Macroeconomic Analysis of Inflation's Impact on Unemployment and Economic Growth and their Relationship in India (1990-2023)

Macroeconomic Analysis of Inflation's Impact on Unemployment and Economic Growth and their Relationship in India (1990-2023)

Registration ID: IJNRD_206573

Published ID: IJNRDTH00088

DOI: http://doi.one/10.1729/Journal.36623

Hardeep Singh

Inflation, Economic Development, Unemployment,

ABSTRACT According to the Global Hunger Index 2022, which places India at a respectable 107th place, the stark fact that 29.1% of its people live below the poverty line has made inflation a key macroeconomic problem in the country. The fact that the average yearly pay in India is so low—just 1,38,840 Rs. —adds to the difficulty. The goal of this study is to examine inflation patterns and how they affect the unemployment rate and the pace of economic growth, two crucial macroeconomic indicators. The study is divided into five chapters, with the introduction detailing the objectives, problem statement, and restrictions of the study. In the second chapter, a thorough literature study that examines several academic publications is conducted. The third chapter provides an overview of the research methodology, which uses a descriptive study design and statistical techniques including regression analysis and correlation coefficients to explore the connection between unemployment, inflation, and economic growth. According to recent trends, developed economies continue to experience inflation rates between 0.1% and 3.1%, whereas low-income developing countries experience inflation rates between 6.5% and 8.3%. Inflation in Bhutan is declining, although it is rising in Pakistan and Sri Lanka because of outside influences like China's economic influence. Inflation in India has averaged over 4% over the previous five years, while the world economy has grown by more than 3%. Notably, South Asia's economies have continued to expand at good rates thanks to both Bangladesh and India. The importance of macroeconomic policies that support economic development, job creation, and inflation management is emphasized as this research comes to a close. Although monetary policy aims to lower unemployment and accelerate economic development, its effectiveness frequently falls short. According to research, growing economies like India tend to benefit from moderate or low inflation rates, whereas high inflation rates are harmful. Regression analysis and correlation coefficients show a modest association between inflation and economic growth, with the latter mainly unaffected by changes in inflation. Similar to job creation, unemployment also shows little sensitivity to changes in inflation. In conclusion, this analysis highlights the complex interactions that exist between inflation, economic growth, and unemployment in India's macroeconomic environment, highlighting the need for careful policy formulation to deal with these urgent economic issues.

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"Macroeconomic Analysis of Inflation's Impact on Unemployment and Economic Growth and their Relationship in India (1990-2023)", IJNRD - INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT (www.IJNRD.org), ISSN:2456-4184, Vol.8, Issue 10, page no.567-616, October-2023, Available :https://ijnrd.org/papers/IJNRDTH00088.pdf

Volume 8 Issue 10, October-2023

Pages : 567-616

Paper Reg. ID: IJNRD_206573

Published Paper Id: IJNRDTH00088

Downloads: 000121281

Research Area: Commerce

Country: Ludhiana, Punjab, India

Published Paper PDF: https://ijnrd.org/papers/IJNRDTH00088.pdf

Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRDTH00088

DOI: http://doi.one/10.1729/Journal.36623

Journal Name: INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT(IJNRD)

ISSN: 2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar | ESTD YEAR: 2016

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