Road to Stock Market Participation

Roads and Loans

“…The PMGSY program also has been used by Novosad (2017, 2020), who show that new roads led to a reallocation of village labor from agriculture to wage labor, by Mukherjee (2011) and Adukia et al (2020), who examine schooling decisions, by Agarwal et al (2021) to examine stock market participation, and by Agarwal et al (2022), who study changes in female entrepreneurship. Shamdasani (2021) and Aggarwal (2018) have also examined the effects of this program on rural households, and find evidence of improvements in productivity for affected villages.…”