 |
International Journal for Research Trends and Innovation
International Peer Reviewed & Refereed Journals, Open Access Journal
ISSN Approved Journal No: 2456-3315 | Impact factor: 8.14 | ESTD Year: 2016
Scholarly open access journals, Peer-reviewed, and Refereed Journals, Impact factor 8.14 (Calculate by google scholar and Semantic Scholar | AI-Powered Research Tool) , Multidisciplinary, Monthly, Indexing in all major database & Metadata, Citation Generator, Digital Object Identifier(DOI)
|
Issue: March 2026
Volume 11 | Issue 3
Review Result and Publication of Paper within : 2-3 days
Click Here For more DetailsFor Authors
Forms / Download
Published Issue Details
Editorial Board
Other IMP Links
Facts & Figure
Impact Factor : 8.14
Issue per Year : 12
Volume Published : 11
Issue Published : 118
Article Submitted : 21574
Article Published : 8528
Total Authors : 22430
Total Reviewer : 805
Total Countries : 159
Indexing Partner
Licence
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License
|
Published Paper Details
|
|
| Paper Title: | DO PERSONAL LOANS PROMOTE SUSTAINABLE GROWTH? EVIDENCE FROM ARDL ANALYSIS IN INDIA |
| Authors Name: | G Narayana Swamy , Harish G |
| Download E-Certificate: | Download |
| Author Reg. ID: |
IJRTI_207929
|
| Published Paper Id: | IJRTI2511158 |
| Published In: | Volume 10 Issue 11, November-2025 |
| DOI: | |
| Abstract: | This study examines the role of personal loans in supporting sustainable economic growth in India by analysing their short-term and long-term effects on Gross Domestic Product (GDP). Using quarterly macroeconomic data, the analysis employs the Autoregressive Distributed Lag (ARDL) model, followed by Bounds Testing and an Error Correction Model (ECM) to determine the speed at which the system returns to equilibrium. The findings show that personal loans have a positive and statistically significant impact on GDP in the short run, indicating that credit-driven consumption can stimulate economic activity. However, in the long run, this effect becomes negative, suggesting that excessive reliance on consumption-oriented borrowing may undermine sustained growth. In contrast, Gross Fixed Capital Formation (GFCF) maintains a consistently positive influence in both the short and long run, underscoring the importance of investment-focused lending. The robustness of the model is supported by diagnostic tests such as the Durbin–Watson statistic, Breusch–Pagan test, and CUSUM/CUSUMSQ stability assessments. Overall, the study suggests that while personal loans can provide a temporary boost to economic activity, long-term stability requires redirecting credit flows toward productive and investment-led sectors. Accordingly, the paper recommends a strategic shift from consumption-based lending to investment-driven credit policies to strengthen India’s long-term growth trajectory. |
| Keywords: | ARDL Model; Economic Growth; Error Correction Model (ECM); Personal Loans; Sustainable Development. |
| Cite Article: | "DO PERSONAL LOANS PROMOTE SUSTAINABLE GROWTH? EVIDENCE FROM ARDL ANALYSIS IN INDIA", International Journal for Research Trends and Innovation (www.ijrti.org), ISSN:2455-2631, Vol.10, Issue 11, page no.b503-b519, November-2025, Available :http://www.ijrti.org/papers/IJRTI2511158.pdf |
| Downloads: | 000203 |
| ISSN: |
2456-3315 | IMPACT FACTOR: 8.14 Calculated By Google Scholar| ESTD YEAR: 2016 An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.14 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator |
| Publication Details: |
Published Paper ID: IJRTI2511158
Registration ID:207929
Published In: Volume 10 Issue 11, November-2025
DOI (Digital Object Identifier):
Page No: b503-b519 Country: BENGALURU, Karnataka, India Research Area: Management Publisher : IJ Publication Published Paper URL : https://www.ijrti.org/viewpaperforall?paper=IJRTI2511158 Published Paper PDF: https://www.ijrti.org/papers/IJRTI2511158 |
| Share Article: | |
|
Click Here to Download This Article |
|
| Article Preview | |
|
|
|
Major Indexing from www.ijrti.org
| Google Scholar | ResearcherID Thomson Reuters | Mendeley : reference manager | Academia.edu |
| arXiv.org : cornell university library | Research Gate | CiteSeerX | DOAJ : Directory of Open Access Journals |
| DRJI | Index Copernicus International | Scribd | DocStoc |
ISSN Details
 |
 |
|
ISSN: 2456-3315
Impact Factor: 8.14 and ISSN APPROVED,
Journal Starting Year (ESTD) : 2016
DOI (A digital object identifier)
| Providing A digital object identifier by DOI.ONE How to Get DOI? |
Conference
Open Access License Policy
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License
Important Details
Join RMS/Earn 300
WhatsApp
Click Here
Click Here
Indexing Partner |
|||
| Copyright © 2026 - All Rights Reserved - IJRTI | |||