An autonomous research institute under the Ministry of Finance


Business Cycle Measurement in India

Publication date

Jan, 2018


NIPFP Working Paper No. 221


Radhika 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.

  • Download
  • blog comments powered by Disqus