Human Resource Development and Economic Growth: Leveraging India's Youthful Population
description: This empirical investigation employs a multivariate time series framework utilizing the Vector Error Correction Model (VECM) to unravel the intricate long- run equilibrium and short- run dynamics among GDP, youth population, and youth literacy in India for the time- period 1990 to 2024, revealing through Johansen cointegration test the existence of two statistically significant cointegrating vectors, with normalized equations underscoring the pivotal elasticity- driven relationships between economic growth and demographic- literacy indicators, while adjustment coefficients demonstrate the system's endogenous correction mechanism toward long- run equilibrium, and the impulse response and variance decomposition analyses substantiate the dominance of literacy shocks in driving GDP variability over extended horizons, thereby yielding profound macroeconomic implications for policy formulation directed at enhancing human capital and ensuring sustainable. 2026 by IGI Global Scientific Publishing. All rights reserved.
creator: Dixit, Pragti; Sharma, Varsha; Seth, Manisha; Bhatnagar, Mukul; Varghese, Nikhil
source: Critical Economic Implications of Global Demographic Changes;pp.233-266
publisher: IGI Global
date: 01-01-2025
rights: Restricted Access; Hardcopy may be available in the library
relation: ISBN: 979-833732552-1; 979-833732550-7;
language: English
type: Book chapter
coverage: Dixit P., Chandigarh University, India; Sharma V., Chandigarh University, India; Seth M., Noida Institute of Engineering and Technology, India; Bhatnagar M., Graphic Era University, India; Varghese N., Christ University, India