The Economy of India
The Economy of India
The Economy of India
Indian Economy is the twelfth largest in the world and the fourth largest by purchasing power parity. In the 21st century, India is an emerging economic power having vast human and natural resources.
Economic growth: An increase in real terms of the output of goods and services that is sustained over a long period of time, measured in terms of value added is called economic growth. It is a dynamic concept and refers to the continuous increase in output.
Factors contributing to Economic Growth:
1. Human Resources: (labour supply, education, discipline, motivation)
2. National Resources: (land, minerals, fuels, environmental quality)
3. Capital formation: (machines, factories, roads) technology (science, engineering, management, entrepreneurship)
Growth and Development:
While the term economic growth refers to increases over time in a country’s real output of goods and services, i.e. product per capita, the term economic development, in contrast, is more comprehensive. It implies progressive changes in the socio-economic structure. Economic growth and development frequently used interchangeably in economic literature, actually are not identical technically.
Difference between Economic Growth and Economic Development:
1. Economic growth indicates a quantitative improvement in the economic progress of a country.
On the other hand, Economic Development indicates a qualitative improvement in the economic progress of a country.
2. It shows growth in natural income and per capita income over time.
On the other hand, economic development shows not only a sustained increase in national and per capita income but also qualitative changes which leads to higher standards of living.
3. In economic growth, a country may grow but it may not develop.
On the other hand, economic development includes the notion of economic growth.
4. Economic growth is a quantitative aspect.
On the other hand, economic development is a qualitative aspect. 0 0 0
The Economy of India
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