Performance of Indian economy in the post-reform period

2020 ◽  
pp. 93-126
Author(s):  
R. Radhakrishna
Keyword(s):  
Indian Economy ◽  
Reform Period

DIFFERENTIAL OUTPUT ELASTICITY OF EMPLOYMENT DURING POST-ECONOMIC REFORM PERIOD IN THE INDIAN ECONOMY

2011 ◽  
Vol 56 (02) ◽  
pp. 189-202 ◽  
Author(s):  
M. UPENDER
Keyword(s):  
Real Estate ◽  
Private Sector ◽  
Economic Reform ◽  
Absorption Capacity ◽  
Retail Trade ◽  
Series Data ◽  
Constant Elasticity ◽  
Indian Economy ◽  
Output Elasticity ◽  
Reform Period

This paper investigates the sign and size of the differential output elasticity of employment for different industries in the private and public organized sectors of the Indian economy during post-economic reform period. A logarithmic form of demand function for employment, derived from the constant elasticity of substitution production function is estimated. An interaction variable is introduced after having ensured that the employment function has a structural shift by Chow break test. The results based on the time series data from the period 1969–1970 to 2004–2005, show that the positive magnitude of elasticity of employment with respect to output in transport, storage and communications industry is relatively very high, as the differential output elasticity of employment is not only positive but also more than unity followed by wholesale and retail trade and financing, insurance and real estate industries in the private organized sector during the post-economic reform period. This reflects the fact that the labor absorption capacity in the industries of transport, storage and communications, wholesale and retail, financing, insurance and real estate is relatively high. The magnitude of output elasticity of employment in financing, insurance and real estate is relatively high during the post-economic reform period as the differential output elasticity of employment is relatively small as compared to output elasticity of employment during the pre-economic reform period. The labor absorption capacity in private sector during the post-reform period is found to be relatively high as compared to public sector as the differential employment elasticity during the post-reform period in private sector is low. Further the results for the organized sector as a whole illustrate that the output elasticity of employment during the post-reform period is negative on account of negative differential output elasticity of employment showing that the economic growth during the post-reform period is not labor intensive in the Indian economy. Therefore, there is a need to review the sectoral policies to generate additional employment opportunities in the organised sector of the Indian economy.

Impact of Economic Reforms on External Sector

2005 ◽  
Vol 40 (3) ◽  
pp. 72-100
Author(s):  
R.K. Kaundal
Keyword(s):  
Emerging Economies ◽  
High Growth ◽  
Economic Reforms ◽  
High Growth Rate ◽  
Balance Of Payments ◽  
Tariff Protection ◽  
Indian Economy ◽  
Reform Period ◽  
External Sector ◽  
The Impact

The impact of economic reforms on the external sector during the post reform period was extremely successful in meeting the balance of payments crisis of 1990s. These reforms improved the openness of the Indian economy vis-a-vis other emerging economies. Indian economy is more deeply integrated with the world economy today than it was in 1991 as a result of high growth rate of both exports and imports. Much, however, remains to be done. Indian economy is still relatively closed compared to its “peer competitors”. Further reduction to tariff protection and liberalisation of capital flows will enhance the efficiency of the economy and along with reforms of domestic policies will stimulate investment and growth.

scholarly journals Inflationary Trends in India: A Pre and Post Reform Study

2018 ◽  
Vol 9 (2) ◽  
pp. 151-161
Author(s):  
Indu Bala ◽  
Dhiraj Sharma
Keyword(s):  
Considerable Increase ◽  
Indian Economy ◽  
Food Items ◽  
Subsequent Period ◽  
Time Period ◽  
Significant Difference ◽  
Reform Period ◽  
Use Pattern ◽  
Growing Economy ◽  
Set Up

The present paper attempts to explore the nature, trends and patterns of inflation in India during 1980-2016. The selected time period has been trifurcated purposively into three-time spans namely, pre-reform period (1980-90), after reform period (1991-2000) and subsequent period (2001-16). The endeavour of the paper is to examine the dynamics of inflation over the three-time spans from 1980-2016 in the Indian economy. It has been found that the inflation, based on WPI and CPI, is continuously rising since 1980. Up to 1995, the trend in CPI and WPI were same and there was no significant difference between them. However, after 1995, CPI has recorded larger growth as compared to WPI. Such trend has also continued in the subsequent period. The study reveals that this trend may be attributed to change in the composition of WPI and CPI since weights of primary articles have declined in WPI whereas such weights have registered a considerable increase in the categories of manufacturing, fuel and power. The shift in weights overtime provides us with an indicator of the changing production and use pattern of the commodities in the Indian set up. Further, the weights of food items have reduced overtime in case of CPI and such weights have been increased in respect of clothing, housing and fuel. The changes witnessed in weights of CPI are indicators of a growing economy. This study further contributes in the available literature by comparing the patterns of Inflation in Pre and Post-reform Period.

Growth and Development in Pre-reform Period

2021 ◽  
pp. 121-163
Author(s):  
K. L. Datta
Keyword(s):  
Growth Rate ◽  
Growth And Development ◽  
The State ◽  
State Control ◽  
Economic Activities ◽  
Average Growth ◽  
Indian Economy ◽  
Reform Period ◽  
1960S And 1970S ◽  
The 1960S

The first four decades of planning are characterized by rigid state control and regulation on economic activities. This period witnessed the syndrome of low savings–investment and low growth rate. This chapter makes a crtitical assessment of the features of planning and concludes that the state control and regulation retarded the growth rate in this period, especially in industries. Observing that the policies in this four-decade period traversed from forceful attempts by the state to capture the commanding heights of the economy and nationalization of private enterprises in the 1960s and 1970s to initiate measures to widen the scope of the private sector and extending its area of operation in economic activities in the 1980s, it goes on to detail some of the events, which placed the Indian economy on a sound footing despite the average growth rate being low.

The Indian Economy in the Post-Reform Period: Growth without Structural Transformation

China–India ◽  
2014 ◽  
Author(s):  
Kunal Sen
Keyword(s):  
Structural Transformation ◽  
Service Sector ◽  
Work Force ◽  
Domestic Economy ◽  
Agricultural Growth ◽  
Services Sector ◽  
Indian Economy ◽  
Reform Period ◽  
Dualistic Structure ◽  
Asian Context

This paper provides an overview of the key analytical issues relating to India’s domestic economy. It first describes the pattern of growth and structural change in the Indian economy since Independence, highlighting the atypical nature of India’s structural transformation in the Asian context, with slow movement of the work-force from agriculture to manufacturing, and the rapid increase in the service sector. It then examines in turn the pattern of economic change in agriculture, manufacturing and services since the beginning of economic reforms in the 1990s, noting in particular the prevailing stagnation in agricultural growth, and an increase in the dualistic structure of manufacturing, along with the emergence of an export-oriented highly skilled segment of the services sector. It discusses the nature of urbanisation, and highlights the puzzle of slowing urbanisation in India. Finally, it revisits the debate around the causes of India’s growth acceleration, arguing that India’s growth acceleration suggest a more complex causal story than has been commonly portrayed in scholarly writings.

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