인도의 산업정책과 기업특성 분석: 기업규모, 이윤, 비용, 생산성을 중심으로 (Analysis of Industrial Policies and Firms Characteristics in India: Focusing on Firm Size, Profit, Cost, and Productivity)

Korean Abstract: 본 연구는 기업 수준의 데이터를 이용하여 인도 기업의 특성을 분석했다. 이를 위해 기업규모, 이윤, 비용에 대한 지수와 변수를 활용했으며, 생산함수 추정을 통해 기업 수준의 총요소생산성(Total Factor Productivity)에 대한 데이터를 구축하고 이를 이용한 인도 기업의 생산성을 분석했다. 또한 인도 진출 한국기업에 대한 데이터를 이용하여 인도에 진출에 있는 한국기업과 인도 국내기업 및 인도 진출 해외기업의 특성을 비교ㆍ분석했다. 또한 거시 및 산업 수준 데이터를 이용하여 인도의 산업구조를 분석했으며, 산업구조 형성의 기반이 되는 인도의 산업정책을 조사하였다. 무엇보다도 본 연구는 인도 산업의 약 70%를 차지하는 기업들의 데이터를 이용하여 인도 기업의 특성을 파악함으로써, 우리 기업 및 정부의 대인도 경제협력을 위해 보다 미시적이고 자세한 정보를 제공할 수 있는 토대를 마련하였다는 데 의의가 있다. English Abstract: This report examines the characteristics of Indian firms in various sectors such as primary, secondary, and tertiary industries; financial and non-financial companies; domestic and foreign companies; and regions, by using firm-level data. The characteristics of firms include firm size, cost, profit, and risk. For firm size, total income and total assets are used. For cost, total expenses and total compensation are utilized. Profit before tax, return on assets, and gross fixed investment are adopted as proxies for firm's profit. To measure firm's risk, total liabilities as well as liquidity ratio are drawn from income statements of Indian firms. In addition to the characteristics of Indian firms, total factor productivity is analyzed through the estimation of production function. In particular, this study analyzes the characteristics of Korean firms that operate in India. This study also examines industrial structure of the Indian economy with the use of macro- and industry-level data and explores industrial policies of the Indian government. The results of this report show that the fundamental reason why the Indian economy grew slowly and was stagnant for long time, despite multifaceted and continuous policy reforms by the Indian government, could be found in the failure of privately led economy. It is shown that large firms and public enterprises are dominant in most areas in the Indian economy. On the other hand, high performance of foreign firms in India indicates that the Indian government's policies to attract foreign investment have been successful. The results from regional analysis demonstrate that there is a high degree of regional heterogeneities, suggesting that the government's industrial policies have not covered evenly all regions, and differentiated policies by state government deepened regional differences over time. Lastly, it is remarkable that Korean firms' high performance in the Indian market, implying that the Korean firms' entry into the Indian market is effective.