FDI in India: A Review
8 Pages Posted: 3 Feb 2017
Dr. Devesh Kumar
Shri Venkateshwara University; Shri Venkateshwara University
Date Written: February 2, 2017
Foreign Direct Investment (FDI) is considered to be the lifeblood of economic development especially for the developing and underdeveloped countries. With the start of globalization, many developing countries, mostly those in Asia, are witnessing a huge flow of FDIs during the past two decades. As compared to other Asian countries India witnessed the FDI inflows much later, but ever since India have been a hub and an attractive FDI destination. The present paper attempts to examine the various set of factors which influence the flow of FDI and the impact of FDI on the Indian economy, predominantly after two decades of economic reforms as studied by various research workers.
Keywords: FDI Inflow, Retailing, Sectoral Analysis, Regression Analysis, Auto Correlation, Trend Analysis
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Dr. Devesh Kumar (Contact Author)
Shri venkateshwara university ( email ).
NH-24,Venkateshwara Nagar Rajabpur Gajraula, Amroha 244236 India
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Foreign direct investment and economic growth: a dynamic study of measurement approaches and results
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- https://doi.org/10.1080/1331677X.2021.1952090
1. Introduction
2. data source and methodology, 3. the bibliometric results on the fdi-eg research, 4. review of approaches for measuring the fdi-eg research, 5. discussions, 6. conclusions, disclosure statement, additional information.
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The relationship between foreign direct investment and economic growth (FDI-EG) has been subject to extensive research. The first document related to FDI-EG research in Web of Science was published in 1992 so that the research time is close to 30 years. This article aims to make a bibliometric study to measure the FDI-EG research from different points of view. 1,075 documents with respect to FDI-EG research were collected, and a strong bibliometric analysis was carried out by Bibliometrix software and review of approaches. The Bibliometrix software has revealed the leading researchers, conceptual structure, and thematic evolution of the FDI-EG research. At the same time, reviewing the literature helps to make content analysis, the most influential document analysis, co-authorship analysis, and citation and co-citation analysis. Amongst the findings, C. Chen, Journal of International Economics, and the USA are the most influential researcher, journal, and country, respectively. The FDI-EG research are focussed on the technology and firm performance, research modelling, and theoretical inquiry. More discussions are made in terms of current research status, avenues for future research, advantages and drawbacks of the methods. This article helps in understanding the evolution of the FDI-EG research from the perspectives of the bibliometric and review.
- Foreign direct investments
- economic growth
- bibliometric analysis
- Bibliometrix
JEL Classifications:
Investments are the engine of economic growth (Liesbeth et al., Citation 2009 ) and human development (Torabi, Citation 2015 ), due to that it is an effective means to increase wealth in national economy, and human community. Amongst the multiple investments, foreign direct investment (FDI) has a vital influence on the economic growth (EG) of a nation, as a condition to attract investors to develop and improve the economy and the quality of human resources (Simionescu & Naros, Citation 2019 ). The World Trade Organization (WTO) gave the definition of FDI that occurs when an investor based in a country acquires an asset in another country with the intent to manage that asset. The FDI contains many management dimensions, such as bonds, portfolio investment in foreign stocks. Since FDI can bring much-needed additional foreign capital, and advanced technology and improved managerial skills, it is considered as an essential part of economic growth and the financial globalisation process (Alfarro, Citation 2017 ). Specially, FDI can also represent a decisive factor for EG at macroeconomic and microeconomic levels in some certain areas (Cicea et al., Citation 2019 ). In general, EG could be measured by the increase of gross domestic product and the quality of life and living standards (Botha et al., Citation 2020 ). FDI was the principal source of flow to the developing countries in 1990 (Mahmoodi & Mahmoodi, Citation 2016 ). The characteristics of FDI are that it shows a fewer volatility degree and has an irregular pro-cyclical behaviour. Since the late 1980s and 1990s, the FDI inflows have increased rapidly almost around the world, and it is very important for less developed countries to support development and economic growth. This issue makes it necessary to reveal the development of the study between foreign direct investment and economic growth (FDI-EG). Therefore, it is an important and necessary issue for countries or organisations to study the FDI-EG research in the field of international economics. A bibliometric study of the FDI-EG is valuable to grasp the features and understand the research status from various perspectives, as scholars always suffer more from economic problems.
The purpose of this article aims to explore and provide a critical review for measuring the FDI-EG relationship according to bibliometric analysis via Bibliometrix, an open-source instrument based on R language. The contributions of this article to the FDI-EG research lie in three ways: (1) The relevant literature during past 30 years is analysed and presented with a holistic assessment to reveal the development tendency, considering leading researchers, conceptual structure, and thematic evolution. (2) With the identification of the citations of publications, the FDI-EG research is revealed to outline the different perspectives from aspects of contents, the influential documents, co-authorship, citation and co-citation. (3) An objective view of the FDI research and a profound discussion of potential future pathways for measuring FDI-EG are presented, which not only would be beneficial for scholars who are interested in this field, but also for a range of stakeholders when making the relevant economic decisions.
The structure of the article is organised as follows: We first describe the data source and methodology. Subsequently, the bibliometric results on the FDI-EG relationship are present from three aspects. This is followed by a critical review for measuring the FDI-EG relationship from different perspectives. Finally, we end the article with the discussions and conclusions.
2.1. Data source
It is noted that the data was derived on March 20, 2021, and the start searching time that set as 1900 is the earliest time in WoS system. As a result, 1,075 documents were retrieved after removing the duplicated publications, and were exported in plain text and Comma-Separated Values (CSV) file formats which contain detailed and representative perspective information, such as title, abstract, keywords, citations and references (Ji et al., Citation 2021 ). Since the first document was published in Journal of Political and Military Sociology in 1992, with respect to direct foreign investment, safety, and levels of manufacturing growth in Asia and Latin-America (Pattnayak, Citation 1992 ), the time span of collect data is close to 30 years.
2.2. Methodology
Bibliometric analysis is one of the suitable methods to look into the study of the FDI-EG research, since it could reveal the evolution and measure the inner relationship of various items with the extensive intersection and combination of statistics, philology, and information science (He et al., Citation 2017 ). It has been a mature way to analyse the evolution of a journal or a subject (Shang et al., Citation 2015 ) and has been widely applied in some fields, like group decision making (Wang et al., Citation 2021 ), digitalisation and business models (Caputo et al., Citation 2021 ) as well as journals, such as Economic Research-Ekonomska Istraživanja (Wang et al., Citation 2020 ), and Technological and Economic Development of Economy (Yu et al., Citation 2019 ).
This study makes the bibliometric analysis by Bibliometrix, an open-source instrument based on R language, which refers to some methods as follows: (1) Leading researchers’ analysis. Researchers are key participants in driving the development within a particular field, and the productivity and impact are usually deemed as two important facets for measuring their contributions (Forliano et al., Citation 2021 ). In this representation, the area of the circle is proportional to the number of publications per year, and the colour depth concerning the circle is proportional to the average annual citations since publication (Shi et al., Citation 2020 ). (2) Conceptual structure analysis. The keywords are distributed in the form of dots in the two dimensional space, clearly revealing the relationship between them and the spatial distribution of the themes (Shi et al., Citation 2020 ). To be specific, the stronger the relevance of the keywords, the closer they are presented in the concept structure diagram. In addition, they would be distinguished by different colours and regions. (3) Thematic evolution analysis. Different kinds of topics would be distributed in four different quadrants, from the two dimensions of centrality and density, which allows us to have a nutshell and intuitive overview regarding the research hotspots (Cobo et al., Citation 2011 ). Specifically, centrality gauges the level of inter-cluster interaction, i.e., how well the current topic is connected to other topics, while density tells us the level of intra-cluster cohesion, i.e., how tightly the keywords in the cluster are connected (Forliano et al., Citation 2021 ). Topics in the first quadrant (upper-right) are usually considered as the motor topics, topics in this area are well developed and vital for building the corresponding field. Highly specialised and isolated topics are usually located in the second quadrant (upper-left). Topics in the third quadrant (bottom-left) indicate emerging topics. In contrast to the topics in the other quadrants, these topics are relatively weakly developed. Finally, with high-centrality and low-density characteristics, topics in the fourth quadrant (bottom-right) are regarded as basic topics. These topics cover important future research directions, but are not receiving effective attention at this stage (Lam-Gordillo et al., Citation 2020 ). At the same time, each circle in the diagram represents a topic, the name of which is determined by the keyword with the highest frequency. Also, the size of the circle is influenced by the frequency of keyword, the higher the frequency, the larger the area of the circle.
A basis of the bibliometric analysis is conducted by 1,075 documents through Bibliometrix software, and the results are presented by science mapping from the perspectives of leading researchers, conceptual structure, and thematic evolution.
3.1. Leading researchers
Figure 1 depicts the year-wise distribution of the 20 most productive authors during the period 1995 to 2019 with citations. Obviously, it can be seen that the seminal author C. Chen from the Australian National University constantly produces research on FDI-EG, with an uninterrupted series of papers from 1995 to 2019. Preliminary work on FDI-EG entitled “The role of foreign direct investment in China’s post-1978 economic development” was published in World Development , revealing the positive stimulating effects of FDI on China’s economic reforms (Chen et al., Citation 1995 ). Apart from C. Chen, C.F. Tang and Y. Wang are scholars who have been more active in the FDI-EG field in recent years. In terms of longevity, J.W. Lee and B. Li have both published consistently for more than 15 years over the course of their careers and are in the second and third positions respectively. Notable here is that most articles are generated from the 2010s onwards. It implies that the field of FDI-EG has gained ongoing academic attention in the last decade, thus attracting researchers to submit their research results. Conversely, the indicator total citations per year is deployed to assess the impacts of publications written by researchers. In the specific case of the influential articles, C.F. Tang, J.W. Lee and M. Shahbaz received the higher number of citations per year. For instance, J.W. Lee posted an article in 1998 called “How does foreign direct investment affect economic growth?”, which illustrated that FDI is an essential tool for technology transfer and contributes relatively more to growth than domestic investment and has been cited 1,782 times thus far (Borensztein et al., Citation 1998 ). This reflects, in part, their outstanding contributions to the FDI-EG research.
Published online:
Figure 1. Top authors’ production over the time (1995-2019).
Source: Authors’ own research.
3.2. Conceptual structure analysis
In this part, we exploit the conceptual structure function embedded in Bibliometrix to explore the conceptual structure landscape of the FDI-EG research. According to Aria and Cuccurullo ( Citation 2017 ), diverse dimensionality reduction techniques could be employed to achieve the identification of conceptual structure, including multidimensional scaling (MDS), multiple correspondence analysis (MCA) and correspondence analysis (CA). In this study, we adopt MCA, a generalisation of CA. By using the top 50 high frequency keywords in the FDI-EG literature, thus, three clusters of documents communicating similar concepts are outlined and exhibited in Figure 2 . As a supplementary instruction, Figure 3 gives a detailed presentation on the topic dendrogram of hierarchical cluster analysis within the top 50 high frequency keywords plus in the field of FDI-EG. Combining the outcomes of Figures 2 and 3, it could be easily observed that the first cluster (in red) contains 9 keywords, suggesting the concerns on technology and firm performance. Cluster two (in blue) involves the most keywords (30 keywords), paying more attention on the research in modelling. Whilst cluster three (in green) is dealing with theoretical inquiry, 11 keywords are classified and grouped.
Figure 2. Conceptual structure map.
Figure 3. Topic dendrogram of hierarchical cluster analysis of keywords plus in the field of FDI-EG.
In addition, the most contributing papers associated with each cluster could be investigated via Bibliometrix, as reported in Figure 4 . For cluster one, five papers are detected. To name a few, Huang et al. ( Citation 2012 ) developed a threshold model using the data from 29 Chinese provinces from 1985 to 2008 so as to analyze the relationship between FDI spill-over effects and regional innovation. The results showed that regional innovation has a significant double-threshold effect on FDI productivity spill-over. Focussing on work related to the developing countries, Alfarro ( Citation 2017 ) tried to understand how FDI affects the host economies. Besides, Zhang and Chen ( Citation 2020 ) empirically examined the influence of China’s outward FDI on its export sophistication. The investigation results indicated that accelerating economic development and increasing absorptive capacity could boost the contribution of outward FDI to the complexity of China’s exports.
Figure 4. Factorial map of the documents with the highest contributions.
An equal number of five articles in the cluster two are identified. To be specific, taking the Beijing-Tianjin-Hebei region as an example, Zhu et al. ( Citation 2017 ) examined the spatial impact of FDI on sulfur dioxide emissions. The findings depicted that FDI has a significant positive effect on sulfur dioxide emissions, put differently, an additional inflow of FDI would raise local air pollution levels. Uzar ( Citation 2019 ) explored the relationship between FDI and carbon dioxide emission based on the race to the bottom methodology in Turkey during 1970 to 2014. Empirical analysis showed that Environmental Kuznets Curve is valid. The relationship between FDI and economic growth is a long-studied relationship in the economic literature and is of particular significance for the economic and social development of any country. For this reason, with the help of bibliometric analysis, Cicea and Marinescu ( Citation 2020 ) combed some phenomena of economic reality. Furthermore, four documents with the highest contributions are found in the cluster three. For example, in a multivariate framework, Shahbaz et al. ( Citation 2015 ) explored the nonlinear correlation between FDI and environmental degradation. In their work, the pollution haven hypothesis was verified. What is more, there was a bidirectional causal connection between CO 2 emissions and FDI at the global level. Based upon a panel data analysis, Ansari et al. ( Citation 2019 ) pointed out that FDI reduces environmental degradation and thus the pollution haven hypothesis is not valid in Southeast Asia. Zafar et al. ( Citation 2020 ) examined the effects of FDI and education on environmental quality via controlling for income, energy consumption and urbanisation levels in Asian countries from 1990 to 2018.
3.3. Thematic evolution analysis
To comprehend the knowledge structure in different periods addressed by the authors, based on a dynamic perspective, we conduct a thematic evolution analysis on FDI-EG literature from 1992 to 2021. By performing a co-occurrence analysis for top 500 high frequency keywords plus and setting the number of cutting points (in year) for our collection as three, the three cut-off points 2012, 2016 and 2019 are identified. As a result, the strategic diagrams for four consecutive sub-periods, 1992-2012, 2013-2016, 2017-2019 and 2020-2021 are produced, as illustrated in Figure 5 . This is quite logical, since limited papers are issued in early years and abundant articles are published in recent years (see Figure 1 ).
Figure 5. Strategic diagrams of FDI-EG research (1992-2021).
In terms of the two-dimensional distribution of topics, the majority of topics are located in the second and fourth quadrants. Studies related to spill-over efficiency, policy, cointegration, outward FDI and so on in the second quadrant are well developed internally, but their influence is lacking. Topics in the fourth quadrant have changed to a greater extent over time. Between 1992 and 2012, research on globalisation, cointegration and economic-growth are mainstream subjects. Then, transversal topics between 2013 and 2016, i.e., spill-overs, determinants and FDI, become the high impact subjects. For the period 2017 to 2019, the FDI from the previous period is retained and new CO 2 emissions is emerged. And more recently (2020-2021), in addition to economic-growth and CO 2 emissions, which have already appeared earlier, three additional themes arise that have not been fully developed. In this sense, these sunrise topics leave a broad avenue for future research. On the flip side, from the first to the last sub-period, we can easily find that the overall number of topics is increasing despite the decreasing time horizon. This reflects the growing richness and diversity of work in the FDI-EG field, which has led to a wide variety of research branches.
Concretely, Figure 6 summarises the evolution process concerning the above topics over time by using a Sankey diagram. From an overall perspective, since the first sub-period gives birth to eight topics, subsequent topics have been differentiated, integrated and regenerated on its basis, indicating a good succession and coherence of FDI-EG research. More importantly, the third sub-period evolves to the fourth sub-period when the differentiation of topics is most obvious, which once again confirms the complexity and refinement of FDI-EG research in recent years.
Figure 6. Thematic evolution of FDI-EG research (1992-2021).
In this section, the FDI-EG research is measured by review of approaches from four aspects, i.e., content analysis, the most influential documents analysis, co-authorship analysis, citation and co-citation analysis.
4.1. Content analysis
Over time, scholars have studied the nature of the FDI-EG relationship affected by various factors under complex environment from different points of view. Most researchers appreciate the crucial role of FDI for economic growth, and the FDI-EG research has become a central point to initiate economic recovery measures under the uncertain environment especially affected by the epidemic. Table 1 lists three main attitudes of the nature of the FDI-EG relationship.
Table 1. The nature of the FDI-EG relationship identified in the relevant literature.
Osei and Kim ( Citation 2020 ) found that the positive impact of FDI-EG depends on a country’s level of financial market development, because it increases the efficiency of investment and lead to different phrases’ increases in growth. Considering complex factors, such as the scope for efficiency spill-overs to domestic firms, FDI-EG relationship presents an ambivalent relationship (Mawugnon & Qiang, Citation 2011 ). Moreover, there are some curvilinear relationships referred to long-run and short-run impacts of fossil fuels consumption and FDI-EG on carbon emissions (Hanif et al., Citation 2019 ; Shahbaz et al., Citation 2019 ). Recent studies have demonstrated that there is a string econometric connection of FDI-EG relationship (Hagan & Amoah, Citation 2019 ).
By and large, the literature shows that the economic effects of FDI are contingent on many factors, such as financial development, technology transfer, export and imports, and country policies. Table 2 provides some factors for the FDI-EG relationship in the literature. Empirical evidence regarding the connection of FDI-EG that the benefits of FDI vary across countries and sectors, and its impact on EG depends on the financial development of the host economy. The development of the financial system of the recipient country is an important precondition for FDI to have a positive impact on economic growth (Hermes & Lensink, Citation 2003 ). Borensztein et al. ( Citation 1998 ) suggested that FDI is an important vehicle for the transfer of technology, contributing relatively more to growth than domestic investment. The economic benefits of attracting multinational corporations come at tremendous political costs, arguing that democratic political systems attract lower levels of international investment than their authoritarian counterparts (Jensen, Citation 2003 ).
Table 2. The factors for the FDI-EG relationship identified in the relevant literature.
Up to now, the FDI-EG research has been widely developed and studied in various fields of activities, where some are listed in Table 3 . Bezic and Radic ( Citation 2017 ) was to investigate the causal relationship between foreign direct investment in tourism and tourism gross value added in Croatia. Shahbaz et al. ( Citation 2015 ) investigated the nonlinear correlation between foreign direct investment and environmental degradation. In case of UAE covering the period of 1975-2011, FDI, trade openness and carbon emissions decline energy demand, while economic growth and clean energy have positive impact on energy consumption (Sbia et al., Citation 2014 ). To summarise, there are different perspectives to make the FDI-EG research, because it would promote productivity and improve employment, export markets in the host county.
Table 3. The FDI-EG research in different fields of activity identified in the relevant literature.
4.2. the most influential documents analysis.
A vital issue in the FDI-EG research is the influence on the academic and industrial fields. The number of citations is an important indicator to measure the quality of the document. According to the dataset related to the FDI-EG research, Table 4 lists the top 10 highly total cited documents, and Table 5 lists the top 10 highly average cited documents. It is noted that Tables 4 and 5 rank in terms of the number of citations (NC) and the number of average citations (AC) respectively, and contain some indicators to describe the detailed information of documents, such as source, type, published year, the number of author (AN), the number of institution (IN), and the number of countries/regions (CN). The interesting phenomenon is that all documents in Table 5 were accomplished by cooperation, and six of them are transnational cooperation, while the number of the situations are more than Table 4 . The reason may be that the published years of documents in Table 4 are most before 2010, while documents in Table 5 are published in recent 10 years. With the development of the society and technology, it is more convenient to have the cooperation. In addition, the characteristic indicates that it seems to be an effective way to make great contributions on academic research, and it would be the tendency because of the cross of multi-disciplinary and convenient international communication.
Table 4. The top 10 highly total cited documents related to the FDI-EG relationship.
Table 5. the top 10 highly average cited documents related to the fdi-eg relationship..
The citation analysis shows that the most influential document with respect to the FDI-EG research was written by Borensztein et al. ( Citation 1998 ) and published in Journal of International Economics , with the highest NC (1,788) and the highest AC (74.50) that are far ahead of the second one. Specifically speaking, the results of the top 10 highly total cited documents revealed that FDI is an important vehicle for the transfer of technology, contributing relatively more to growth than domestic investment (Borensztein et al., Citation 1998 ). FDI contributes to economic growth only when a sufficient absorptive capability of the advanced technologies is available in the host economy (Balasubramanyam et al., Citation 1996 ). Democratic political systems attract higher levels of FDI inflows both across countries and within countries over time (Jensen, Citation 2003 ). The net effect of democracy on FDI inflows is contingent on the relative strength of these two competing forces. Both property rights protection and democracy-related property rights protection encourage FDI inflows; after controlling for their positive effect through property rights protection, democratic institutions reduce FDI inflows (Li & Resnick, Citation 2003 ). Although FDI is expected to boost long-run growth in the recipient economy via technological upgrading and knowledge spill-overs, the extent to which FDI is growth-enhancing depends on the degree of complementarity and substitution between FDI and domestic investment (De Mello, Citation 1999 ). In attracting FDI, developing countries should strictly examine the qualifications for foreign investment or to promote environmental protection through the coordinated know-how and technological transfer with foreign companies to avoid environmental damage (Pao & Tsai, Citation 2011 ). The ultimate impact of FDI on output growth in the recipient economy depends on the scope for efficiency spill-overs to domestic firms, by which FDI leads to increasing returns in domestic production, and increases in the value-added content of FDI-related production (De Mello, Citation 1997 ). There is a curvilinear relationship between spill-overs and the host country's level of development in terms of income, institutional framework and human capital (Meyer & Sinani, Citation 2009 ). The development of the financial system of the recipient country is an important precondition for FDI to have a positive impact on economic growth (Hermes & Lensink, Citation 2003 ). The interaction of FDI with human capital exerts a strong positive effect on economic growth in developing countries, while that of FDI with the technology gap has a significant negative impact (Li & Liu, Citation 2005 ).
In Table 5 , most documents were published in recent 10 years considering the indicator AC, which is different from documents in Table 1 . Therefore, top 10 highly total cited documents show the classical theory or results with respect to FDI-EG research, while top 10 highly average cited publications can be regarded as the hot topic or directions related to FDI-EG research. Except for two documents that are both in Tables 1 and 2, the main findings of the rest documents are summarised in the following. FDI inflows with clean technological transfer and improvement in labour and environmental management practices will help developing countries to achieve the sustainable development goals (Sarkodie & Strezov, Citation 2019 ). Findings indicate that economic growth, electricity consumption, and FDI stimulate CO2 emissions in both the short and long run (Salahuddin et al., Citation 2018 ). Energy consumption, FDI and income are the key determinants of CO2 emissions in Vietnam. Adoption of clean technologies by foreign investment is important in curtailing CO2 emissions in the country, and sustaining economic development at the same time (Tang & Tan, Citation 2015 ). The inverted-U shaped relationship does exist between economic growth and CO2 emission in both the short- and long-run for Malaysia after controlling for two additional explanatory variables, namely FDI and trade (Lau et al., Citation 2014 ). The link between economic growth and carbon emissions is inverted-U and N-shaped, and the connection between biomass energy use and CO2 emissions is also bidirectional (Shahbaz et al., Citation 2019 ). FDI is a source of environmental degradation that increases carbon emissions at the domestic level, thus reducing the consumption of fossil fuels and fostering an environmentally friendly economic growth strategy in these developing countries will prove helpful for the well-being of this part of the developing world (Hanif et al., Citation 2019 ). FDI, trade openness and carbon emissions decline energy demand. Economic growth and clean energy have positive impact on energy consumption (Sbia et al., Citation 2014 ). The bidirectional causality between CO2 emissions and FDI is observed globally, and they are sensitive to different income groups and regional analyses (Shahbaz et al., Citation 2015 ). As we can see, the most popular topic about FDI has focussed on environment, energy, carbon emissions, and sustainable development. Scholars in economic or business fields could refer documents in Tables 4 and 5 for inspiring new ideas.
4.3. Co-authorship analysis
From the viewpoint of social network, co-authorship analysis could mine the structure of scientific collaboration and the status or characteristics of individual researchers. Table 6 provides the top 10 countries/regions of documents related to FDI-EG research in co-authorship analysis, ranked according to the number of citations. The indicator “total link strength” means that the total number of co-authorships between the target country/region and other countries/regions.
Table 6. The top 10 countries/regions of publications in co-authorship analysis.
In terms of the number of citations, the USA ranks the first (7,298), which is far ahead of the second one, i.e., England (2,853), followed by China (2,210), South Africa (1,982), and Chile (1,782). As we can see, top 10 highly cited countries/regions cover six continents, and countries/regions from Europe, Asia, and America have the great contributions on FDI-EG research. According to the number of documents and total link strength, documents from China take the first place, followed by USA, and England, indicating that authors from these countries/regions have made more researchers about FDI-EG, and preferred to have domestic or international cooperation. It is noted that although the number of documents and total link strength for Chile are only 2, the high citations are very significant, representing that these two documents make the great contributions that scholars almost recognised the contents and cite them. To sum, the FDI-EG research has been a popular subject covered 100 countries/regions. Documents from the USA have been more recognised and cited, while China has the most documents and cooperation.
4.4. Citation and Co-citation analysis
Citation analysis is a useful research method and has become one of the main contents in bibliometrics. According to the literature data related to FDI-EG research, Table 7 gives the top 10 highly cited sources of documents in citation analysis. Here, document corresponds to the number of the published source or journal, and the indicator “total link strength” means that the total number of citations between the target source and other sources.
Table 7. The top 10 highly cited sources of documents in citation analysis.
The results show that two documents published in Journal of International Economics have cited 1,810 times so that the journal ranks the first. Combined with total link strength, the journal has been cited by 334 sources, and also indicated the great influential impact with respect to the FDI-EG research. The second place is Word Development, where 17 documents have been cited 992 times by 217 sources. Compared with the first one, the journal has published more documents but less total link strength, representing that the first source has been more widely recognised and cited. Then, the rank follows by Energy (935), International Organization (894), and Journal of Development Studies (886). These journals have published the most influential documents, which make great contributions to the FDI-EG research. There is an interesting phenomenon that the journal with more documents does not mean with more total link strength or citations, but it is the fundamental premise to cite the document in the journal. Therefore, the high-quality documents would enhance the impact of the journal.
Co-citation analysis is a semantic similarity measure for documents that make use of citation relationships, which is different from the citation analysis. It is defined as the frequency with which two documents are cited together by other documents (Small, Citation 1973 ). When at least one other document cites two documents in common, we regard it as co-cited. Table 5 lists the top 10 highly cited sources of documents in co-citation analysis with some detailed indicators, i.e., total link strength, impact factor, and rank in Economics. The more co-citations two documents in the source receive, the higher their co-citations. Here, “total link strength” means that the total number of co-citations between the target source and other sources.
As we can see, sources/journals in Table 8 appear to have great impact in the same category considering impact factor and rank in the field of Economics. Journal of International Economics also ranks the first with 1,147 citations and 48,683 total link strength, followed by World Development , American Economic Review , Energy Policy , and Journal of Development Economics . The results indicate that scholars who are interested in FDI-EG research have tended to reference popular or similar research directions published in the high-level journals, due to that these sources have more co-citations. On the other hand, it provides a forward-looking assessment on documents similarity in these sources. The reason is that citations that a document receives in the future depend on the evolution of the FDI-EG research, thus the co-citation frequencies would still change. Overall, these sources have been paid attention by the researcher studied the FDI-EG relationship.
Table 8. The top 10 highly cited sources of documents in co-citation analysis.
According to the above-mentioned analysis, we make further discussions considering the current research status and avenues for future research, and advantages and drawbacks of measurement approaches.
5.1. Current status and avenues for future research
The FDI-EG research has been subject to extensive study, and refers to many dimensions and fields. After bibliometric analysis and review literature, current research status has more focussed on technology and firm performance, research modelling, and theoretical inquiry. On the one hand, scholars have paid attention to how the relationship of FDI-EG changes with one another factor. For example, does increased democracy promote or jeopardise FDI inflows to less-developed countries? How about the impact of FDI on capital accumulation, and output and total factor productivity growth in the recipient economy? How about the effect of the FDI, economic development, and energy consumption on greenhouse gas emissions? On the other hand, in term of the numbers of documents and citations, scholars in the USA, China, and England have made more contributions on the FDI-EG research. Considering the sources, several popular and influential journals have published more documents about the FDI-EG research, such as Journal of International Economics, Word Development, and American Economic Review . These sources provide the good reference for researchers to study the current status related to FDI-EG research.
According to the thematic evolution and the most influential documents analysis, the study of the relationship of FDI-EG and CO 2 emissions has been emerged. In order to aid sound economic policy making for improving environmental quality and sustainable economic development, recent studies have more focussed on the FDI-EG, clean energy, carbon emissions and environmental degradation. After all, these studies would be helpful for the well-being of this part of the developing world and foster an environmentally friendly economic growth strategy in countries. In addition, the epidemic has affected global economic development, under such a complex and uncertain environment, what impact or measures for FDI-EG is also a popular topic. Therefore, these topics about economic and environment leave a broad avenue for future research.
5.2. Advantages and drawbacks of measurement approaches
FDI is an important element of the global economy and a central component of economic development strategies of countries. The article has made a bibliometric and review study to measure the FDI-EG research. Our measurement approaches have identified the relevant literature from different points of view, and the main advantages and drawbacks of each approach in this study are summarised in Table 9 .
Table 9. Advantages and drawbacks of bibliometric and review measurement approaches.
As is evident from Table 9 , there is no perfect measure approach for the FDI-EG research. Nevertheless, each measurement method has its features to identify the FDI-EG literature from various aspects. Science mapping analysis carries the advantage of perceptual intuition, but the limitation lies in the data source that focuses on the Web of Science database, which may lead to some missed documents. Content analysis carries the benefit of high flexibility for the scholars, but the scholar subjectivity may compromise the validity and reliability during the research process. Co-authorship analysis, citation analysis, and co-citation analysis have advantages of cooperation comparability, impact comparability, and similarity comparability, respectively, while the drawbacks are similar to the science mapping analysis. Although there are some limitations, this study provides a comprehensive and multidimensional views of the FDI-EG research, which have important implications for researchers, policy makers, and practitioners.
In conclusion, the bibliometric and review study on the 1,075 documents measures the research of foreign direct investment and economic growth from different points of view, and reveals the fundamental features, conceptual structure and thematic evolution with regard to the FDI-EG research. These measurement approaches integrate the relevant study of past, present, and future in terms of various items, and the evidences indicate that FDI-EG research is a popular subject or topic to make research combined with other factors.
C. Chen has produced on FDI-EG research with the longest time from 1995 to 2019, and J.W. Lee and B. Li have both published consistently for more than 15 years and are in the second and third positions respectively. To some extent, this shows their long-term contributions to the FDI-EG research.
Journal of International Economics is the most influential journal in the FDI-EG field according to the citation analysis, followed by Word Development , Energy , International Organization , and Journal of Development Studies . These journals have published the most influential documents that have been recognised by scholars and made great contributions to the FDI-EG research.
The FDI-EG research has been a popular subject covered 100 countries/regions. Documents from the USA have been more recognised and cited, while China has the most documents and cooperation. The USA ranks the first in term of citations by co-authorship analysis, followed by England, China, South Africa and Chile. This reflects that researchers from these countries/regions pay more attention to the FDI-EG research, and they have established great cooperation and made good contribution on this field.
The conceptual structure map reflects that the FDI-EG research has been mainly focussed on the technology and firm performance, research modelling, and theoretical inquiry, which are key research directions in the FDI-EG field. Meanwhile, Bibliometrix has also investigated the most contributing papers associated with each point to make further discussions.
There are four consecutive sub-periods for thematic evolution, i.e., 1992-2012, 2013-2016, 2017-2019 and 2020-2021. In the first sub-period, globalisation, cointegration and economic-growth are mainstream subjects. Research on spill-overs, determinants and FDI, becomes the high impact subjects between 2013 and 2016. Later, the FDI from the previous period is retained and new CO 2 emissions is emerged from 2017 to 2019. In the last sub-period, economic-growth, CO 2 emissions, and other three additional themes that have not been fully developed arise. These sunrise topics leave a broad avenue for future research. In addition, thematic evolution confirms the complexity and refinement of FDI-EG research in recent years.
Facing the dynamic environment and the strategy of sustainable development, this study provides the possible hot topics and makes some profound discussions about current statue and future avenues. In the future, we will go on paying attention to the development of the FDI-EG research, and more advanced approaches will further be used to make comprehensive measurement and analysis.
Source: Authors’ summary based on the literature review.
No potential conflict of interest was reported by the authors.
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Foreign Direct Investment in India
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jyoti pradhan
Publisher ijmra.us UGC Approved
International Journal of Business and Management; Vol. 9, No. 1; 2014
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It needs little look that India’s international competitiveness today crucially depends upon the growth and technological dynamism that it adopts. Economic policymakers, therefore, pave out their way to attract Foreign Direct Investments (FDI), as a great level of FDI is viewed as a catalyst and accelerator of economic growth for the host country. This paper thus examines the two most important benefits associated with the inflow of FDI for the host country in the form of: Export Promotion and GDP Growth. To review and study the dynamics of integration between FDI, GDP and Exports; evidence is taken from country-specific level like Indian Economy where the period of study is from 2000-2012. As FDI inflow can have a two-way impact on the host country, hence, the paper examines the current economic scenario of India in terms of its FDI inflows, GDP growth rate and its export performance so far.
International Journal of Research and Development in Technology & Management Sciences
ABSTRACT The globalisation era is one of fast and free flow of capital across countries. In the realm of liberal economic policy, FDI flows have become intense and diverse worldwide marked by elevation of a number of developing and emerging economies as potential sources of South-South FDI flows. Outward foreign direct investment (OFDI) by Indian firms since 2000 is a manifestation of the global march of Indian firms. The robust growth has been both a reflection of growing competitive advantage of the firms and a response of the firms to global realities. However, the global financial crisis of 2007 resulted in a slowdown of such investments. Besides economic fragility and policy uncertainty, complexities like data explosion, technologies and intricate location factors have made capital flows that much more volatile and uncertain, though still competitive. This uncertain business environment and global crisis have also made Indian firms wary of investing abroad even as they are trying to consolidate their financial operations. They need to strategise from their experience in order to compete and flourish, to persist and to accelerate. With this background, the present study – an exploratory one – seeks to examine the trends in the Indian OFDI after 2008 compared to the period 2000-2008. An attempt is made in this paper, to understand the underlying factors that have contributed to the growth of OFDI and the important implications of this trend. The findings show that there has been a slow increase in the share of service sector in the OFDI. Indian investments in the resource sector are noteworthy. OFDI per se has been adopted as a strategy to continuously strengthen and exploit competitive advantage, to acquire assets, technology and raw materials to enable the firms to compete at a global level. We suggest that an enabling environment must be provided so that the firms are able to strengthen their competitiveness in the globalisation era. KEYWORDS: India, outward foreign direct investment, global uncertainties, strategy.
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Laura Gomez Mera
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The study is an attempt to investigate the causal relationship between FDI inflows and exchange rate empirically in India. FDI may affect equilibrium real exchange rate in both ways i.e., appreciation or depreciation of domestic currency depending on the use of these inflows. On the other hand impact of exchange rate fluctuations on FDI arises due to change in the relative production costs across countries and a higher cost of financing the investment project.In our empirical study we use annual data of FDI inflow and different measures of exchange rate like REER, NEER and exchange rate of Indian rupee vs US dollar; and the data has been collected from DIPP and RBI respectively. The findings suggest that there is not any causality between FDI inflow and real exchange rate in India.
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Research Paper On The Role of Fdi in
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Free Dissertation on FDI in India
FDI inflows are down by almost 50% but instead of shrinking, our economy continues to grow. This is a fact, yet FDI-ideologues say we must provide unconditional entry to foreign companies if we want to grow economically. Ignore them. The time has come to put curbs on FDI. Our ‘experts’ are obsessed with the premise that larger FDI inflows are essential for higher growth but there is hardly any empirical evidence to support the claim. On the contrary, restrictions on FDI have not necessarily led to poor economic performance in most countries. Numbers relating growth with FDI fail to prove any significant correlation between these variables. On the other hand, a strong and positive correlation between net domestic savings and GDP growth exists. For higher growth, we need more domestic savings, not FDI.
The focus on attracting FDI has led our policymakers to ignore domestic sources of investment. We should welcome the declining trend in FDI and get back to the domestic savings-led growth strategy. There is no shortage of capital in India, sound projects and efficient organisation will attract it. Certainly, the propaganda regarding inadequacy of local capital does not hold much water. It was not the lack of funds, but restrictions and limitations put by the government on Indian industry that crippled our economic progress in the last few decades. By negating Indian talent, investment and technology, we cannot progress. We must realise that India can only be built by Indians.
We can write a custom dissertation on FDI for you!
Like Africa and Latin America, most FDI inflows to India are directed towards exploiting natural resources. This needs to be curbed. More than capital, we want jobs. The entry of foreign firms in capital-intensive industry won’t reduce unemployment. There is no need or compulsion to allow foreign capital.
We are not obliged to provide investment opportunity or business incentives to foreign capital, particularly when our skilled workers are made unwelcome in developed countries. FDI should be allowed in specific areas if we need it, on terms warranted by national interest.
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Labour mobility and foreign direct investment: india during the covid-19 pandemic.
1. Introduction
2. objectives and methods, 2.1. migration, fdi and covid-19, 2.2. fdi in the context of migration, 2.3. impact of covid-19 on fdi flow, 2.4. labour mobility and covid-19, 2.5. india: fdi, migration, covid-19, 2.5.2. factors affecting fdi, 2.5.3. india’s policy framework, 2.5.4. migration, 2.6. covid-19, 3. discussion and conclusions, author contributions, data availability statement, conflicts of interest.
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Share and Cite
Chattoraj, D.; Ullah, A.A. Labour Mobility and Foreign Direct Investment: India during the COVID-19 Pandemic. COVID 2023 , 3 , 273-288. https://doi.org/10.3390/covid3020021
Chattoraj D, Ullah AA. Labour Mobility and Foreign Direct Investment: India during the COVID-19 Pandemic. COVID . 2023; 3(2):273-288. https://doi.org/10.3390/covid3020021
Chattoraj, Diotima, and AKM Ahsan Ullah. 2023. "Labour Mobility and Foreign Direct Investment: India during the COVID-19 Pandemic" COVID 3, no. 2: 273-288. https://doi.org/10.3390/covid3020021
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Research Paper On Arranged Marriage In India
Type of paper: Research Paper
Topic: Family , Arranged Marriage , Marriage , Love , India , Social Issues , Relationships , Choice
Words: 1250
Published: 03/08/2023
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Within India, a large number of people marry through the arrangement made by their parents. An arranged marriage is done when the family makes choices about the spouse of a family member. These choices are normally done by the father or the male head of the family. A couple gets together “according to their family’s wishes, and the focus is on accepting and adjusting to partners after marriage,” (Myers, Madathil, and Tingle, 187). In other words, in an arranged marriage, romantic love and affection are not prerequisites for a couple to marry – love and affection are instead expected to grow over time. Choosing a mate is usually based on criteria such as “substinence skills, family alliances, economic arrangement between families, and health,” (Myers, Madathil, and Tingle, 183). It is also imperative that for an arranged marriage, both future spouses would “share many characteristics such as social class, religion, caste and educational attainment,” (Dholakia). The process of arranged marriages has been a longstanding ancient tradition within India for thousands of years, particularly within the Hindu community. Since the fourth century, arranged marriages served to be the “central fabric of Indian society, reinforcing the social economic, geographic, and the historic significance of India,” (Flanigan). This was done to maintain social status, “continue ancestral lineage,” (Flanigan) and continue local control to the right families within a town or a village. It was also seen as a method to unite two families, instead of just the two individuals getting married (Flanigan). The tradition of arranged marriages have also spread to the Indian population that practices Islam. In both the Hindu and Islamic tradition, matchmaking used to be done with “the help of local matchmakers” (Harris), who would carry around profiles of eligible bachelors and maidens. Normally, potential mates are recommended within the same social connections, since arranged marriages were long seen “as a guarantor of social status and economic security,” (Harris). Economic prestige is usually proven with the use of a dowry, although this tradition has “spread to the lower caste,” (Flanigan), which causes common problems. Of such problems, a rejected dowry can result in violence (Harris). In both religions and cultures within India, the father has the responsibility to make sure that his children are married. There is a certain emphasis placed on the idea that the woman is a being that is created to be with men in general, starting with her father, then her husband, then her sons (Flanigan) (Dholakia). This dependence on men goes throughout her lifetime, and this is because both the Hindu and Islamic cultures are run as patriarchal societies. Marriages are normally done at a young age, with many girls being married by the age of 16 for the Hindu tradition (Flanigan). In the Muslim tradition, if a woman is unmarried by the age of 24, then she “brings shame upon her family, and she is considered a burden,” (Flanigan). Arranged marriages are still extremely prevalent in India, with “as many as 90 percent of all Indian marriages are arranged,” (Dholakia), according to India’s International Institute for Population Sciences and the Population Council. It is also necessary to note that “only about 1 in 100 Indian marriages end in divorce,” (Dholakia). This makes the prospect of arranged marriages a popular choice (Harris, 2015). The future couple also place higher value “to compatibility and financial security” (Dholakia) than the concept of love. All in all, it would seem the reason that arranged marriages in India are preferred and are successful would be that the process of choosing a potential spouse is much more calculated than that of a free-choice marriage that is based on love. There would also be a trust factor between the people looking to marry and the family members who chose their potential spouses for them (Dholakia). Technology has played a part in how arranged marriages in India have been changing. Instead of finding a potential mate within the community or town, a father can search through marriage websites. India “now has more than 1,500” (Harris) websites that cater to matchmaking. One such website, BharatMatrmony.com, states that is “helps nearly 50,000 people in India get married each month,” (Harris). With access to the Internet and these sites, other family members such as mothers and siblings have also been able to suggest mates for their intended family members. The growth in having more family members get involved with the marriage process and in allowing the children themselves to choose is due to the large migration to bustling cities and better education for women. But the access to technology has opened up possibilities for the intended couples to seek out each other’s attention themselves (Harris), either through e-mails or through texting on their cell phones. Prospective mates are able to post their own profiles on a matchmaking website. About “82 percent of male profiles are posted by he prospective grooms rather than by their parents,” (Harris), and about 56 percent of women post their own profiles on these marriage websites. Cell phones are also used to contact prospective mates on their own so that they can have privacy together away from the supervision of their families. Either way, usually, it is the children that end up rejecting or accepting mates that their family members recommend. These types of arrangements are called “semi-arranged marriages” (Harris). The prospect of semi-arranged marriages is mostly found among people living in large cities, where there are plenty of choices for people to choose from. But for “poor, rural women, the notion of even semi-arranged marriages is still mainly out of reach,” (Harris). This trend gives in to the fact that India “has a third of the world’s child brides,” (Harris) according to Unicef at India. These child brides would be the poor, rural children who were arranged by their fathers to marry young boys or even young men, and are thus subject to abuse. The practice of arranged marriage plays a central part within India’s culture. Whether done by people of the Hindu faith or by Muslims, the practice of arranged marriage is something that is mostly accepted by the majority of Indian society. Before, it was done primarily based on the agreements made between both fathers. Now, there is a tendency to allow the intended couples to have choice in the matter. Technology has made the process go by easier for them, giving them more choices to choose from, and allowing more family members to suggest mates. Either way, arranged marriage in India is shown to be a successful practice, with many couples reporting content and happiness in their arranged marriage (Myers, Madathil, and Tingle, 185).
Works Cited
Dholakia, Utpal. “Why Are So Many Indian Arranged Marriages Successful?” Psychology Today. Sussex Publishers, LLC, 24 November 2015. Web. 9 April 2016. Flanigan, Santana. “Arranged Marriages, Matchmakers, and Dowries in India,” Postcolonial Studies at Emory. Emory University, Fall 2000. Web. 9 April 2016. Harris, Gardiner. “Websites in India Put a Bit of Choice in Arranged Marriages,” The New York Times. The New York Times Company, 24 April 2015. Web. 9 April 2016. Myers, Jane E., Madathil, Jayamala, and Tingle, Lynne R. “Marriage Satisfaction and Wellness in India and the United States: A Preliminary Comparison of Arranged Marriages and Marriages of Choice,” Journal of Counseling & Development Spring 2005: 183-190. Print.
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