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The relative impacts of banking, infrastructure and labour on industrial growth: evidence from Indian states

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  • Rupayan Pal

Abstract

This article analyses the impacts of outreach of banking services, infrastructure penetration, and labour market rigidity on the growth of manufacturing industries across 14 major states in India in the post-liberalization period (from 1991-92 to 2002-3). It documents that the outreach of the banking sector as well as infrastructure penetration has a significant positive impact on the growth of industries. Interestingly, the counteracting effect of labour market rigidity does not appear to be significant, if the effects of infrastructure and banking services are controlled for. This article also assesses the relative magnitudes of the impacts of these three institutional factors on industrial growth.

Suggested Citation

  • Rupayan Pal, 2011. "The relative impacts of banking, infrastructure and labour on industrial growth: evidence from Indian states," Macroeconomics and Finance in Emerging Market Economies, Taylor & Francis Journals, vol. 4(1), pages 101-124.
  • Handle: RePEc:taf:macfem:v:4:y:2011:i:1:p:101-124
    DOI: 10.1080/17520843.2011.548621
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    Cited by:

    1. Chakravarty, Satya R. & Pal, Rupayan, 2013. "Financial inclusion in India: An axiomatic approach," Journal of Policy Modeling, Elsevier, vol. 35(5), pages 813-837.
    2. Shantanu Ghosh & Tarak Nath Sahu, 2021. "Financial inclusion and economic status of the states of India: An empirical evidence," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 50(2), July.

    More about this item

    Keywords

    banking services; industrial growth; infrastructure; labour market rigidity; JEL classifications: O4; G2; J5; L6;
    All these keywords.

    JEL classification:

    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
    • G2 - Financial Economics - - Financial Institutions and Services
    • J5 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining
    • L6 - Industrial Organization - - Industry Studies: Manufacturing

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