Is India growing or developing?
IS INDIA GROWING OR DEVELOPING? INTRODUCTION: India is the tenth largest economy in the world(by nominal GDP) is the second fastest growing economy in the world.But still we have the one third of the world’s poorest people. Have we ever think about this fact? What is the reason behind India’s poverty despite the steep growth in our economy?Is growth and development both are same?Hope this paper could provide a lucid explanation about India and its’ so called development. GROWTH AND DEVELOPMENT ANNOTATION:
Before looking into various stats and graphs of India’s performance since its independence,let us learn the basic difference between growth and development in terms of economics.
Economic Growth is a narrower concept than economic development.It is an increase in a country's real level of national output which can be caused by an increase in the quality of resources (by educationetc.), increase in the quantity of resources & improvements in technology or in another way an increase in the value of goods and services produced by every sector of the economy. Economic Growth can be measured by an increase in a country's GDP.
Economic development is a normative concept i.e. it applies in the context ofpeople's sense of morality (right and wrong, good and bad). The definition of economic development given by Michael Todaro is an increase in living standards, improvement in self-esteem needs and freedom from oppression as well as a greater choice. The most accurate method of measuring development is theHuman Development Index which takes into account the literacy rates & life expectancy which affectproductivity and could lead to Economic Growth. It also leads to the creation of more opportunities in the sectors of education, healthcare, employment and the conservation of the environment.It implies an increase in the per capita income of every citizen.
From the above explanation you can infer what a country really
Before looking into various stats and graphs of India’s performance since its independence,let us learn the basic difference between growth and development in terms of economics.
Economic Growth is a narrower concept than economic development.It is an increase in a country's real level of national output which can be caused by an increase in the quality of resources (by educationetc.), increase in the quantity of resources & improvements in technology or in another way an increase in the value of goods and services produced by every sector of the economy. Economic Growth can be measured by an increase in a country's GDP.
Economic development is a normative concept i.e. it applies in the context ofpeople's sense of morality (right and wrong, good and bad). The definition of economic development given by Michael Todaro is an increase in living standards, improvement in self-esteem needs and freedom from oppression as well as a greater choice. The most accurate method of measuring development is theHuman Development Index which takes into account the literacy rates & life expectancy which affectproductivity and could lead to Economic Growth. It also leads to the creation of more opportunities in the sectors of education, healthcare, employment and the conservation of the environment.It implies an increase in the per capita income of every citizen.
From the above explanation you can infer what a country really