Globalization and Structural Changes in the Indian Industrial Sector: An Analysis of Production Functions
This study investigates the structural changes in the manufacturing sector of India brought about by liberalization and globalization of the economy. Structural changes in terms of employment of labor and capital, indicated by replacement of the former by the latter, and changes in returns to scale have been examined by estimating Constant Elasticity of Substitution (CES), Zellner-Revankar, Transcendental, Diewert and Bruno’s production functions. State-wise data for 1990-91 and 2003-04 have been analyzed. The findings have indicated that the rise in industrial output during the reference period is accountable to substitution of capital for labor in almost all states. The elasticity of substitution has declined for most of the states. In the pre-globalization period, the industries experienced increasing returns to scale. Globalization has given way to diminishing returns to scale. Along with a rise in industrial output, globalization has led to a decline in regional disparities in terms of population-deflated indices of employment of manpower and capital, and the resultant output.
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Volume (Year): V (2007)
Issue (Month): 4 (November)
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References listed on IDEAS
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