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Economic Growth v/s Economic Development

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Economic Growth v/s Economic Development

Economic Growth v/s Economic Development

India is talking about achieving benchmark of $5 trillion economy by 2024. We are fifth largest economy in terms of size of GDP. The point to ponder upon is why this kind of targeting, for welfare of public. It’s time to talk in terms of Human Development and Happiness. Human Development Index (HDI) is considered to be most accurate measure of socio-economic development of country. India is ranked 129th position out of 189 countries in Human Development Index released by United Nations Development Programme (UNDP). HDI takes in to consideration health and education along with per capital income as measure of development. Poor performance of India in HDI is due to various reasons like inadequate health and education facilities, income inequalities, unemployment etc. Another such index is World Happiness Report published by United Nations Sustainable Development Solutions Network. According to World Happiness Report (2019), India is ranked 140 among 156 countries in Happiness Index. India’s slipped its 133rd position during the year 2018. It’s time to make choice between economic growth and economic development.

Disclaimer: The opinions / views expressed in this article are solely of the author in his / her individual capacity. They do not purport to reflect the opinions and/or views of the College and/or University or its members.

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