International Journal For Multidisciplinary Research

E-ISSN: 2582-2160   •   Impact Factor: 9.24

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Evaluating the Role of Fiscal and Monetary Policies in Shaping Incentive Structures and Performance Outcomes in the Pharmaceutical Sector: A Comparative Study from Madhya Pradesh

Author(s) Dr. Swati Mathur, Priyanka Gupta
Country India
Abstract The pharmaceutical sector, being both labor-intensive and innovation-driven, heavily depends on robust incentive frameworks to optimize employee performance. In the backdrop of the Union Budget 2024–25 and recent RBI monetary interventions, this study explores how fiscal and monetary policies shape the design and implementation of both financial and non-financial incentives in the pharmaceutical industry of Madhya Pradesh.
Using a comparative design, this paper examines two sets of pharmaceutical companies—one with higher exposure to government-linked policy benefits and one operating independently of such benefits. The study aims to identify differences in incentive adoption, employee engagement, and performance outcomes.
Primary data was collected from 160 respondents including HR managers, middle managers, and frontline employees through structured questionnaires. Statistical analysis using SPSS involved ANOVA, regression analysis, and factor extraction to identify relationships between incentive type, policy exposure, and productivity indices.
Results indicate that organizations which integrated fiscal benefits (such as production-linked incentives, GST rebates, and public procurement preferences) offered more structured financial and non-financial incentives, including performance bonuses, career development plans, wellness programs, and recognition schemes. Furthermore, policy-backed firms demonstrated significantly higher performance ratings and lower attrition.
The findings emphasize the need for aligning macroeconomic policy tools with enterprise-level HR strategies. Recommendations include targeted policy communication, incentive-linked tax deductions, and incentive audit mechanisms under MSME and pharmaceutical policy reforms.
Published In Volume 7, Issue 3, May-June 2025
Published On 2025-06-15
DOI https://doi.org/10.36948/ijfmr.2025.v07i03.47999
Short DOI https://doi.org/g9qqdq
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