rate of around 22 per cent. Apart from some withdrawal of the government from the marketplace, and entry of private players, authorities played an important role in the development of newer institutions and adoption of technology. ? 2026 selection and editorial matter, Partha Ray, Ashok Banerjee, and Sankarshan Basu; individual chapters, the contributors.