Effects of dynamic variables on industrial output in one of the world’s fastest-growing countries: case evidence from India

Future Business Journal

Table 2 Result of Johansen co-integration test

No. of EC(s)	Trace statistics	Prob.	Max-eigenstatistics	Prob.
r = 0	0.600	0.00***	0.600	0.00***
r ≤ 1	0.466	0.00***	0.466	0.00***
r ≤ 2	0.396	0.00***	0.396	0.00***
r ≤ 3	0.263	0.00***	0.263	0.02**
r ≤ 4	0.185	0.00***	0.185	0.07*
r ≤ 5	0.154	0.01**	0.154	0.02**
r ≤ 6	0.050	0.03**	0.050	0.02**

***Denotes significance at the 1% level, **at the 5% level, and *at the 10% level