Capacity Output and Cycles in Non-agricultural Output of the Indian Economy

application/pdf

This is a revised and up-dated version of the author’s Presidential Address at the 41st Annual Conference of the Indian Econometric Society (TIES) will be held at Jadavpur University, Kolkata, during January 20-22, 2005. Helpful comments from Professors A.L Nagar, K.L. Krishna and M. Ramachandran are gratefully acknowledged. Earlier versions of this paper were also presented in seminars at Department of Economics, State University of New York at Buffalo and at Indira Gandhi Institute for Development Research, Mumbai. I am also thankful for useful comments received at these seminars, particularly from Professors Winston Chang, Dilip Nachane, Nagesh Revankar, and Rajendra Vaidya. I received valuable comments on the paper from Professors Romar Correa, Mihir Rakshit and V. M. Rao, for which I am extremely grateful, though it was not possible to adequately revise the paper to address their comments. Assistance most willingly provided by the members of the staff of the Indian School of Political Economy, especially by Mrs. Shaila Konlade and Shri Dnyaneshwar Bagade for preparing the type-script of the paper is deeply appreciated. However, the author alone is responsible for any errors and omissions which still remain in the paper.