Indian Economy is Twelfth largest in the world and fourth largest by purchasing power parity. In the 21st century, India is an emerging economic power having vast human and natural resources.
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”. Economic growth is a dynamic concept and refers to continuous increase in output.
Factors in Economic Growth: The four factors contributing to growth are
- human resources (labour supply, education, discipline, motivation)
- national resources (land, minerals, fuels, environmental quality)
- capital formation (machines, factories, roads)
- technology (science, engineering, management, entrepreneurship)
|Growth and Development|
|While the term economic growth referees 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 literatures actually are not identical technically.|
|Difference Between Economic Growth and Economic Development|
Gross National Happiness (GNH) : The concept of gross national happiness has been introduced by king of Bhutan, Jigme Singya Wang Chuck, a tiny kingdom on the northern borders of India. The GNH aims to ensure that prosperity is shared across protecting the environment and maintaining a responsive the word happiness, more like what the signers of the Declaration of Independence had in mind when they included the “pursuit of happiness” as an inalienable right equal to liberty and life itself. The index is designed to challenge the well-established indices of countries development. HDI and GDP which are seen as not taking sustainability into account.
|10||St. Vincent of the Grenading||61.37|
India is the 90th happiest country in the world, behind Bhutan(13), China(31), Sri Lanka(13) and Bangladesh(41). It is ahead of Pakistan(112) and Russia(172).
Seven of the top 10 happiest countries are from western democracies, while countries in Asia, known for their strong cultural values, family ties and collective identities surprisingly scored low-China(31), Japan(95) and Thailand(32)
|Millennium Development Goals to be Achieved by 2015|