The Role of Foreign Direct Investment (FDI) in Realizing Viksit Bharat @ 2047: A Management Perspective
Year: 2024
Type: article
Abstract: This study evaluates the impact of Foreign Direct Investment (FDI) on India's economic growth trajectory and assesses its role in achieving the developmental vision outlined in "Viksit Bharat @ 2047." Utilizing an econometric framework, this study examines the relationship between FDI and key economic indicators, such as GDP, employment rates, and gross fixed capital formation from 2000 to 2023. Through a series of unit root tests and Johansen Cointegration Tests, this study confirms the stationarity of the data and identifies significant long-term equilibrium relationships among the variables. The findings from Vector Error Correction Models (VECM) reveal that FDI not only contributes to immediate economic enhancements but also aligns with long-term development objectives, influencing India's progression towards becoming a developed nation by 2047. This analysis provides strategic insights for policymakers, suggesting that effectively leveraged FDI can substantially foster economic sustainability and growth. This study contributes to the literature by linking FDI inflows with strategic economic outcomes in the context of India’s development goals, thereby offering a nuanced understanding of how foreign investments can shape a nation’s economic future. JEL Codes: F21, O11, C32
Authors: Prashant Kumar, V.N. Gupta
Institutions: Kalinga University, Sri Dev Suman Uttarakhand University
Language: English
Subfield: Strategy and Management
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W4405822038