financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2023-27-1-116-126finance-1992Research ArticleИНВЕСТИЦИОННАЯ ПОЛИТИКАINVESTMENT POlICYВлияние прямых иностранных инвестиций на производственный сектор: доказательства из индийской экономикиImpact of Foreign Direct Investment on Manufacturing Sector: Evidence from Indian EconomyМехтаН.MehtaN.

Нихарика Мехта - научный сотрудник

Нойда, Уттар-Прадеш

Niharika Mehta - Research Scholar

Noida, Uttar Pradesh

niharikamehta06@gmail.comhttps://orcid.org/0000-0001-9862-5612ГуптаС.GuptaS.

Сима Гупта - доктор философии в области финансов, профессор

Нойда, Уттар-Прадеш

Seema Gupta - PhD in Finance, Prof.

Noida, Uttar Pradesh

sgupta18@amity.eduМайтраШ.MaitraSh.

Шипра Майтра - доктор философии, старший профессор

Дели

Shipra Maitra - PhD, Sr. Prof.

Delhi

shipra.maitra@gmail.comУниверситет АмитиИндияAmity UniversityIndiaИнститут человеческого развитияИндияInstitute for Human DevelopmentIndia202310032023271116126Copyright © Мехта Н., Гупта С., Майтра Ш., 20232023Мехта Н., Гупта С., Майтра Ш.Mehta N., Gupta S., Maitra S.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://financetp.fa.ru/jour/article/view/1992

Существует потребность в дополнительном источнике финансирования в виде прямых иностранных инвестиций (ПИИ) в производственный сектор Индии из-за его долгосрочного взаимодействия между инвесторами и принимающей страной. Дальнейшее значение ПИИ в обрабатывающий сектор приобретает все большее значение из-за выгод, получаемых обрабатывающим сектором в результате распространения новых технологий посредством ПИИ. Поэтому целью исследования является оценка влияния прямых иностранных инвестиций на выпуск продукции производственного сектора индийской экономики за период 1991–2020 гг. Такие методы, как проверка границ, модель авторегрессионного распределенного запаздывания (ARDL) и причинно-следственная связь по Грейнджеру, используются для изучения влияния ПИИ и взаимодействия ПИИ и человеческого капитала как двух разных переменных на выпуск продукции производственного сектора в индийской экономике. Кроме того, рассматривается эффект ПИИ на улучшение технологий. Результаты исследования показывают, что приток ПИИ приводит к увеличению объема производства в обрабатывающей промышленности. Кроме того, делается вывод о том, что чем выше уровень образования (человеческого капитала) и чем больше технологический разрыв между принимающей страной и страной базирования, тем больше перетекание технологий и, следовательно, более заметно влияние ПИИ на выпуск продукции производственного сектора.

There is need for an additional source of finance in form of foreign direct investment (FDI) in the Indian manufacturing sector due to its long-term engagement between the investors and the host country. Further FDI in the manufacturing sector is gaining importance because of the benefits the manufacturing sector reaps as a result of technology spillover brought through FDI. Therefore the objective of the study is to assess the impact of Foreign Direct Investment on the manufacturing sector output of the Indian economy for the period of 1991–2020. Methods such as bounds test, Autoregressive Distributed Lag Model (ARDL) and Granger causality are used to study the impact of FDI and the interaction of FDI and human capital as two different variables on the output of the manufacturing sector in the Indian economy. Also, the technology-enhancing effect of FDI is addressed in the current study. The results of the study reveal that the inflow of FDI leads to an increase in manufacturing sector output. Further, it concludes that the higher the level of education (human capital) and the greater the technology gap between host and home country, the more is the technology spillover, and hence more prominent is the impact of FDI on the output of the manufacturing sector.

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The authors declare that there are no conflicts of interest present.