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    Unit: I Nature of Indian Economy: Economic Development

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    Sweata Yadav
    Economic development aims to improve both the quantity and quality of life through sustainable and equitable growth. It focuses on reducing poverty, inequality, and unemployment. Economic development is distinguished from mere economic growth in that it considers not just increases in output and income but also improvements in human welfare. The objectives of development include increasing the availability of basic needs, raising income levels while promoting education and culture, and expanding individual and national choices to improve quality of life. Structural economic changes underscore the ongoing need for development.

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    Unit: I Nature of Indian Economy: Economic Development

    Uploaded by

    Sweata Yadav
    123 views8 pages
    Economic development aims to improve both the quantity and quality of life through sustainable and equitable growth. It focuses on reducing poverty, inequality, and unemployment. Economic development is distinguished from mere economic growth in that it considers not just increases in output and income but also improvements in human welfare. The objectives of development include increasing the availability of basic needs, raising income levels while promoting education and culture, and expanding individual and national choices to improve quality of life. Structural economic changes underscore the ongoing need for development.

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    its a presentation on ecoomic developmet of india

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    1 Economic Development

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    Economic development aims to improve both the quantity and quality of life through sustainable and equitable growth. It focuses on reducing poverty, inequality, and unemployment. Economic development is distinguished from mere economic growth in that it considers not just increases in output and income but also improvements in human welfare. The objectives of development include increasing the availability of basic needs, raising income levels while promoting education and culture, and expanding individual and national choices to improve quality of life. Structural economic changes underscore the ongoing need for development.

    Copyright:

    © All Rights Reserved
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    123 views8 pages

    Unit: I Nature of Indian Economy: Economic Development

    Uploaded by

    Sweata Yadav
    Economic development aims to improve both the quantity and quality of life through sustainable and equitable growth. It focuses on reducing poverty, inequality, and unemployment. Economic development is distinguished from mere economic growth in that it considers not just increases in output and income but also improvements in human welfare. The objectives of development include increasing the availability of basic needs, raising income levels while promoting education and culture, and expanding individual and national choices to improve quality of life. Structural economic changes underscore the ongoing need for development.

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    of 8

    Unit: I Nature Of Indian Economy

    Economic Development
    Concept of Economic Development
    1. “Development” distinguished from “Growth”
    2. Concept of Economic Development
    3. Objectives of Economic Development
    4. The need for Economic Development
    5. Determinants of Development
    “Development” distinguished from
    “Growth”
    • Traditional View:
    Economic development has been considered as synonymous with
    economic growth. Economic growth has been defined as “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”.
    This involves “Tickle down strategy” ,which implies that the effects of
    raising incomes and output would ultimately flow down to the poor that
    they would benefit as well as the rich.
    • Modern View:
    There is difference in economic development and growth. Growth involves
    change in aggregates while development is change in capacities, abilities
    and skills.
    Thus growth is a quantitative concept whereas development is qualitative
    concept.
    Cont..
    • In modern view the economists stress the need for strategies
    designed to meet the needs of poor directly rather than the
    “Tickle down effect”
    • Thus “Economic Development is redefined as in terms of the
    reduction or elimination of poverty, inequality and
    unemployment within the context of a growing economy.
    Concept of Economic Development
    • The “Economic Development” ,is defined as the process of
    increasing the degree of utilization and improving the
    productivity of the available resources of a country which
    leads to an increase of the economic welfare of a community
    by stimulating the growth of national income.

    • Economic Growth = Size of output (Quantitative)

    • Economic Development = Size of Output +Economic Welfare


    (Qualitative aspect)
    Cont..
    • It follows that in the pursuit of economic development the
    following five types of growth process should be avoided.
    1. Jobless growth
    2. Ruthless growth (Large inequalities)
    3. Futureless growth (Non- Sustainable)
    4. Voiceless growth (Unemployment for weaker section)
    5. Rootless growth( Destroys the culture)
    Objectives of Development
    • The increase in availability and widen the distribution ob basic
    life sustaining goods such as food, shelter and protection.
    • To raise the levels of income including ,in addition to higher
    incomes, attention to better education and greater attention
    to cultural and humanistic values.
    • To expand the range of national and social choice to individual
    and nations.
    Thus in view of the above three objectives ,the quality of
    life is regarded as an important index of development.
    Thus some measures are monetary and some are non monetary.
    The need for Economic
    development
    • The structural changes in Economics as
    development proceeds describes the need for
    Economic development.

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