Keywords: Gujarat, India, multiple regressions, manufacturing units, new economic reforms, economic development, liberalisation policy
Analysing pre and post-liberalisation impact on Indian industries
The Gujarat economy has contributed in the overall economic development of India. The results show that key indicators like NVA, number of registrations, GFCF, FC, value of output and the employment prospects in the manufacturing units of Gujarat economy has increased and the liberalisation policies did not make much difference. The multiple regression equations reveal that liberalisation of this state has started way ahead in 1980s which have boost up the industrial growth. Therefore the new economic reforms in 1992 by the Indian Government could not impact much in this state. There is a major change noticed in the wool, silk and manmade fibre textiles and textile product, wood and wood products industries in the composition of industries in two-digit industries of Gujarat. From its traditional textile base, it has diversified into fields like chemicals, engineering, pharmaceuticals, food processing, agro-based industries, dairy, manufacture of textiles, cement and a host of new industries include the production of fertilisers and petrochemicals and other sectors.