The study examines the dynamics between energy consumption, growth, trade openness, and financial development using multivariate ARDL bounds testing approach to cointegration approach for India during 1971-2018. The findings confirm long-run equilibrium relationship among underlying variables. Estimated income elasticity indicates that 1% rise in energy consumption per capita leads to 2.9220% increase in GDP per capita. Further, study confirms improvement in energy access, financial development and trade openness may enhance economic growth for India in long run.
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Vidyarthi et al. (2024) studied this question.
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