Structural Changes in Indian Economy: An Analysis With Input-Output Tables, 1951-63

The input-output system is a convenient means of representing a huge mass of heterogeneous data into a coherent whole such that the structural relationships underlying the economy are meaningfully revealed. The system is widely used in the planning exercises of many countries. The heart of the framework of reasoning consists in applying an input-output model for estimating consistent output levels. The model has varied uses and its rich information content yields answers to several economic aspects such as equilibrium prices, maximal growth possibilities etc. The constancy of the technical coefficients of the model over time however is the crucial assumption in the analysis.