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Prakash, Shri
- Endogenisation of Inventory Investment and Generalisation of Mahalanobis Model of Growth
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Authors
Affiliations
1 University Grants Commission, 35, Feroz Shah Road, New Delhi, IN
1 University Grants Commission, 35, Feroz Shah Road, New Delhi, IN
Source
Artha Vijnana: Journal of The Gokhale Institute of Politics and Economics, Vol 40, No 4 (1998), Pagination: 351-371Abstract
Mahalanobis model of development planning has decisively influenced the strategy of growth of Indian economy for a pretty long time. Naturally, the model has been examined critically from time to time. The model assigns pivotal role to investment in capital/producer goods for achieving accelerated growth. The model envisages consumer goods sectors, particularly the household industries to generate employment opportunities. But the model assumes implicitly as if investment in productive capacity alone determines growth. It totally neglects the working capital/inventory needed for the operationalisation of installed capacity. Consequently, Mahalanobis growth profiles over-estimate the growth effects of investment. The extension and modification of Mahalanobis model, attempted in the study, incorporates inventories into the model as endogenous variables to generalize it. The generalised model shows mathematically, theoretically and empirically that the inventory investment lowers growth, while disinvestment in inventories considerably accelerates growth. Solution of two sector Mahalanobis model with Indian data generates highly exaggerated growth performance. The generalised model almost approximates the actual growth performance of the Indian economy, lending empirical support to the thesis of inverse relationship between the size and accumulation of inventory capital and growth.
- Limitations of Official Statistical System of India and Data Gaps:A Note
Abstract Views :462 |
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Authors
Shri Prakash
1,
Sudhi Sharma
2
Affiliations
1 BIMTECH, Knowledge Park II, Greater Noida 201 306, Uttar Pradesh, IN
2 BIMTECH, Greater Noida, Greater Noida 201 306, Uttar Pradesh, IN
1 BIMTECH, Knowledge Park II, Greater Noida 201 306, Uttar Pradesh, IN
2 BIMTECH, Greater Noida, Greater Noida 201 306, Uttar Pradesh, IN
Source
Artha Vijnana: Journal of The Gokhale Institute of Politics and Economics, Vol 58, No 3 (2016), Pagination: 219-227Abstract
The note on official statistical system of India focuses on gaps and limitations of data gathered by different agencies of Government of India in general and CSO in particular. It concentrates on data limitations and gaps relating to input output modelling and employment of human resources in Indian economy. Major gaps in data base of input output modelling relate to (i) total want of such data as are required for the compilation of capital coefficients matrix of Indian economy; (ii) Want of data relating to inter and intra-state trade along with price differentials among the economies of the states; (iii) Lack of I-O matrix with uniform classification without which inter-temporal comparative study is not possible. Change in technology is also difficult to infer without such tables; (iv) Both inter-state and intra-state growth differentials warrant that each input output table has an inter-regional transaction matrix as its supplement; (v) No data are available relating to transactions that take place between rural and urban establishments and people within a district and among the districts of a state; (vi) Sector-wise data relating to employment with education-occupation profile and corresponding wage/salary rates are not available. Data relating to nonformal and unorganized sector are also not available. This makes it extremely difficult to examine changing factor endowment of Indian economy during the course of development. It needs sector-wise data of employment and sectorwise wage rates are also needed.References
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