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Economic Growth in India Revisited

Sushil Haldar ()

South Asia Economic Journal, 2009, vol. 10, issue 1, 105-126

Abstract: This article tries to examine the relevance of the three distinct types of the growth models, namely, physical capital accumulation-led growth, export-led growth and Lucas-type human capital accumulation-led growth in India taking a long-time series data from 1950–51 to 2003–04. Employing the Johansen's cointegration and error correction model, we find that human capital investment plays a crucial role both in the long run as well as in the short run. The export-led growth hypothesis is partially valid whereas the physical capital investment-led growth appears to be insignificant in our findings.

Keywords: JEL: O47; JEL: O53; JEL: C32; Aggregate Investment; Export; Human Capital Expenditure; Cointegration; Error Correction (search for similar items in EconPapers)
Date: 2009
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DOI: 10.1177/139156140901000105

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Handle: RePEc:sae:soueco:v:10:y:2009:i:1:p:105-126