An Empirical Study Of Unemployment And Economic Growth In India
Keywords:
Okun’s law, Unemployment, Economic Growth, India, Real GDP
Abstract
Unemployment is a major concern for every economy. Due to the pandemic, there is enormous unemployment generated in the Indian economy. There is a need for high growth to create employment opportunities in the economy. The article investigates the association between the unemployment rate and the economic growth rate in India. The article also checks the existence of Okun’s law in the Indian economy during the period 1991-2021. The time series data used for the study, the Augmented Dickey-Fuller test and Ordinary least Square econometric tools were applied to analyse data. It has been found that there is a negative relationship between unemployment and the economic growth rate. The result confirms the existence of Okun’s law in India.
References
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11. Moosa, I. A. (2008). Economic growth and unemployment in Arab countries: Is Okun’s law Valid. Journal of Development and Economic Policies, 10(2), 7-24. https://www.arab-api.org/Files/Publications/PDF/647/647_j10-2-3.pdf.
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2. Acaroglu, H. (2018). Is there a Trade-off between Output and Unemployment? An Evidence from Okun’s Law for G-20 Countries. Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 13(2), 147-162. https://or-cid.org/0000-0001-6757-2140.
3. Bhat, T. A., Lone, T. A., & Mohi Ud Din, T. (2019). The Validity of Okun's Law: Evidences from Indian economy. Theoretical and Applied Economics,Asociatia Generala a Economistilor din Romania-AGER, 4(621), 273-278. http://store.ectap.ro/articole/1434.pdf.
4. Chand, K., Tiwari, R., & Phuyal, M. (2017). Economic Growth and Unemployment Rate: An Empirical Study of Indian Economy. PRAGATI: Journal of Indian Economy, 4(2), 130-137. https://www.journalpressindia.com/pragati-journal-of-indian-economy/doi/10.17492/pragati.v4i02.11468.
5. Das, A. (2020). An Analysis on the Validity of Okun's Law: An Assessment of India's Unemployment-Output Relationship. NOLEGEIN Journal of Corporate& Business Laws, 3(2), 12-24. https://mbajournals.in/index.php/JoCBL/article/view/604.
6. Das, P., & Mukherjee, R. (2020). Application of Okun's Law in The Economy of India During: 2008-2017. BKGC SCHOLAR, 1(1), 95-103. https://bkgc.in/ejournal/paper_list/bkgc_pages-95-103.pdf.
7. Godara, R. S., Nazari, A., & Fetrat, D. J. (2020). Application of Okun's Law for Economic Growth and Unemployment: Indian Perspectives. Journal of Xidian University, 14(4), 1678- 1690. www.al-kindipublisher.com/index.php/jefas.
8. Irfan. L et al. (2010). Test of Okun’s Law in Some Asian Countries Co-Integration Approach. European Journal of Scientific Research, 40(1), 73-80. http://www.eurojournals.com/ejsr.htm.
9. Kumar, A., & Dr.K.Murali. (2016). A Critical Review on Unemployment and Economic Growth, Engineering Education and Civil Engineers Career up Graduation in India. International Research Journal of Engineering and Technology (IRJET), 3(5), 59-72.www.irjet.net.
10. Lal, I., Muhammad, S. D., Jalil, M. A., & Hussain, A. (2010, Octobar). Test of Okun's Law in Some Asain Countries Co-Integration Approach. European Journal of Scientific Research, 40(1), 73-80. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1562602.
11. Moosa, I. A. (2008). Economic growth and unemployment in Arab countries: Is Okun’s law Valid. Journal of Development and Economic Policies, 10(2), 7-24. https://www.arab-api.org/Files/Publications/PDF/647/647_j10-2-3.pdf.
12. Papola, T. (2013). Economic Growth and Employment Linkages The Indian Experience. Institute for Stu dies in Industrial Development, II(I). http://isid.org.in.
13. Srinivas, B. (2018, May). GDP, Unemployment and Okun's Law: Evidence from Indiaa. International Journal of Applied Social Science, 5(5), 409-419, https://www.coursehero.com/file/62545767/Social-Science-5-A-409-419-Full-Paperpdf/.Victoria Kenny, S. (2019). A causal relationship between unemployment and economic growth. Munich Personal REPEC Archive MPRA, 93133. https://mpra.ub.unimuenchen.de/93133/.
14. Siddiqui, JA, Sania Khanam and Pooja Kaushik. Citation Analysis of Ph.D. Theses in Economics submitted to Ch. Charan Singh University, Meerut (2011-2015). Library Progress (International), Volume 40; No. 2, July-December 2020; p. 348-358.
15. Siddiqui, JA; Kuriyal, Sidharth; Hazarika, Hiranya; Prabavathy M and Chandra Dass, Ajit. From Data to Insights: Navigating the World of Qualitative Data Collection and Analysis in Library and Information Science Research. Educational Administration: Theory and Practice. 30(5), 2024. Pp 6078-6087.
Published
2024-09-11
How to Cite
Monica, Dr. Ajit Singh, & Jamal Ahmad Siddiqui. (2024). An Empirical Study Of Unemployment And Economic Growth In India. Revista Electronica De Veterinaria, 25(1S), 800-807. https://doi.org/10.69980/redvet.v25i1S.867
Section
Articles
