연구정보
[경제] India’s Economic Growth Has Been Manufacturing-led, Not Services-led
인도 국외연구자료 연구보고서 - Economic & Political Weekly 발간일 : 2024-06-15 등록일 : 2024-06-20 원문링크
Contrary to a widely held view that India’s economic growth has been services-led, the article claims that in the last two decades, India has had manufacturing-led economic growth, not service-led. The false impression has arisen because India does not apply the double deflation method for national accounts when most G20 countries do so. Correctly measured, manufacturing share in real GDP doubled between 2003 and 2018 while the share of market services stagnated, and manufacturing grew faster than services. Econometric investigations of growth linkages and analysis based on input–output tables reveal that India’s economic growth is manufacturing-driven, not services-driven.
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