Changing Dimensions of Growth in Haryana

Abstract

In today’s era of globalization, the role of various sectors in the development of economy - namely, primary, secondary and tertiary - is changing day by day. As in the past, agriculture was the dominating sector in the countries like India but with rapid policy changes, the secondary and tertiary sectors seem to be gaining importance. Due to changes in the general level of affluence the indicators like per capita and GDP become the most important for development and with increasing product complexity and life expectancy, the tertiary sector is gaining more importance because of increased demand of services. So in the present paper we briefly examined the impact of sector-wide production and power consumption on the Gross State Domestic Product of Haryana using logit regression analysis and found that 1% change in primary sector production leads to 0.38% increase in GSDP; 1% change in secondary sector production leads to .48% change in GSDP; and 1% change in tertiary sector leads to .25% increase in GSDP. All three sectors are found to be statistically significant at 1% level of significance. The total paper is divided into five sections: the introduction, review of related literature, research methodology, data analysis and its interpretation, and the conclusion.

Keywords: globalization, GDP, Gross State Domestic Product

JEL Classification: A1