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• W4555340 abstract "The present study examines the impact of foreign aid on both economic growth and development in India by using Ordinary Least Square (OLS) test from the period 1975-76 to 2009-10. The study analyzes plan-wise distribution and composition of foreign aid inflows into India. It attempts to explain the effect of some major macroeconomic variables on both economic growth and development in India. The results indicate that foreign aid has been considered as a significant determining factor for both economic growth and development of India. The simple OLS test results show that the impact of foreign aid on both economic growth and development is positive. Finally, the study concludes that the impact of foreign aid on economic growth is higher than its impact on economic development, which indicates that aid contributes to growth but that growth is not translated into meaningful development. This inadequate transformation may be caused due to underutilization of foreign aid, inequality present in the distribution of wealth and income, poor economic policies, poverty and corruption.INTRODUCTIONForeign aid is considered as an important ingredient for financing the developmental programs of the developing countries. Currently, it is considered as an important instrument of the foreign policy of states. It acts as a major source of foreign exchange earnings for developing countries. After World War II, developed economies have been providing hundred billions of dollars in terms of foreign aid to the developing world with a welfare motive. Even before the First World War, foreign aid was used as a profitable investment. However, it was only in the post-war period that the flow of foreign aid began in a planned way, when developed Western countries started contributing primarily for the development of infrastructure, alleviation of poverty, emergency relief, peace -keeping efforts and socioeconomic reconstruction programs of their war allies. Adding to this, there are a number of mechanisms through which aid can contribute to die process of economic growth, i.e. (a) aid stimulates investment in both physical and human capital; (b) aid act as a supplement to the scarce domestic resources and acts as a major source of foreign exchange earnings; (c) aid increases the capacity to import necessary capital goods and technology; (d) aid helps to raise the productivity of both capital and labor through technological transfers and also promotes indigenous technical change; (e) aid also brings other crucial resources for development such as managerial skills, organizational capability, research ideas and market access (Morrissey, 2001). It also helps the underdeveloped economies in filing three major gaps; (1) saving-investment gap; (2) export-import gap; and (3) technological knowhow gap. At the same time huge amount of external assistance inflows may create threat for large amount of external debt burden in the long run to developing economies. The extent to which foreign aid can be a decisive factor in the economic development of developing economies remains controversial. Many countries in the world accept foreign aid and get different benefits along with a few adverse results.Moreover, it is observed that the role of foreign aid may be beneficial in the case of certain countries and may not be beneficial for others. It may therefore be observed that geographical condition, economic policies, political policies of the ruling elite, bureaucratic efficiency, role of institution, the level of socioeconomic development and level of technological advancement are some of the conditions in which foreign aid has to functions. These factors differ across region, which are responsible for the variability found in the role and achievement of foreign aid from country to country. Therefore, the present study tries to examine whether foreign aid inflows helps in the process of economic development of India during the period of study or not? …" @default.
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• W4555340 title "Effect of Foreign Aid on Economic Growth and Development in India: An Empirical Analysis" @default.
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