Dr Amarjit Singh Sethi - Academia.edu (original) (raw)

Papers by Dr Amarjit Singh Sethi

SEDME (Small Enterprises Development, Management & Extension Journal): A worldwide window on MSME Studies, 2016

ABSTRACT Based on secondary data for 17 years’ period from 1995-2011, this paper aims at examinin... more ABSTRACT Based on secondary data for 17 years’ period from 1995-2011, this paper aims at examining pattern of structural changes and potential of trade among BRICS nations in the aftermath of policy reforms. Pattern of structural transformation in the composition (in respect of 10 major commodities) of India’s trade with other BRICS countries was assessed through traditionality analysis based on the computation of the indexes τi (due to Piñeres and Ferrantino, 1997) and γi (due to Sethi, 2001). Potential of Inter-BRICS trade was examined through general gravity model, using balanced panel data estimation technique. Choice between fixed and random effects modelling was made through Hausman test. As regards main findings, the highest and the lowest compound growth rate in aggregated exports was experienced by India and South Africa, respectively. However, in respect of imports, the highest compound growth rate was experienced by China, followed closely by India, but the lowest growth rate was experienced by Brazil. Rates of growth in India’s selected commodities exports to other BRICS countries were significant in respect of a majority of the exported commodities to China, Brazil and South Africa; but the exports to Russia showed significant rate of growth in respect of only a few of the commodities. As regards the pattern of structural changes in India’s major commodities exports and imports to/ from other countries in the BRICS group, the most traditional items were observed to be very much peculiar to the country in question. Further, as regards the estimation of the generalized gravity model, the Wallace-Hussain (1969) version of the random effects modelling happened to be more suitable (form the angle of consistency and efficiency) than fixed effect modelling. As per the estimated model, an improvement in the level of GDP among a given pair of member countries in the BRICS group induced a significant boost in the inter-countries trade, thus implying that the intra-BRICS trade is likely to improve perceptibly with liberalization of trade barriers among the member countries. Impact of the sizes of the population of the two countries in the pair on openness of trade was also significant, although meakly. However, physical distance among the member countries induced an indirect but non-significant effect on the extent of bilateral trade. Growth-promoting policies coupled with ernest steps to improve Indo-China relations would expectedly give an impetus to trading among the BRICS nations. Key Words: Trade; BRICS; Structural Changes; Traditionality Index; General Gravity Model; Fixed Effects Modelling; Random Effects Modelling; Hausman Test. JEL Classification: C13, C23, F14, N70, O57.

The present paper aims at making an analysis of growth, structural transformations and the extent... more The present paper aims at making an analysis of growth, structural transformations and the extent of divergence between the adjoining states of Punjab and Haryana with respect to various components of real capital formation. The study, an empirical one, has made use of various analytical estimations from secondary time series data compiled on aggregated/disaggregated Gross Capital Formation in respect of the two states. As per the main findings, growth performance in capital formation has been rather dismal in Punjab vis-a-vis that in the Haryana, especially during the post-liberalization regime. Major divergences (in respect of the rate of capital formation) between the two states occurred due primarily to five components: Real Estate and Ownership of Dwellings (76.4 percent); Construction (13.9 percent); Trade, Hotels and Restaurants (4.5 percent); Electricity, Gas and Water Supply (3.4 percent); and Transport, Storage and Communication (1.8 percent). In order to improve its rapidly depleting financial health, the state of Punjab needs to give a serious reconsideration in making allocation of its limited resources towards productive purposes (especially in agriculture and manufacturing sectors) rather than providing freebies under various populist measures.

South Asia Economic Journal, 2008

Rates of growth in economic time series are one of the most commonly made computations in analyti... more Rates of growth in economic time series are one of the most commonly made computations in analytical programmes. Although exponential equation plays a pivotal role in estimating such rates of growth, there is a multiplicity of weak points associated with the usual methodology adopted for the purpose. The present note aims at highlighting some such limitations and points out avoidance of an indiscriminate use of the exponential equation. Depending upon the situation being faced with, the note outlines alternative approaches for estimating average annual rates of growth.

SSRN Electronic Journal, 2014

Overall development of country is the main objective of Indian government since its independence.... more Overall development of country is the main objective of Indian government since its independence. In the earlier Plans the main thrust for development was laid on Agriculture, Industry, Communication, Education, Health and Allied sectors but soon it was realized that the all-round development of the country is possible only through the development of rural India. Keeping this in view, Panchayati Raj Institutions have been introduced under the 73 rd Amendment Act of the Constitution of India in 1992. Rural Development includes measures to strengthen the democratic structure of society through the Panchayati Raj Institutions (PRIs). It also includes measures to improve the rural infrastructure, improve income of rural households and delivery systems pertaining to education, health & safety mechanisms. Government of India has taken many steps to develop rural India and for this, Department of Rural Development has been setup under the control of Ministry of Rural Development. The Panchayats are expected to play an important role in rural development in India, particularly after independence. Plan documents of both the central and state governments and various committees have emphasized the importance of these bodies in the polity. Five-year plans, specially the second five-year plan, laid special emphasis on the role of Panchayats in rural developments. An attempt is made in this paper to study the role of Panchayati Raj Institutions in rural development in general and a tribal village of a backward district in Arunachal Pradesh in particular.

Frontiers in Communication, 2021

COVID-19 infodemic has been spreading faster than the pandemic itself. The misinformation riding ... more COVID-19 infodemic has been spreading faster than the pandemic itself. The misinformation riding upon the infodemic wave poses a major threat to people’s health and governance systems. Managing this infodemic not only requires mitigating misinformation but also an early understanding of underlying psychological patterns. In this study, we present a novel epidemic response management strategy. We analyze the psychometric impact and coupling of COVID-19 infodemic with official COVID-19 bulletins at the national and state level in India. We looked at them from the psycholinguistic lens of emotions and quantified the extent and coupling between them. We modified Empath, a deep skipgram-based lexicon builder, for effective capture of health-related emotions. Using this, we analyzed the lead-lag relationships between the time-evolution of these emotions in social media and official bulletins using Granger’s causality. It showed that state bulletins led the social media for some emotions s...

Journal of Income & Wealth, 2015

Using time series data spanning over the period 1980–81 to 2009–10, the present study attempted t... more Using time series data spanning over the period 1980–81 to 2009–10, the present study attempted to examine productivity performance (at both aggrega ted and disaggregated levels) of Punjab and Haryana states vis-a-vis the overall Indian economy. For this purpose, we have estimated Cobb-Douglas and CES production function by using net domestic product as output, and capital, labour and energy as three inputs. The analysis has revealed that at the aggregated as well as at sectoral levels in each of Punjab, Haryana and the Indian economy, output was more responsive to relative changes in labour compared to such changes in each of capital and energy, thus calling for the need to pay higher attention to labour input so as to achievefaster growth in the economies. At the aggregated level, both Haryana state and the overall Indian economy were observed to have operated under increasing returns to scale, whereas Punjab did so only under constant returns to scale.

SEDME (Small Enterprises Development, Management & Extension Journal): A worldwide window on MSME Studies, 2016

Using time series data spanning over the period 1980-81 to 2009-10, the present study aims at ana... more Using time series data spanning over the period 1980-81 to 2009-10, the present study aims at analysing the sources of growth in Punjab and Haryana states vis-a-vis the overall Indian economy at the aggregated/ disaggregated level. The objective was accomplished through the estimation of translog production function for the three economies at both individual and pooled levels. The analysis was carried out with net domestic product as output, and capital, labour and energy as the three inputs. As per the main findings, output has been more responsive to relative changes in energy consumption (rather than capital and labour) in majority cases, thereby suggestingthe need for more attention to this factor (i.e., energy) for accelerated growth. As far as the rate of technical progress is concerned, Haryana state (as also the overall Indian economy) was observed to have registered positive growth, while Punjab, on the contrary, has experienced a decay. Therefore, concerted efforts need to be made (say, through consolidation of investment on physical and social infrastructure, and R & D) to give a fillip to the rate of technological progress, particularly in the laggard province of Punjab so as to make it keep pace with the other economies. Results from the panel data estimation approach have indicated that rate of acceleration in technical progress was the highest in aggregated tertiary sector, and the lowest in secondary sector which, however, is not a very conducive sign when viewed from the angle of strengthening the production base of the economies. Further, as per computation of the elasticities of substitution, labour could be substituted (in majority sectors) for capital as well as energy to a limited extent. Nevertheless, capital and energy have to be used jointly in the production process, as these happened to be complementary to each other.

This paper examines the causality between electricity consumption and economic growth in Nigeria,... more This paper examines the causality between electricity consumption and economic growth in Nigeria, with a focus on sectorial analysis. The sectors considered are manufacturing sector, agriculture sector, and the service sector. The study covers the periods from 1981 to 2014. The study was done in a vector error correction model (VECM). The results show that the causality run from manufacturing sector to electricity consumption in long run, but a bidirectional causality in the short run, from electricity consumption to service sector output in the long run, and from electricity consumption to service sector output in long run. There is no short run causality between electricity consumption and service sector and agricultural sectors outputs. The paper concludes with the recommendation that government should be careful in implementing electricity conservation policy.

In this paper, an attempt has been made to generate estimates of net fixed capital stock at aggre... more In this paper, an attempt has been made to generate estimates of net fixed capital stock at aggregated and disaggregated levels for Punjab and Haryana states for the period from 1980-81 to 2007-08. Following Kruger’s (2003) approach, initial capital stock in each of the sectors for both the states was estimated, which was then used to produce capital stock data for the subsequent years through perpetual inventory method by using data on capital formation at constant prices. Subsequently, long-term performance of the various components of capital stock and alternative hypotheses regarding growth performance were examined. Analyses of relative growth rates, turning points and kinked growth rates have revealed that in Punjab state, capital stock in a large majority of the components have undergone a temporal deceleration, while the situation was just the opposite in Haryana state. This calls for an urgent need on the part of Punjab government to focus on developmental activities by way...

The present paper aims at analyzing the comparative growth performance, structural transformation... more The present paper aims at analyzing the comparative growth performance, structural transformations and inter-sectoral linkages with respect to real (at 2004-05 constant prices) net state domestic product in Punjab and Haryana states for 30 years’ period (i.e., from 1980-81 through 2009-10). The analysis revealed that share of tertiary sector has overtaken the share of both primary and secondary sector over time in both Punjab and Haryana states. Moreover, income from this sector has been influencing such income from both primary and secondary sectors. On the other hand, income from secondary sector did not exhibit any perceptible inter-sectoral linkages in Punjab, except with the income from less productive tertiary sector (and that too a feeble one). However, in Haryana, income from the secondary sector has influenced that from primary sector, which may be viewed as a healthy sign for the economy from the point of view of synchronizing growth. In general, the growth performance of ...

The present analytical study, based on regular time series data (for 30 years period from 1980/81... more The present analytical study, based on regular time series data (for 30 years period from 1980/81 to 2009/10), aims at analyzing sources of output growth in the states of Punjab and Haryana vis-à-vis the overall Indian economy. Specifically, objective of the paper was to examine whether output growth in these economies has been driven primarily by inspiration or perspiration or by both. For this purpose, output-oriented DEA-based Malmquist Productivity Index approach was adopted with Net Domestic Product as output, and Labour, Capital and Electricity Consumption as three inputs. It was observed that in each of the periods (viz., pre-reforms, post reforms and the overall span), both output growth and TFP growth were the fastest in case of Haryana, followed next by the overall Indian economy. The TFP growth in Punjab continued to remain negative during all the three time spans. In a majority sectors of each of the two states’ economies, TFP growth has failed to pick up its pace during...

[Awarded with the "Best Paper Prize" in the Conference] Developmental Expenditure and T... more [Awarded with the "Best Paper Prize" in the Conference] Developmental Expenditure and Total Factor Productivity Growth: An Analysis for Punjab and Haryana States vis-a-vis the Indian Economy The present paper aims at analysing the impact of government expenditure (incurred on social and economic activities) on total factor productivity in Punjab, Haryana and the overall Indian economy, covering the period from 1985-86 to 2009-10. For accomplishing the objective, total factor productivity for each of the three economies was first estimated, using output-oriented DEA-based Malmquist Productivity Index approach (with Net Domestic Product as output, and Labour, Capital and Electricity Consumption as three inputs), and then the impact of developmental expenditure on the estimated TFP index was examined using panel-data based step-up as well as step-down regression analysis both through fixed and random effects modeling. Findings from the study revealed that the TFP growth perfo...

The present paper aims at examining comparative growth performance, structural transformations an... more The present paper aims at examining comparative growth performance, structural transformations and causal relationships among Physical Capital Formation and Gross State Domestic Product in Punjab and Haryana states. Various analytical estimations have been made from secondary time series data for 30 years (from 1980-81 through 2009-10), compiled on aggregated/ disaggregated gross capital formation and domestic product in respect of the two states. As per the findings, aggregated capital formation has undergone deceleration (particularly during pre-liberalisation period) in Punjab, while acceleration in Haryana state, primarily due to the corresponding pattern in the assets like Plant & Machinery and Transport Equipment. Further, VECM-based causality analysis has indicated that income generation from Secondary sector was a pre-requisite for consolidation of transport infrastructure in both the states. However, the absence of causal linkage between physical capital formation and GSDP ...

The present analytical study based on regular time series data (for the period 1960-61 to 2008-09... more The present analytical study based on regular time series data (for the period 1960-61 to 2008-09) aims at examining growth performance and causal linkage among wage rate and labour productivity in major ectors of India. The study has made use of a variety of econometric computations, such as successive and exponential growth rates; ADF and PP tests of stationarity; Johensen-Juselius technique for cointegration; VAR based Granger causality tests; etc. As per the main findings from the study, output per worker has grown, in general, at a faster pace than wage rate, thereby pointing towards the prevalence of labour exploitation in India. Tertiary-2 sector (comprising mainly of Banking & Insurance; Residential Buildings and Dwellings; Public Administration; and Other Services) was, however, the lone exception, wherein the growth rates’ pattern was just the other way round. The analysis has provided an indication towards the presence of bi-directional causality between wage rate in prim...

In the present study, an attempt has been made to examine growth performance of employment and pr... more In the present study, an attempt has been made to examine growth performance of employment and productivity of labour, as also the sources of labour productivity at aggregated and sectoral levels of Punjab and Haryana states vis-à-vis the Indian economy, spanning 1980-81 to 2009-10. Findings from the study have revealed the prevalence of jobless growth in a majority sectors of all the three economies considered  output growth was faster than the growth in labour input, thus implying that growth in output has failed to induce a commensurate growth in employment. Regarding growth in labour productivity at sectoral level in the Punjab state, primary sector was the lone activity to have registered positive growth. However, almost all the sectors in Haryana state and the overall Indian economy have experienced positive rate of growth in labour productivity; Tertiary-2 sector in Haryana was the only exception to have portrayed negative rate of growth in the activity. Although some improv...

Journal of Income & Wealth, 2016

This paper aims at examining as to which concomitants primarily determine Non-performing Assets (... more This paper aims at examining as to which concomitants primarily determine Non-performing Assets (NPAs) of Scheduled Commercial Banks (SCBs) in India. The study was based on regular time series data for 17 years (from 1995–1996 to 2011–2012) on a multiplicity of macroeconomic and bank-specific variables. For making an identification of the major concomitants of NPAs, as also the direction of their linkages, we have resorted to step-up confluence analysis due to Frisch (1934. Statistical confluence analysis by means of complete regression systems. Oslo: Publication No. 5 from the University Institute of Economics. pp. 192), as applied to panel data with both fixed effects and random effects modelling. Through Hausman's, 1978 random effects modelling was observed, in general, to have an edge over fixed effects modelling. As per the findings, N PA s were influenced via both macroeconomic and bank-specific variables. Business per employee, provisions and contingencies, operating expe...

SEDME (Small Enterprises Development, Management & Extension Journal): A worldwide window on MSME Studies, 2016

ABSTRACT Based on secondary data for 17 years’ period from 1995-2011, this paper aims at examinin... more ABSTRACT Based on secondary data for 17 years’ period from 1995-2011, this paper aims at examining pattern of structural changes and potential of trade among BRICS nations in the aftermath of policy reforms. Pattern of structural transformation in the composition (in respect of 10 major commodities) of India’s trade with other BRICS countries was assessed through traditionality analysis based on the computation of the indexes τi (due to Piñeres and Ferrantino, 1997) and γi (due to Sethi, 2001). Potential of Inter-BRICS trade was examined through general gravity model, using balanced panel data estimation technique. Choice between fixed and random effects modelling was made through Hausman test. As regards main findings, the highest and the lowest compound growth rate in aggregated exports was experienced by India and South Africa, respectively. However, in respect of imports, the highest compound growth rate was experienced by China, followed closely by India, but the lowest growth rate was experienced by Brazil. Rates of growth in India’s selected commodities exports to other BRICS countries were significant in respect of a majority of the exported commodities to China, Brazil and South Africa; but the exports to Russia showed significant rate of growth in respect of only a few of the commodities. As regards the pattern of structural changes in India’s major commodities exports and imports to/ from other countries in the BRICS group, the most traditional items were observed to be very much peculiar to the country in question. Further, as regards the estimation of the generalized gravity model, the Wallace-Hussain (1969) version of the random effects modelling happened to be more suitable (form the angle of consistency and efficiency) than fixed effect modelling. As per the estimated model, an improvement in the level of GDP among a given pair of member countries in the BRICS group induced a significant boost in the inter-countries trade, thus implying that the intra-BRICS trade is likely to improve perceptibly with liberalization of trade barriers among the member countries. Impact of the sizes of the population of the two countries in the pair on openness of trade was also significant, although meakly. However, physical distance among the member countries induced an indirect but non-significant effect on the extent of bilateral trade. Growth-promoting policies coupled with ernest steps to improve Indo-China relations would expectedly give an impetus to trading among the BRICS nations. Key Words: Trade; BRICS; Structural Changes; Traditionality Index; General Gravity Model; Fixed Effects Modelling; Random Effects Modelling; Hausman Test. JEL Classification: C13, C23, F14, N70, O57.

The present paper aims at making an analysis of growth, structural transformations and the extent... more The present paper aims at making an analysis of growth, structural transformations and the extent of divergence between the adjoining states of Punjab and Haryana with respect to various components of real capital formation. The study, an empirical one, has made use of various analytical estimations from secondary time series data compiled on aggregated/disaggregated Gross Capital Formation in respect of the two states. As per the main findings, growth performance in capital formation has been rather dismal in Punjab vis-a-vis that in the Haryana, especially during the post-liberalization regime. Major divergences (in respect of the rate of capital formation) between the two states occurred due primarily to five components: Real Estate and Ownership of Dwellings (76.4 percent); Construction (13.9 percent); Trade, Hotels and Restaurants (4.5 percent); Electricity, Gas and Water Supply (3.4 percent); and Transport, Storage and Communication (1.8 percent). In order to improve its rapidly depleting financial health, the state of Punjab needs to give a serious reconsideration in making allocation of its limited resources towards productive purposes (especially in agriculture and manufacturing sectors) rather than providing freebies under various populist measures.

South Asia Economic Journal, 2008

Rates of growth in economic time series are one of the most commonly made computations in analyti... more Rates of growth in economic time series are one of the most commonly made computations in analytical programmes. Although exponential equation plays a pivotal role in estimating such rates of growth, there is a multiplicity of weak points associated with the usual methodology adopted for the purpose. The present note aims at highlighting some such limitations and points out avoidance of an indiscriminate use of the exponential equation. Depending upon the situation being faced with, the note outlines alternative approaches for estimating average annual rates of growth.

SSRN Electronic Journal, 2014

Overall development of country is the main objective of Indian government since its independence.... more Overall development of country is the main objective of Indian government since its independence. In the earlier Plans the main thrust for development was laid on Agriculture, Industry, Communication, Education, Health and Allied sectors but soon it was realized that the all-round development of the country is possible only through the development of rural India. Keeping this in view, Panchayati Raj Institutions have been introduced under the 73 rd Amendment Act of the Constitution of India in 1992. Rural Development includes measures to strengthen the democratic structure of society through the Panchayati Raj Institutions (PRIs). It also includes measures to improve the rural infrastructure, improve income of rural households and delivery systems pertaining to education, health & safety mechanisms. Government of India has taken many steps to develop rural India and for this, Department of Rural Development has been setup under the control of Ministry of Rural Development. The Panchayats are expected to play an important role in rural development in India, particularly after independence. Plan documents of both the central and state governments and various committees have emphasized the importance of these bodies in the polity. Five-year plans, specially the second five-year plan, laid special emphasis on the role of Panchayats in rural developments. An attempt is made in this paper to study the role of Panchayati Raj Institutions in rural development in general and a tribal village of a backward district in Arunachal Pradesh in particular.

Frontiers in Communication, 2021

COVID-19 infodemic has been spreading faster than the pandemic itself. The misinformation riding ... more COVID-19 infodemic has been spreading faster than the pandemic itself. The misinformation riding upon the infodemic wave poses a major threat to people’s health and governance systems. Managing this infodemic not only requires mitigating misinformation but also an early understanding of underlying psychological patterns. In this study, we present a novel epidemic response management strategy. We analyze the psychometric impact and coupling of COVID-19 infodemic with official COVID-19 bulletins at the national and state level in India. We looked at them from the psycholinguistic lens of emotions and quantified the extent and coupling between them. We modified Empath, a deep skipgram-based lexicon builder, for effective capture of health-related emotions. Using this, we analyzed the lead-lag relationships between the time-evolution of these emotions in social media and official bulletins using Granger’s causality. It showed that state bulletins led the social media for some emotions s...

Journal of Income & Wealth, 2015

Using time series data spanning over the period 1980–81 to 2009–10, the present study attempted t... more Using time series data spanning over the period 1980–81 to 2009–10, the present study attempted to examine productivity performance (at both aggrega ted and disaggregated levels) of Punjab and Haryana states vis-a-vis the overall Indian economy. For this purpose, we have estimated Cobb-Douglas and CES production function by using net domestic product as output, and capital, labour and energy as three inputs. The analysis has revealed that at the aggregated as well as at sectoral levels in each of Punjab, Haryana and the Indian economy, output was more responsive to relative changes in labour compared to such changes in each of capital and energy, thus calling for the need to pay higher attention to labour input so as to achievefaster growth in the economies. At the aggregated level, both Haryana state and the overall Indian economy were observed to have operated under increasing returns to scale, whereas Punjab did so only under constant returns to scale.

SEDME (Small Enterprises Development, Management & Extension Journal): A worldwide window on MSME Studies, 2016

Using time series data spanning over the period 1980-81 to 2009-10, the present study aims at ana... more Using time series data spanning over the period 1980-81 to 2009-10, the present study aims at analysing the sources of growth in Punjab and Haryana states vis-a-vis the overall Indian economy at the aggregated/ disaggregated level. The objective was accomplished through the estimation of translog production function for the three economies at both individual and pooled levels. The analysis was carried out with net domestic product as output, and capital, labour and energy as the three inputs. As per the main findings, output has been more responsive to relative changes in energy consumption (rather than capital and labour) in majority cases, thereby suggestingthe need for more attention to this factor (i.e., energy) for accelerated growth. As far as the rate of technical progress is concerned, Haryana state (as also the overall Indian economy) was observed to have registered positive growth, while Punjab, on the contrary, has experienced a decay. Therefore, concerted efforts need to be made (say, through consolidation of investment on physical and social infrastructure, and R & D) to give a fillip to the rate of technological progress, particularly in the laggard province of Punjab so as to make it keep pace with the other economies. Results from the panel data estimation approach have indicated that rate of acceleration in technical progress was the highest in aggregated tertiary sector, and the lowest in secondary sector which, however, is not a very conducive sign when viewed from the angle of strengthening the production base of the economies. Further, as per computation of the elasticities of substitution, labour could be substituted (in majority sectors) for capital as well as energy to a limited extent. Nevertheless, capital and energy have to be used jointly in the production process, as these happened to be complementary to each other.

This paper examines the causality between electricity consumption and economic growth in Nigeria,... more This paper examines the causality between electricity consumption and economic growth in Nigeria, with a focus on sectorial analysis. The sectors considered are manufacturing sector, agriculture sector, and the service sector. The study covers the periods from 1981 to 2014. The study was done in a vector error correction model (VECM). The results show that the causality run from manufacturing sector to electricity consumption in long run, but a bidirectional causality in the short run, from electricity consumption to service sector output in the long run, and from electricity consumption to service sector output in long run. There is no short run causality between electricity consumption and service sector and agricultural sectors outputs. The paper concludes with the recommendation that government should be careful in implementing electricity conservation policy.

In this paper, an attempt has been made to generate estimates of net fixed capital stock at aggre... more In this paper, an attempt has been made to generate estimates of net fixed capital stock at aggregated and disaggregated levels for Punjab and Haryana states for the period from 1980-81 to 2007-08. Following Kruger’s (2003) approach, initial capital stock in each of the sectors for both the states was estimated, which was then used to produce capital stock data for the subsequent years through perpetual inventory method by using data on capital formation at constant prices. Subsequently, long-term performance of the various components of capital stock and alternative hypotheses regarding growth performance were examined. Analyses of relative growth rates, turning points and kinked growth rates have revealed that in Punjab state, capital stock in a large majority of the components have undergone a temporal deceleration, while the situation was just the opposite in Haryana state. This calls for an urgent need on the part of Punjab government to focus on developmental activities by way...

The present paper aims at analyzing the comparative growth performance, structural transformation... more The present paper aims at analyzing the comparative growth performance, structural transformations and inter-sectoral linkages with respect to real (at 2004-05 constant prices) net state domestic product in Punjab and Haryana states for 30 years’ period (i.e., from 1980-81 through 2009-10). The analysis revealed that share of tertiary sector has overtaken the share of both primary and secondary sector over time in both Punjab and Haryana states. Moreover, income from this sector has been influencing such income from both primary and secondary sectors. On the other hand, income from secondary sector did not exhibit any perceptible inter-sectoral linkages in Punjab, except with the income from less productive tertiary sector (and that too a feeble one). However, in Haryana, income from the secondary sector has influenced that from primary sector, which may be viewed as a healthy sign for the economy from the point of view of synchronizing growth. In general, the growth performance of ...

The present analytical study, based on regular time series data (for 30 years period from 1980/81... more The present analytical study, based on regular time series data (for 30 years period from 1980/81 to 2009/10), aims at analyzing sources of output growth in the states of Punjab and Haryana vis-à-vis the overall Indian economy. Specifically, objective of the paper was to examine whether output growth in these economies has been driven primarily by inspiration or perspiration or by both. For this purpose, output-oriented DEA-based Malmquist Productivity Index approach was adopted with Net Domestic Product as output, and Labour, Capital and Electricity Consumption as three inputs. It was observed that in each of the periods (viz., pre-reforms, post reforms and the overall span), both output growth and TFP growth were the fastest in case of Haryana, followed next by the overall Indian economy. The TFP growth in Punjab continued to remain negative during all the three time spans. In a majority sectors of each of the two states’ economies, TFP growth has failed to pick up its pace during...

[Awarded with the "Best Paper Prize" in the Conference] Developmental Expenditure and T... more [Awarded with the "Best Paper Prize" in the Conference] Developmental Expenditure and Total Factor Productivity Growth: An Analysis for Punjab and Haryana States vis-a-vis the Indian Economy The present paper aims at analysing the impact of government expenditure (incurred on social and economic activities) on total factor productivity in Punjab, Haryana and the overall Indian economy, covering the period from 1985-86 to 2009-10. For accomplishing the objective, total factor productivity for each of the three economies was first estimated, using output-oriented DEA-based Malmquist Productivity Index approach (with Net Domestic Product as output, and Labour, Capital and Electricity Consumption as three inputs), and then the impact of developmental expenditure on the estimated TFP index was examined using panel-data based step-up as well as step-down regression analysis both through fixed and random effects modeling. Findings from the study revealed that the TFP growth perfo...

The present paper aims at examining comparative growth performance, structural transformations an... more The present paper aims at examining comparative growth performance, structural transformations and causal relationships among Physical Capital Formation and Gross State Domestic Product in Punjab and Haryana states. Various analytical estimations have been made from secondary time series data for 30 years (from 1980-81 through 2009-10), compiled on aggregated/ disaggregated gross capital formation and domestic product in respect of the two states. As per the findings, aggregated capital formation has undergone deceleration (particularly during pre-liberalisation period) in Punjab, while acceleration in Haryana state, primarily due to the corresponding pattern in the assets like Plant & Machinery and Transport Equipment. Further, VECM-based causality analysis has indicated that income generation from Secondary sector was a pre-requisite for consolidation of transport infrastructure in both the states. However, the absence of causal linkage between physical capital formation and GSDP ...

The present analytical study based on regular time series data (for the period 1960-61 to 2008-09... more The present analytical study based on regular time series data (for the period 1960-61 to 2008-09) aims at examining growth performance and causal linkage among wage rate and labour productivity in major ectors of India. The study has made use of a variety of econometric computations, such as successive and exponential growth rates; ADF and PP tests of stationarity; Johensen-Juselius technique for cointegration; VAR based Granger causality tests; etc. As per the main findings from the study, output per worker has grown, in general, at a faster pace than wage rate, thereby pointing towards the prevalence of labour exploitation in India. Tertiary-2 sector (comprising mainly of Banking & Insurance; Residential Buildings and Dwellings; Public Administration; and Other Services) was, however, the lone exception, wherein the growth rates’ pattern was just the other way round. The analysis has provided an indication towards the presence of bi-directional causality between wage rate in prim...

In the present study, an attempt has been made to examine growth performance of employment and pr... more In the present study, an attempt has been made to examine growth performance of employment and productivity of labour, as also the sources of labour productivity at aggregated and sectoral levels of Punjab and Haryana states vis-à-vis the Indian economy, spanning 1980-81 to 2009-10. Findings from the study have revealed the prevalence of jobless growth in a majority sectors of all the three economies considered  output growth was faster than the growth in labour input, thus implying that growth in output has failed to induce a commensurate growth in employment. Regarding growth in labour productivity at sectoral level in the Punjab state, primary sector was the lone activity to have registered positive growth. However, almost all the sectors in Haryana state and the overall Indian economy have experienced positive rate of growth in labour productivity; Tertiary-2 sector in Haryana was the only exception to have portrayed negative rate of growth in the activity. Although some improv...

Journal of Income & Wealth, 2016

This paper aims at examining as to which concomitants primarily determine Non-performing Assets (... more This paper aims at examining as to which concomitants primarily determine Non-performing Assets (NPAs) of Scheduled Commercial Banks (SCBs) in India. The study was based on regular time series data for 17 years (from 1995–1996 to 2011–2012) on a multiplicity of macroeconomic and bank-specific variables. For making an identification of the major concomitants of NPAs, as also the direction of their linkages, we have resorted to step-up confluence analysis due to Frisch (1934. Statistical confluence analysis by means of complete regression systems. Oslo: Publication No. 5 from the University Institute of Economics. pp. 192), as applied to panel data with both fixed effects and random effects modelling. Through Hausman's, 1978 random effects modelling was observed, in general, to have an edge over fixed effects modelling. As per the findings, N PA s were influenced via both macroeconomic and bank-specific variables. Business per employee, provisions and contingencies, operating expe...