A Multi-Sectoral Analysis Of Terms Of Trade For India
Conventionally, the analysis of domestic terms of trade is accomplished within a dual economy framework, wherein its estimates are worked out by calculating the terms of trade between an "agriculture" and "industry" sector. However, since contemporary economies have undergone rapid structural transformation, which has seen the emergence of various services sectors, it has become vital to analyse shifts in terms of trade by exploiting a multi-sectoral framework. This paper provides terms of trade estimates for nine domestic sectors in India, during the period 1951-97. The results indicate that substantial terms of trade gains have accrued in various services sectors.
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Volume (Year): 43 (2008)
Issue (Month): 1 (July)
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