The Indian growth miracle and endogenous growth

Vol: 
29/2008
Author name: 
Madsen JB
Saxena S
Ang JB
Year: 
2008
Month: 
August
Abstract: 

Using over half a century of R&D data for India, this paper examines the extent to which India’s recent growth experience can be explained by R&D, international R&D spillovers, catch-up to the technology frontier and financial liberalization. Furthermore, the paper also tests whether any of the competing second-generation endogenous growth theories can explain India’s growth experience. The findings provide support for Schumpeterian growth theory and indicate that the recent high growth rates in India are likely to continue well into the future.

Publication file: 

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