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Introduction

In: Foreign Capital and Economic Growth in India

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  • Mahendra Pal

    (University of Delhi)

Abstract

Study examines the long-run relationship between foreign capital and growth in India with the help of cointegration and VECM methodology for the period 1971–2013. After an introductory chapter, Chapter 2 provides empirical estimations of major determinants of FDI in India with an emphasis on increasing the level of financial deepening, trade openness and market size. Chapter 3 examines the positive and long-run relationship of FDI-Growth nexus, with a causal direction from FDI to Growth; Chapter 4 examines Aid-growth nexus with positive and long-run relationship with a causal direction from Aid to growth. Next, Chapter 5 examines net foreign capital-growth nexus with positive and long-run relationship; however, no causal direction is detected. Chapter 6 estimates two models to examine the relative significance of Aid and FDI. Model 6.1 reveals that Aid is more productive than FDI, while model 6.2 which includes export variable shows that FDI is more productive than Aid. Superiority of FDI over Aid is not established in India; hence, two variables remain complementary to each other.

Suggested Citation

  • Mahendra Pal, 2023. "Introduction," Springer Books, in: Foreign Capital and Economic Growth in India, chapter 0, pages 1-22, Springer.
    • Handle: RePEc:spr:sprchp:978-981-99-2299-4_1
    DOI: 10.1007/978-981-99-2299-4_1
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    Keywords

    FDI; Aid; Growth; Export;
    All these keywords.

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