Abstract
Iron-ore is the staple raw material required for manufacturing locks. Iron ore price contributes to the cost of raw material for Dindigul lock makers. High volatility has been widely observed in the prices of Indian iron ore market. Irrefutably, the Lock maker's optimism has been battered by volatility and thus critically has an effect on their economic growth. This study develops and examines the conditional volatility model in an attempt to confine the prominent features of volatility in iron ore prices prevailing in Indian market confining to the benefit of Dindigul Lock makers. Results of the study exhibit that the high volatility of iron ore price is expected when the negative shocks are present. The Centre and State government are accountable in steering rural development through adequate disbursement of credit in the form of incentives to the lock makers to buy raw materials at an affordable cost.
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