Importance of UPI in Socio-Economic Development:

An Empirical Study
Saurav Mukherjee
Kallal Banerjee
Calcutta Institute of Technology
Swami Vivekananda University
DOI: 10.26573/2023.17.1.3 ([email protected])
Volume 17, Number 1 ([email protected])
January 2023, pp. 27-39

The COVID 19 pandemic has developed to be a potential threat to the

performance of Indian economy and financial development. To contain the
spread of Corona Virus Indian government took various steps that included the
implementation of nationwide lockdown and digitisation in financial system. It
has been proved that digital transactions have emerged to be great support for
common citizens by helping them to complete their monetary transactions with
the help of the internet and various e-commerce platform. There has been an
increasing trend in the number of digital transactions right from the start of the
Covid 19 period . A different form of digital payment called Unified Payment
Interface systems has seen a massive rise in its volume of the transaction from
1 billion in April 2020 to a high of 1.5 billion in July, 2020. This research aims
to identify the trend analysis on rapidly increasing UPI payments during and
post Covid 19 period and its impact on financial inclusion in our country. This
research is performed a Cluster Analysis using k means algorithm among
popular UPI platforms on the basis of their transaction volume in million and
its value in cores. Our research has also found that the transaction value and
volume of UPI transactions have significantly increased in the post covid period
has positively contributed and associated in financial inclusion. This research
has been restricted on socioeconomic development of our country.
Keywords: Financial Markets, UPI, Digital Payment, Digital Transactions,
Financial Inclusion

1. Introduction
COVID-19 struck as a deadly disease bringing a halt to the entire economic system of
operations worldwide. This infectious and fatal disease resulted in panic worldwide,
and our government imposed several strict measures like declaring a nationwide
lockdown in order to prevent the possibility of transmission of the virus. The health
leaders and experts suggested that a potential solution to prevent the spread of the virus
is by maintaining a social distance from individual contact. Administrations of several
developed and developing countries restricted movement in the country by initiating
total lockdown and requested the citizens to stay at home. Numerous nationalized and
private banks, financial institutions urged their customers to use internet banking and
to select online based shopping platforms for daily usage. Various digital banking
techniques gained popularity right from the time of demonetization. One of the popular
28 AIMS International Journal of Management 17(1)

platforms was UPI (Unified Payment Interface). A Unified Payment Interface (UPI) is
a platform that operates as a smartphone-based application that empowers the users to
make transactions between several accounts. UPI is a unique payment system initiated
by the National Payments Corporation of India (NPCI) and it’s regulation is operated
by the Reserve Bank of India (RBI) which enables the process of immediate transfer
of funds between several bank accounts with the help of various applications`. UPI
emerged to be one of the most popular digital payment methods during the Covid 19
period with a record number of transactions performed through this platform. The
study aims to conduct a trend analysis on rapid increasing of UPI payments during and
post-covid period, as well as the number of banks directly and indirectly participating
in UPI and its role as an enabler of financial inclusion in India.

2. Salient Features of UPI

• Strictly follow a standardized setting for Banks, financial institution and different
segments of customers.
• Use basic smartphones and apply different mobile application with linking of all
bank accounts through internet.
• Immediate transfer of money among financial platforms through Immediate
Payment Service (IMPS), which has a faster mechanism than National Electronic
Fund Transfer (NEFT).
• This platform is one of the easiest replacements for any kind of cash transaction
and everyone can use it within 24 hours including public holidays.
• Uses QR codes for payments among different financial systems through these
applications.

3. Benefits Arising from UPI System

Banking System
• It uses Single click for two factor authentication among different customer
segments for performing different transactions.
• Uses Universal Application for different transactions and leverages existing
infrastructure for performing financial transactions across financial system.
• It is a safer, secured and innovative, user-friendly application for performing
financial transactions.

Customer Segments
• The system has rounded the clock availability and UPI has a single application for
accessing different bank accounts instantly for future transactions instantly.
• Authentication with the help of virtual ID is more secure, there is no need to share
credentials and the system uses Single click authentication for smooth performing
of financial transactions.

Merchant Segments
• No risk is associated with storing of virtual address of the customers like it is done
in case of other cards or accounts.
Mukherjee, Banerjee 29

• Helps to transact with customers not having credit/debit cards and the system is
suitable for any e-Commerce transaction.
• It resolves the cash on delivery (COD) and In-App Payments (IAP) problems.

4. Different UPI Payments Apps

UPI (Unified Payments Interface) is emerging to be one of the most chosen platforms
for digital transactions in India. Various several applications provide users with online
payment facility and various banks have collaborated with UPI platforms and as a
result the UPI transactions can be done by customers with the help of bank
applications. Many mobile wallets are now providing the option for UPI payments.
Here are various applications that provide UPI features in our country namely
PhonePe: PhonePe is extremely popular app among different customer segments and
provides different option to make UPI payments. This is one of the most popular apps
for UPI applications. The app was founded in 2015 and is powered by Yes Bank and
Axis Bank in financial system.
Google Pay: Google Pay is built on the basis of fulfilment of different mobile
application using UPI application. With an UPI-enabled wallet, it is possible to send
and receive money without requiring any specific bank accounts. GooglePay can also
be used to pay and receive money instantly using the existing bank account details.
Google Pay can be used to perform transfer money instantly, make payment for
different types of bills like phone, electricity etc., and make payment for businesses
like DTH, food delivery etc.
Paytm: Different mobile wallet applications-based company has made a joint
collaboration with the UPI platform to provide customers different types of facilities
to transact and transfer funds in a convenient manner. It is possible for customers to
easily send money into different Paytm wallets with distinct UPI ID. It is possible for
customers to make payment and they can also collect money requests through Paytm
with UPI based platform. After the remittance the system automatically accepts the
payment request, the money is added to the Paytm wallet.
BHIM App: The National Payments Corporation of India (NPCI) has developed the
BHIM (Bharat Interface for Money) app for different customer segments. This app is
identified for its simplicity and user friendliness. It also offers a very secure interface.
The payment interface comes with all the important features and is known for its good
user experience. Funds transfers can be executed either through VPA, QR code, and
different bank accounts number using different IFSC Code.
MobiKwik: These Indian payments network is also a part of the UPI interface. All
Mobikwik customers can utilise the service of UPI to to transfer money into their
wallet. There are various types of services such as fund transfer using debit/credit card,
net banking, cash pickup and cash deposit etc are easily possible through this
application. The e-wallet service provider also has tied-up with various e-commerce
merchant for smooth performing of financial system.
30 AIMS International Journal of Management 17(1)

5. Key Drivers for Growth of UPI Payments

• Change in customer payment behaviour which is now showing a huge inclination
towards digital payment system.
• Integration of different payment modes which is facilitated by FinTechs and
PayTechs led to ease using of different resources. During Post COVID, cash
transactions have substantially reduced, resulting in ATM usage growing at a very
slow pace. Urban and semi-urban areas may witness a sharp shifting from ATM
usage to other digital modes of payment networks.
• Different Government initiatives have promoted digital payments which are major
factors promoting UPI payment and its popularity among different systems.
• Digital payments are essentially enabled for a business on its website/app by a
payment gateway. Once anyone has chosen the right payment gateway, all the
transaction-related processes are taken care of by different service provider.
• Extensive use of smart phone with high-speed internet among the people has been
considered a primary factor for increase of rapid UPI payments.

6. Literatures Review
Harikumar et.al. (2022) opined that there is a significant impact of Covid on the
adoption of cashless methods among the general public of India. Technological
advancement in banking has enabled world wide access and permitted the users to
make any financial transactions at any time by single click. In this era of globalization,
Indian company, small shops to individual do business and various other transactions
using e-banking as opined by Gopinath et.al. (2022). According to Jawada et.al. (2021)
pointed out that there was rapid increase in UPI payments during Corona Virus
lockdown, people prepared to use UPI instead of cash and UPI payments helped to
ensure social distancing. According to Rastogi et.al (2021) recommend that
digitalization through UPI is necessary to support the goal of financial literacy and
eventually financial inclusion and economic development of the country. Indoria &
Devi (2021) opined that in contrast to all of payment systems it can be say that UPI is
the most advanced payment system in the world. Jain & Sarupria et.al (2020) revealed
that during the COVID-19 outbreak where people were compelled to stay away from
public gatherings, a substantial increase in orders placed on ecommerce websites has
been observed especially in cases of apps that provide various food and entertainment
services. Singh and Malik et.al. (2019) recommended that there is a critical and
potential innovative support for Indian companies to enable active, fastest technology
transfer in digital payment system and connect this innovation in research and
developments to drive the financial presence among different customer segments.

7. Scope of the Research

An extensive analysis of the literature review reveals that there has not been much
study done on the growth of UPI payments in Covid and post Covid period. The scope
of the research includes analysing the growth of UPI payments in Covid and Post-
Covid period and to analysing its impact on the system of financial inclusion in India.
Mukherjee, Banerjee 31

Objectives of the Research:

1. To conduct a trend analysis among increasing UPI payments during and post
Covid 19 period.
2. To study a trend analysis of the extent of banks participating in UPI payments
during and after the Covid 19 period.
3. To analyse the impact of UPI on financial inclusion in our economic system.
4. To study the importance of India as an emerging leader and hub of UPI
transactions.
8. Methodology
This research has been conducted based on secondary data. Researchers have
considered data for this study for three consecutive years i.e., 2020, 2021 and 2022.
The following type of analysis has been conducted in our research:
Analysis of growth among UPI transactions in Covid and post-covid period and
simultaneously evaluate growth in the banking system for active participation in UPI
transactions. Researcher also performs cluster analysis among UPI apps based on their
volume and number of transactions.

9. Discussion and Analysis

The entire analysis is divided into 5 major sections. First section highlights the trends
among UPI transactions over different periods and researcher also performs SWOT
Analysis based on UPI applications. The second sections depicts role of UPI in
financial inclusions. Third sections points out a brief analysis of UPI usage in rural
areas of our country. Section four highlights top 5 countries among the world which
are very much familiar in digital payment system. Section five performs a cluster
analysis among popular UPI apps based on their volume of transactions (million) and
value of the transactions (crores). This section also highlights contribution of UPI in
the growth of Fintech start-ups in India.

Trend analysis among UPI transactions

The total no of banks and financial institutions directly involved in UPI transactions
have been analysed over three consecutive years, namely 2020, 2021 and 2022 (based
on availability of data) and simultaneously analysed trends between two successive
years have been depicted in Table 1.

Table1 Trend Analysis in UPI Transactions among Three Consecutive Years

Trend Trend
No. of Bank on No. of Bank on No. of Bank on
Months Analysis Analysis
UPI in 2020 UPI in 2021 UPI in 2022
2020-2021 2021-2022
March 148 216 314 46% 45%
April 153 220 316 44% 44%
May 155 224 323 45% 45%
September 174 259 358 49% 38%
October 189 261 365 38% 40%
Source: National Payments Corporation of India (NPCI)

Interpretation of the data in Table 1 shows that there has been the highest increase
of 49% growth between 2020 and 2021 in the month of September. Between 2021 and
32 AIMS International Journal of Management 17(1)

2022, there has been a highest growth of 45% in the month of March and May
respectively.
The total value of UPI Transaction over three consecutive years, namely 2020, 2021
and 2022, have been analysed and simultaneously depicted trends over two
consecutive years have been pointed out in the Table 2.
Interpretation of the data in Table 2 shows that there has been the highest amount of
69% growth between 2020 and 2021 in the month of April, and between 2021 and
2022, there has been a highest growth of 62% in the month of October.
The total value of UPI Transaction to digital payment system has been analysed in
the month of March among three consecutive years, namely 2020, 2021 and 2022 and
simultaneously depicted growth and contribution over two successive years have been
pointed out on Table 3.

Table 2 Trend Analysis of Transaction Value (in Crores) among Successive Years
0.3 Trend Analysis
Value in 2020 Value in 2021 Value in 2022 Trend Analysis 2021-2022
2020-2021
Mar 206462.31 5,04,886.44 9,60,581.66 144% 90%
April 151140.66 4,93,663.68 9,83,302.27 226% 99%
May 218391.60 4,90,638.65 10,41,520.07 124% 112%
Sep 329027.07 6,54,351.81 1,116,438.09 98% 70%
Oct 386106.07 7,71,444.98 1,211,587.50 99% 57%
Source: National Payments Corporation of India (NPCI)

Table3 Contribution of UPI to Total Digital Payments (In Billion)

20- 21- 22- Contribution of UPI on total Digital
Growth Growth
Mar Mar Mar Payments
UPI
Transactions
1.2BN 2.7 BN 119% 5.4 BN 98% 68%

Source: National Payments Corporation of India (NPCI)

The above Table depicts the rise of UPI transactions by 119% from 1.2 billion in the
month of March 2020 to 2.7 billion in 2021 and 98% from the month of March 2021
to 2022respectively.

SWOT Analysis based on UPI Applications

SWOT analysis is an effective strategic tool that can be used efficiently to assess the
possible strengths, weaknesses, opportunities, and threats of any businesses
particularly e-commerce-based business (Benzaghta et.al, 2021).This strategic
framework is to develop different ways for creating a firm's long-term sustainability-
based business model, which better matches an organization's resources and
capabilities, credibility’s of its operational environment by evaluating it’s positive and
negative elements that affect the firm's success, both inside and outside of the
economic system (Aithal et.al,2015).
Mukherjee, Banerjee 33

Strengths
• UPI allows all small business merchants to accustom and accepting digital
payments without the need for a point of sale (POS) particularly in India, where
payment infrastructure is very poor initially for accepting digital payments, now
is increasing at a rapid space with help of modern technology.
• UPI operates on a safe, stable, and robust platform that includes numerous security
features that make it more secure than that of any other payment system which is
currently in operational stage. Biometric authentication in UPI will not only make
the payments more reliable but also mark a significant step forward in the
integration of next-generation technology with current payment systems with
artificial intelligence mechanism.
• In developing countries, digital financial transactions contribute significantly to
reduce corruption and reduction in the contagion of the parallel economy.
• Multiple identifiers, such as customised Virtual Payment Address (VPA), 12-digit
AADHAR Number allotted by Unique Identification Authority of India (UIDAI)
or unique account number of financial institutions, and Indian Financial System
Code (IFSC) can be used to smooth performing payment system across different
segments of customer.

Weaknesses
• Payment settlement may be delayed due to bottleneck of technological
disturbances, leaving a transaction to be interrupted due to rapid customization.
• Two-factor authentication like mobile and PIN verification may irritate the users
in some cases and leads to make payment not successfully.
• Payments done through means other than Virtual Payment Address (VPA), such
as account number and IFSC, are subject to the same cooling period as
NEFT/RTGS transactions generally used in standard financial system.
• The greatest disturbing area using UPI is that the banks are not assisting customers
properly regarding security issues and helps regarding this. The majority of
fraudsters nowadays ask for money to be transferred via UPI transactions.

Opportunities
• A strong Banking network, and the simultaneously launching of digital India
especially after demonetization, propelled and boost the country’s economy
toward a cashless zone.
• During year 2020-21, the retail payment segment has seen growing rapidly with
the help of digital payment services, leads to doubling transaction volume and
value from 12.5 billion to 22.3 billion among 2020 to 2021 and from Rs 21.3
trillion to Rs. 41 trillion respectively.
• A large portion of the country's population lives in semi-urban and rural areas. So
possible prospective consumer base in these geographical regions will rise as they
gradually accustomed with internet and mobile phones which directly increase
growth of UPI usage.
• As per the vision of RBI, 2021 is to build a strong digital payment ecosystem for
indirectly generating a cashless economy. The government wants to reduce the
34 AIMS International Journal of Management 17(1)

use of real currency by implementing easy digital payment channels across

different financial system.
• To encourage the use of digital payments, the government has promoted different
mechanism for UPI and RuPay-based payment platforms namely reduce the
merchant discount rate, tax benefits etc.

Threats
• Awareness regarding UPI usage among the rural and semi urban people are very
less and accustomed these citizens with different tools of cashless economy are
really challenging to policy makers.
• Even though many e-commerce sites have adopted digital payment methods but
in reality, majority of rural consumers still prefer to pay with cash. This trend is
linked to concerns about cyber security in digital transactions across these regions.
• Strengthening the traditional banking system with latest technology-based
customization to compete with tech generation companies i.e., FinTech Players
are more challenging now a days to all UPI based applications.

10. Role of UPI in Financial Inclusion

The key contributor of countries economic transformation into digital payment
landscape is Jan Dhan account no, Aadhaar number and mobile no. Pradhan Mantri
Jan-Dhan Yojana (PMJDY) is one of the biggest financial inclusion initiatives in the
country, launched in August 2014, to provide universal banking services for every
unbanked household. The Aadhaar no, the Unique Identification Authority of India’s
flagship product, is a simple but effective method to verify individuals and
beneficiaries based on their biometric information link with his mobile no for
accessing real time information. The combination of Aadhaar and Jan Dhan accounts
have helped to create the foundation of digital India and create benefits that helped to
create benefits for citizens of India. A major goal of India’s economic system is
achievement of “Faceless, Paperless and Cashless” state of system and it has been
promoted by Government of India at every stage. The promotion of digital payments
has been accorded the highest priority by the Government of India (GOI) to bring each
and every segment of our country under the formal fold of digital payment services.

Table 4 Financial Inclusion Index

FI Index 2017 2018 2019 2020 2021 2022
43.4 46.0 49.9 53.1 53.9 56.4
Growth 6% 8.48% 6.42% 1.51% 4.43%
Source: RBI Bulletin

As per RBI report, there has been a significant increase in the value of Financial
Index that has increased to 56.4 in March 2022 from 53.9 in March 2021 with growth
witnessed across all related sub-indices. It has been observed that the annual FI-Index
over the years has shown a constant increase with its value at 53.9 for the period ending
March 2021 as compared to 43.4 for the period ending March 2017. (from reference
Table 4).
Mukherjee, Banerjee 35

An Analysis of UPI Usage in Rural Areas of India

There has been an enormous success that has been observed in the growth of UPI and
that is not just confined to our economy but across world. It has been currently
recorded that India has around 26 crore with the number of transactions exceeding 628
Cr and the value of transactions being around 10.63 Lakh Cr. A very effective measure
has been adopted by the Reserve Bank of India (RBI)as it adopted the enablement of
linking credit cards to UPI platforms like RuPay. Google Pay etc. leads to generating
steady growth across rural India. However, there is a significant amount of growth
among online payments left to be done in rural areas. 15% of transactions accounted
for our online payment system and the number is steadily rising. India’s rural
infrastructure is slowly being digitalized and Indian Government is coming up with
more initiatives like digital banking units to fulfil the faith among citizens in the digital
banking system. The rise of UPI is also significantly increasing in rural traders and
customers segment in recent years. A very significant trend has been observed that the
average value of transactions for payments of UPI was INR 1,450 – which has a deep
impact on the success of the digital revolution. This can be interpreted in a way that
people are comfortable with using UPI platforms as an important tool for making
transactions. There has been a huge development in the usage of UPI among the urban
population and that is only going to grow steadily.
Table 5 shows the top ten states and cities where UPI transactions are widely used.
Top five states and cities where UPI is widely used namely Maharashtra, Tamil Nādu,
Karnataka, Andhra Pradesh, Kerala and Hyderabad, Bengaluru, Chennai, Mumbai and
Pune respectively.

Table 5 Top Usage of UPI among Different Cities and States

Sl No UPI usage among top states UPI usage among top cities
1 Maharashtra Hyderabad
2 Tamil Nādu Bengaluru
3 Karnataka Chennai
4 Andhra Pradesh Mumbai
5 Kerala Pune
6 Gujarat Delhi
7 Delhi Kolkata
8 Uttar Pradesh Coimbatore
9 Telangana Ahmedabad
10 West Bengal Vadodara
Source: Worldline

Top Countries Among World in Digital Payment System

Table 6 depicted top five countries with real time payment transactions value in million
among the world and simultaneously analysed growth between two consecutive years
have been pointed out.

Table 6 Top Five Countries with Real Time Payment Transaction (In Million)
Payment Transactions Payment Transactions Growth Among
Country
in 2020 in 2021 Consecutive Years
India 25.5 48.6 90.59
36 AIMS International Journal of Management 17(1)

China 15.7 18.5 17.83

Thailand 5.2 10 92.31
Brazil 1.3 8.5 553.85
South
Korea
6 7.3 21.67
Source: RBI Bulation

India has emerged to be a leader in digital transactions with 48 million transaction

in the year 2021. This figure can be analysed as three times the number of digital
transactions of China that recorded 18 million transactions, and India’s digital
transaction count was 6.5 times the volume of the US, Canada and the UK.

Cluster Analysis among Popular UPI Apps

K means that Cluster Analysis is forming groups from objects that are similar in nature
and groups that are treated in a common manner form clusters

Cluster A Cluster B Cluster C

Name of Volume Name of Volume Value Name of Volume Value
Value (Cr)
App (Millions) App (Millions) (Cr) App (Millions) (Cr)
Phonepe 3,452.87 5,93,759.02 Cred 21.28 20,259.70 Mobikwik 3.28 708.56
Google WhatsApp
2,496.42 4,20,978.38 Bhim 25.49 8,523.17 8.38 708.12
Pay Money
Amazon Samsung
Paytm 995.34 1,33,620.54 56.42 6,060.50 5.09 554.33
Pay Pay
- - - - - - Jupiter 2.18 280.43
Source: Data from NCPI and Authors’ Calculation

This research is conducted a Cluster Analysis of popular UPI on the basis of their
UPI transaction volume in terms of million and its value in terms of cores. The analysis
has been conducted and constructed on the k means clustering methods and three
distinct clustered are formed.
Cluster A comprises of different Apps whose total volume of UPI transaction is
6944.63 million and value of transactions are more than 12 lack cores. The Apps which
are belongs to these cluster are namely PhonePe, GooglePay and Paytm that is most
of citizen are frequently used these Apps. So, they are very much popular as user-
friendliness’ and very high popularity among citizen level.
Cluster B comprises of the Apps whose total volume of UPI transaction is 104.63
million and value of transactions are more than 24 hundred cores. The Apps which are
belongs to these cluster are namely CRED, BHIM and Amazon Pay that is median no
of citizen are using these Apps. So, they are moderately popular as its moderate user-
friendliness’ and popularities etc.
Cluster C comprises of the Apps whose total volume of UPI transaction is only 19
million and value of transactions are more than 35 thousand cores. The Apps which
are belongs to these cluster are namely Mobikwik, Whatsapp Money, Samsung Pay
and Jupiter etc. that is less no of citizen are using these Apps. So, they are least popular
among citizens as its least user-friendliness’ and less popularity.
Mukherjee, Banerjee 37

List of Companies offering UPI Payments

There are several immensely popular UPI apps in India today. The most popular UPI
apps that are very popular now, and different companies are offering them, namely
Google Pay, AmazonPay, BHIM, PhonePe , UPI, , BharatPe, Paytm, Bank apps –
ICICI, HDFC etc. Graph 1 shows a list of companies offering UPI payments are shown
below.

UPI Contributes in the Growth of Fintech Start-ups in India

Approximately start-ups with valuation 21 billion-dollars in the environment are
developing in our economy in year 2022 including various unicorn companies, and all
of them have integrated into UPI solutions for a seamless experience across
digitization platforms. Razorpay, CRED, PhonePe and Paytm are among popular
companies in the UPI etc. PhonePe emerged as a leader in the UPI market with 47.7%
market share in July 2022 and recorded value of transactions valuing INR 5.24 lakh
Cr driving India towards achieving the goal of becoming a cashless economy in near
future.

11. Conclusion
It can be observed that UPI transaction growth has increased substantially from March
2020 to March 2022. It has been observed that:
1. Volume of UPI transactions has significantly increased from March 2020 to
March 2022.
2. The number of banks living on UPI has increased substantially from March 2020
to March 2022.
3. UPI plays a crucial role in financial inclusion and is a major component of digital
payments in India. UPI has made a substantial contribution to the process of
achieving the goal of making India a cashless economy.
4. India has proven to be the future hub of digital payments as a leader all across the
globe, and the UPI system is giving India an edge to be a world leader in the arena
of financial development.

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last visited on 31/1/2023
Mukherjee, Banerjee 39

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About Our Authors

Saurav Mukherjee is an Assistant Professor in the Department of Management at

Calcutta Institute of Technology. He graduated from Heritage Business School and
thereafter had an experience of working at PwC as an Audit Associate. His sheer
passion for academics inspired him to join the world of teaching and research. He is
currently a Research Scholar at Swami Vivekananda University. Saurav has cleared
UGC NET in Management. He has his interest in various research areas like
Behavioral Finance, Financial Markets, Marketing Analytics and many more.

Kallal Banerjee has completed PhD from University of Calcutta in the Dept of
Management and MBA from IIFT, M. Com from CU, MCA from DOEACC
SOCIETY. He has more than 20 years of experience in academic and research arena
in the allied field of Management. Presently he is associated with Swami Vivekananda
University in School of Management as a Professor and Director. Presently total eight
registered research scholars pursuing their PhD under his supervision
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