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The paper explores the complex interplay between economic development and environmental sustainability in the context of India's pursuit of the Sustainable Development Goals (SDGs). It examines the inherent contradictions and trade-offs involved, particularly in agriculture, industrialisation, and infrastructure sectors. The paper highlights how economic growth, essential for improving living standards, often conflicts with environmental objectives. The paper underscores the importance of integrating economic, environmental, and social objectives to achieve a sustainable and inclusive future for India. [ABSTRACT FROM AUTHOR]

Existing studies have examined only the unidirectional impact of cultural diversity on the economic performance of countries, regions, and cities, not the other ways. They have assumed the diversity as given, while it may also grow, due to in-migration of workers and entrepreneurs, with economic growth and may be dependent on it. This paper models diversity and economic growth in a bi-directional causal frame and demonstrates that economic growth has a substantial impact on religious, language, and overall cultural diversities in the major states of India. However, the Granger causality between economic growth to language diversity and overall cultural diversity is found to be stronger and more widespread across the states than the causality from economic growth to religious diversity. The findings of this paper may have significant theoretical and empirical implications, as mainly the unidirectional way the impact of cultural diversity on economic growth has been advocated and the empirical studies have been modelled to date. [ABSTRACT FROM AUTHOR]

The relationship between financial development and economic growth remains an enigma for the economists. Extensive review of the literature points out conflicting empirical evidence. Results also vary depending on the choice of indicators, stage of development of the economy and kinds of tests used. The present paper has explored the complex relationship between financial development and economic growth in India. The Indian banking sector is now well developed and the stock market also competes well with leading economies in terms of technological development, timely settlements, etc. However, it is still not clear whether India is integrated with the world financial markets or it is decoupled from it; as was experienced during the 2008 US financial crises. The paper has used appropriate indicators of financial development and the real economy to understand the relationship. The data has been analyzed using appropriate econometric techniques after testing for stationarity and cointegration. ECM has also been conducted to explore the direction of relationship between indicators of economic growth and financial development. [ABSTRACT FROM AUTHOR]

This paper examines the impacts of trade openness, GDP per capita, and urbanization air pollution. It takes into consideration data on India during the period 1961-2017 to see how trade openness, GDP per capita growth, urbanization have impacted CO2 emissions. To test for the existence of an inverted U shaped hypothesis, U-test is used in this paper. The data is subjected to various econometric tests, including unit root test, optimal lag test before applying the Johansen test for co-integration to understand the long-run relationship between the above variable. Then the unrestricted VAR model and Wald test are used to find the short-run causality between the variables under analysis. Further, to observe variation in an endogenous variable into the component shocks to the VAR, variance decomposition of the CO2emission is observed. [ABSTRACT FROM AUTHOR]

This paper intends to know the impact of information and communication technology (ICT) on the economic progress and renewable energy consumptions in two Asian economic giants namely India and China. To achieve the objectives, generalised method of moments (GMM) and pooled ordinary least square (OLS), fixed effect and random effect models have been applied using yearly panel data of individuals using internet as ICT, growth rate of gross domestic product (GDP) as economic progress, electric power consumption as energy consumptions and foreign direct investment (FDI). This study observes significantly positive impact of ICT on renewable energy consumptions while negative and insignificant impact on the economic progress in India and China. It is observed that countries are similar in renewable energy expansion, time spent on internet, electricity generation and policy support for renewable energy generation while they significantly differ in the number of internet subscribers, internet-based entrepreneurships and sources of renewable energy. This study proposes to apply ICT in all possible sectors to boost-up economic growth as well as to enhance the demand for renewable energy consumptions. [ABSTRACT FROM AUTHOR]

There is an increasing policy focus on India’s demographic potential and associated growth benefits. This paper provides empirical evidence regarding the net growth benefits derived from an increased share of working-age population in India. The analysis adopts decomposition and econometric methods, using data at the state and national level in India, to robustly test the nature and magnitude of the demographic dividend in India. We find that the Indian economy is drawing significant benefits from the ongoing process of demographic transition, with dividend effects estimated to be over one percentage point per annum during 1980-2010. However, to derive high growth from the demographic potential would require tackling some of the growth constraints. The paper discusses ways in which these constraints can be addressed to fully tap the potential of demographic dividend. [ABSTRACT FROM AUTHOR]

This paper studies the impact of the development of social sector on the long-run economic growth in the Indian states during 1990-1991 to 2017-2018. It is observed that different States in India are not only spending unequally on social sector activities, but also are giving unequal importance to different components constituting the social sector. This has widened a disparity in the level of social sector development which might have led to an inequality in the human resource development and consequential disproportionate economic growth across the Indian States. The findings of this study have predicted a convergence in the social sector development across the Indian States. In this perspective, the findings of long-run analysis support the existence of an equilibrium relationship between social sector development and economic growth in the country. In addition, public expenditure on the sub-sectors such as family welfare and medical and public health, housing and urban development, water supply and sanitation, and social security and welfare have been found to exert a positive impact on the economic growth of Indian states in the long-run. The findings are critical for the policy circle designing programmes and schemes for the development of social sector to ensure inclusive growth. [ABSTRACT FROM AUTHOR]

The aim of the study is to find out the impact of corruption on Foreign Direct Investment (FDI) inflows and economic growth of India. Economic growth and FDI are two of the important factors showing the development scenario in developing economies like India. At the same time, corruption continues to be one of the greatest impediments to economic and social development in these economies. The present paper examines the effects of corruption on FDI inflows and economic growth by using secondary data over the period of 1995 to 2017. Ordinary Least Squares regression has been applied as the main technique for the study. The present study contributes to the existing literature by defining the relationship between corruption, FDI inflows and economic growth in Indian aspect. Further, an endeavor has been made to comprehend that how corruption influences FDI decision and economic growth of Indian economy. [ABSTRACT FROM AUTHOR]

The empirical relationship between trade openness and economic growth of India has been a debatable issue. The existing literature fails to provide an unambiguous answer. The paper examines this empirical relationship for the time period 1970-2010 using Vector Autoregression method and demonstrates that the relationship has evolved over time following the regime change in the early 1980s when the Indian economy started to move from a state-led growth model to a pro-market regime. Therefore, any assumption of a static trade-growth nexus may lead to inaccurate findings. Our econometric results indicate that growth in trade volumes accelerates economic growth of India since 1980-81 onwards. We do not find evidence of any significant association between trade barriers and growth. [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]

Developing economies like India, China, and various African nations have increasingly been looking at foreign direct investment (FDI) flows as a source of economic growth, raising per capita income, reducing unemployment, and thus finally alleviating poverty. However, the positive impact of such openness remains a matter of debate. Hence, this paper aims to ascertain whether FDI flows play a role in reducing depth as well as intensity of poverty using time series data spanning from 1981-2012 for India. The regression analysis reveals that increased FDI inflows are associated with a lower poverty count, in both the measures that are Headcount Poverty as well as Poverty Gap. In the second model of (OLS), agricultural incomes seem to elevate households out of poverty but fail to bridge the divide between the incomes of the people below poverty line and the average incomes. Thus, the study suggests that bringing more FDI flows is no perfect recipe for alleviating poverty, but it can have a positive impact on poverty reduction, provided that desired mechanisms are in place in the host country to have these positive effects. [ABSTRACT FROM AUTHOR]

This paper examines the impact of financial development, economic growth and income inequality on poverty in India from 1970 to 2015 by employing the autoregressive distributed lag (ARDL) bounds testing procedure. The findings reveal a robust long-run relationship between financial development, economic growth, inequality and poverty. Results show that financial development and economic growth help in poverty reduction in India, whereas income inequality and inflation aggravate poverty. Empirical evidence of the Granger-causality test supports the presence of unidirectional causality from financial development and economic growth to poverty. Moreover, bidirectional causality exists between inequality and poverty. The present study provides evidence on which the policymakers may proceed with detailed investigation of how specific financial sector policies and interventions can be deployed as effective instruments for achieving favorable economic growth and income distribution. The study recommends that policies geared toward increasing financial development and economic growth should be adopted to reduce the high level of poverty and inequality currently prevailing in India. [ABSTRACT FROM AUTHOR]

This paper gives an overview of key innovations for financial system reforms undertaken by successive governments in India since the 1990s. These are namely liberalisation, demonetisation, digitisation and implementation of GST. Out of these digitisation, demonetisation and implementation of GST demonetisation have been claimed as disruptive innovations by the experts. We examine the impact of innovations such as financial liberalisation, digitisation and demonetisation on some key macro-economic parameters of economic growth in India through available literature and secondary data. The analysis is done over a period of 1970-2014 to test whether innovations such as digitisation and demonetisation had a statistically significant impact on the economy. [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]

With the rising concern towards climate change, developing countries are moving towards Renewable Energy sources. By promoting the use of renewable energy, we can enhance the sustainable environment for livelihood and assist in economic growth. This paper focuses on the role of renewable energy in the economic growth of India. It focuses on the government policy framework for renewable energy development and its reflections on the increase in the economic growth of the country. [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]

The ambitious "Make in India" campaign was unveiled on 25th September 2014 with an aim to turn India into a global manufacturing hub. It is a major national program designed to facilitate investment, foster innovation, enhance skill development, protect intellectual property and build best-in-class manufacturing infrastructure. In order to resonate well with the "Make in India" program, it was imperative that certain tax incentives are offered to investors that will go on a long way in providing the much-needed impetus to the manufacturing sector. The present study highlights some of the key incentives, which are already provided in the Income tax Act, 1961 (the Act) along with recommendations for the future. To aid Make in India, some basic needs like well built pan India infrastructure, simple tax and transfer pricing regulations, exemption of tax on IT Companies and Research &Development budgets are essential. The present paper explores the impact of one of the largest tax reforms GST on Make in India. This reform is most likely to incentivise Indian manufacturing by removing cascading and simplifying current complex indirect tax structure. "Make in India" is an important initiative meant for promoting manufacturing and generating employment, but its successful implementation will require a stable and proper fiscal setup both at the Centre and State besides an industry friendly environment. This paper explores the emerging tax trends across the globe. It also discusses the policy and administrative reform measures needed for a stable, certain, less litigious and facilitative tax environment in India that supports investments and growth through Make in India. [ABSTRACT FROM AUTHOR]

Pension funds control relatively large amounts of capital and represent the largest institutional investors in many nations. The economic role of pension funds is considerable and well acknowledged. They cover half of the labor force and represent majority of the financial assets of the entire household sector. Pension funds may enhance economic growth by increasing the aggregate level of savings available for investment. The economic impact of pension funds is most noticeable in the channeling of funds to capital markets and the re-distribution of income. Considering the importance of saving on capital formation and economic stability the impact on saving becomes particularly significant. A saving level change resulting from pension contributions could have far reaching implications in terms of national stability. Pension reforms in India have generated widespread interest internationally. In the past few years there have been tremendous changes in pension funds in India. The paper highlights the major concerns of pension sector and their overall impact on 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]

This paper evaluates the case for inflation targeting (IT) in India. It states the objectives of monetary policy in India and argues that, with widespread poverty still present, inflation control cannot be an exclusive concern of monetary policy. The rationale for IT is spelt out and found to be incomplete. The paper provides some evidence on the effects of IT in developed and transition economies and argues that although IT may have been responsible for maintaining a low inflation regime, it has not brought down the inflation rate itself substantially and or changed the volatility of the exchange rate. Output movements in transition countries adopting IT have been higher than in developed market economies. I discuss India's experience with using nominal targets for monetary policy and why India is not ready for IT. Further, even if India's central bank wanted to, it could not pursue IT because the short-term interest rate does not have a significant effect on inflation. The paper concludes by listing monetary policy options for India. [ABSTRACT FROM AUTHOR]

This paper formulates a growth model to study the interlinkages among quality of schooling, human capital and technical progress of a stylised developing economy such as India. The simulation results reveal that under the technology regimes of innovation and imitation, the quality of schooling triggers a child quantity–quality trade-off wherein parents invest in educating their children and bear lesser number of children when schooling quality exceeds an endogenously determined threshold. Consequently, the stylised economy reaches a self-sustaining growth path under both the regimes by investing in human capital of the young generation in the long run. [ABSTRACT FROM AUTHOR]

The South Asian countries formed the regional trade bloc namely South Asian Association for Regional Cooperation (SAARC) with the aim to promote regional economic cooperation through multilateral engagements. India which comes to be the largest economy in the SAARC has posted impressive economic growth in the last decades. As of now India stands major contributor to the exports and imports to/from South Asia, having trade surplus with all other countries from the region. In this backdrop, this paper presents the facts on India's role in the economic development of South Asia region while testing the potential spillovers of India's trade and economic growth. We utilize Autoregressive distributed lag (ARDL) bound test procedure for short and long run causal relations during the period 1990–2016, hence raising the quality of statistical inference. The results highlight that the economic growth and regional trade of India are found significant short and long run spillovers on the economic growth of Bangladesh, Sri Lanka, Nepal and Bhutan. The results are highly insightful for policy implication which raises the attention towards the greater degree of trade openness for balanced economic development in the region. India can act as engine of growth, and thus requires to play key role in pushing forward the SAARC objectives through political and diplomatic engagements. [ABSTRACT FROM AUTHOR]

This paper investigates the dynamic relationships between physical infrastructure, financial development and economic growth in the case of India, using the autoregressive distributed lag and the Toda–Yamamoto causality approach for the period 1980 to 2016. A physical infrastructure index and a financial development index are constructed using the principal component analysis. The empirical results suggest that physical infrastructure has a positive effect on economic growth both in the long run and short run, whereas financial development, although significant, has a weak impact on economic growth. The causality test supports a bidirectional causal relationship between infrastructure development and economic growth, while it finds unidirectional causation running from economic growth to financial development. As India is aiming for higher growth for a sustained period, our results suggest that there is a need for government intervention in expanding the physical infrastructure and this, in turn, could lead to economic growth as well as financial sector development. [ABSTRACT FROM AUTHOR]

Human development is considered to be the ultimate objective of development, with economic growth as a means to achieve it (Ranis et al. in World Dev 28(2):197–219, 2001). Development stands to be justified when it is equipped with good employment opportunities. Employment provides the means for meeting the income and subsistence needs of the individuals and their families, which fulfils the goal of overall and equitable development (Mathew in Int Labour Rev 154:497–518, 2015). Employment levels would rise when there is sufficient and efficient human capital. Human capital establishes an interconnection between employment and development. The relationship between education and employment is better understood through the labour market, which has a mediating role in influencing educational choices and employment prospects. Against this background, this paper tries to examine the interlinkages between human development, economic growth and employment situation in India with special reference to females in Kerala. Using secondary data, this paper tries to address primarily two objectives: firstly, to examine the relationship between educational attainment, employment and economic growth in India and secondly, to explore the trends and pattern in female employment state-wise with the main focus on Kerala. There exists a huge mismatch between the demand and supply gap among labour force in all Indian states. Employment trends in India, and in particular, women's employment, have been an issue of considerable discussion in scholarly writings over the last few years. Extensive literature review and data suggest that though there has been a constant rise in the educational level of women in India, the employment rates have not raised at a similar pace. Kerala, the most literate state of the country, shows an identical picture among higher educated women where unemployment rate is as high as 20–30%. Women's individual job preferences, overall high unemployment in the economy, family constraints, lack of adequate skills and discouraged worker effect are some of the probable reasons for high unemployment among females. The study concludes that "Kerala model of development," on the basis of its impressive historical accomplishment in social and human development indicators, is definitely praiseworthy but not to be replicated. It is so because though the model has surpassed every state in terms of human development indicators, it showed a development trajectory by fostering unemployment rates, especially in terms of female participation. Therefore, the study suggests that in order to achieve holistic development, there is an urgent need to understand the basic requirement of a particular state. Considering female employment, the study evokes creation of an environment that promotes women to join workforce and thereby attain economic growth. States such as Kerala which have a large pool of educated women must develop policies which aim towards enhancing their employability skills so that the benefits of human capital can be obtained. [ABSTRACT FROM AUTHOR]

Understanding the causality between energy consumption, carbon emissions and economic growth is helpful for policymakers to formulate energy, environmental and economic policies. For the first time, based on nonlinear dynamics, this paper employs multispatial convergent cross mapping (CCM) to revisit the energy-carbon-economy causation for China, India and the G7 countries using both aggregate data and per capita data. The findings indicate that there are significant differences between developing countries and developed countries. A bidirectional nexus between energy consumption, carbon emissions and economic growth is found in China and India, but various causal relationships are identified in the G7 countries, including bidirectional, unidirectional and neutral nexus. The results confirm that the decoupling phenomenon is common in most G7 countries. By leveraging a variety of samples and a new approach, this study provides new evidence for policy authorities to formulate country-specific policies to obtain better environmental quality while achieving sustainable economic growth. [ABSTRACT FROM AUTHOR]

This paper aims to present the theoretical aspects related to international trade and its role in the development of the two economic giants: China and India, as well as the contribution of the above-mentioned countries to the world economy. This issue is considered as topical as international trade has become a primary component of economic activity in most countries. Over time, developing economies such as China and India have made their presence felt in the global economy and have become the factors of its growth. Among other developing countries, China and India are distinguished by a faster growth of the economy. India, due to its distinct development strategy, has the potential to economically influence the activities of the global economy in the years to come even more than China. Respectively, another point that draws attention to this topic is the emergence of China and India as new poles of trade, innovation and growth alongside the USA, Japan and the EU. To analyze the commercial performance in the two countries over the last 20 years, it is necessary to examine their commercial patterns. Although both countries have high openness ratios, they have different trade balances. In the case study, the indicators and external economic activity of these countries will be compared. For this, it is necessary to analyze, assess and compare the magnitude of the international activities of these superpowers. [ABSTRACT FROM AUTHOR]

Foreign Direct Investment is considered to be one of the major contributors to the growth of economies thus attracting researcher’s attention to this area. FDI is well known for driving economic growth thus this paper attempts to investigate the impact of Foreign Direct Investment on the Economic Growth of India. FDI is assumed to be a crucial driving force of the economic growth of the nation. However, empirical evidence shows mixed results. We aim to establish both the long and short-term impact of FDI on growth. Time series data for two decades ranging between the time period from 1991 to 2020 has been used and results reveal there is a significant influence of FDI on economic growth in the long run, also in the short run FDI directly as well as indirectly affects the growth via its integration with human capital. [ABSTRACT FROM AUTHOR]

One of the strategies for achieving sustainable development goals is to close the gap between environmental vulnerability and economic progress (SDGs). The significance of renewable energy in harmonizing environmental and economic conditions is becoming a touchy subject in current debates. Against this backdrop, the major objective of this paper is to assess whether economic growth and environmental sustainability can promote renewable energy consumption in the Indian economy by using ARDL and Novel Dynamic ARDL estimation techniques. The results obtained from both the methodology shows that rising efficiency in the economic growth coupled with environmental sustainability leads to an increase in renewable energy consumption. We also find, from the frequency domain causality test, that there is a unidirectional causality between renewable energy consumption and economic growth & renewable energy consumption and environmental sustainability in both the short- and long run. The former causation validating the conservation hypothesis for the Indian economy. [ABSTRACT FROM AUTHOR]

This paper investigates the causal relations between foreign direct investment and economic growth in a developing country like India. The analysis has been made under Johansen's Cointegration framework based on 21 years of data covering the post reform era of the country. The Cointegration analysis finds strong positive relation between FDI and economic growth in India. The study concludes with a suggestion that the policy makers in India should develop investor friendly environment conducive for attracting more amount of capital from the developed world. [ABSTRACT FROM AUTHOR]

The relationship between rainfall variability and economic growth is complex, and tends to be significant in economies like India where agriculture plays a major role in economic output and food security. This paper seeks to provide insight into this relationship using Indian state-level economic and rainfall data from 1961 to 2012. We examine all 15 Indian states with populations exceeding 20m as of 2000, totalling 920m people, about 12% of the global population. Physical and human geography vary greatly between, and even within, these states, reflecting the global range of water security challenges and providing an analogue for a range of global economic development and environmental conditions. We identify three patterns of interdependence between rainfall variability and economic growth: i) Continuous Correlation of rainfall and economic growth rates, ii) Decayed Correlation from a significant to an insignificant relationship, and iii) Never Correlated i.e. no significant observable correlation between rainfall and growth. Sensitivity to rainfall variability is somewhat less in wetter states. Investment in irrigation infrastructure has helped states to reduce their economic sensitivity to rainfall variability, with three of the four states that have Decayed Correlation of growth with rainfall having the highest percentage expansion in irrigated areas of the 15 states. Greater use of groundwater supplies (rather than surface water) does not, however, appear to influence the sensitivity of economic growth to rainfall variability. The relationship between rainfall-growth correlation and long term income is complex; states which are correlated generally appear to be growing faster than states which are not correlated, but that growth is occurring from a lower per capita income level. Finally, confirming national trends for India, the paper does not find that economic diversification away from agriculture has reduced economic sensitivity to rainfall variability. The observation that growth in economically-diversified states can still be dependent on rainfall invites further research into the ways in which rainfall either directly, or through other hydro-climatic variables, influences the general economy. [ABSTRACT FROM AUTHOR]

There exists an enormous interest in clarification of the relationship between education and economic growth. Over the past 30 years, there have been conducted studies by economists about the connection between education and economic growth. There are actually many publications which provide strong evidence that suggests a correlation between the two. This paper attempts to build upon previous publications and to introduce a unique insight along with contemporary evidence about the relationship between education and economic growth in India from 1975 to 2016 by foc using on primary, secondary and tertiary levels of education. The relationships are examined by utilization of econometric estimations with the Granger Causality Method and the Cointegration Method. These methods are used to create models that could shed light on the claim that education plays a central and significant role in economic growth of India which could consequently be used as an example for similar countries in Asia or around the world. The findings of this work show that there is compelling evidence proving a positive connection between education levels and economic growth in India which might influence governmental actions and shape the future of India. [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 – 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]

The main objective of this paper is to examine the role of Foreign Direct Investment (FDI) in promoting the growth of the economy via export promotion by using the annual data from 1979–80 to 2000–01. This study uses the Johansen co-integration test and the results demonstrate that there is a long run relationship between Gross Domestic Product (GDP), FDI and Export (EX). The same relationship is also established when the Index of Industrial Production (IIP) replaces GDP. However, the positive elasticity coefficients between FDI, GDP and FDI, IIP are less than the positive elasticity coefficient between EX, GDP and EX, IIP. It implies that EX plays a comparatively better role in the growth of the Indian economy than FDI. Thus, on the eve of India's plan for further opening up of the economy, it is advisable to open up the export-oriented sectors so that a higher growth of the economy can be achieved through the growth of these sectors. [ABSTRACT FROM AUTHOR]

This research focuses on innovation capability and looks into how it has become a critical driving force for economic progress. Innovation is frequently viewed as one among the driving forces behind any country's long-term economic prosperity Innovation is critical to achieving long-term, sustainable growth. The main objective of this article is to look into the impact of innovation in India's economic development and compare it with nations like South Korea, Finland and Japan on selected innovation parameters to see India's readiness towards knowledge-based economy. These countries' governments must play a big role in reforming the innovation system to make it more adaptable to economic development, with a focus on R&D. The term "innovation" is used in this study to refer to both the production of new goods and services as well as the inventive process of creating goods and services. This study's primary source is the World Bank's data bank. The variables were studied using time series data. Research and Development expenditure, Researchers per 1000, FDI Outflow, FDI Inflow are the key variables employed in this study to interpret economic growth. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to define the resourceshuman and material of India, layout the opportunities of economic growth that utilize the capabilities of the people of India and her resources optimally. The analysis will be based on the principles of management or the three steps of management, namely: 1. Plan-identify the avenues of growth, resources at hand or to be developed, and the leadership, 2. Design-the strategy and process and 3. Evaluate, Execute and Amend. In this process, we hope to summon all elements of management such as accounting and finance, human resource management, administrative theory, marketing and supply chain management. [ABSTRACT FROM AUTHOR]

This paper investigates the long run relationship between military expenditures and economic growth in case of Pakistan and India using ARDL bounds testing approach for cointegration and Clemente-Montanes-Reyes approach for unit roots keeping structural breaks in a longer time series data. The study confirms the positive relationship between military expenditures and economic growth at the initial stages and then a negative relationship after a critical point for both countries. The short run results also confirm that the military expenditures can explain the per capita GDP in the short run. Importantly, the causality runs from military expenditures to GDP. [ABSTRACT FROM AUTHOR]

India is a predominantly agricultural economy. The weakness of this economy is that it is still dependent on the vagaries of monsoon. If the monsoon fails it spells doom in the rural economy that somehow affects the urban economy too. It would not be wrong to say that being an agrarian economy, it is the rural economy that drives India’s urban economy. The government has understood this link and appreciates that crop failure can adversely affect the very growth of the Indian Economy. This has actually happened when monsoon has failed on two consecutive occasions and 10states have been under severe drought conditions and crop failure has been massive. The result if the entire economy started suffering due to severe water scarcity and crop failure. The rural expenditure has fallen, causing a decline in rural demand. Looking at this pressure and the overall importance of the rural economy, the government has announced Crop Insurance Scheme to revive the rural demand and helping revive the economic growth. This paper makes an attempt to look at this issue. It also explores the concept of weather derivatives and its significance in Indian context. [ABSTRACT FROM AUTHOR]

Industrialization plays an important role in the economic growth of underdeveloped countries like India. The rate of growth of India economy can be accelerated by increasing income, output and employment through industrial development. In India, industries witnessed very little growth before 1951. But in post independence era, government graves a lot of importance to the industrial development. Since 1951, industrial development in India has taken place mainly in wide diversification of industrial base, development of public sector, restricted import and less dependence on them, globalization of industries and their progressive privatization. Through this paper, we studied the growth rate of industrial production in post independence era. We also measured the growth of eight core industries. Further, this study analyzed the industrial development during five year plans in India. [ABSTRACT FROM AUTHOR]

Using data on major Indian states during 2001–2014, the paper analyzes the impact of AIM (Aadhaar, Inclusion and Mobile) trinity on economic growth. Using advanced panel data techniques, the evidence suggests that mobile penetration exerts a positive and statistically significant impact on economic growth. In addition, there exist strong complementarities between mobile telephony and financial inclusion. The magnitude of the complementarity is significantly higher in case of financial use as compared with financial access. In addition, the evidence points to the fact that biometric identification process (Aadhaar) is making its impact felt on financial inclusion, primarily by improving financial access. [ABSTRACT FROM AUTHOR]

This paper examines the sources of economic growth in Indian economy since the 1980s, with particular focus on the role of information and communication technology (ICT). The impact of ICT on economic growth is analyzed via two main channels. The direct contribution of ICT investment to aggregate economy and manufacturing growth, and the indirect impact of ICT on Total Factor Productivity Growth (TFPG) in ICT using and ICT producing sectors. The results suggest an increasing role of ICT investment in driving aggregate economic growth in India, though largely limited to the service sector. Moreover, the economy has not been successful in spreading the ICT spillover effect across the board, thus limiting the productivity gain from ICT use. Whereas we see an improving productivity growth in ICT using market services and their contribution to aggregate productivity growth, the manufacturing sectors lags quite behind. Indeed, India׳s export oriented ICT sector has helped gain efficiency improvement in its fast growing service economy, while there is still large potential for ICT use in the manufacturing sector. The paper opens further avenues for improving the data on ICT investment, and also stresses the need for more detailed sectoral analysis of the impact of ICT on economic growth, treating computer related and software services separately. [ABSTRACT FROM AUTHOR]