The objective of this study is to investigate the empirical relationship between financial development, energy consumption, and economic growth in India, spanning the time period 1970–2018. The study used ARDL‐bound tests and the VECM method. Results confirm the presence of a long‐term relationship among variables. Results from the Granger causality test show a unidirectional relationship, from economic growth to financial development, in the short‐term. However, in the long‐term, we identify a bidirectional causal relationship between economic growth and energy consumption and energy consumption and financial development. The study concludes that financial development and energy consumption are the key drivers of the economic growth of India.

中文翻译：

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金融发展，能源消耗和经济增长：印度的一些最新证据

这项研究的目的是调查1970年至2018年期间印度金融发展，能源消耗和经济增长之间的经验关系。该研究使用了ARDL绑定测试和VECM方法。结果证实变量之间存在长期关系。格兰杰因果关系检验的结果显示，从短期看，从经济增长到金融发展是单向关系。但是，从长远来看，我们确定了经济增长与能源消耗，能源消耗与金融发展之间的双向因果关系。该研究得出的结论是，金融发展和能源消耗是印度经济增长的主要驱动力。