An Analysis of Structural Change in Punjab Economy
Keywords:Economy, Capital accumulation, Labour productivity
The term "structural change" has been widely used in economic research, although with different meanings and interpretations. In developing economics and in economic history, structural change is commonly understood as "the different arrangements of productive activity in the economy and different distributions of productive factors among various sectors of the economy, various occupations, geographic regions, types of product, etc….." (Bonatti and Felice, 2008).The rise of new economic powers has generally been driven by the rapid structural transformation of their economies, featured by the shift from primary production, such as mining and agriculture to manufacturing; and in manufacturing from natural-resource-based to more sophisticated, skill and technology-intensive activities. With urbanisation, labour intensive manufacturing activities grow faster than primary activities, generating new jobs, income and demand. Capital accumulation leads to a more sophistic Increasingly, development practitioners and policymakers recognize that economic development requires continuous diversifying and upgrading from existing sectors/industries to new high productivity ones. Convergence in labour productivity at the sector and industry level is seen as an important aspect of growth. India's economic performance over the past two decades has often been excessively focussed on the achievement and prospects of a high rate of economic growth. Introduction of economic reforms in 1991 is seen as the turning point in India's post-independence economic history, providing a break from the low growth trap in which the country's economy had been caught for four decades. The study is an attempt to evaluate these structural changes in India pre and post reform Period and its implication on Indian Economy.
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