Pub Date : 2022-05-22DOI: 10.1177/09763996221086745
Ujjal Protim Dutta, Brajendra Saikia
This article’s endeavour is to explore the consequences of remittances on the growth of an economy by employing a panel of 17 selected remittance-receiving Asian nations over the years, stretching from 1993 to 2017. Initially, the study used the panel unit root test to identify whether the variables are stationary or not. Subsequently, by using cointegration test, a long-run association among the variables was seen. Finding a long-run relationship, ‘fully modified ordinary least square’ method has been applied to examine the impact of remittances and other explanatory variables on the output per capita of Asian nations. The coefficient of remittances being positive and statistically significant implies that remittances enhance growth in these countries. Inflows of remittances to the Asian region are abundant and, considering the present trend of migration, it is likely to grow. To maximize the developmental effects of these inflows, developing pro-remittances in formal public and private infrastructure are a crucial policy target for governments in the region. Moreover, in addition to conventional determinants of growth like investment in human and physical capital, trade and foreign direct investment (FDI), Asian countries can increase their growth by mobilizing the remittances.
{"title":"Remittances and Economic Growth: Empirical Analysis from a Panel of Selected Asian Nations","authors":"Ujjal Protim Dutta, Brajendra Saikia","doi":"10.1177/09763996221086745","DOIUrl":"https://doi.org/10.1177/09763996221086745","url":null,"abstract":"This article’s endeavour is to explore the consequences of remittances on the growth of an economy by employing a panel of 17 selected remittance-receiving Asian nations over the years, stretching from 1993 to 2017. Initially, the study used the panel unit root test to identify whether the variables are stationary or not. Subsequently, by using cointegration test, a long-run association among the variables was seen. Finding a long-run relationship, ‘fully modified ordinary least square’ method has been applied to examine the impact of remittances and other explanatory variables on the output per capita of Asian nations. The coefficient of remittances being positive and statistically significant implies that remittances enhance growth in these countries. Inflows of remittances to the Asian region are abundant and, considering the present trend of migration, it is likely to grow. To maximize the developmental effects of these inflows, developing pro-remittances in formal public and private infrastructure are a crucial policy target for governments in the region. Moreover, in addition to conventional determinants of growth like investment in human and physical capital, trade and foreign direct investment (FDI), Asian countries can increase their growth by mobilizing the remittances.","PeriodicalId":41791,"journal":{"name":"Millennial Asia","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2022-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47949642","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-05-22DOI: 10.1177/09763996221082199
N. A. Bhat, S. Kaur
Globalization and the development of modern technologies have led to the emergence of service trade. The success of Indian information technology (IT) has changed perception of globe about India and has captured the attention of the globe as it seems a paradox that a developing economy is emerging as a global hub for software exports. In the past three decades, the contribution of the Indian IT industry to national income, employment generation and offsetting the current account deficit is remarkable. In this consideration, the present study is an attempt to analyse the technical efficiency of the IT industry of India during the period 2000–2016 by applying panel data stochastic frontier analysis approach. The study reveals that foreign capital, age and profit ratio have a significant impact on mitigating the technical inefficiency of the IT industry while the research and development (R&D) expenditure has turned out statistically insignificant in determining efficiency. Indian IT industry is mostly driven by service exports which are not survivable in the long run. The study suggests that the Indian IT industry has to transform itself from low value-added to high value-added, from service-driven to product-driven.
{"title":"Technical Efficiency Analysis of Indian IT Industry: A Panel Data Stochastic Frontier Approach","authors":"N. A. Bhat, S. Kaur","doi":"10.1177/09763996221082199","DOIUrl":"https://doi.org/10.1177/09763996221082199","url":null,"abstract":"Globalization and the development of modern technologies have led to the emergence of service trade. The success of Indian information technology (IT) has changed perception of globe about India and has captured the attention of the globe as it seems a paradox that a developing economy is emerging as a global hub for software exports. In the past three decades, the contribution of the Indian IT industry to national income, employment generation and offsetting the current account deficit is remarkable. In this consideration, the present study is an attempt to analyse the technical efficiency of the IT industry of India during the period 2000–2016 by applying panel data stochastic frontier analysis approach. The study reveals that foreign capital, age and profit ratio have a significant impact on mitigating the technical inefficiency of the IT industry while the research and development (R&D) expenditure has turned out statistically insignificant in determining efficiency. Indian IT industry is mostly driven by service exports which are not survivable in the long run. The study suggests that the Indian IT industry has to transform itself from low value-added to high value-added, from service-driven to product-driven.","PeriodicalId":41791,"journal":{"name":"Millennial Asia","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2022-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49185481","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-05-13DOI: 10.1177/09763996221088639
A. Ullah, J. Ferdous, D. Chattoraj
Remittances have been one of the most critical components of the population migration debate. Since migration has been studied academically, the ‘remittance equals cash’ idea has dominated other types of remittances. This study focuses on in-kind remittances, which are transfers of goods and services sent by migrants (other than money) from their destination country. We examined the literature using content analysis. The research investigates how a nation takes shape through the injection of remittances in kind (RK) brought by ‘migrant populations’ of both origins and destinations, using empirical and theoretical evidence. RK are worth considering for a variety of reasons, the most important of which is that they play an essential part in international collectivist development. Second, they highlight the societal effects of migration. Third, they have a chance of gaining public support. With great transformative power, RK has the capacity to alter a nation’s economy, values and lifestyle. This article establishes for the first time, by re-conceptualizing conventional wisdom, that the major development paradigm shift that has occurred in Asia’s economies over the decades has been largely due to the contribution of RK brought and sent to by individuals such as Gandhi in India, Ho Chi Minh in Vietnam, Shinawatra in Thailand, Jose Rizal in the Philippines and Suu Kyi in Myanmar. We conducted qualitative research and relied heavily on secondary data sources. This article delves into a fresh idea about migration and remittances. This is a new addition to the migration and development scholarship.
{"title":"Social, Political and Cultural Remittances: Implications for the Origin and Destination Countries","authors":"A. Ullah, J. Ferdous, D. Chattoraj","doi":"10.1177/09763996221088639","DOIUrl":"https://doi.org/10.1177/09763996221088639","url":null,"abstract":"Remittances have been one of the most critical components of the population migration debate. Since migration has been studied academically, the ‘remittance equals cash’ idea has dominated other types of remittances. This study focuses on in-kind remittances, which are transfers of goods and services sent by migrants (other than money) from their destination country. We examined the literature using content analysis. The research investigates how a nation takes shape through the injection of remittances in kind (RK) brought by ‘migrant populations’ of both origins and destinations, using empirical and theoretical evidence. RK are worth considering for a variety of reasons, the most important of which is that they play an essential part in international collectivist development. Second, they highlight the societal effects of migration. Third, they have a chance of gaining public support. With great transformative power, RK has the capacity to alter a nation’s economy, values and lifestyle. This article establishes for the first time, by re-conceptualizing conventional wisdom, that the major development paradigm shift that has occurred in Asia’s economies over the decades has been largely due to the contribution of RK brought and sent to by individuals such as Gandhi in India, Ho Chi Minh in Vietnam, Shinawatra in Thailand, Jose Rizal in the Philippines and Suu Kyi in Myanmar. We conducted qualitative research and relied heavily on secondary data sources. This article delves into a fresh idea about migration and remittances. This is a new addition to the migration and development scholarship.","PeriodicalId":41791,"journal":{"name":"Millennial Asia","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2022-05-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47981022","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-04-22DOI: 10.1177/09763996221081566
Tanusree Mishra, Tanmoyee Banerjee
The present study uses National Family Health Survey, 2015–2016 (NFHS-4) data to compute a multidimensional disempowerment index for women from India. A state-level analysis shows that disempowerment levels of women from the states of Haryana, Uttar Pradesh, Odisha, Madhya Pradesh, Karnataka and Bihar are found to be higher, with that of Bihar being the highest. Next, using a multilevel logistic model, the study explores the determinants of the level of women disempowerment. The probability of disempowerment is high among rural unemployed young Muslim women from joint families with low asset and education endowment and who witnessed parental violence as a child. Further, we found that the level of disempowerment of women from the state of Haryana is much higher as compared to its neighbouring state Punjab, where Haryana was an integral part of Punjab till 1966. A non-linear decomposition analysis reveals a significant contribution of Sikh religion on women’s autonomy in Punjab vis-à-vis Haryana.
{"title":"Disempowerment of Women: The Experience of Indian States","authors":"Tanusree Mishra, Tanmoyee Banerjee","doi":"10.1177/09763996221081566","DOIUrl":"https://doi.org/10.1177/09763996221081566","url":null,"abstract":"The present study uses National Family Health Survey, 2015–2016 (NFHS-4) data to compute a multidimensional disempowerment index for women from India. A state-level analysis shows that disempowerment levels of women from the states of Haryana, Uttar Pradesh, Odisha, Madhya Pradesh, Karnataka and Bihar are found to be higher, with that of Bihar being the highest. Next, using a multilevel logistic model, the study explores the determinants of the level of women disempowerment. The probability of disempowerment is high among rural unemployed young Muslim women from joint families with low asset and education endowment and who witnessed parental violence as a child. Further, we found that the level of disempowerment of women from the state of Haryana is much higher as compared to its neighbouring state Punjab, where Haryana was an integral part of Punjab till 1966. A non-linear decomposition analysis reveals a significant contribution of Sikh religion on women’s autonomy in Punjab vis-à-vis Haryana.","PeriodicalId":41791,"journal":{"name":"Millennial Asia","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2022-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42526790","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-04-17DOI: 10.1177/09763996221087369
Silky Kaur
Reena Marwah and Sanika Sulochani Ramanayake, 2021. China’s Economic Footprint in South and Southeast Asia: A Futuristic Perspective—Case Studies of Pakistan, Sri Lanka, Myanmar and Thailand. World Scientific, 356 pp., US$108. ISBN-10: 9811236372 (hardcover); ISBN-13: 9789811236396 (e-book).
{"title":"Book review: Reena Marwah and Sanika Sulochani Ramanayake, 2021. China’s Economic Footprint in South and Southeast Asia: A Futuristic Perspective—Case Studies of Pakistan, Sri Lanka, Myanmar and Thailand","authors":"Silky Kaur","doi":"10.1177/09763996221087369","DOIUrl":"https://doi.org/10.1177/09763996221087369","url":null,"abstract":"Reena Marwah and Sanika Sulochani Ramanayake, 2021. China’s Economic Footprint in South and Southeast Asia: A Futuristic Perspective—Case Studies of Pakistan, Sri Lanka, Myanmar and Thailand. World Scientific, 356 pp., US$108. ISBN-10: 9811236372 (hardcover); ISBN-13: 9789811236396 (e-book).","PeriodicalId":41791,"journal":{"name":"Millennial Asia","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2022-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43768878","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-04-17DOI: 10.1177/09763996221087049
Chandralekha Ghosh, Rimita Hom Chaudhury
This study attempts to understand the determinants of saving behaviour using the Global Findex micro-database of India and China. Further, this study has also tried to identify the gender gap in saving behaviour for both the countries. Empirical (pooled logistic regression) results suggest that being rich, educated, employed and old favour saving than others. Women are more prone to save informally than men. The main contribution of this article is the analytical comparison between India and China, which demonstrates that in terms of saving Chinese adults are ahead of Indian adults. However, informal saving is more prevalent in India. The gender gap in saving behaviour is higher in China than in India. Our research also discovered that China’s age saving pattern is U-shaped, that is, younger and older are more likely to save than the middle-aged, which contradicts the standard life cycle model whereas this model holds for India.
{"title":"A Comparative Study of Saving Behaviour Between India and China","authors":"Chandralekha Ghosh, Rimita Hom Chaudhury","doi":"10.1177/09763996221087049","DOIUrl":"https://doi.org/10.1177/09763996221087049","url":null,"abstract":"This study attempts to understand the determinants of saving behaviour using the Global Findex micro-database of India and China. Further, this study has also tried to identify the gender gap in saving behaviour for both the countries. Empirical (pooled logistic regression) results suggest that being rich, educated, employed and old favour saving than others. Women are more prone to save informally than men. The main contribution of this article is the analytical comparison between India and China, which demonstrates that in terms of saving Chinese adults are ahead of Indian adults. However, informal saving is more prevalent in India. The gender gap in saving behaviour is higher in China than in India. Our research also discovered that China’s age saving pattern is U-shaped, that is, younger and older are more likely to save than the middle-aged, which contradicts the standard life cycle model whereas this model holds for India.","PeriodicalId":41791,"journal":{"name":"Millennial Asia","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2022-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47394221","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-04-14DOI: 10.1177/09763996221080508
Osarodion Ogiemwonyi, Amran Harun, Mohammad Imtiaz Hossain, A. M. Karim
The study focuses on the influence of green behaviour based on the theory of planned behaviour (TPB). A conceptual model has been developed from TPB with additional factors linking green behaviour. A quantitative research method has been adopted. The data is gathered from a survey which has been administered by distributing questionnaires to 280 green consumers in Kuala-Lumpur, Malaysia. The data has been processed vis-à-vis the assessment of measurement and structural model using SmartPLSver3.0. The study contributable examines the role of predictive factors and how it influences green behaviour. Perceived behavioural control (PBC) and attitude dimensions are included as suggested by TPB. The results show that attitude and green culture positively influence green behaviour in TPB; whereas, PBC and awareness show no influence. The study shows the path to translate green culture and attitude to validate the TPB model. While the findings on green culture conform earlier studies, and indicate for a mixed collectivist society like Malaysia; where people showcase their belief while embracing green behaviour. The study further provides an insight to policymakers on how to increase awareness and improve progressive pedagogy on green behaviour.
{"title":"The Influence of Green Behaviour Using Theory of Planned Behaviour Approach: Evidence from Malaysia","authors":"Osarodion Ogiemwonyi, Amran Harun, Mohammad Imtiaz Hossain, A. M. Karim","doi":"10.1177/09763996221080508","DOIUrl":"https://doi.org/10.1177/09763996221080508","url":null,"abstract":"The study focuses on the influence of green behaviour based on the theory of planned behaviour (TPB). A conceptual model has been developed from TPB with additional factors linking green behaviour. A quantitative research method has been adopted. The data is gathered from a survey which has been administered by distributing questionnaires to 280 green consumers in Kuala-Lumpur, Malaysia. The data has been processed vis-à-vis the assessment of measurement and structural model using SmartPLSver3.0. The study contributable examines the role of predictive factors and how it influences green behaviour. Perceived behavioural control (PBC) and attitude dimensions are included as suggested by TPB. The results show that attitude and green culture positively influence green behaviour in TPB; whereas, PBC and awareness show no influence. The study shows the path to translate green culture and attitude to validate the TPB model. While the findings on green culture conform earlier studies, and indicate for a mixed collectivist society like Malaysia; where people showcase their belief while embracing green behaviour. The study further provides an insight to policymakers on how to increase awareness and improve progressive pedagogy on green behaviour.","PeriodicalId":41791,"journal":{"name":"Millennial Asia","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2022-04-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47334940","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-04-01DOI: 10.1177/09763996211072357
P. Sikka
Sukhpal Singh, Lakhwinder Singh, and Kamal Vatta (Eds.). 2021. Covid-19 Pandemic and Economic Development Emerging Public Policy Lessons for Indian Punjab. Palgrave Macmillan, xxvi + 309 pp., E93.08 (eBook), E109.99 (hardback). ISBN 978-981-16-4442-9 (eBook), ISBN 978-981-16-4441-2 (hardback).
{"title":"Book review: Sukhpal Singh, Lakhwinder Singh and Kamal Vatta (Eds.). 2021. Covid-19 Pandemic and Economic Development Emerging Public Policy Lessons for Indian Punjab","authors":"P. Sikka","doi":"10.1177/09763996211072357","DOIUrl":"https://doi.org/10.1177/09763996211072357","url":null,"abstract":"Sukhpal Singh, Lakhwinder Singh, and Kamal Vatta (Eds.). 2021. Covid-19 Pandemic and Economic Development Emerging Public Policy Lessons for Indian Punjab. Palgrave Macmillan, xxvi + 309 pp., E93.08 (eBook), E109.99 (hardback). ISBN 978-981-16-4442-9 (eBook), ISBN 978-981-16-4441-2 (hardback).","PeriodicalId":41791,"journal":{"name":"Millennial Asia","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43961052","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-04-01DOI: 10.1177/09763996221081196
Avik Ghosh, Suvajit Banerjee
The article brings a new approach with a proficient rendition of the existing literature emphasizing the stock and oil prices (OP) nexus, and it uniquely incorporates the demand-side impact of the domestic electricity installed capacity (IC) on India’s benchmark NIFTY Energy Index (NEI). The study undertakes a multivariate time series analysis consisting of a dual-cointegration exercise with the Johansen test and the Bounds test followed by a comprehensive residual analysis. From the multivariate analysis, the study found that the underlying variables are having a significant long-run association among them, while with Granger causality test, it detects a bidirectional causality in the case of IC and energy index pair, and no significant causality in the case of crude OP and energy stock returns pair. After this, the study proceeds with a univariate analysis of a long time series and establishes that the NEI can be foreseen with a suitable ARMA model and residual heteroscedasticity EGARCH analysis even in the presence of exogenous shocks.
{"title":"Exploring the Relevance of Crude Oil Prices and Installed Generation Capacity in Prognosticating the NIFTY Energy Index","authors":"Avik Ghosh, Suvajit Banerjee","doi":"10.1177/09763996221081196","DOIUrl":"https://doi.org/10.1177/09763996221081196","url":null,"abstract":"The article brings a new approach with a proficient rendition of the existing literature emphasizing the stock and oil prices (OP) nexus, and it uniquely incorporates the demand-side impact of the domestic electricity installed capacity (IC) on India’s benchmark NIFTY Energy Index (NEI). The study undertakes a multivariate time series analysis consisting of a dual-cointegration exercise with the Johansen test and the Bounds test followed by a comprehensive residual analysis. From the multivariate analysis, the study found that the underlying variables are having a significant long-run association among them, while with Granger causality test, it detects a bidirectional causality in the case of IC and energy index pair, and no significant causality in the case of crude OP and energy stock returns pair. After this, the study proceeds with a univariate analysis of a long time series and establishes that the NEI can be foreseen with a suitable ARMA model and residual heteroscedasticity EGARCH analysis even in the presence of exogenous shocks.","PeriodicalId":41791,"journal":{"name":"Millennial Asia","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46314426","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-02-08DOI: 10.1177/09763996211070332
Manuel Gonzalo
With an average GDP growth rate of more than 6% India was one of the most dynamic economies in the twenty-first century. The conventional narrative stresses on the success of the New Economic Policy (NEP) implementation since 1990s as a process of liberalization and global insertion of Indian economy that caused growth. Introducing some nuance on this conceptualization, the main objective of this article is to discuss on the drivers of the Indian GDP growth between 1990 and 2015 from a Brazilian demand-led approach, paying main attention on the role of autonomous expenditures. Particularly, after clustering some Indian growth interpretations and data, the Brazilian debate between Furtado and Tavares is used to discuss the Indian growth acceleration. This blend of Brazilian and Indian authors and conceptual contributions is original in nature. Without ignoring the export contribution, we point out the relevance of upper class/cast ‘autonomous’ consumption (fueled by credit boom and real wage smooth increase), residential and government gross domestic capital formation (GDCF) and anticyclical fiscal policies.
{"title":"The Indian Growth Acceleration: A Brazilian Demand-led Insight","authors":"Manuel Gonzalo","doi":"10.1177/09763996211070332","DOIUrl":"https://doi.org/10.1177/09763996211070332","url":null,"abstract":"With an average GDP growth rate of more than 6% India was one of the most dynamic economies in the twenty-first century. The conventional narrative stresses on the success of the New Economic Policy (NEP) implementation since 1990s as a process of liberalization and global insertion of Indian economy that caused growth. Introducing some nuance on this conceptualization, the main objective of this article is to discuss on the drivers of the Indian GDP growth between 1990 and 2015 from a Brazilian demand-led approach, paying main attention on the role of autonomous expenditures. Particularly, after clustering some Indian growth interpretations and data, the Brazilian debate between Furtado and Tavares is used to discuss the Indian growth acceleration. This blend of Brazilian and Indian authors and conceptual contributions is original in nature. Without ignoring the export contribution, we point out the relevance of upper class/cast ‘autonomous’ consumption (fueled by credit boom and real wage smooth increase), residential and government gross domestic capital formation (GDCF) and anticyclical fiscal policies.","PeriodicalId":41791,"journal":{"name":"Millennial Asia","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2022-02-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42940576","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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