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Indian Agriculture in the New Economic Regime, 1971-2003: Empirics based on the Cobb Douglas Production Function

Author

Listed:
  • Kamat, Manoj
  • Tupe, Sanjay
  • Kamat, Manasvi

Abstract

This paper reviews the trends in Indian Agriculture before and after the introduction of the economic reforms, and the advent of WTO regime. We employ the Cobb Douglas Production Function using the OLS specification to investigate the determinants of agricultural gross domestic product for the period 1970-71 to 2002-03, during pre and post-economic reforms to document the impact of policy change (post-1992) and India’s membership of the WTO (post-1995). Our empirical findings reveal that Indian agriculture sector has witnessed Decreasing Returns to Scale after the introduction of economic reforms, indicating that the input availability is under strain during the same period.

Suggested Citation

  • Kamat, Manoj & Tupe, Sanjay & Kamat, Manasvi, 2007. "Indian Agriculture in the New Economic Regime, 1971-2003: Empirics based on the Cobb Douglas Production Function," MPRA Paper 6150, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:6150
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    References listed on IDEAS

    as
    1. Syrquin, Moshe, 1988. "Patterns of structural change," Handbook of Development Economics, in: Hollis Chenery & T.N. Srinivasan (ed.), Handbook of Development Economics, edition 1, volume 1, chapter 7, pages 203-273, Elsevier.
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    More about this item

    Keywords

    Agriculture Gross Domestic Product; WTO; Economic Reforms; Trends; Determinants; Returns to Scale; Cobb Douglas Production Function; India;
    All these keywords.

    JEL classification:

    • Q1 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture
    • A1 - General Economics and Teaching - - General Economics
    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology

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