Indian Agriculture in the New Economic Regime, 1971-2003: Empirics based on the Cobb Douglas Production Function

Manoj Subhash Kamat (), Sanjay N. Tupe () and Manasvi Manoj Kamat ()

MPRA Paper from University Library of Munich, Germany

Abstract: This paper reviews the trends in Indian Agriculture before and after the introduction of the economic reforms, and the advent of WTO regime. We employ the Cobb Douglas Production Function using the OLS specification to investigate the determinants of agricultural gross domestic product for the period 1970-71 to 2002-03, during pre and post-economic reforms to document the impact of policy change (post-1992) and India’s membership of the WTO (post-1995). Our empirical findings reveal that Indian agriculture sector has witnessed Decreasing Returns to Scale after the introduction of economic reforms, indicating that the input availability is under strain during the same period.

Keywords: Agriculture Gross Domestic Product; WTO; Economic Reforms; Trends; Determinants; Returns to Scale; Cobb Douglas Production Function; India (search for similar items in EconPapers)
JEL-codes: Q1 A1 B4 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-agr and nep-cwa
Date: 2007-02
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