Role of Productive Sectors in Driving Socio-Economic Advancement: Identifying Critical Factors Using PLS-SEM

Kishore  Kunal; K. R.  Ramprakash; Arun Prasad   R.

doi:10.48161/qaj.v5n2a1401

Authors

Kishore Kunal 1 Online Learning, Loyola Institute of Business Administration (LIBA), Loyola College Campus 600034, India.
K. R. Ramprakash 1 Online Learning, Loyola Institute of Business Administration (LIBA), Loyola College Campus 600034, India.
Arun Prasad R. 1 Online Learning, Loyola Institute of Business Administration (LIBA), Loyola College Campus 600034, India.

DOI:

https://doi.org/10.48161/qaj.v5n2a1401

Abstract

The study focused on various areas that have contributed towards Tamil Nadu's socio-economic enhancement. Partial Least Squares Structural Equation Modelling (PLS-SEM) has been used to determine the significant elements that influence social and economic advancement. The Reserve Bank of India's (RBI) Handbook of Statistics on Indian States is the basis of the socio-economic data for Tamil Nadu. As it gives permission for us to inspect the properties of several sectors, such as agriculture, power, as well as industry, and their contributions to the state gross domestic product, the data sourced for this study spans the years 1991 to 2021. The outcome of the research indicates that agriculture and industry play a pivotal role in boosting Tamil Nadu’s economy which also helps the state’s social progress. However, power sector is also a major contributor. These sectors when combined, helps shape the state’s overall progress. The output of this study helps policymakers to foresee those sectors that can be focused by the state to invite investments. Sectors like Agriculture, Industry, Power are key drivers of Tamil Nadu’s economy and social progress. Investments in these sectors will uplift the state’s socio-economic existing status and when strategically planned shall help Tamil Nadu achieve sustained socio-economic growth. The novelty of this study stems from application of PLS-SEM to long-term data that can provide valuable insights. It identifies critical sectors that contribute to the state’s development.

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