Economic Growth And Economic Development — Flashcards

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Economic growth refers to a sustained increase in the production of goods and services in a country over time. It is measured by the rise in real national income or real GDP. For example, if India’s G…

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Economic development is a broader concept that includes not only economic growth but also improvements in the quality of life, such as education, health, equality, and infrastructure. For example, imp…

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Economic growth is a narrow, quantitative concept focusing only on the increase in output (like GDP), while economic development is broader and includes qualitative improvements like education, health…

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Because it involves changes not just in income but also in social structures, attitudes, institutions, technology, and equality. For example, building schools (education), hospitals (health), and empo…

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The main objectives are: (1) High rate of growth, (2) Economic self-reliance, (3) Modernization, (4) Economic stability, (5) Sustainable development, and (6) Inclusive growth. For example, inclusive g…

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It means increasing the country’s output of goods and services rapidly over time. For example, India aimed for 8% growth in the 11th Five-Year Plan to reduce poverty and create jobs. Higher growth hel…

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Economic self-reliance means a country produces enough to meet its needs without depending heavily on foreign aid or imports. For example, India’s Green Revolution made it self-sufficient in food grai…

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Modernization means adopting advanced technologies and scientific methods in production, especially in agriculture and industry. It also includes changing traditional social structures. For example, u…