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Factor Employment, Sources and Sustainability of Output Growth: Analysis of Indian Manufacturing

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  • Arvind Virmani
  • Danish A. Hashim

Abstract

The manufacturing sector in India is crucial for two main reasons: It has significant potential to provide modern employment to a growing labour force, especially that of less skilled type and second by its own healthy growth, stimulate and provide a foundation for, organic growth in other sectors of the economy. On both these counts, however, the manufacturing sector has so far not performed to its potential. In an attempt to identify the factors responsible for this phenomenon, the present study examines in detail the main determinants of factor employment, their shares, and output growth. The framework used is a CES production function estimated using ASI time-series data for the organised manufacturing industry spanning a period from 1973/74 to 2001/02. The study also dwells on the subject of sustainability of high growth in output on the back of raising capital labour ratio. [Working Paper No.3 /2009-DEA].

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Bibliographic Info

Paper provided by eSocialSciences in its series Working Papers with number id:2415.

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Date of creation: Feb 2010
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Handle: RePEc:ess:wpaper:id:2415

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Related research

Keywords: industry; sustainability; labour-surplus; CES; production function; manufcturing sector; India; development policy; Asian countries; total factor productivity (TFP); output growth; employment; India; labour force; economy; capital labour ratio;

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  1. Berndt, Ernst R, 1976. "Reconciling Alternative Estimates of the Elasticity of Substitution," The Review of Economics and Statistics, MIT Press, vol. 58(1), pages 59-68, February.
  2. Bhalotra, Sonia R, 1998. "The Puzzle of Jobless Growth in Indian Manufacturing," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 60(1), pages 5-32, February.
  3. Christensen, Laurits R & Jorgenson, Dale W & Lau, Lawrence J, 1973. "Transcendental Logarithmic Production Frontiers," The Review of Economics and Statistics, MIT Press, vol. 55(1), pages 28-45, February.
  4. Bulent Unel, 2003. "Productivity Trends in India's Manufacturing Sectors in the Last Two Decades," IMF Working Papers 03/22, International Monetary Fund.
  5. Pol Antrà s, 2004. "Is the U.S. Aggregate Production Function Cobb-Douglas? New Estimates of the Elasticity of Substitution," The B.E. Journal of Macroeconomics, Berkeley Electronic Press, vol. 0(1), pages 4.
  6. Arvind Virmani, 2011. "The Dynamics of Competition: Phasing of Domestic and External Liberalisation in India," Working Papers id:3556, eSocialSciences.
  7. Barry Bosworth & Susan M. Collins, 2008. "Accounting for Growth: Comparing China and India," Journal of Economic Perspectives, American Economic Association, vol. 22(1), pages 45-66, Winter.
  8. Johansen, Soren, 1995. "Likelihood-Based Inference in Cointegrated Vector Autoregressive Models," OUP Catalogue, Oxford University Press, number 9780198774501, September.
  9. Fallon, Peter R & Lucas, Robert E B, 1991. "The Impact of Changes in Job Security Regulations in India and Zimbabwe," World Bank Economic Review, World Bank Group, vol. 5(3), pages 395-413, September.
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Cited by:
  1. Banga, Rashmi & Das, Abhijit, 2010. "Role of trade policies in growth of Indian manufacturing sector," MPRA Paper 35198, University Library of Munich, Germany.
  2. Arvind Virmani & Danish A Hashim, 2011. "J-Curve of Productivity and Growth: Indian Manufacturing Post-Liberalization," IMF Working Papers 11/163, International Monetary Fund.
  3. Nanditha Mathew, 2012. "Drivers of Firm Growth: Micro-evidence from Indian Manufacturing," LEM Papers Series 2012/24, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
  4. Rahul Sen & Sadhana Srivastava, 2011. "Integrating into Asia’s international production networks: Challenges and prospects for India," STUDIES IN TRADE AND INVESTMENT, in: India: A New Player in Asian Production Networks?, Studies in Trade and Investment 75, chapter 4, pages 78-119 United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).
  5. Rahul Sen & Sadhana Srivastava, 2012. "Asia' s international production networks: Will India be the next assembly centre?," Working Papers 11812, Asia-Pacific Research and Training Network on Trade (ARTNeT), an initiative of UNESCAP and IDRC, Canada..

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