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Revisiting India's Growth Transitions

Working Paper, December 2019 | Deepankar Basu

In “Revising India’s Economic Growth Transitions,” Deepankar Basu examines two questions relating to India's economic growth trajectory: structural breaks in growth and the impact of equipment investment on aggregate economic growth. He first shows that substantial accelerations in India’s growth path have occurred only at two points since the 1960s, in 1978-79 and 2004-05. Basu also finds that private investment in equipment and machinery exerts a significant positive impact on India’s GDP growth. These findings shed new light on how India transitioned from a slow to a fast overall growth trajectory starting in the 1990s.
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