We estimate capacity output and cycles relative to it in India’s non-agricultural sector from 1951 to 2008, defining capacity as the level of output beyond which demand leads to a rise in prices. We postulate a delayed response of the price level of non-agricultural goods and services after...

The objective of this paper is to prepare a systematic list of indicators of business recessions and revivals in India for the period 1951-1982. The idea is that an index based on these indicators will enable us to conclude with some confidence that the recessionary or revival trends have become...