Pub Date : 2023-09-04DOI: 10.1177/00194662231186555
Razique Anwar, Atulan Guha
The role of food prices is vital for people living in low- and middle-income countries like India as they spend a high share of their income on food items. As the earlier literature suggests, there can be interlinkages between food prices, non-food prices and rural wages. Therefore, this study’s first objective was to empirically test the relationship between (1) food prices and non-food prices based on consumer price index (CPI). The second objective of the study was to test the relationship between (2) food prices based on both CPI and WPI (wholesale price index) and rural wages (agricultural and non-agricultural wages). The time series econometric technique for monthly data available from January 2015 to March 2020 is used to arrive at the findings. The study found no long-run relationship between food and non-food prices. Also, no long-run or short-run relationship is found between food prices and rural wages. However, the impulse response function graphs suggest that food prices and non-food prices are affected by their own lagged prices, and short-run transmission runs from non-food prices to food prices in opposite directions in both urban and rural areas of India. Since we find that food prices are affected by their own lagged prices and non-food prices in the short-run only, the interest rate policy of RBI, which is supposed to influence the prices of non-food sectors faster, has limited capacity to influence the prices of food sectors in the long-run. JEL Codes: E4, E6, 02
{"title":"A Study on Dynamics of Food Inflation in India","authors":"Razique Anwar, Atulan Guha","doi":"10.1177/00194662231186555","DOIUrl":"https://doi.org/10.1177/00194662231186555","url":null,"abstract":"The role of food prices is vital for people living in low- and middle-income countries like India as they spend a high share of their income on food items. As the earlier literature suggests, there can be interlinkages between food prices, non-food prices and rural wages. Therefore, this study’s first objective was to empirically test the relationship between (1) food prices and non-food prices based on consumer price index (CPI). The second objective of the study was to test the relationship between (2) food prices based on both CPI and WPI (wholesale price index) and rural wages (agricultural and non-agricultural wages). The time series econometric technique for monthly data available from January 2015 to March 2020 is used to arrive at the findings. The study found no long-run relationship between food and non-food prices. Also, no long-run or short-run relationship is found between food prices and rural wages. However, the impulse response function graphs suggest that food prices and non-food prices are affected by their own lagged prices, and short-run transmission runs from non-food prices to food prices in opposite directions in both urban and rural areas of India. Since we find that food prices are affected by their own lagged prices and non-food prices in the short-run only, the interest rate policy of RBI, which is supposed to influence the prices of non-food sectors faster, has limited capacity to influence the prices of food sectors in the long-run. JEL Codes: E4, E6, 02","PeriodicalId":85705,"journal":{"name":"The Indian economic journal : the quarterly journal of the Indian Economic Association","volume":"71 1","pages":"783 - 804"},"PeriodicalIF":0.0,"publicationDate":"2023-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42530988","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 : 2023-08-30DOI: 10.1177/00194662231186559
Madhu Kumari, Animesh Bhattacharjee, Prallad Debnath, J. Das
The purpose of this study was to investigate the determinants of foreign institutional investors (FIIs) in the Indian equity market. For this purpose, the study has chosen country-specific push and pull factors for the period from January 2011 to December 2019. The beginning of the concerned period is marked by increased FII flows in the Indian market after the global financial crisis of 2008. The study has identified the stock market index of India, interest rate differential between India and the USA, inflation rate, and exchange rate as possible determinants of FII inflows in India and used the augmented autoregressive distributed lag (ARDL) approach based on the statistical properties of variables selected. The study found that in the long-run Indian stock market index, appreciating exchange rate, inflation, and interest rate differential are positively related to FII inflows in the Indian equity market whereas the US stock index is negatively related to FII inflows in India. JEL Codes: F30, G1
{"title":"Investigating the Determinants of Foreign Institutional Investor Inflows in Indian Equity Market: An Application of the Augmented Autoregressive Distributed Lag Bounds Testing Approach","authors":"Madhu Kumari, Animesh Bhattacharjee, Prallad Debnath, J. Das","doi":"10.1177/00194662231186559","DOIUrl":"https://doi.org/10.1177/00194662231186559","url":null,"abstract":"The purpose of this study was to investigate the determinants of foreign institutional investors (FIIs) in the Indian equity market. For this purpose, the study has chosen country-specific push and pull factors for the period from January 2011 to December 2019. The beginning of the concerned period is marked by increased FII flows in the Indian market after the global financial crisis of 2008. The study has identified the stock market index of India, interest rate differential between India and the USA, inflation rate, and exchange rate as possible determinants of FII inflows in India and used the augmented autoregressive distributed lag (ARDL) approach based on the statistical properties of variables selected. The study found that in the long-run Indian stock market index, appreciating exchange rate, inflation, and interest rate differential are positively related to FII inflows in the Indian equity market whereas the US stock index is negatively related to FII inflows in India. JEL Codes: F30, G1","PeriodicalId":85705,"journal":{"name":"The Indian economic journal : the quarterly journal of the Indian Economic Association","volume":"71 1","pages":"805 - 819"},"PeriodicalIF":0.0,"publicationDate":"2023-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44458956","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 : 2023-08-29DOI: 10.1177/00194662231183148
N. Banik, D. Chakraborty, Sampada Kumar Dash
Acknowledging coronavirus disease 2019 (COVID-19) as a persistent health challenge in the foreseeable future, there is a need to evaluate how India can emerge as a major exporter in this category. This analysis with 41 COVID-19-related pharmaceutical products indicates that India currently lacks comparative advantage in several categories, for example, active pharmaceutical ingredient, medical equipment and devices, disinfectants and sterilisation products, and personal protective equipment. The country, however, enjoys a comparative advantage in manufacturing vaccines and formulations. Interestingly, India imposes higher tariffs and non-tariff measures (NTMs) on both sets of products, irrespective of the comparative advantages. Additionally, the article identifies important operational, logistic, and financial issues that can improve the efficiency of the pharmaceutical supply chain (PSC), which in turn can ensure smoother availability of these pharmaceutical products in the domestic market. While the operational issues underline the need for better coordination between multiple stakeholders, the logistic bottlenecks call for a general improvement at the infrastructure level. The financial issues correspond to infrastructural bottlenecks, transport costs and resulting cost escalation. The article concludes that the policymakers need to focus on the reduction of import barriers and improve the PSC to ensure the easier availability of COVID-19 medicines, vaccines, and related products. JEL Codes: F13, F15, I18, O25
{"title":"Need for Policy Reforms in the Aftermath of COVID-19? An Analysis of Indian Pharmaceutical Sector","authors":"N. Banik, D. Chakraborty, Sampada Kumar Dash","doi":"10.1177/00194662231183148","DOIUrl":"https://doi.org/10.1177/00194662231183148","url":null,"abstract":"Acknowledging coronavirus disease 2019 (COVID-19) as a persistent health challenge in the foreseeable future, there is a need to evaluate how India can emerge as a major exporter in this category. This analysis with 41 COVID-19-related pharmaceutical products indicates that India currently lacks comparative advantage in several categories, for example, active pharmaceutical ingredient, medical equipment and devices, disinfectants and sterilisation products, and personal protective equipment. The country, however, enjoys a comparative advantage in manufacturing vaccines and formulations. Interestingly, India imposes higher tariffs and non-tariff measures (NTMs) on both sets of products, irrespective of the comparative advantages. Additionally, the article identifies important operational, logistic, and financial issues that can improve the efficiency of the pharmaceutical supply chain (PSC), which in turn can ensure smoother availability of these pharmaceutical products in the domestic market. While the operational issues underline the need for better coordination between multiple stakeholders, the logistic bottlenecks call for a general improvement at the infrastructure level. The financial issues correspond to infrastructural bottlenecks, transport costs and resulting cost escalation. The article concludes that the policymakers need to focus on the reduction of import barriers and improve the PSC to ensure the easier availability of COVID-19 medicines, vaccines, and related products. JEL Codes: F13, F15, I18, O25","PeriodicalId":85705,"journal":{"name":"The Indian economic journal : the quarterly journal of the Indian Economic Association","volume":"71 1","pages":"820 - 844"},"PeriodicalIF":0.0,"publicationDate":"2023-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48612559","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 : 2023-07-01DOI: 10.1177/00194662231166169
Saurav Kumar, P. Barai
In the present study, we evaluate spatial cost of living and welfare indices for various states of India based on linear as well as price-independent generalised logarithmic cost functions. We compare the values of the indices as well as examine their correlations and find that there is significant difference among them and, hence, are not substitutable. We implement cluster analysis on constructed indices to club states and Union territories of India. We find that such clusters are closely linked to their per capita output. JEL Codes: C43, C50, R11, R12, D12, D63, D61, D65
{"title":"Spatial Cost of Living and Welfare Indices for India with Application to Policies Implementation","authors":"Saurav Kumar, P. Barai","doi":"10.1177/00194662231166169","DOIUrl":"https://doi.org/10.1177/00194662231166169","url":null,"abstract":"In the present study, we evaluate spatial cost of living and welfare indices for various states of India based on linear as well as price-independent generalised logarithmic cost functions. We compare the values of the indices as well as examine their correlations and find that there is significant difference among them and, hence, are not substitutable. We implement cluster analysis on constructed indices to club states and Union territories of India. We find that such clusters are closely linked to their per capita output. JEL Codes: C43, C50, R11, R12, D12, D63, D61, D65","PeriodicalId":85705,"journal":{"name":"The Indian economic journal : the quarterly journal of the Indian Economic Association","volume":"71 1","pages":"659 - 672"},"PeriodicalIF":0.0,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44832973","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 : 2023-07-01DOI: 10.1177/00194662231179774
S. Bhushan
{"title":"Editorial","authors":"S. Bhushan","doi":"10.1177/00194662231179774","DOIUrl":"https://doi.org/10.1177/00194662231179774","url":null,"abstract":"","PeriodicalId":85705,"journal":{"name":"The Indian economic journal : the quarterly journal of the Indian Economic Association","volume":"71 1","pages":"643 - 644"},"PeriodicalIF":0.0,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47093651","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 : 2023-07-01DOI: 10.1177/00194662231166168
I. Sahadudheen, P. S. Kumar
This article explores the dynamic interdependencies, returns and volatility spillovers among oil, gold, foreign exchange and equity markets. It also compares how the leading and most active commodity markets, forex and equity markets reacted to each other during the period of the global economic crisis and COVID-19 pandemic. The time-varying relationship between oil and gold, oil and forex and gold and exchange rate is predominantly positive, whereas it is negative for oil and stock price, gold and stock price and exchange rate and stock price. This continues to hold even in the crisis period, except for the oil and stock price relationship during the COVID-19 crisis. However, the degrees of relationship significantly high during both crises. The returns and volatility spillovers obtained from forecasted error variance decomposition based on vector autoregression show that the spillovers among these four markets remained low for the whole period but drastically increased during both crises. Compared to the return spillover, the volatility spillover is strong in the crisis period and was too high during the COVID-19 crisis. The rolling-sample spillover analysis shows that both return and volatility spillovers significantly vary across different periods, and the volatility spillovers are predominant. JEL Codes: C32, F31, G15, Q40
{"title":"Time-Varying Relationship and Volatility Spillovers Among Oil, Gold, Forex and Stock Markets in Indian Context: The Juxtaposition of Global Economic Crisis and COVID-19 Pandemic","authors":"I. Sahadudheen, P. S. Kumar","doi":"10.1177/00194662231166168","DOIUrl":"https://doi.org/10.1177/00194662231166168","url":null,"abstract":"This article explores the dynamic interdependencies, returns and volatility spillovers among oil, gold, foreign exchange and equity markets. It also compares how the leading and most active commodity markets, forex and equity markets reacted to each other during the period of the global economic crisis and COVID-19 pandemic. The time-varying relationship between oil and gold, oil and forex and gold and exchange rate is predominantly positive, whereas it is negative for oil and stock price, gold and stock price and exchange rate and stock price. This continues to hold even in the crisis period, except for the oil and stock price relationship during the COVID-19 crisis. However, the degrees of relationship significantly high during both crises. The returns and volatility spillovers obtained from forecasted error variance decomposition based on vector autoregression show that the spillovers among these four markets remained low for the whole period but drastically increased during both crises. Compared to the return spillover, the volatility spillover is strong in the crisis period and was too high during the COVID-19 crisis. The rolling-sample spillover analysis shows that both return and volatility spillovers significantly vary across different periods, and the volatility spillovers are predominant. JEL Codes: C32, F31, G15, Q40","PeriodicalId":85705,"journal":{"name":"The Indian economic journal : the quarterly journal of the Indian Economic Association","volume":"71 1","pages":"748 - 767"},"PeriodicalIF":0.0,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44219773","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 : 2023-05-16DOI: 10.1177/00194662221139353
T. Masood, Syed Mohd. Shahzeb
This study tried to empirically ascertain the interaction of oil prices (OPs) and macroeconomy by using monthly data from January 1991 to January 2020 in the Indian context. Empirical analysis has been carried out on two separate samples (first from January 1991 to June 2002 and second from July 2002 to January 2020) for accommodating changing macroeconomic context. Further, we also tested the suitability for symmetry/asymmetry in the relationship between OPs and macroeconomic variables. It is found that the oil macroeconomy linkage is well approximated by a linear measure. The structural vector auto-regression framework suggests that a positive oil shock during the early reform period causes a significant drop in output growth. There is an increase in inflation in response to a positive shock in OPs and the central bank pursued an expansionary monetary policy to boost investment and consumption. During the last two decades, the decline in output is less pronounced than the first sub-period, while the response of inflation is sharp and significant and lasts for around six months. During recent times, the inflationary effect of oil shocks is a cause of concern and the central bank needs to respond more actively in the future for minimising its effect. JEL Codes: Q31, Q41, E31, E52, E39
{"title":"Exploring Macroeconomic Implications of Oil Price Fluctuations in India","authors":"T. Masood, Syed Mohd. Shahzeb","doi":"10.1177/00194662221139353","DOIUrl":"https://doi.org/10.1177/00194662221139353","url":null,"abstract":"This study tried to empirically ascertain the interaction of oil prices (OPs) and macroeconomy by using monthly data from January 1991 to January 2020 in the Indian context. Empirical analysis has been carried out on two separate samples (first from January 1991 to June 2002 and second from July 2002 to January 2020) for accommodating changing macroeconomic context. Further, we also tested the suitability for symmetry/asymmetry in the relationship between OPs and macroeconomic variables. It is found that the oil macroeconomy linkage is well approximated by a linear measure. The structural vector auto-regression framework suggests that a positive oil shock during the early reform period causes a significant drop in output growth. There is an increase in inflation in response to a positive shock in OPs and the central bank pursued an expansionary monetary policy to boost investment and consumption. During the last two decades, the decline in output is less pronounced than the first sub-period, while the response of inflation is sharp and significant and lasts for around six months. During recent times, the inflationary effect of oil shocks is a cause of concern and the central bank needs to respond more actively in the future for minimising its effect. JEL Codes: Q31, Q41, E31, E52, E39","PeriodicalId":85705,"journal":{"name":"The Indian economic journal : the quarterly journal of the Indian Economic Association","volume":"71 1","pages":"689 - 709"},"PeriodicalIF":0.0,"publicationDate":"2023-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46145699","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 : 2023-04-27DOI: 10.1177/00194662231169071
S. Bhushan
{"title":"Editorial","authors":"S. Bhushan","doi":"10.1177/00194662231169071","DOIUrl":"https://doi.org/10.1177/00194662231169071","url":null,"abstract":"","PeriodicalId":85705,"journal":{"name":"The Indian economic journal : the quarterly journal of the Indian Economic Association","volume":"71 1","pages":"481 - 482"},"PeriodicalIF":0.0,"publicationDate":"2023-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43217869","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 : 2023-04-27DOI: 10.1177/00194662231159835
P. Poorna, G. Babu, M. Priyanka
In India due to the COVID-19 lockdown 122 million people lost their jobs in April. It caused many effects like increased starvation, job loss, poverty, alcoholism and gender violence. This study was undertaken to assess the work loss due to the COVID-19 lockdown and its economic consequences on families in urban Kakinada. A community-based cross-sectional study was conducted during 15 April–15 May in 40th urban ward of Kakinada. The sample size was calculated by taking 10% of the ward population. By the systematic random sampling method, 300 samples were collected. Institutional Ethics Committee approval was obtained before data collection. Data were collected by semi-structured questionnaire and entered in MS Excel 2010 and it was analysed using SPSS 21. Descriptive statistics p value of <.05 was taken as statistically significant. The prevalence of work loss was found to be 42%. Work loss has significantly caused a decrease in the purchase of protective foods like vegetables (10.3%), fruits (22.4%), milk (16.1%), non-veg (36.2%) and groceries (35.1%). About 44.6% have chronic diseases and 34.7% among work loss borrowed money for medical expenditure. It affected the health of families in terms of decreased purchase of protective foods resulting in food insecurity, and increased burden on medical expenditure due to chronic diseases. JEL Code: D1
{"title":"Assessment of Work Loss Due to COVID-19 Lockdown and its Economic Consequences on Families in Urban Kakinada—A Cross-sectional Study","authors":"P. Poorna, G. Babu, M. Priyanka","doi":"10.1177/00194662231159835","DOIUrl":"https://doi.org/10.1177/00194662231159835","url":null,"abstract":"In India due to the COVID-19 lockdown 122 million people lost their jobs in April. It caused many effects like increased starvation, job loss, poverty, alcoholism and gender violence. This study was undertaken to assess the work loss due to the COVID-19 lockdown and its economic consequences on families in urban Kakinada. A community-based cross-sectional study was conducted during 15 April–15 May in 40th urban ward of Kakinada. The sample size was calculated by taking 10% of the ward population. By the systematic random sampling method, 300 samples were collected. Institutional Ethics Committee approval was obtained before data collection. Data were collected by semi-structured questionnaire and entered in MS Excel 2010 and it was analysed using SPSS 21. Descriptive statistics p value of <.05 was taken as statistically significant. The prevalence of work loss was found to be 42%. Work loss has significantly caused a decrease in the purchase of protective foods like vegetables (10.3%), fruits (22.4%), milk (16.1%), non-veg (36.2%) and groceries (35.1%). About 44.6% have chronic diseases and 34.7% among work loss borrowed money for medical expenditure. It affected the health of families in terms of decreased purchase of protective foods resulting in food insecurity, and increased burden on medical expenditure due to chronic diseases. JEL Code: D1","PeriodicalId":85705,"journal":{"name":"The Indian economic journal : the quarterly journal of the Indian Economic Association","volume":"71 1","pages":"483 - 494"},"PeriodicalIF":0.0,"publicationDate":"2023-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43963970","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 : 2023-04-20DOI: 10.1177/00194662221137268
Ankit Kumar Singh
The female labour force participation rate (LFPR) in India has been persistently declining and has exhibited an unusual pattern over the years, which deviates from the discourse of a U-shaped relationship between female LFPR and economic growth. The article is an attempt to provide some of the empirical foundations to the female LFPR in rural India, and further delves into a comprehensive understanding of the effects of different factors like household, social, economic and personal factors, empirically through previous NSSO data sets. The data sets used in the study are from NSSO 50, that is, from 1993-94 to NSSO 66, that is, 2009-10, to ascertain the factors that were significant over the years in determining the female LFPR in rural areas. These variables were tested to gain an understanding on the variations in female labour supply in rural India. Being cognisant and by problematising some of the significant factors that affected the female LFPR in the past, the article demands the state to exercise policies beyond its neoliberal framework and the ‘Keynesian welfare-state’ model of ‘superficial’ social security. Methodologically, three models were further created based on the NSSO 66 data set to showcase the perennial discouraged-worker effects among the females in LFPR in rural India. The article further empirically tests Jacob Mincer’s theory: ‘substitution effect dominating the income effect’ in the decision of females entering the labour market in rural India and shows empirically how it does not hold in the Indian context, thereby an attempt on debunking the mainstream theory. JEL Codes: J10, J21, J64, C18
{"title":"Decoding the Variations in the Female Labour Supply in Rural India: Empirical Evidences Based on Previous NSSO Datasets","authors":"Ankit Kumar Singh","doi":"10.1177/00194662221137268","DOIUrl":"https://doi.org/10.1177/00194662221137268","url":null,"abstract":"The female labour force participation rate (LFPR) in India has been persistently declining and has exhibited an unusual pattern over the years, which deviates from the discourse of a U-shaped relationship between female LFPR and economic growth. The article is an attempt to provide some of the empirical foundations to the female LFPR in rural India, and further delves into a comprehensive understanding of the effects of different factors like household, social, economic and personal factors, empirically through previous NSSO data sets. The data sets used in the study are from NSSO 50, that is, from 1993-94 to NSSO 66, that is, 2009-10, to ascertain the factors that were significant over the years in determining the female LFPR in rural areas. These variables were tested to gain an understanding on the variations in female labour supply in rural India. Being cognisant and by problematising some of the significant factors that affected the female LFPR in the past, the article demands the state to exercise policies beyond its neoliberal framework and the ‘Keynesian welfare-state’ model of ‘superficial’ social security. Methodologically, three models were further created based on the NSSO 66 data set to showcase the perennial discouraged-worker effects among the females in LFPR in rural India. The article further empirically tests Jacob Mincer’s theory: ‘substitution effect dominating the income effect’ in the decision of females entering the labour market in rural India and shows empirically how it does not hold in the Indian context, thereby an attempt on debunking the mainstream theory. JEL Codes: J10, J21, J64, C18","PeriodicalId":85705,"journal":{"name":"The Indian economic journal : the quarterly journal of the Indian Economic Association","volume":"71 1","pages":"878 - 894"},"PeriodicalIF":0.0,"publicationDate":"2023-04-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45432896","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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