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Manufacturing Growth and Liberalisation in India (1960-1999): A Demand Side Analysis

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Author Info
Rahul Shastri (National Akademi of Development)

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Abstract

The trend in manufacturing has not shifted post-91. Liberalisation shares in the high trend phase in manufacturing, that was ushered in after 1981, which continued even after 1991. Liberalisation however, seems to have changed the structure of demand responses of manufacturing output. In contrast to pre-liberalisation years, after 1991, manufacturing growth seems to have become highly sensitive to growth in personal consumption expenditure. After 1991, a one percentage point increase in personal consumption expenditure seems to change manufacturing growth by nearly 2 percentage points! Liberalisation also seems to have increased the responsiveness of manufacturing growth to fluctuations in growth of gross capital formation and exports. However, the increase in responsiveness to changes in export growth is not statistically significant.

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File URL: http://129.3.20.41/eps/io/papers/0504/0504018.pdf
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Publisher Info
Paper provided by EconWPA in its series Industrial Organization with number 0504018.

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Length: 7 pages
Date of creation: 15 Apr 2005
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Handle: RePEc:wpa:wuwpio:0504018

Note: Type of Document - pdf; pages: 7
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Web page: http://129.3.20.41

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Related research
Keywords: Liberalisation; Indian Manufacturing; Demand-side analysis; personal consumption; exports; Keynesian Economics;

Find related papers by JEL classification:
A - General Economics and Teaching
E - Macroeconomics and Monetary Economics
L - Industrial Organization
N - Economic History

This paper has been announced in the following NEP Reports:

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