Dr. Arya Kumar

Senior Professor, Department of Economics and Finance, BITS Pilani, Pilani Campus

Department of Economics and Finance, Birla Institute of Technology & Science, Pilani- 333031, Rajasthan. India.

Research Areas

  • Entrepreneurship
  • Energy – Manpower & Economics
  • Capital Markets
  • Risk Management
  • Financial Management
  • Values in Management
  • Banking
  • Higher Education

Research Achievements During last 9 years (projects/grants/publications)

Thesis / Project Supervision

5 PhD’s under supervision completed  and another three in different stages. 
  • Akhilesh Tripathy, “A Model Framework for Measuring and Managing Operational Risks in Treasury Operations in Financial Institutions”, BITS Pilani. 
  • Arun Kumar Vaish, “Development of Credit Scoring Methodology for Assessment of Micro-finance Borrowers” BITS Pilani.
  • Mr Rajiv Agarwal, “Factors influencing Career Choices of Successors in Family Managed Businesses”, BITS Pilani - Co-supervisor.
  • Mr. Rajan Pandey, “Empirical Investigation and Analysis of Volatility Forecasting Models for Indian Stock Market”, BITS Pilani.
  • Mr Parimal Merchant, “Induction in Family Business: A Study of Alternative Approaches” , BITS Pilani– Co-supervisor
  • Mr Manish Dave,” Knowledge Management Relationship with Competitiveness: An Empirical Study of Indian Cement Industry” – Submitted under examination stage
  • Mr. Aditya Sharma, Predicting Stock Returns in Indian Equity Markets: A Behavioral Finance Approach, BITS Pilani, (Thesis Writing Stage)
  • Ms Neha Gupta,  Empirical Study on Dynamics of International Financial Markets and the Role of Investor sentiment.


Examined 12 PhD Thesis from Different Universities 

  • An Analysis of the Performance of Indian Banks in the Emerging Competitive Environment and Suggested Strategies for Regulation by  Meera Sharma, BITS Pilani, 2002.
  • “An Analytical Study of the Challenges and Problems of Survival and Success of Family Owned Business in Pharmaceutical Industry in India” by Mr. Rajesh Jain, BIMTECH, Greater Noida, 2009.
  • “A Business Continuity Management (BCM) Model for Medium Sized Banks (MSRB) in India” by Mr. Sunil Rai, S P Jain Institute of Management & Research, BITS Pilani 2008.
  • Analysis of Banking Sector Operations in India With Special Reference to Private Banks in Response to Technological and Other Developments with a View to Develop a Future Banking Model” by Prakash Singh of BITS  Pilani, 2005.
  • Business Excellence Models and Leadership Styles Adopted by Small Scale Organizations – A Case Study” by Satyajit Mujumdar, BITS Pilani 2008.
  • Fiscal Deficit and Economic Development in India’ by Mr. Pankaj Kumar of Ch. Charan Singh University Meerut, 2010.
  • Geert  Hofstede’s Cultural Dimension Model – Concept of a Sixth Dimension as ‘Comfort with Foreign Cultures’ By Vijesh Jain, BIMTECH Greater Noida 2013.
  • Impact of Foreign Direct Investment on Economic Growth by Faraji Kasidi, BIMTECH, 2011.
  • “Development of an Integrated Framework for Environment Management System in Food Packaging Industry” by Ms Archana Shekhawat, BITS Pilani, 2010.
  • Impact of Deposit Mobilsation and Credit Creation by Scheduled Commercial Banks in Indian Economy since 1991 with Reference to SBI in an Input-output Framework by Harsh Kumar, Mysore University, 2014.
  • Essays on Outward FDI from Developing Countries by Khanindra Ch. Das, University of Madras, 2014. 
  • Interrelated Essays in Development Economics by Jyoti Prasad Mukhopadhyay, University of Madras , 2015.


As a Doctoral Advisory Committee Member (DAC) guided and examined more than 12 PhD theses

Fifteen Students did their First Degree thesis in the area of Entrepreneurship, capital markets and Financial Management, Manpower Planning in Power Sector etc. 

Sixty Students have undertaken project studies spread over a semester each in the areas of – Entrepreneurship, Capital Markets, Financial Management, Banking etc.  

Papers and Books Reviewed

Regularly was reviewing 6-8 papers for Biannual Journal Business Perspective brought out by BIMTECH, Greater Noida, Quarterly Journal brought out by ISS, University Jaipur, Journal brought out by IMS, Greater Noida, Abhigyan, Management Journal from FORE School of Management New Delhi, Reviewed research paper for Metamorphosis, Journal of Management Research, IIM Lucknow. and Journal brought out by Council of Social Development Southern Regional Center, Hyderabad, 

Reviewed the book titled Financial Management by Rajiv Srivastava and Anil Misra brought out by Oxford University Press, 2010.

Reviewed the book titled “Understanding Strategic Management” by Anthony E. Henry , Oxford University Press ,Second Edition with a view to adapt it for Indian context in the month of July August 2014.

Reviewed the book titled “Investments” By Bodie, Kane, Marcus and Mohanty, McGraw Hill ,11th ed.

Research Projects/Entrepreneurship Development Promotion Funding

  • Contributed to set up TBI in the area of VLSI Design and Embedded System with DST grant support of 138.35 Lakhs for Non- recurring and Rs 58 Lakhs for recurring expenses for a period of 5 years from 2004-05.
  • Entrepreneurship Development Programs on campus National Entrepreneurship Network grant support of Rs 22.67 Lakhs from 2007 onwards ongoing as Principal Investigator along with Prof Anil Bhat.
  • Strategies to Meet Manpower Requirements for Power Sector up to 2020, NSTMIS, Department of Science &Technology, funding of Rs 9.60 Lakhs in June 2009 for three years period along with Prof Anil Bhat, Management Dept. Project Report Submitted.
  • Got grant sanctioned amounting Rs 1 core from Technology Development Board (TDB) for assisting incubates by way of loan, equity or grant in the month of March 2011. Shall plan to systematically release the fund to existing and prospective incubates.
  • Project funding of Rs 10 Lakh by Aditya Birla Group for undertaking study on Educational Excellence as co-investigator along with Prof Anil Bhat as Principal Investigator.
  • Got a grant support of Rs 155 Lakhs from Ministry of Communications and Information Technology, Department of Information Technology, New Delhi under Technology Incubation & Development of Entrepreneurs (TIDE) in the areas of Electronics and ICT.
  • Entrepreneurship                                                            
  • Energy – Manpower & Economics                                
  • Capital Markets                                                              
  • Risk Management
  • Financial Management
  • Values in Management
  • Banking 
  • Higher Education