The Impact of New Economic Reforms 1991 on Infrastructure Financing and Socio-economic Development of Kerala: An Appraisal after Three Decades

Rajeeve L, C. Ganesh
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Abstract

India’s economic reforms of 1991 were a radical shift from the dysfunctional development strategy and a move away from the socialistic approach that the country had followed in the previous decades. The reform measures significantly changed lives by improving living conditions and alleviating poverty. The economic reforms of 1991 are considered a boon to the state of Kerala, which was facing severe constraints in sourcing finance for infrastructure projects. This research attempts to establish a cause-and-effect relationship between foreign direct investment (FDI), infrastructure development and economic growth during the pre- and post-reforms period in the state. The study explores this issue using econometric analysis done on time-series data from 1970 to 2020. It analyses the impact of infrastructure financing on infrastructure development and economic growth at an aggregate level considering the state as a unit of analysis, using a multivariate method. The results of the research indicate that infrastructure development and economic growth have a positive moderate relationship with change in FDI. The findings may be used as reference material for further research on the impact of investments on economic development.
1991 年新经济改革对喀拉拉邦基础设施融资和社会经济发展的影响:三十年后的评估
印度 1991 年的经济改革彻底改变了该国功能失调的发展战略,摒弃了该国在过去几十年中遵循的社会主义方法。改革措施改善了生活条件,减轻了贫困,从而极大地改变了人们的生活。1991 年的经济改革被认为是喀拉拉邦的福音,因为该邦在为基础设施项目筹集资金方面面临严重制约。本研究试图建立喀拉拉邦改革前后外国直接投资(FDI)、基础设施发展和经济增长之间的因果关系。研究利用 1970 年至 2020 年的时间序列数据进行计量经济学分析,探讨了这一问题。研究采用多元方法,以州为分析单位,从总体上分析了基础设施融资对基础设施发展和经济增长的影响。研究结果表明,基础设施发展和经济增长与外国直接投资的变化呈正向适度关系。研究结果可作为进一步研究投资对经济发展影响的参考资料。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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