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

Future Business Journal

Table 3 Result of Granger causality test

Null hypothesis	F-Stat.	Prob.
GFCF does not Granger cause AO	3.976	0.07*
E does not Granger cause AO	11.210	0.00***
AO does not Granger cause EX	6.064	0.02**
IO does not Granger cause AO	7.247	0.01**
AO does not Granger cause IO	5.483	0.02**
OP does not Granger cause AO	4.899	0.03**
POP does not Granger cause AO	9.294	0.00***
AO does not Granger cause POP	5.235	0.02**
E does not Granger cause GFCF	24.57	0.00***
GFCF does not Granger cause EX	3.912	0.05**
IO does not Granger cause GFCF	11.61	0.00***
GFCF does not Granger cause IO	7.056	0.01**
OP does not Granger cause GFCF	10.101	0.00***
GFCF does not Granger cause POP	8.683	0.00***
E does not Granger cause OP	2.783	0.09*
E does not Granger cause EX	3.045	0.08*
POP does not Granger cause E	2.785	0.09*
E does not Granger cause POP	4.876	0.03**
EX does not Granger cause IO	4.143	0.04**
POP does not Granger cause EX	4.082	0.05**
OP does not Granger cause EX	1.663	0.02**
IO does not Granger cause OP	4.615	0.03**
POP does not Granger cause IO	10.76	0.00***
IO does not Granger cause POP	4.020	0.05**
OP does not Granger cause POP	3.328	0.07*

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