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Public Investment In Agricultural And Gdp Growth-- Another Look At The Inter Sectoral Linkages And Policy Implications

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Author Info

  • HARISH MANI

    (Sri Sathya Sai Institute of Higher Learning Prasanthinilayam Campus Anantapur District, (A.P.))

  • G. BHALACHANDRAN

    (Sri Sathya Sai Institute of Higher Learning Prasanthinilayam Campus Anantapur District, (A.P.))

  • V. N. PANDIT

    (Sri Sathya Sai Institute of Higher Learning Prasanthinilayam Campus Anantapur District, (A.P.))

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    Abstract

    Despite its reduced share in India’s GDP, agriculture continues to have a strategic importance in ensuring its overall growth and prosperity. As part of the new economic policy package introduced in the early nineties, there has been a reduction in the rate of public investment. While this may not be bad for the industrial sector, the impact of this policy on agriculture is a matter of concern, in sofar as it not only affects steady growth of agriculture but also influences the overall performance of the economy. This is more so because the agricultural sector public investment has also promoted private investment by way of what is termed as the crowding-in phenomenon. This phenomenon together with inter-sectoral linkages is used in this paper to examine the effect of higher public investment for agriculture on the stable growth of this sector as well as of the entire economy. Policy implications of this exercise are important for obvious reasons.

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    Bibliographic Info

    Paper provided by Centre for Development Economics, Delhi School of Economics in its series Working papers with number 201.

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    Length: 3o pages
    Date of creation: Aug 2011
    Date of revision:
    Handle: RePEc:cde:cdewps:201

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    Related research

    Keywords: Sectoral linkages; Public Investment; crowding-in;

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    1. Rodrik, Dani & Subramanian, Arvind, 2004. "From "Hindu Growth" to Productivity Surge: The Mystery of the Indian Growth Transition," Working Paper Series rwp04-013, Harvard University, John F. Kennedy School of Government.
    2. Sangeeta Dhawan & K. K. Saxena, 1992. "Sectoral Linkages and Key Sectors of the Indian Economy," Indian Economic Review, Department of Economics, Delhi School of Economics, vol. 27(2), pages 195-210, July.
    3. Barry Bosworth & Susan M. Collins & Arvind Virmani, 2006. "Sources of Growth in the Indian Economy," India Policy Forum, Global Economy and Development Program, The Brookings Institution, vol. 3(1), pages 1-69.
    4. Kanwar, Sunil, 2000. "Does the Dog Wag the Tail or the Tail the Dog? Cointegration of Indian Agriculture with Nonagriculture," Journal of Policy Modeling, Elsevier, vol. 22(5), pages 533-556, September.
    5. Arvind Virmani, 2006. "India's Economic Growth History: Fluctuations, Trends, Break Points and Phases," Indian Economic Review, Department of Economics, Delhi School of Economics, vol. 41(1), pages 81-103, July.
    6. Rangarajan, C., 1982. "Agricultural growth and industrial performance in India:," Research reports 33, International Food Policy Research Institute (IFPRI).
    7. Chaudhuri, Kausik & Rao, R. Kavita, 2004. "Output fluctuations in Indian agriculture and industry: a reexamination," Journal of Policy Modeling, Elsevier, vol. 26(2), pages 223-237, February.
    8. Ravallion, Martin, 2000. "Prices, wages and poverty in rural India: what lessons do the time series data hold for policy?," Food Policy, Elsevier, vol. 25(3), pages 351-364, June.
    9. Storm, Servaas, 1994. "The macroeconomic impact of agricultural policy: A CGE analysis for India," Journal of Policy Modeling, Elsevier, vol. 16(1), pages 55-95, February.
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