Globalization and Structural Changes in the Indian Industrial Sector: An Analysis of Production Functions

The paper reports a study to investigate the structural changes in the manufacturing sector of India (possibly) brought about by liberalization and globalization of the economy. It assesses the structural changes in terms of employment of labour and capital, possibly indicated by replacement of the former by the latter. The study also examines the impact of the new industrial policies on regional distribution of indicators of industrialization, such as, the labour-capital ratio, returns to scale and productivity.