Qualification: 
Ph.D, PGDM, MA, BSc
sougataray@am.amrita.edu

Qualification: B.Sc., PGDM ( ASB) , M. A. ( Econ, Annamalai University), Ph. D. 

Dr. Sougata Ray is currently working with the Department of Management as an Associate Professor in the area of Finance. He has a rich experience of more than 18 years in Academics & Industry. He did his Bachelors in Economics from Calcutta University and Masters in Economics from Annamalai University. He is also a Management graduate from Amrita Vishwa Vidyapeetham and holds Doctorate in Management from Amrita School of Business, Amrita Vishwa Vidyapeetham. His Doctoral thesis looks into the issues of over-indebtedness in the microfinance sector in India. He is also the recipient of the Erasmus Mundus Scholarship by European Union for Doctoral Research at University of Porto, Porto, Portugal for the period 2013-2015. Before joining academics, Dr. Ray has spent around 8 years working in various organizations such as Peerless Securities Ltd, Apeejay Securities Ltd, and IL&FS Investmart Securities Ltd.

Teaching portfolio of Dr. Sougata Ray consists of courses such as Financial Management, Portfolio Management and Financial Derivatives & Risk Management. His current research interests include development finance and empirical finance. He has presented and published his research work in national and international conferences and referred journals.

Publications

Publication Type: Journal Article

Year of Publication Title

2019

Sougata Ray, “Challenges and Changes in Indian Rural Credit Market: A Review”, Agricultural Finance Review, vol. 79, pp. 338-352, 2019.[Abstract]


Purpose – Post-independence, the rural credit market in India has undergone significant structural changes in order to enhance the availability and efficient use of credit. The purpose of this paper is to understand the challenges and changes in the Indian rural credit market in the post-independence period. Design/methodology/approach – Using data from the All India Debt and Investment Survey conducted by the National Sample Survey Organisation of the Government of India from 1971–1972 to 2012 and Reserve Bank of India in 1951–1952 and 1961–1962, the study focuses on three important aspect of rural credit market, i.e. the availability, sources and uses of credit. The analysis is based on both the national and state level data and uses the decadal growth rates to explain the changes in the rural credit market. Findings – Availability of credit, in terms of volume and number of households indebted, has increased substantially. However, the sharp rise in outstanding debt is a matter of concern. The share of credit from institutional agencies has seen a continuous decline post liberalisation. The non-institutional agencies, particularly the professional moneylenders, continue to be the most preferred sources of credit owing to their flexible nature of operation. Interesting, microfinance has emerged as a major source of credit particularly for the poor rural households. The rise in credit usage for non-income generating activities amongst poor households is another important concern. Originality/value – The study highlights some of the most important features and characteristics associated with the Indian rural credit market.

More »»

2019

Sougata Ray and Sushanta Mohapatra, “Asset Quality and Performance: An Empirical Study of Indian Microfinance Institutions”, International Journal of Services, Economics and Management, vol. 10, no. 3, p. 248, 2019.[Abstract]


The objective of the study is to analyse the impact of the asset quality on the financial performance of the Indian microfinance institutions. Using the financial data of 76 'for-profit' Indian MFIs from the microfinance information exchange database for the period 2006 to 2013, we observe that the quality of asset deteriorated significantly during the period of study and it has impacted the performance of the MFIs negatively. The commercialisation of the MFIs resulted in predatory lending and unfair debt collection practices ensuring better repayment rates. These practices, however, resulted in client defaults and an increase in both portfolio-at-risk and write-off ratio. The study, therefore, suggests that the MFIs need to re-examine and realign their operations so that social parameters are given due importance in every aspect of lending activity. This will ensure that MFIs achieve their social objective as well as ensure higher repayment rates.

More »»

2019

Sougata Ray, Dr. Sushanta Kumar Mahapatra, and Shyam Nath, “Over-indebtedness and its Drivers among Microfinance Borrowers in India”, Economic and Political Weekly (ABDC - B Category), vol. 54, no. 7, pp. 47-54, 2019.[Abstract]


In microfinance markets worldwide, over-indebtedness among borrowers and households has emerged as an important concern. Over-indebtedness, measured in terms of sacrifices made by households, is high in both rural and urban India. Factors statistically significant in explaining over-indebtedness are the borrower’s age and financial literacy; the household’s entrepreneurial activity, income level, and spatial location; and the proportion of dependent members in a household.

More »»

2017

Dileep G. Menon, Sougata Ray, and Nandu Narayan, “An Empirical Study on Access and Use of Technology-Based Money Transfer Mechanisms among Migrant Workers in Kerala”, International Journal of Applied Business and Economic Research , vol. 15, pp. 173-185, 2017.[Abstract]


Since the formation of money, the ability to transfer it from one place to another or “Velocity of Money” had been the backbone of an economy. It has facilitated in the creation of wealth through job creation, trade practices and economic activities. With the advancement of mobile technologies and devices, individuals are now able to conduct banking services from anywhere at any time. For a large section of the population in India, such mobile access to money transactions can act as a way to achieve financial inclusion. The level of acceptance and use of the formal money transfer mechanisms in India is an important issue of research. The purpose of this research is to critically examine and validate the acceptance and use of technology-based mechanisms of money transactions among the migrant workers in Kerala. A primary survey was conducted using validated questionnaire requesting response for the factors obtained from literature review. The factors considered in the study are Age, State of origin, Education level, Monthly average income and Type of job. The data was collected from 200 migrant workers spread across four districts of Kerala. The findings imply that even though the migrant workers are aware and have access to various modes of money transfer, they stick on to the traditional banking processes for transferring their money. The study provides a thorough empirical insight on the acceptance of new technologies in financial transaction methods among migrant workers in Kerala. Keywords- Migrant workers, Mobile money, Banking Technology, Financial Inclusion, Money transfer.

More »»

2016

Dr. Sushanta Kumar Mahapatra and Sougata Ray, “Penetration of MFIs among Indian States: An Understanding through Macro Variables”, International Journal of Development Issues, vol. 15, pp. 294 - 305, 2016.[Abstract]


Purpose
The Indian microfinance industry witnessed one of the fastest growths in the recent times. However, the striking feature of this growth is that the Microfinance Institutions (MFIs) are concentrated only in some specific regions of the country. There is a huge geographical skew in the distribution of the MFIs. In this paper, an attempt has been made to explain these geographical skew by using the macro variables of the states. The objective of the study is to identify the causes for this regional disparity in the growth of MFIs.
Design/methodology/approach
We try to explain the level of penetration of microfinance in the states by using regression models.
Findings
Our analysis suggests that state-level macro factors are significant in explaining the geographical skew. MFIs in India have concentrated in states which are richer, have good rural infrastructure, but lack in adequate banking facility, and have low human capital.
Originality/value
The study provides an insight which would help in framing the necessary regulations to ensure that MFIs operate in all regions of the country.

More »»

2013

Sougata Ray, “Does Service Sector Growth Explain Manufacturing Growth in India?”, IUP Journal of Applied Economics, 2013.

Publication Type: Conference Paper

Year of Publication Title

2017

Dr. Avinash Shivdas and Sougata Ray, “Resource Utilization by Pharmaceutical Companies in India: Emphasis on R D, Labor and Capital”, in 2017 International Conference on Data Management, Analytics and Innovation (ICDMAI) (pp. 19-23). IEEE, 2017.[Abstract]


The growing competition in the Indian Pharmaceutical Industry has emphasized that they utilize resources in an effective manner to ensure sustainable growth. Using data of 116 India pharmaceutical companies for the year financial year 2013-14, we find that R&D expenditures are statistically significant along with expenditure on physical and human capital in explaining the sales performance. We also present an alternative framework based on resource utilization for mapping and measuring the performance of a firm and its competitors. Our study shows that the average technical efficiency for the Indian Pharma firms is low and there is also wide variation among the firm. We conclude that resource optimization is a key for the long term sustainable growth of any firm.

More »»

Publication Type: Presentation

Year of Publication Title

2011

V. Hardik B. and Sougata Ray, “Economics of Scale in Microfinance Institutions: Evidences from India”, National Level Seminar on "Role of Banking Sector in Rural Economic Development. Dr. N.G.P. Arts and Science College, Coimbatore, sponsored by Indian Council of Social Science Research (ICSSR), 2011.

Publication Type: Book Chapter

Year of Publication Title

2011

V. Hardik B and Sougata Ray, “Economics of Scale in Microfinance Institutions: Evidences from India”, in Role of Banking in Rural Economic Development, 2011, pp. 62-68.

Faculty Research Interest: