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South Asia Economic Journal
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Research Articles

Economic Growth in India Revisited

An Application of Cointegration and Error Correction Mechanism

Sushil Kumar Haldar

Sushil Kumar Haldar, Reader, Department of Economics, Jadavpur University, Kolkata-700032. Email: sushil.haldar{at}gmail.com/ haldarsk2002{at}yahoo.co.in.

This article tries to examine the relevance of the three distinct types of the growth models, namely, physical capital accumulation-led growth, export-led growth and Lucas-type human capital accumulation-led growth in India taking a long-time series data from 1950–51 to 2003–04. Employing the Johansen's cointegration and error correction model, we find that human capital investment plays a crucial role both in the long run as well as in the short run. The export-led growth hypothesis is partially valid whereas the physical capital investment-led growth appears to be insignificant in our findings.

Key Words: JEL: O47 • JEL: O53 • JEL: C32 • Aggregate Investment • Export • Human Capital Expenditure • Cointegration • Error Correction

South Asia Economic Journal, Vol. 10, No. 1, 105-126 (2009)
DOI: 10.1177/139156140901000105
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