The Role of Foreign Direct Investment (FDI) in Realizing Viksit Bharat @ 2047: A Management Perspective

Authors

  • Prashant Kumar Research Scholar, Department of Commerce, Kalinga University, Naya Raipur, Chhattisgarh
  • Prof. V.N. Gupta Professor, Faculty of Commerce & Management, Pt. Lalit Mohan Sharma P.G. College, Sri Dev Suman Campus Rishikesh, Uttarakhand

DOI:

https://doi.org/10.31305/rrijm.2024.v09.n11.029

Keywords:

FDI, Economic Growth, Viksit Bharat @ 2047, Development, VECM

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

Author Biographies

Prashant Kumar, Research Scholar, Department of Commerce, Kalinga University, Naya Raipur, Chhattisgarh

Prashant Kumar have completed my Bachelor of Commerce (B.Com) and Master of Commerce (M.Com) from Hemvati Nandan Bahuguna Garhwal Central University, Uttarakhand. I pursued my Master of Philosophy (M.Phil) in Commerce from Mahatma Gandhi Central University, Motihari, Bihar, and I am currently pursuing a Ph.D. in Commerce from Kalinga University, Naya Raipur, Chhattisgarh. I have 5 years of teaching experience in schools, colleges, and universities. I have published 10 research papers in UGC CARE-listed journals and peer-reviewed journals. Additionally, I have participated in and presented at more than 15 national/ international seminars/ workshops/ conferences, earning certificates for both participation and presentations. Through my academic journey, research contributions, and teaching experience, I have developed a strong foundation in the field of commerce and continue to work towards furthering knowledge and excellence in this domain.

Prof. V.N. Gupta, Professor, Faculty of Commerce & Management, Pt. Lalit Mohan Sharma P.G. College, Sri Dev Suman Campus Rishikesh, Uttarakhand

Prof. Virendra Nath Gupta have completed my Bachelor of Commerce (B.Com), Master of Commerce (M.Com), and Ph.D. from Banaras Hindu University (BHU), Uttar Pradesh. I am currently working as a Professor in the Faculty of Commerce and Management at Pt. Lalit Mohan Sharma P.G. College, Sri Dev Suman Campus, Rishikesh, Uttarakhand. I have more than 25 years of teaching experience at the College and University levels. Under my supervision, 3 Ph.D. scholars have successfully completed their research from Hemvati Nandan Bahuguna Garhwal Central University, Uttarakhand. I have published over 20 research papers in UGC CARE-listed/peer-reviewed journals. Additionally, I have participated in and presented at more than 25 national/ international seminars/workshops/conferences, earning certificates for both presentation and participation. My extensive experience and research contributions reflect my dedication to academia and the field of commerce.

References

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Published

20-11-2024

How to Cite

Kumar, P., & Gupta, V. (2024). The Role of Foreign Direct Investment (FDI) in Realizing Viksit Bharat @ 2047: A Management Perspective. RESEARCH REVIEW International Journal of Multidisciplinary, 9(11), 216–228. https://doi.org/10.31305/rrijm.2024.v09.n11.029

Issue

Vol. 9 No. 11 (2024): RESEARCH REVIEW International Journal of Multidisciplinary

Section

Articles

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