Manufacturing Industry: A Fresh Look P Balakrishnan K Pushpangadan Productivity estimates are sensitive to the measure of real value added that is adopted One source of bias in estimation is that due to the assumption often made of constancy of the relative price of material inputs. This paper provides estimates of total factor productivity for Aggregate Manufacturing having adjusted for changes in this relative price. These results indicate that, contrary to what is believed, productivity growth in the 1980s may, actually, have been slower than in-the earlier decade.