Nexus among GDP per capita with income inequality, wealth inequality, human development index and unemployment rate in India in ARDL model

Abstract

The relation between India's GDP per capita,income inequality,wealth inequality,human development index and unemployment rate during 1990-2025 was analyzed through ARDL model and asymmetry impacts on the GDP per capita from those determinants were econometrically examined by NARDL model.The empirical observations showed that GDP per capita is positively related with income inequality and human development index or inversely related with wealth inequality and unemployment rate in which cointegrating relation is convergent and significant.ARDL estimate implies that GDP per capita is positively related with income inequality of current period,inversely related with wealth inequality,human development index and unemployment rate in previous periods.The model is stable without serial correlation and heteroscedasticity problems.Asymmetry impacts from income inequality,human development and unemployment rate were visible while symmetry impacts from wealth inequality was seen in NARDL model during 1990-2025.