On Estimation of Cobb-Douglas Production Function in Selected Indian Industries

The Indian industries suffered a major setback in industrial production after the mid-sixties. Its annual growth rate declined to 3.9 per cent in 1966-84 from 7.6 per cent in 1951-66. The two periods, namely, 1967-71 and 1975-80, that have been included in this paper, are from the later phase, namely from 1965-66 to 1983-84, which recorded decline in growth rate of industrial production. It is therefore imperative to further study this period. The industries, selected in this paper during the two periods studied are at 2-digit and 3-digit levels of industrial classification. These are major industry groups.Obviously that the period and the industries that form the scope of this paper are very important.