An Empirical Study In The Liberalization Age Of International Investment And Indian Economic Growth
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Abstract
We are currently doing import substitution in line with the 'Swadeshi philosophy.' In truth, we have been exercising import substitution. In our nation there was a low wage, a low expenditure savings rate, an ongoing debt, a highly low development rate. Apart from this attractive growth rate for Asian tigers, then the IMF strategy, our policymakers were forced to liberalize and globalize with many other events. A major shift was made from a sleeping policy to an open-ended one. The present article is of its nature in India that seeks to encourage evidence of the impact on the Indian economy, measured under a time varying parameter regression model, of inward foreign investments at macro level as well as at the basic three-sector level. The study documents significantly differing findings in various sectors of the economy through a sector-level analysis. The study suggests that policymakers rejuvenate India's primary sector to draw and consume more intra-DFIs and ensure sustainable economic growth. The study results indicated that liberalization has positive impact on service sector growth while a negative impact on manufacturing sector growth. In conclusion the study shows a sectoral imbalance in India.
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