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Sources of Growth in the Indian Economy: Looking Back at the Last 75 Years Since India’s Independence

In: 75 Years of Growth, Development and Productivity in India

Author

Listed:
  • Bishwanath Goldar

    (Institute of Economic Growth)

  • Dibyendu Maiti

    (Delhi School of Economics)

  • Suresh Chand Aggarwal

    (Institute for Human Development)

  • Abdul Azeez Erumban

    (University of Groningen)

  • Pilu Chandra Das

    (University of Calcutta)

Abstract

Sources of India’s economic growth during 1951–1952 to 2019–2020 and five sub-periods, 1951–1966, 1967–1979, 1980–1993, 1994–2007 and 2008–2019 are analysed using the growth accounting framework. The analysis is undertaken at the aggregate economy level and for five major sectors of the economy. The trends in employment and capital formation in the sub-periods and the overall period are examined. The growth in real gross value added and the changes in the sectoral composition are studied. Further, how the sectoral pattern of aggregate TFP has evolved over time is investigated which brings out that the primary factor influencing sectoral variations in contributing to aggregate TFP growth was the relatively weak productivity growth performance of the manufacturing and non-manufacturing industries sector during the period prior to the initiation of liberal market reforms in India. An econometric analysis of determinants of TFP growth is undertaken which shows that education, trade openness, structural change and ICT investments have contributed to TFP growth.

Suggested Citation

  • Bishwanath Goldar & Dibyendu Maiti & Suresh Chand Aggarwal & Abdul Azeez Erumban & Pilu Chandra Das, 2025. "Sources of Growth in the Indian Economy: Looking Back at the Last 75 Years Since India’s Independence," India Studies in Business and Economics, in: Dibyendu Maiti & Bishwanath Goldar & K.L. Krishna (ed.), 75 Years of Growth, Development and Productivity in India, chapter 0, pages 23-90, Springer.
    • Handle: RePEc:spr:isbchp:978-981-97-8054-9_2
    DOI: 10.1007/978-981-97-8054-9_2
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