Publisher's Synopsis
This volume provides the first comprehensive analysis of the determinants of saving and investment and the role of investment in economic growth in the Indian economy over the post-independent era. It aims to inform the national development policy debate in India, which has received added impetus following the market-oriented policy reforms initiated in 1991, and to enrich the literature on saving, investment and growth in developing countries which consists predominantly of broad generalisations made from multi-country, cross-sectional analyses. The book documents trends and patterns of saving and investment in the Indidan economy in its historical and institutional context, paying attention to key policy shifts whilst also paying attention to the ongoing process of economic transition. The determinants of saving and investment, and the role of investment in explaining growth are examined using regression models derived from the received theory and implemented with the help of modern time-series econometric techniques. To gain perspective, the econometric evidence from India is presented and interpreted in the context of the existing empirical literature relating to other developing countries. The book is written in a simple but rigorous way, in the form of a self-contained treatise with detailed discussions on the data sources and non-technical expositions of the econometric procedures. It will appeal to students, policy makers and all those concerned with the process of econometric development in developing countries.
