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Purpose: This paper examines the role of institution in the combating crime in India. This study also assesses institutions for controlling property crime in India in the post-reform era. Design/methodology/approach: Crime and socio-economic data are taken from National Crime Record Bureau and the Reserve Bank of India, respectively. Twenty major Indian states are selected for the study purpose for the period of 1994–2019. Fixed effect panel data technique is used for analysis purpose. Findings: Property crime rate declines with economic growth, while it increases with financial development. Findings of fiscal policy instruments are different. Own tax is positively associated with property crime in India, while non-tax fiscal instruments such as fine, penalty, and so on, are inversely related to it. Property crime rate is inversely related to institutional factors like charge sheet and conviction rate. Research limitations/implications: Further research is needed for other crimes in India. State-level data are used here for analysis purpose; however, spatial or cluster analysis techniques might provide more insights for combating crimes in India. Practical implications: This study suggests that economic growth and fiscal instrument along with institutional development are essential to control property crime in India. Social implications: Government should take steps to improve the law-and-order system to control property crime across states. Originality/value: Impact of non-tax fiscal instrument reduces property crime while that of own tax is increases it in India. These findings are unique and added certain insight in the study. Institutional roles are captured its performances like charge sheet and convict rate, which are significantly reduce property crime in Indian states. Least square dummy variable model is applied to capture individual state effects. Peer review: The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-01-2023-0063 [ABSTRACT FROM AUTHOR]

Purpose: The paper aims to analyse the impact of economic and governance factors on remittance inflows to India from the UK, USA and UAE. India is globally recognised as the largest recipient of remittances. Design/methodology/approach: Using a comprehensive time series data set spanning 1996 to 2022, the authors use an innovative non-linear autoregressive distributed lag model approach to examine the influence of economic growth, corruption control and employer availability in the three source countries on remittance inflows to India. Findings: The results indicate that in the UAE, changes in economic growth and corruption control directly affect remittance outflows. However, the presence of employers in the UAE has minimal impact on remittance outflows to India. Regarding the UK, fluctuations in economic growth primarily drive remittance outflows to India. The effect of corruption control and employment opportunities on remittance outflows is marginal. In the USA, economic growth does not notably impact remittance outflows, whereas corruption control and employment opportunities significantly influence the outflows to India. Originality/value: These findings have important implications for policymakers. Analysing macroeconomic factors from key remittance-sending nations offers valuable insights for Indian policymakers and their international counterparts to enhance remittance inflows. The study focuses on three countries that collectively contribute to about 50% of India's remittances, providing a unique contribution compared to the usual country-specific or regional focus in existing literature. Finally, leveraging these findings, NITI Aayog, an organisation dedicated to achieving India's sustainable development goals, can effectively monitor macroeconomic indicators related to significant remittance-sending countries. [ABSTRACT FROM AUTHOR]

Purpose: Human capital is a portfolio of rich skills that the labour possesses. Human capital has attracted significant attention from scholars. Nevertheless, empirical findings on the utility of human capital have often been divided. To address the research gap in the literature, the authors attempt to understand how human capital plays a significant role in financial development and economic growth nexus. Design/methodology/approach: The authors rely on secondary data published by the World Bank. The authors use econometric tools such as the autoregressive distributive lag (ARDL) model and related statistical tests to study the relationship between human capital, India's financial growth and gross domestic product (GDP) growth. Findings: Study findings suggest that human capital and financial development contribute significantly to economic growth. Further, the authors found that human capital has a positive and significant moderating effect on the path of joining financial development and economic growth. Practical implications: The study contributes to the human capital debate. Despite the rich body of literature, the study based on World Bank data confirms the previous findings that investment in human capital is always useful for the financial and economic growth of the nation. Originality/value: This paper reveals some unique findings regarding effect of financial development and economic growth nexus which opens the window of new dimension to think about their nexus. It also provides a different pathway to foster the economic growth by using human capital and financial development as together, especially in India. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to empirically analyze the impact of remittance inflows on sustained economic growth in India. Design/methodology/approach: This study has taken a time series dataset for the period of 1976–2021, and a nonlinear autoregressive distributed lag model technique (NARDL) has been applied to check the impact of remittance inflows along with other control variables, including broad money and service sector performance, on the sustained economic growth of India. Findings: The results of the study indicated that in both the short and long runs, any positive shock in remittance inflows has a positive impact on the economic growth of India, while negative shocks do not affect economic growth. Practical implications: The economic policymakers of India can use the findings of the study by implementing remittance-friendly policies. Moreover, NITI Aayog, the body working toward achieving sustainable development goals (SDGs) in India, can also use this study as a reference while making strategies to achieve SDG. Originality/value: Economic growth has always been an area of interest among economists, researchers and policymakers. However, achieving sustained economic growth requires an analysis of those factors that themselves have sustained performance over a long period of time and have the potential to sustain it over the upcoming years. This study has taken remittance inflows as one such factor and investigated its impact on the sustained economic growth of India. At present, there is an evident gap in the literature that very little attention has been given to sustained Indian economic growth. Moreover, there is no study available in which the nonlinear impact of different variables has been tested on the economic growth of India. [ABSTRACT FROM AUTHOR]

Purpose: The Green Revolution transformed agriculture in the Indian State of Punjab, with positive spillovers to the rest of India, but recently the state's economy has fallen dramatically in rankings of per capita state output. Understanding the trajectory of Punjab's economy has important lessons for all of India. Economic development is typically associated with changes in economic structure, but Punjab has remained relatively reliant on agriculture rather than shifting economic activity to manufacturing and services, where productivity growth might be greater. Design/methodology/approach: The authors empirically examine structural change in the Punjab economy in the context of structural change and economic growth across the States of India. The authors calculate structural change indices and map their pattern over time. The authors estimate panel regressions and time-varying parameter regressions, as well as performing productivity change decompositions into within-sector and structural changes. Findings: Panel regressions and time-varying-coefficient regressions suggest a significant positive influence of structural change on state-level growth. In addition, growth positively affected structural change across India's states. The relative lack of structural change in Punjab's economy is implicated in its relatively poor recent growth performance. Comparisons with a handful of other states reinforce this conclusion: Punjab's lack of economic diversification is a plausible explanation for its lagging economic performance. Originality/value: This paper performs a novel empirical analysis of structural change and growth, simultaneously using three different approaches: panel regressions, time-varying parameter regressions and productivity decompositions. To the best of the authors' knowledge, it is the only paper we are aware of that combines these three approaches. [ABSTRACT FROM AUTHOR]

Purpose: The main purpose of this paper is to empirically investigate the effect of macroeconomic uncertainty on environmental degradation in India over the period 1971–2016. Additionally, this paper considers the role of financial development, energy consumption intensity and economic growth in explaining the variation of environmental degradation in India. Design/methodology/approach: The authors applied the power generalized autoregressive conditional heteroskedasticity model to measure inflation volatility and used it as a proxy for macroeconomic uncertainty. From a methodological perspective, the authors employ the autoregressive distributive lag bound testing model to establish the long-run equilibrium association between the variables. The Toda–Yamamoto causality approach has been used to examine the direction of causality between the variables. Findings: Findings suggest that macroeconomic uncertainty exerts a positive effect on carbon emissions, indicating that higher inflation volatility, as a proxy for macroeconomic uncertainty, hinders India's environmental quality. Financial development, economic growth and energy consumption intensity have also adversely impacted environmental quality. Practical implications: The negative association between macroeconomic uncertainty and environmental degradation calls for some stringent policy actions. While formulating policies to promote growth and maintain stability, policymakers and government stakeholders should take into account the environmental effects of macroeconomic policies. There is a need to implement more environmental-friendly technologies in the financial sector that could reduce carbon emission. Originality/value: To the best of the authors' knowledge, this study is the first that considers the role of macroeconomic uncertainty along with financial development and energy intensity in an emerging economy like India. [ABSTRACT FROM AUTHOR]

Purpose: Few empirical studies examined the relationship between life expectancy and income in India. This study aims to examine the impact of life expectancy on economic growth in India by incorporating all the major states of India. Design/methodology/approach: This study is based on secondary data and includes 16 major states of India covering the periods 2000–2014. The author used panel fixed effect model (FEM) to examine the impact of life expectancy on economic growth. Findings: Empirical analysis revealed a positive trend in life expectancy in India. In association with life expectancy, the author found continuous growth in the elderly population. The result of the FEM shows that gains in life expectancy positively affect economic growth in India. The empirical findings do not support any negative impact of life expectancy gains on economic growth. Originality/value: This study is the outcome of the independent and original research work of the authors and contributes significantly to the literature on the demography–economic relationship. The findings of this study help the author to understand that life expectancy gain is in no way a constraint, rather the skill and experience of the workforce are crucial to determining economic growth. Peer review: The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-06-2022-0422. [ABSTRACT FROM AUTHOR]

Purpose: In the academic debate, the tax–growth relationship is always a controversial one. This paper aims to investigate the relationship between tax structure and economic growth in India for the period 1980-2016. After controlling for total tax revenue share to GDP in the estimation model, the authors examine the long-run and short-run relationship between tax structure and growth in India. Design/methodology/approach: Auto-regressive distributed lag (ARDL) model has been used in this study. This bound cointegration model has certain advantages to the traditional cointegration model. This study also applies the threshold cointegration test of Hansen and Seo (2002) for examining non-linearity in tax–growth nexus. Findings: The analysis shows that income tax share, corporation tax share and excise tax share are harmful to growth in the long-run. While the custom share is enlarging the growth performance. Corporation tax share is also reducing growth in the short-run. Following the Pesaran et al. (2001) approach of ARDL bound testing, the authors find the existence of a long-run relationship between studied variables. However, this study does not find any existence of threshold effect in the tax–growth relationship for India. Practical implications: Based on the empirical findings, the author suggests that the prime tax change, which has the potential to impact both long-run growth and short-run economic recovery is the reduction of corporate tax rate with sustainable revenue generation. It will definitely enlarge the foreign direct investment, saving and investment in India. Originality/value: This study will be a contribution to the empirical literature by investigating "tax–growth" relationship in the Indian case. To the knowledge, this will be the first study to examine this relationship for India with a recent data set. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to examine the convergence in per-capita income (measured as per-capita net state domestic product) of regions in India during the period 1990–1991 to 2017–2018. Two separate analyses have also been done for the sub-periods, i.e., 1990–1991 to 2003–2004 and 2004–2005 to 2017–2018, to find out the effect of the second phase of economic liberalization in India. Design/methodology/approach: In a panel data study, the estimation of absolute and conditional beta (β)-convergence and sigma (σ)-convergence across 17 Indian regions have been done. To measure the dispersion of per-capita income across the regions in India, the standard deviation of logs, Gini coefficient, Mehran measure, Piesch measure, Kakwani measure and Theil index have been estimated. In addition to this, these indices have been regressed over time. Findings: This study finds the presence of absolute and conditional β-convergence; the regions with low initial per-capita income have grown faster than the regions with high initial per-capita income. Further, this study finds that foreign direct investment (FDI) inflow and the availability of power enhance growth across regions. However, this study finds the presence of σ-divergence, which indicates that the economic inequality among the regions in India has widened over the periods, calling for policy interventions to promote growth in the backward regions through the promotion of FDI inflow and the availability of power. Originality/value: This study highlights the rising economic inequality among the regions in India by analyzing the latest available data through appropriate econometric techniques. [ABSTRACT FROM AUTHOR]

Purpose - The purpose of this paper is to bring out the shortcomings of the ETA model imported from developed countries when it is assessed for its focus on poverty alleviation in a developing nation (India) and to suggest improvements in the existing framework. Design/methodologylapproach - The paper explores the current performance of ETA process in India, critically analyses the philosophy of continued sidelining of environmental protection in favour of unrestricted economic growth in the light of evidence regarding growing inequality. Findings - The paper finds that for the proponent driven ETA model to contribute towards poverty alleviation, a new ‘socio-ecological linkage document’ is needed. This will bring out the fragile linkages that marginalized communities have with their local ecosystems and can be prepared with the help of local ecological knowledge. A framework to integrate the socio-ecological linkage document into the ETA-SEA-SA domain is presented. Practical implications - The paper shows that the supportive framework of generating the ‘socio-ecological linkage document’ has the potential to enhance the EIA-SEA-SA process in terms of ensuring that plans, policies, programs and projects are sensitive to the need of ecosystem dependent poor. Originality/value - The paper proposes a framework to support the alternative thinking that poverty alleviation can be enhanced through preservation of ecosystem linkages, in contrast to the modern paradigm of economic growth at the cost of ecosystem. [ABSTRACT FROM AUTHOR]

Purpose – The purpose of this paper is to investigate the impact of financial development, economic growth and energy consumption on environment degradation for Indian economy by using the time series data for the period 1971-2011. Design/methodology/approach – The stationary properties of the variables are checked by ADF, DF-GLS, PP and Ng-Perron unit root tests. The long-run relationship is examined by implementing the Autoregressive Distributed Lag bounds testing approach to co-integration and error correction method (ECM) is applied to examine the short-run dynamics. The direction of the causality is checked by VECM framework and variance decomposition is used to predict exogenous shocks of the variables. Findings – The empirical evidence confirms the existence of long-run relationship among the variables. Financial development appears to increase environmental degradation in India. The main contributors to environmental degradation are: economic growth, energy consumption financial development and urbanization. The results also lend support to the existence of environmental Kuznets curves for Indian economy. Research limitations/implications – The present study suggests that environmental degradation can be reduced at the cost of economic growth or energy efficient technologies should be encouraged to enhance the domestic product with the help of financial sector by improving environmental friendly technologies from advanced economies. Originality/value – This paper proposes to make a contribution to the existing literature through examining the relationship between financial development and environmental degradation in Indian economy during 1971-2011 by employing modern econometric techniques. [ABSTRACT FROM AUTHOR]

Purpose – The purpose of this paper is motivated by research-based assertions that: the causes of economic growth in countries like India are not well understood; they are not elucidated by using simple bivariate relationships between economic growth and other variables, taken one at a time; and dynamic linkages between growth, trade openness and financial sector depth are required for any comprehensive treatment of this inquiry. Design/methodology/approach – This paper investigates the pivotal role of financial depth (defined as the relative importance in the economy of the banking sector or the stock market) and whether it bears any evidential relationship to trade openness and economic growth during the era of Indian post-globalization since 1990. Two key objectives are to uncover whether there is a long-run relationship between the variables and whether they can be said to cause one another. Autoregressive distributive lag (ARDL) bounds testing procedures and vector autoregressive error correction model (VECM) approaches were used to derive the results. Findings – This paper affirms that the variables are indeed formally cointegrated. It was also found that trade openness, economic growth and financial sector depth Granger-cause each other. Practical implications – This paper demonstrates that greater trade openness can predictably accelerate India’s economic growth. If policymakers wish to maintain sustainable economic growth in India, they can do so by encouraging both freer trade and financial market development in the long run. Originality/value – No investigation of this type and sophistication has hitherto been performed for India. The methods developed for this study can also be applied to any of the vast range of countries for which dynamic growth-openness-financial depth interactions have not already been investigated. [ABSTRACT FROM AUTHOR]

Abstract Purpose -- The four Asian tigers, Hong Kong, Singapore, South Korea and Taiwan (also called Four Dragons) experienced miraculous high growth rates in the pre-1990s period and rapidly transformed their economic status from less developed "basket cases" to developed high-income countries gaining entry to the rich OECD club of countries. These countries even in the post-1990s, barring few years, have continued to grow further and are an inspiring role model for the newly emerging economies. The purpose of this paper is to adduce certain trends in these countries since the 1990s and specifically examine role of human capital and knowledge building, productivity convergence and intra-regional trade in the Asian tigers'. The authors examine these in the context of India. Design/methodology/approach -- The paper in a simple descriptive yet analytical approach explores the relevance of above factors in the Indian context. Findings -- The study observed that India ranks far below the Asian tigers in the knowledge economy index (KEI). The results at the sub-national level showed large disparities across the states in knowledge economy reflecting country's difficulties in catching up with other countries overall. Regarding labour productivity, the results show that India was moving away from the benchmark country until 1990 ( pre-reform period) and started catching up particularly due to physical capital (not necessarily human capital) since 1995 onwards. Originality/value -- The study is unique due to several reasons. First, it contributes to the literature examining contemporaneous Asian tigers and Indian economies performance as not many studies exist in this area. Second, the study also builds a unique first ever KEI at the sub-national level for India and is, therefore, a contribution in this respect. Finally, the study also contributes to the literature on Indian economic development. [ABSTRACT FROM AUTHOR]

Purpose The purpose of this paper is to examine the impact of female human capital on economic growth in the Indian economy during 1970-2014.Design/methodology/approach The paper employs Ng-Perron unit root test to check the order of integration of the variables. The study also used ARDL-bounds testing approach and the unrestricted error-correction model to investigate co-integration in the long run and short run; Granger’s causality test to investigate the direction of the causality; and variance decomposition test to capture the influence of each variable on economic growth.Findings The study constructed a composite index for both male and female human capitals by taking education and health as a proxy for human capital. The empirical findings reveal that female human capital is significant and positively related to economic growth in both short run and long run, while male human capital is positive but insignificant to the economic growth; same is the case for physical capital, it implies that such investment regarding female human capital needs to be reinforced. Further, there is an evidence of a long-run causal relationship from female human capital, male human capital and physical capital to economic growth variable. The results of variance decomposition show the importance of the female human capital variable is increasing over the time and it exerts the largest influence in change in economic growth.Research limitations/implications The empirical findings suggest that the Indian economy has to pay attention equally on the development of female human capital for short-run as well as long-run growth of the economy. This implies that the policy makers should divert more expenditure for developing support for female education and health.Originality/value To the best of authors’ knowledge, this is the first attempt to study the relationship between female human capital and economic growth in the context of the Indian economy. [ABSTRACT FROM AUTHOR]

Purpose - The purpose of this paper is to construct a financial development index (FDI) for the Indian economy and also examine the relationship between FDI and economic growth. Design/methodology/approach - Augment Dickey Fuller, Phillips Perron and Ng Perron unit root tests are employed in order to determine the level of integration. The long- and short-run dynamics are obtained by using auto-regressive distributed lag approach to cointegration and rolling window approach to estimate coefficient of each observation. Findings - The results indicate that long-run relationship is presented among the economic growth, FDI, real-interest rate (RIR), labor force and capital. But FDI negatively associated with economic growth in the case of long- and short-run and RIR also negatively determine the economic growth only in the long run. The rolling regression result confirms that FDI negatively associated to growth in the years of 1978, 1979, 1984-1987, 1990, 1996-2000, 2004 and 2005 and RIR is impede economic growth in the years of 1978, 1979, 1986, 1988-1997, 2001, 2002, 2006 and 2008. Originality/value - The paper constructs an FDI for the Indian economy by using the four indicators of financial development. The findings are useful for India's policy makers in order to maintain the parallel expansion of financial development and economic growth. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to investigate the impact of human capital (HC), intellectual property rights (IPRs) and research and development (R&D) expenditures on total factor productivity (TFP), which leads to economic growth. Design/methodology/approach: The panel data technique is used on a sample of 16 countries categorized into two groups, namely Brazil, Russia, India and China (BRIC) and Central and Eastern European (CEE) countries and, in order to make a comparison for the time period of 2007–2015, the researchers used a fixed effect model as an estimation method for regression. Findings: The results indicate that HC, IPRs and R&D expenditures appear to be statistically significant and are strong factors in determining changes in TFP and exhibit positive results in all sample sets. Moreover, IPRs alone do not accelerate growth in an economy, especially taking the case of emerging nations. Originality/value: Considering the importance of CEE and BRIC countries, and inadequate research on these regions with respect to current study's variables and techniques, the present research provides valuable insights about the importance of HC, IPR and R&D activities and their impact on TFP, which leads to economic growth. IPRs create a fertile environment for R&D activities, knowledge creation and economic development. Distinct nations can attain better economic status via HC, R&D activities, innovation, trade and FDI, although the relative significance of these channels is likely to differ across countries depending on their developmental levels. [ABSTRACT FROM AUTHOR]

Purpose: By disentangling the impact of positive and negative shocks of GDP, FDI and oil consumption on electricity consumption, the purpose of this paper is to investigate whether this bifurcation significantly determines the level of electricity consumption in the short run and long run. Design/methodology/approach: Using the recently developed nonlinear autoregressive distributed lag (NARDL) bounds approach, the study investigates the changes in the level of electricity consumption over a period of 1980–2015. The inclusion of a dummy variable for the possible structural break makes the electricity demand function more reliable. After checking the stationarity of data series, the study has employed the bounds test, which confirms the existence of the long run stability in the system. Further, using the VECM, the causality among the comprised variables has also been examined. Findings: The findings confirm that not only the positive shocks but also the negative shocks in GDP have a positive and significant impact on electricity consumption in the long run. Similarly, the increased FDI has widened the scope of electricity consumption in the region, whereas the negative shocks' impact is found negative in the long run. In comparison to GDP and FDI, the influence of the increased oil consumption on electricity demand is found negative and significant in India, which reveals that electricity acts as a significant substitute for oil consumption in the long run. Originality/value: To the best of the literature evidences available, none of the studies in the past has examined electricity demand in an NARDL framework. The study may help in estimating the demand for electricity consumption comprehensively, as this approach captures the separate influence of favourable and unfavourable changes while determining the level of electricity consumption. This approach may be crucial for policy makers, especially in an energy importer country, such as India. [ABSTRACT FROM AUTHOR]

Purpose – This study aims to analyse the patterns of growth and income disparities and to have a future insight about its behaviour across 22 Indian states for the period from 1980-1981 to 2010-2011. Design/methodology/approach – This paper uses a three-stage methodological procedures to arrive at the results. First, the distributional aspect of per capita income has been analyzed by using Kuznets’s Inverted-U Hypothesis. Second, to analyse the relative performance across India states, the Shift Analysis Technique has been utilized. Finally, analyzing the future aspect of the growth and disparities among the low-, middle- and high-income states a catch process has been performed. Findings – The empirical results rejects the Kuznets’s hypothesis for both aggregate and sectoral incomes across Indian states. The relative performance of Indian states shows signs of decreasing the income disparities over the time with a positive shift. Finally, the catch-up process among the low-, middle- and high-income states suggests different time bands for each group to narrow down or eliminate the income disparities in future. Originality/value – This study contributes to the literature in three ways. First, examining the sectoral growth and disparities across Indian states by testing the Kuznets’s Inverted-U Hypothesis to highlight the specification issue; second, to measure the relative performance of Indian states over the time that can help us to find out the individual states that are purely responsible for income disparities in India. Finally, estimates of catch-up speed among Indian states provide a prediction about their behaviour to eradicate the disparities in future. [ABSTRACT FROM AUTHOR]

Purpose The purpose of this paper is to employ a two-step approach to investigate the bi-directional causal linkage between: economic growth (measured by GDP) and public expenditure on health; public expenditure on health and infant mortality rate (IMR); and economic growth and IMR in the Indian context.Design/methodology/approach The present study uses econometric analysis, namely, panel cointegration and Granger causality on 20-year panel data on 16 major Indian states to investigate the causality.Findings The results suggest GDP to Granger cause public expenditure on health both in the short run and in the long run, but public expenditure on health to Granger cause GDP only in the long run. Further, public expenditure on health and economic growth were found to Granger cause IMR in the long run. However, the reverse linkage from IMR to public expenditure on health and/or economic growth was not significant.Research limitations/implications The present study provides support to the existing literature on the effects of economic growth on health expenditure and health outcomes but also raises a question on the time required to realize the same.Practical implications The findings have implications for policy makers on the time frame and application of health expenditure to achieve better results.Originality/value The present study is one of the first to test the tripartite linkage between economic growth, public health expenditure and health outcomes at a state-level analysis. [ABSTRACT FROM AUTHOR]

Purpose The importance of banking and insurance, as an important part of the financial system, has been well accepted in the growth literature. Acting as financial intermediaries they perform important functions that may contribute in economic growth. Addressing this issue, the purpose of this paper is to empirically examine the relationship between banking, insurance and economic growth in India in the post-liberalized era when the private sector was allowed to operate banking and insurance business.Design/methodology/approach In order to find the long-run and short-run relationship between banking, insurance and economic growth, the study uses the VAR-vector error correction model (VECM) along with Granger causality test to explore any causal relationship.Findings The results indicate that there is the long-term relationship between banking, insurance and economic growth and the causality results show a bi-directional relationship between insurance activity and economic growth; however, banking is not granger cause of insurance or economic growth rather it is economic growth that cause banking development.Research limitations/implications The only limitation to the study is the non-availability of monthly figures of GDP. The study therefore, as suggested by RBI, uses monthly data set of Index of Industrial Production to measure economic growth.Practical implications The findings of the study give policy directions to the policymakers to make strategies that are conducive toward boosting development in insurance in order to achieve the targeted economic growth.Originality/value This work is the first attempt to study the conjoint relationship between banking, insurance and economic growth on the Indian economy after the reforms were initiated in the financial sector. [ABSTRACT FROM AUTHOR]

Purpose: This study examines the possibility of asymmetric impact of inflation on the financial development (FD) in the case of Indian economy from 1980 to 2020. Moreover, the finance–growth hypothesis is also tested. Design/methodology/approach: The authors incorporated the "Nonlinear Autoregressive Distributed Lag" (NARDL) model due to Shin et al. (2014) to investigate the asymmetric impact of inflation on financial development. Asymmetric cumulative dynamic multipliers are also used to track the traverse of any short-run distortion towards the long-run cointegration. Findings: The results revealed that inflation impacts the financial development negatively whereas the economic growth (EG) and trade openness have a positive effect. However, the effect of inflation on financial development is not symmetric. Moreover, the findings support the demand-led growth hypothesis. Originality/value: To the best of the authors' knowledge, this is the first study examining the asymmetric effects of inflation on financial development in the Indian context. In addition, instead of using a single proxy to measure financial development, an index for financial development encompassing different aspects of the financial system has been incorporated. Peer review: The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-02-2023-0094 [ABSTRACT FROM AUTHOR]

Purpose – The purpose of this paper is to examine a much-overlooked aspect of the rise of China: when will it end? Obviously, the Chinese economy will not grow at an annual rate of 10 percent forever. At some point Chinese growth will stabilize. When is of vast importance for the political, economic, and ecological future of the world. Design/methodology/approach – Data from the World Development Indicators database are used to benchmark the recent economic growth of China (and India) to the long-term trajectory of Brazil. A structuralist approach derived from world-systems analysis predicts that Chinese growth will stabilize once China reaches an equilibrium income level characteristic of the semiperiphery of the world-economy. Findings – Based on recent trends, the structuralist perspective suggests that China's extraordinary rate of economic growth will fall back to global norms after 2020. China is unlikely to reach US or EU levels of total national income before mid-century. Research limitations/implications – The research presented here is highly speculative. The data are of very poor quality and the assumptions are quite heroic. That said, the China 2020 prediction is relatively robust to variations in data and assumptions. Social implications – The rise of China is unlikely to have much impact on the structure of the modern world economy or the continuation of US hegemony for the foreseeable future, and its impact on greenhouse gas emissions may be less than anticipated. Originality/value – This study will hopefully open a debate about planning for the end game of rapid Chinese economic growth. [ABSTRACT FROM AUTHOR]

Purpose - This study aims to examine the current status of road infrastructure in India, working out the gap in the availability of required length and the quality of roads besides the comparison with other economies. It also seeks to analyse the socio-economic-political environment in India to assess the country's attractiveness towards private sector participation in road infrastructure development. Design/methodology/approach - The targets for the road sector development set by the Government of India and the current road status of China are taken as benchmarks to enumerate the existing gap in road development in the country. Growth trends of the road sector and their impact on the manufacturing sector have been worked out to assess the development of road infrastructure and its impact on the industry in the country. Findings - The study advocates that the present pace of road infrastructure development is inadequate in India vis-à-vis other developing economies. The quality of roads compared with China is far below expectations and this poor hinterland connectivity is affecting the trade growth in the country. Originality/value - The paper significantly contributes in assessing the state of road infrastructure in India and highIighting the weaknesses while comparing it with other developing and developed economies. The key issues identified are of immense help to the policy makers in the country for having detailed insight and correcting the road infrastructure development programmes. [ABSTRACT FROM AUTHOR]

Purpose - This paper seeks to develop a framework for Indian labour reforms that lay emphasis on economic growth and social development by balancing growth needs of firms and socio-economic imperatives of a developing nation. It proposes four management systems and details their interactional dynamics at three levels, namely, at the level of economic security, employment regulation and system flexibility. Design/methodology/approach - This paper provides a literature review of current developments in India with respect to employment, and an analysis of existing labour relations frameworks for similar country contexts. Findings - Labour relations in developing countries is characterised by recent shift to market driven external environment, economically vulnerable surplus labour; low skills, inflexible employment laws, politicised unions with low labour representation, and low corporate involvement in governance. There is a need for policy changes that incorporate economic stability for labour, employment regulation for organisational flexibility, union management for true representation and corporate contribution in labour security and governance. Originality/value - While market driven, privatization policy regime, are being adopted as a strategy by developing economies to promote economic growth, the resultant need for constant innovation faced by the organisations demand a new policy system for effective labour regulation. Governments are unable to define an effective labour relations policy, constrained and discouraged by the difficulty in balancing the socio-economic complexity of a developing country. The framework proposed in this paper is a multilevel model, which allows for more efficient and socially effective balance between needs of the firm and the labour. [ABSTRACT FROM AUTHOR]

Purpose — The purpose of this study is the empirical measurement and analysis of economic size and performance of dispersed and clustered small-scale enterprises (SSEs) in India. Design/methodology/approach — Methodology is descriptive and comparative, using a combination of different official databases. Economic size is measured by distribution of SSEs by employment, output, fixed capital investment, and export variables. Measurement of economic performance is focused on output/capital ratio, output/labour ratio, and labour/capital ratio. Findings — The results offer evidence for economic diversity in the size compositions and performance variations of dispersed and clustered SSEs; and bigger economic size and higher economic performance of clustered than dispersed SSEs. Research limitations/implications — Subject to the comparability of economic structure, the results and implications for India are of relevance for promotion and development of clustered SSEs in other developing countries. Practical implications — From the viewpoint of policy formulation, the results offer a strong empirical basis for a cluster approach rather than a dispersed approach for promotion and development of SSEs in India. The cluster approach has implications for establishing linkages between formal and informal SSEs and for elimination of smallness of dispersed SSEs. Originality/value — The paper provides a comparative analysis of economic size and performance of the dispersed and clustered SSEs by consolidating the diverse databases in India. [ABSTRACT FROM AUTHOR]

Purpose - This paper aims to present a review of the main features of India's economic growth and human development during nearly 50 years of India's planned development. Design/methodology/approach - The paper examines all major aspects of India's growth such as growth in net total national product and per capita product, changes in the production and occupational structure resulting from growth, changes in government revenue, infrastructure and social services, in income distribution and in poverty. Findings - Although the growth was uneven and low up to 1980, the country recorded a reasonable and steady improvement in most aspects of growth. Nevertheless the effects of growth have not produced better results in poverty alleviation. Originality/value - Reviews the main features of India's economic growth and human development. [ABSTRACT FROM AUTHOR]

Purpose The purpose of this paper is to investigate convergence hypothesis in a balanced panel of 22 Indian states for the time period of 1980-81 to 2010-11 by applying nonparametric model setting in a panel framework.Design/methodology/approach The present study uses nonparametric and semi-parametric panel data methods to test the absolute and conditional convergence, respectively, and examines the income convergence using nonparametric panel data methods with state specific effects taken into consideration. These models are being estimated by the iterative process for a balanced panel of state wise per capita income and other conditioning variables for the time period of 1980-81 to 2010-11. For removing the fixed effects, the authors follow within transformation procedure according to the feasibility of the problem. Since convergence is estimated by regressing dependent variable on initial level of independent variable (as growth rate of income and per capita income in this case). So using usual transformation for removing the fixed effects is not feasible because by doing so the authors may end up with singular matrices on both sides of the regression model.Findings The results reject the null of parametric specification for both absolute as well as conditional convergence model. As to the outcome of the empirical analysis, the findings reveal that the Indian states are diverging in absolute sense and converging on conditional basis. Convergence happens to be consistent and conditional upon public expenditure, power generation share of primary and tertiary sector to Gross State Domestic Product.Originality/value The originality of the study is in its application of advanced methodology to highlight the model misspecifications while testing the convergence hypothesis in earlier literature. [ABSTRACT FROM AUTHOR]

Purpose — China and India, increasingly referred to as the world's emerging giants among emerging economies, represent the second and fourth largest economies in the world, respectively. This paper seeks to provide a comparative assessment of these two countries on selected measures on economic growth and social development. Design/methodology/approach - The paper's approach is a discussion, providing a brief introduction to the approach taken by India and China in pursuing economic growth and social welfare measures. The discussion then focuses on the relationship between economic liberalization and social development against a backdrop of relevant concepts and arguments from the literature. Comparative profiles of India and China on select dimensions using data from World Economic Indicators and other sources are provided. Findings — The paper finds that it is clear that there are areas where India can learn from China and vice versa. Originality/value — The paper illustrates that these two countries offer a potentially rich and useful canvas for exploring the social implications of free market capitalism. [ABSTRACT FROM AUTHOR]

Purpose — An understanding on the linkages between financial development and economic growth in general and the stock market with economic activity in particular is imperative in emerging economies. The objective of this paper is to find out the causal linkages between stock market and economic activity in India. Design/methodology/approach — The paper applies recently developed Granger non-causality tests by Toda-Yamamota, Dolado and Lutkephol (popularly known as the TYDL model) for an empirical exercise. Findings — The notable finding of the paper is that both the stock price (BSE Sensex) and economic activity (IIP) are integrated of order one, i.e. I(1). The Johansen-Juselius co-integration tests suggest the existence of one co-integrating vector. This rules out spurious relations and suggests the presence of at least one direction of causality. The TYDL model suggests that there is bi-directional causality between stock price and economic activity during the post-liberalization period, implying that a well-developed stock market could enhance economic activity and vice-versa. Research limitations/implications — In the broader framework of financial markets, the presence and role of the stock market is minuscule in the context of India. Despite this, it could play a considerable role in the process of the economic development of the country. However, to analyze the cause and effect relationship between stock market and economic activity, it is essential to analyze the issue in greater detail and depth. The main limitation of the paper is the use of IIP as a proxy for economic activity, which neglects the agricultural sector, being the primary sector in India and also the service sector. This is of course due to the non-availability of GDP data on a monthly basis. Further, a detailed study on the issue could be highly appreciable from the perspective of policy implications. Originality/value — The findings of the paper have some valuable implications. It could give some insight for policy makers about the possible linkages between stock market and the economy. Coming to empirical parts, this is perhaps the first paper in the context of India to apply the TYDL model to examine the relationship between stock price and economic activity. [ABSTRACT FROM AUTHOR]

Purpose — This paper aims to attempt to compare the development strategies and achievements of India and China in the last 50 years and to analyse the challenges lying ahead if the trend continues. Design/methodology/approach — The paper critically evaluates the growth strategies of the two economies. Changes in approaches, achievements and failures are analysed using materials from past research and secondary data. Impacts of economic reform process and economic management capabilities have been evaluated. Critical analysis is the main approach of the paper. Findings — Based on the experiences of economic growth so far with reformed and open economies, India can learn several things from China. China has achieved better results based on investment-driven export-oriented policies that may not be sustainable in the long run. It has so far ignored the socio-political issues, which can have very serious consequences in the future. Relatively slower economic growth in India is based on stronger socio-economic foundations. Mutually beneficial economic cooperation between the two economies and rising interdependence with regional and global powers should provide a better future. Originality/value — The paper provides a comprehensive picture of strategies, outcomes and possibilities. It links past development strategies to future challenges. It may be of value to researchers and policy makers in both economies while considering future directions. [ABSTRACT FROM AUTHOR]

While several studies in regional economics and development economics have repeatedly suggested that selected regions are capable of exerting powerful growth impulses on national growth and development, there are studies in the literature which have raised doubts about the existence of transmitting growth impulses from one region to another. The objectives of this paper are to test whether there are any significant growth-transmission effects across Indian states and to examine whether institutional improvements induced through economic reform have improved such transmission effects. Using data from both pre- and post-1991 economic reform, this study suggests that the growth impulses passing from one state to another have been limited, although it appears to have increased in the post-reform period What is evident from this study is that the structure of the state economies, in terms of their sectoral composition, and the quality of their human capital and infrastructure, is a relevant variable from the policy point of view in boosting the growth spillover effects from the leading to the lagging states. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of the study is to examine the moderating impact of absorptive capacity on the foreign direct investment (FDI)–growth link using the data for the period 1995–2019. Design/methodology/approach: The authors apply the autoregressive distributed lag (ARDL) model and threshold analysis for empirical analysis. Findings: The findings indicate that the link between FDI and economic growth is influenced indirectly by absorptive capacities, such as financial development, institutional quality, technological capability, and trade openness. However, while examining the linear FDI–growth nexus, the authors noticed that human capital and infrastructure did not affect the relationship; when the non-linearity in the link is considered, the authors noted that all absorptive capacities (including human capital and infrastructure), when interacted with FDI, have a positive effect on growth. Furthermore, FDI stimulates growth if the absorptive capacities have exceeded a certain threshold level. Research limitations/implications: From a practical standpoint, it is reasonable to conclude that improving absorptive capacities is critical in order to perceive FDI as a growth driver. Originality/value: India has been able to position itself as a preferred destination for FDI (when the major economies are facing a sharp decline in FDI inflows) despite the Covid-19 pandemic. However, it still suffers from low growth. Although much of the literature admits that absorptive capacity is crucial for FDI to promote growth, no study in the case of India examines FDI–growth nexus conditioned upon absorptive capacity. Moreover, the authors have used threshold analysis for assessing the non-linearities in FDI–growth nexus contingent on absorptive capacity. [ABSTRACT FROM AUTHOR]

Purpose — This paper aims to investigate the possible co-integration and the direction of causality between financial development, international trade and economic growth in India. Design/methodology/approach — Annual data covering the 1965-2004 period have been used to investigate co-integration and Granger causality tests between financial development, international trade, and growth after employing unit root tests to see if the variables under consideration are stationary. Findings — Results reveal that there is a long-run equilibrium relationship between financial development, international trade and real income growth in the case of India. Furthermore, unidirectional causality was investigated that runs from real income to exports and imports, from exports to imports, M2 and domestic credits, from M2 to imports, from imports to domestic credits. Bidirectional causality has also been obtained between real income and M2, and between real income and domestic credits. Finally, no direction of causality has been obtained between M2 and domestic credits. Research limitations/implications — Expanded data can be used for further comparison. Practical implications — This study has shown that the supply-leading and the demand-following hypotheses cannot be inferred for the Indian economy alone themselves. And furthermore, the export-led and the import-led hypotheses again cannot be inferred for the Indian economy based on the sample period, 1965–2004. Originality/value — This study is the first of its kind which investigates the possible co-integration and the direction of causality between the financial development, international trade and economic growth triangle not only in the case of India but also in the relevant literature to the best of one's knowledge. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to test the Malthusian and Kremer theories by exploring the relationship between population and economic growth in a low middle-income economy of India. Design/methodology/approach: The autoregressive distributed lag approach is employed based on the nature of time-series data to achieve the study objectives. In this study, regressand is economic growth measured by real GDP, and the regressors are population growth rate, investment, life expectancy and inflation rate from 1980 to 2018. Findings: Empirical results confirm the applicability of Kremer's theory. In this theory, population growth has a significant and positive impact on economic growth in the short and long run. Moreover, investment and life expectancy variables have a positive and significant impact on economic growth, whereas inflation rate has a negative association with economic growth. Empirical results support the population-growth-driven economic growth hypothesis, which indicates that population growth stimulates economic growth and development. Practical implications: Empirical findings in this study provide guides for management authorities in formulating the right and relatable policies on population growth whilst promoting economic growth and social welfare. Originality/value: Achieving a desirable level of economic growth is the prime objective of every country. The role of the population in the process of economic growth and development cannot be overlooked. Malthus' and Kremer's views are opposite. Extant literature exhibits that scant research has been carried out on this significant topic in developing countries. Therefore, empirically investigating the effect of population on the growth performance of India as a developing country is necessary and will significantly contribute to the literature. Peer review: The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-08-2019-0496 [ABSTRACT FROM AUTHOR]

Purpose Understanding the role of financial intermediaries towards financial development and thereby the growth of an economy, this study aims to examine the long-run relationship between the development of banking and insurance sector and economic growth in India by covering different regimes including the regulated and the liberalized period.Design/methodology/approach For examining the long-run relationship between these sectors, the study uses VAR-VECM technique. Further, Granger causality test is used to check if there is the presence of any causal link among these sectors.Findings The findings clearly indicate long-run relationship between economic growth and the development of banking and insurance sector, while the causality results show demand following relationship in the complete period where there is bi-directional causality in the post-liberalized period from insurance to economic growth.Research limitations/implications As banking development is not found to support economic growth, this raises serious concerns towards the complex role of banks as against theory and demands further analysis to understand their role in an economy.Practical implications As causality pattern has changed from demand following to bi-directional causality, it is vital to understand the importance of liberalization towards the economic growth of the country as well as the contribution of insurance sector towards economic growth in the liberalized environment.Originality/value This is the first effort to empirically explore the relationship between economic growth and the development of banking and insurance sector in India by covering the complete period (regulated and liberalized). [ABSTRACT FROM AUTHOR]