Population dynamics and Economic growth: An Econometric Analysis
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Date
2024
Journal Title
Journal ISSN
Volume Title
Publisher
Shabd publication
Abstract
The study examines the relationship between population dynamics and economic growth in India from 1984 to 2014 using secondary data from sources including the RBI Handbook of Statistics, Ministry of Human Resource Development reports, and census data. The research focuses on demographic factors such as fertility rates, migration patterns, technological advancements, and income distribution, analysing their impact on economic outcomes through econometric methods. The findings reveal a strong positive correlation (Pearson coefficient 0.866) between population changes and economic output, indicating significant influence of demographic shifts on economic performance. ARDL models confirm a long-term equilibrium relationship, with population dynamics exerting a positive impact on economic growth (Pop_L coefficient 1.199487). Model adequacy tests demonstrate the robustness of the analysis, with an R-squared value of 0.87 indicating high explanatory power. These results underscore the pivotal role of demographic transitions in shaping economic trajectories in India. Policy implications suggest that investments in education, healthcare, and infrastructure are crucial for sustaining economic growth amidst evolving population dynamics. Addressing demographic challenges effectively can enhance India's economic development prospects in the long term.
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Keywords
SOCIAL SCIENCES::Business and economics::Economics
Citation
Mukt Shabd. 13(6); 2024; 1233-1241.