Sarbapriya Ray


Sarbapriya RaySarbapriya Ray, PhD, is Associate Professor of Commerce, Head of the Department, Vivekananda College, Thakurpukur, Kolkata and a visiting professor in the Department of Commerce, University of Calcutta, India. He has obtained M.Com, MBA, MPhil, and PhD, and published eight books, several articles in reputed national and international journals. His date of birth is 21st of January, 1970.

Papers Published in World Economics:

Is ‘Make in India’ a Saga?

The ‘Make in India’ drive aims to boost domestic manufacturing and reduce import dependence, attracting global investors and producers to India’s potential and ecosystem. The manufacturing sector in India has shown weak growth in value added and employment, lagging behind the service sector, due to capital-intensive and labour-saving technologies. India ranks low in several indexing parameters, indicating a lack of strategic effort by the government to improve the manufacturing environment and competitiveness. For ‘Make in India’ to be successful, India needs to create a global workforce, use natural resources optimally, build world-class infrastructure, offer tax incentives and reduce reliance on China.

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Total Factor Productivity Growth in Indian Manufacturing

Research findings suggest that the trends in total factor productivity (TFP) are highly cyclical across years during the pre-reform period and have shown a similar cyclical trend during the post-liberalisation period in all three measures—GO based, A based and KLEMS measure adopted. These results indicate higher growth in TFP during the pre-reform period when value added (double deflation) is used but not when value added (single deflation) is used. Overall, the productive performance of manufacturing industry in India has shown a gradual upward, positive trend since the initiation of economic reforms in 1991, explicitly reflecting the favourable impact of liberalisation on TFP growth. For the manufacturing sector in India, the post-reform era witnessed accelerating growth in TFP but deceleration in capital intensity and material and labour productivity. The contribution of TFP growth to the growth in output is either negative or insignificant across the entire timeframe.

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Is Industrial Structure Moving from Manufacturing towards the Service Sector?

Research findings suggest that the service sector’s growth, exports and gross fixed capital formation are having statistically significant favourable impact on GDP growth in six selected economies—India, China, the Republic of Korea, Japan, the USA, the United Kingdom—and in the world as a whole. The results obtained indicate that if the service and manufacturing sectors, exports and GFCF grow by 1%, growth of economies via GDP growth is accelerated by 0.6806% and 0.006461%, 0.0819% and 0.0245%, on average, respectively among the six selected economies (and the world as a whole), signifying that, although the contribution of the manufacturing sector is minimal, this sector is still essential. The estimates show increasingly robust impacts of exports, net investment in fixed assets and equipment and dominance of the service sectors to the GDP growth rates in the six economies examined. A cross-country analysis of panel data over a period of 29 years, from 1990 to 2018, for the same six countries and the world as a whole, using a random-effects model, finds that the stimulating force of economic growth has moved undeniably and steadily from the manufacturing sector towards the service sector due to the growing importance of the service sector observed in each of the six countries under our consideration over the period surveyed.

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