Business Cycle Measurement in India
Publication dateJan, 2018
DetailsNIPFP Working Paper No. 221
AuthorsRadhika Pandey, Ila Patnaik, and Ajay Shah
This paper presents the business cycle chronology for the Indian economy. Two distinct phases are analysed. The pre-1991 period when the cycles were mainly driven by monsoon shocks. The post 1991 phase where we see the emergence of conventional business cycles driven by investment-inventory fluctuations. The paper sheds light on the economic conditions that shaped the nature of cycles in the two phases. The concluding section of the paper presents an overview of the economic conditions post 2012.