Evaluation of Various Economic Factors of Indian States & Union Territories through Mathematical Modeling using Factor Theory
Renuka Devi1, A. K. Agrawal2, Joydip Dhar3, Piyush Kumar Tripathi4

1Renuka Devi, Amity University Lucknow (Uttar Pradesh), India.
2A. K. Agrawal, Amity University Lucknow (Uttar Pradesh), India.
3Joydip Dhar, IIIT & M Gwalior (M.P), India.
4Piyush Kumar Tripathi, Amity University Lucknow (Uttar Pradesh), India.
Manuscript received on 25 November 2019 | Revised Manuscript received on 06 December 2019 | Manuscript Published on 16 December 2019 | PP: 269-273 | Volume-8 Issue-3S3 November 2019 | Retrieval Number: C10641183S319/2019©BEIESP | DOI: 10.35940/ijrte.C1064.1183S319
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)

Abstract: The total value of goods produced and services rendered within a country during a year is its Gross Domestic Products.” GDP is the growth measurement technique. In this research paper, we analyze India’s gross state domestic products (GSDP) data, using the factor analysis model to find out the impact of GSDP contributing factors. There are several methods to test the adequacy of the factor model. Here researcher has used Principal Component factor analysis approaches by varimax rotation method. Data has been collected by the Ministry of statistics & program implementation of year 2017-2018. Basically Indian economy is segmented into three major sectors as primary sector, secondary sector & tertiary sector. Primary sector means “Agriculture, forestry & fishing”, Secondary sector means “Manufacturing, construction & electricity, gas water & other utilities services” and tertiary sectors includes “Trade, Transport, Hotels & financial services” so on. India has 28 states and 9 union territories. But in this paper, we have examined 28 states & 5 union territories on the basis of 15 variables. Factor analysis is the factor redemption technique so here, we have reduced these 15 variables into three common factors.
Keywords: Principal Component Method (PCM), Gross Domestic Product (GDP), MOSPI(Ministry of Statistics & Program Implementation), UT (Union Territories), LPG (Liberalization Privatization Globalization), Gross State Domestic Products (GSDP).
Scope of the Article: Social Sciences