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- W4386902725 abstract "The study’s primary objective was to examine the short-run and long-run relationship between GDP and its key determinants—imports, exports, and FDI. The Johansen and Juselius test confirmed the presence of a long-run relationship between exports, imports, FDI, and GDP. Besides, the Wald test confirmed short-run causality from exports and FDI to GDP. However, imports were found to be insignificant in the short run. The dummy variable used as an exogenous variable in the Vector Error Correction Model (VECM) for economic reforms of 1991 was positive and significant. Based on the VECM results, it can be asserted that instead of pursuing higher growth through the protection of the domestic industries suffering from comparative disadvantage, India should follow an export-led growth strategy. Further, to increase GDP growth on a sustainable basis in the long-run, more liberal policies should be framed as far as crucial determinants of GDP are concerned. Lastly, efforts should be made towards directing a significant portion of FDI inflows in the new capital formation, thereby increasing the overall production and productivity of the entire economy." @default.
- W4386902725 created "2023-09-21" @default.
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- W4386902725 date "2023-01-01" @default.
- W4386902725 modified "2023-09-27" @default.
- W4386902725 title "Exploring the Linkage Between GDP and its Major Determinants with a Special Focus on the New Economic Reforms of 1991" @default.
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- W4386902725 doi "https://doi.org/10.1007/978-981-99-3696-0_16" @default.
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