The relative impacts of banking, infrastructure and labour on industrial growth: evidence from Indian states

Abstract

This article analyses the impacts of outreach of banking services, infrastructure penetration, and labour market rigidity on the growth of manufacturing industries across 14 major states in India in the post-liberalization period (from 1991–92 to 2002–3). It documents that the outreach of the banking sector as well as infrastructure penetration has a significant positive impact on the growth of industries. Interestingly, the counteracting effect of labour market rigidity does not appear to be significant, if the effects of infrastructure and banking services are controlled for. This article also assesses the relative magnitudes of the impacts of these three institutional factors on industrial growth.

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