Poonam Gupta (Indian Council for Research on International Economic Rela) Rana Hasan (Indian Council for Research on International Economic Rela) Utsav Kumar (Indian Council for Research on International Economic Rela)
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India has undertaken extensive reforms in its manufacturing sector in the last two decades. However, an acceleration of growth in manufacturing, and a concomitant increase in employment, has eluded India. What might be holding the sector back? Using Annual Survey of Industries data at the three-digit level and difference in estimates this paper finds that the post-reform performance of the manufacturing sector is heterogeneous across industries. In particular, industries dependent on infrastructure or external finance, and labour-intensive industries have not been able to reap the maximum benefits of reforms. The results point to the importance of infrastructure development and financial sector development for the manufacturing sector's growth to accelerate further. They also emphasize the need to clearly identify and address the factors inhibiting the growth of labour-intensive industries.
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Length: 46 Pages Date of creation: Date of revision: Handle: RePEc:ind:icrier:211
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Find related papers by JEL classification: G1 - Financial Economics - - General Financial Markets H5 - Public Economics - - National Government Expenditures and Related Policies L5 - Industrial Organization - - Regulation and Industrial Policy L6 - Industrial Organization - - Industry Studies: Manufacturing O2 - Economic Development, Technological Change, and Growth - - Development Planning and Policy
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Raghuram G. Rajan & Luigi Zingales, .
"Financial Dependence and Growth,"
CRSP working papers
344, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
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