Analyze the rate and pattern of industrial growth during last two decades. What suggestions would you like to make for achieving high industrial growth?

The current understanding of economic growth is largely based on the neoclassical growth model developed by Robert Solow (1956). In the Solow model, capital accumulation is a major factor contributing to economic growth. Productivity growth – measured as an increase in output per worker – results from increases in the amount of capital per worker, or capital accumulation (e.g. Fagerberg 1994). Capital deepening will continue until the economy reaches its steady state – a point at which net investments grow at the same rate as the labour force and the capital-labour ratio remains constant. The further the economy is below its steady state, the faster it should grow (see e.g. Jones 1998). In the steady state, all per capita income growth is due to exogenous technological change. The rate of technological process is assumed to be constant and not impacted by economic incentives. Several authors have found that capital and labour actually explain only a fraction of output growth and that allowing for the quality of the labour force (human capital) only partially reduces the ____ ________ ___ _________ _____ __________ _______ ___ ___ _____ __________ __________.
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