Abstract:
This study uses econometric methods robust to unit root analysis, such as ADF and DF-GLS, and the ARDL bounds test approach to analyze the long-run and short-run relationship between the selected time-series variables for India from 1993 to 2021. Further, diagnostic inspection like the Breusch-Pagan-Godfrey test and the Breusch–Godfrey Serial Correlation LM test to determine whether heteroskedasticity and serial correlation exist in the data. CUSUM and CUSUMSQ were applied to assess the stability of the model.