Infrastructure and Finance: Evidence from India's GQ Highway Network

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Research & Publications

Infrastructure and Finance: Evidence from India's GQ Highway Network

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Infrastructure and F...

06/10/2023

Infrastructure and Finance: Evidence from India's GQ Highway Network

Abhiman Das, Ejaz Ghani, Arti Grover Goswami, William R. Kerr & Ramana Nanda

Journal Articles

We use data from Reserve Bank of India to study the impact of India’s Golden Quadrilateral (GQ) highway project on finance-dependent activity. Loan volumes increase by 20%–30% in districts along GQ and are stronger in industries more dependent upon external finance. Loan growth begins with increases in average branch size and in places with more pre-GQ loan activity. New branch openings come later, consistent with short-run adjustment costs to expanding branch networks. These patterns are not evident in placebo tests using delayed investments in NS-EW highways. Results suggest the depth of initial financial infrastructure shapes how infrastructure investments impact localities.

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Infrastructure and Finance: Evidence from India's GQ Highway Network

Research & Publications

Infrastructure and Finance: Evidence from India's GQ Highway Network

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