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BRICS Nations: A Financial Dynamics of International Trade of India with Human Capital and Labor Markets

In: Proceedings of the 5th International Conference on the Role of Innovation, Entrepreneurship and Management for Sustainable Development (ICRIEMSD 2024)

Author

Listed:
  • Ravindra Kumar

    (Mahatma Gandhi Central University, Department of Management Sciences)

  • Om Prakash Verma

    (Govt. V.Y.T PG. Autonomous College, Hemchand Yadav University, Department of Commerce)

  • Pavnesh Kumar

    (IGNOU, School of Management Studies (SOMS))

  • H. S. Bhatiya

    (Govt. Rani Suryamukhi Devi College)

Abstract

In this research paper, authors have been examined the causal relationship between human capital and economic factors in BRICS Nations. The authors have used data from 1997 to 2020 and a panel vector autoregressive model from the BRICS Nations. The gross domestic product (GDP), imports, exports, and foreign direct investment (FDI) are among the economic elements taken into account. Using a vector autoregressive (VAR) model, the study compares Russia, India, China, Brazil and South Africa. In China, the results show a bidirectional causal relationship between FDI and human capital, whereas in Brazil, there is a unidirectional relationship between FDI and human capital. Furthermore, in South Africa, Brazil, Russia, and India, there is a one-way causal relationship between GDP and human capital. By concentrating on economic growth, foreign direct investment, and trade, policymakers should guarantee ongoing investment in human capital.

Suggested Citation

  • Ravindra Kumar & Om Prakash Verma & Pavnesh Kumar & H. S. Bhatiya, 2024. "BRICS Nations: A Financial Dynamics of International Trade of India with Human Capital and Labor Markets," Advances in Economics, Business and Management Research, in: Saurabh Gupta & Himanshu Vaishnaw & Manoj Kumar Mishra (ed.), Proceedings of the 5th International Conference on the Role of Innovation, Entrepreneurship and Management for Sustainable Development (ICRIEMSD 2024), pages 53-63, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-612-3_5
    DOI: 10.2991/978-94-6463-612-3_5
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