Industry-level determinants of India's vertical and horizontal IIT.

9 These industry groups exhibit a positive trend for the magnitude of IIT, Fig. 3 .

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An increasing trend of MIIT j will signify that economic liberalization has induced adjustment to be more within the industry reflecting a higher share of IIT in new trade flows.

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Note that, this finding is consistent with the negative coefficient of HHI which has been relatively weakly significant at 10% level in Model 1 but strengthened to 5% significance level in the alternative specifications of Model 2 and 3.

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