Economic Studies - Research Publications

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    Technological Intensity of Indian Exports and the Performance of Emerging Asian Economies
    (Sage Publication, 2018) Fayaz; Kaur, Sandeep
    The increasing share of technological-intensive products in the world trade has recognized technology and technological capabilities as a major factor for competitiveness and growth. Notably, the emerging countries are progressively becoming the exporters of the products that are technologically more intensive. Thus, the current study presents an analysis of Indian exports and the performance of emerging Asian economies in terms of technological intensity over the period 1980–2016. The study shows that the exports of all the said emerging economies have a large technological base owing to their significant investments in R&D and open-door policies. While the figures of India also show a steady though slow technological upgradation from low-tech to medium-tech and high-tech exports but when compared to the standards of these emerging economies, they are low. Thus, in order to increase the technological intensity of its exports, there is a need to invest more in high-tech and medium-tech R&D activities and overcome the technological barriers. There is also a need to devise the policies that would make a favorable environment for attracting more outward-oriented foreign direct investment (FDI).
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    Why is the Labour Force Participation of Women Declining in India?
    (Elsevier Ltd, 2017) Mehrotra, S.; Parida, J.K.
    This paper explores the recent fall in female labour force participation and its socio-economic determinants in India. The major contribution of this paper is: to explore both micro- and macro-level factors which determine female labour force participation rate (LFPR); to examine the ?U shape? female LFPR, by examining the likely income and substitution effects of the real wage increase, to identify the sub-sectors within manufacturing and service sectors that could create jobs for new female job aspirants and those older women displaced from agriculture in recent years; and thus to understand the conditions under which female LFPR could be raised. Using both macro-level and household survey (NSS) data, we find that the recent fillip in the process of structural transformation has pushed a large number of females out of agriculture. The growing mechanization in agriculture and rising capital intensity in manufacturing sectors together have limited the opportunity for females because of their low education and skill and due to other cultural constraints. We also found that the rise in real wages in rural areas and the consequent improvement in the standard of living has produced a strong negative income effect which outweighs the positive substitution effect and as a result female LFPR has declined substantially. However, with the massive increase in female enrollment in secondary and higher levels of education, it could be expected that the substitution effect of the increase in real wage would become stronger if appropriate measures are taken by the government, which are suggested. ? 2017 Elsevier Ltd
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    Whether fdi or exports enhance innovation: Evidence from indian manufacturing firms, 2001-2012
    (Universidade de Santiago de Compostela, 2017) Singh, K.; Bhatia, S.K.
    The economic reforms of 1991 resulted in an increased inflow of FDI into the Indian economy. However, for the invention of new techniques and skills, there is a great need to invest on RandD, requires a huge amount of capital, which can be available through FDI inflows. Technology has been imported in heavy amount after the implementation of liberalization policies. Therefore, the present study intends to know whether FDI contributes to the Indian manufacturing sector through RandD or not. The average growth of the manufacturing sector in India (7.93 per cent) has been found considerably higher during the second decade of reforms (2001-2012) as compared to first decade reforms (1991-2000). In the context of this, the present study has tried to examine the trends and patterns of FDI and RandD in manufacturing firms of India during the second decade of reforms (2001-12) and also, to analyze the impact of FDI and exports on RandD in manufacturing firms of India through fixed effect model. The results suggest that RandD has been significantly impacted by the import of capital goods, foreign equity, disembodied technology, and export intensity during the second decade of liberalization period. The present study suggests that greater approvals for foreign capital inflows are required in India, for enhancing the RandD in the manufacturing sector. There must be an appropriate coordination between public and private sector, which can improve the RandD expenditure of manufacturing firms of India. ? 2017, Universidade de Santiago de Compostela. All rights reserved.
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    Trends , Patterns and Determinants of Indian Current Account Deficit
    (Euro-American Association of Economic Development Studies, 2016) Fayaz, Mohd; Bhatia, Sandeep Kaur
    India’s current account experience deteriorated due to its large dependence on imports and un-competitiveness of exports. The relation between external and internal balances, with deficit in specific, deserves significant attention. Thus to understand the factors influencing current account is important for better designing the policies aiming at sustainable Current Account Deficit (CAD). In this direction, the present study is an endeavour to enrich the existing literature on the trends, patterns and determinants of current account deficit in India since 1996. The study adopts Johansen Cointegration approach to identify long-run relationship and uses Vector Error Correction Model (VECM) to identify short-run relationship. The results of Johansen Cointegration test indicates the existence of long-run equilibrium relationship between the current account and the variables of interest, implying that India’s current account is influenced by these factors. On the basis of the empirical results, study concluded that continuously increasing Net Foreign Assets (NFAs) will lead to the betterment of the current account while, increase in imports encompassing exchange rate deterioration will keep on mounting pressure on CAD of India.
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    Nexus Between Energy Consumption and Economic Growth: Empirical Evidence From India
    (Asian Journals of Advance Studies, 2017) Habib, Musavir Ul; Mishra, P. K.
    Energy consumption has assumed an indispensible importance in the modern era as it plays a significant role in national production and human development. In particular, the importance of electricity consumption in socio-economic development of a nation cannot be overemphasized. The shortages in the electricity supplies retard the economic growth as most of the economic activities can’t be undertaken altogether due to power outages. In this context, this paper examines the nexus between electricity consumption and economic growth of India for the period 1971 to 2014 by incorporating the energy as measured by electricity consumption in the Mankew-Romer-Weil empirical model of economic growth. The use of Toda-Yamamoto Granger non-causality test lends to support the conservation hypothesis that economic growth is the driver of energy consumption. Thus, the implication is that the energy conservation policy can be adopted without having adverse effects on economic growth of India.
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    Education and Skills as Catalyst for Sustainable Growth in India
    (Pedagogy of Learning, 2017) Mishra, P. K.; Mishra, S.K.
    Skill development plays an important role towards achieving faster, sustainable and inclusive growth and making the country’s youth employable. Countries with higher and better levels of skills adjust more effectively to the challenges and opportunities of growth in globalized world. In a developing country like India, the recent consensus among the economists, academicians, planners and policy makers is that education and skills can be mobilized for attaining sustainable development. The primary goal is to impart quality based and skill loaded education to all. This paper is an effort to provide empirical evidence for the relationship that exists between education/skills and economic growth in India. Using statistical tools, the study provides the evidence of the existence of strong association between education/skills and economic growth. However, for sustainability of this linkage well neat plans and policies are needed. The GoI has also been giving utmost importance to it in all its recent days’ schemes and programmes meant for upward mobility of the society at large.