The study analyzed productivity and growth trends in Indian manufacturing from 1970 to 2003. They used various methods to estimate productivity, finding that total factor productivity (TFP) grew by 1.1% on average. The share of materials in production was larger than capital and labor. After the reforms in the 1990s, TFP growth was negative initially but then increased significantly. Public corporations saw a substantial increase in TFP growth post-reforms. Industries focusing on services experienced higher productivity growth. The lack of productivity growth was identified as a key factor in the underperformance of Indian manufacturing in the past.