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<p>India's strong commitment to fostering innovation opens new avenues to understanding the transformative impact of financial sector modernization on economic growth. This study explores the intricate relationships between financial innovation, human capital development, and economic expansion in India. The study uses an&#xa0;Autoregressive Distributed Lag (ARDL) technique over the period 1990–2020.&#xa0;The analysis reveals a mixed order of integration among the variables, as confirmed by Unit Root tests. The findings indicate that financial innovation, human capital, and trade openness play crucial roles in driving India's economic growth in both the short and long run, with gross capital formation emerging as a key contributor. Furthermore, Granger-causality tests highlight a bidirectional relationship, demonstrating mutual reinforcement between financial innovation, human capital development, and economic growth. To leverage these dynamics, the study recommends establishing a supportive policy framework that encourages financial innovation and strengthens human capital investments, emphasizing that strategic investments in these areas are vital for sustaining long-term economic progress.</p>

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Exploring the synergistic effects of financial revolution and human resources on India's economic transformation

  • 期刊论文

  • 发表日期：

    2025年8月13日

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  • Priyanka Bose,
  • Bamadev Mahapatra

摘要

India's strong commitment to fostering innovation opens new avenues to understanding the transformative impact of financial sector modernization on economic growth. This study explores the intricate relationships between financial innovation, human capital development, and economic expansion in India. The study uses an Autoregressive Distributed Lag (ARDL) technique over the period 1990–2020. The analysis reveals a mixed order of integration among the variables, as confirmed by Unit Root tests. The findings indicate that financial innovation, human capital, and trade openness play crucial roles in driving India's economic growth in both the short and long run, with gross capital formation emerging as a key contributor. Furthermore, Granger-causality tests highlight a bidirectional relationship, demonstrating mutual reinforcement between financial innovation, human capital development, and economic growth. To leverage these dynamics, the study recommends establishing a supportive policy framework that encourages financial innovation and strengthens human capital investments, emphasizing that strategic investments in these areas are vital for sustaining long-term economic progress.