Economic growth and economic development work like conjoin twins. When one is mention the other is on waiting. However, we can separate the two, the country can work with economic growth leaving out economic development.
What’s the difference between economic growth and development?
It the increase in a particular country’s total output. This meaning the country’s production is increasing. This commonly referred to as GDP or gross domestic product Employee PF Balance check without UAN number in passbook.epfindia.gov.in
The country increase in citizen’s wise number or population increase. The quality of life of the citizen increases. How? This is gauged by the human development index. Basically it focuses whether human factors influence economic growth. Factors like education, life expectancy and cost of living.
We this we can conclude and say growth doesn’t really need development. A country can have less population but still be way ahead in economic growth compared to high populated country which doesn’t have great increase in production.
What about India’s economic growth and development?
India tops with the highest population in the world. They have extra number citizen ranging from 1.2 billion. This though doesn’t affect its economic growth; India has been more focused on Agricultural matters. This being the core boost of the economic growth of the country. Checking on statistics India has increased in the economic growth. In the year 2017-2018 GDP growth was at 6.6% which is expected to rise to 7.3% in 2019.
The country has expanded and gone on opening manufacturing companies. Ranking third among the fastest growing country in terms of startups. We have numbers showing 4,750 startups and in the year 2016 India had new technological startups of 1400.
India developments leading to country’s economic growth
- Exports have increased by 20.7% per year going to US $221.83 billion in the year 2018
- Mergers and acquisitions M&A going up to US$ 74.8 billion in 2018 August.
- The country’s income tax has increase in this year indicating RS 10.03 lakh crore. In US$ 137.75 billion.
- All Indian companies output RS 21,000 crore US$ 2.88 billion for the IPO
- FDI inflow going up to US$389.60 billion this from year 2000-2018.
This are just some of the positive changes in the country’s economy. we can term India as economically developed as the international labour organization works to eradicate unemployment by 2018-2019. They quote it to 3.5% reduction which is a good indicator of the country’s economic growth.
India embraces foreign countries investing in the country. This being a benefit and employment opportunities for India. The countries GDP is believed to have increased in the past 12 years whilst poverty levels are decreasing each day.
I believe the country will or may rank in the one out of three world largest countries in terms of economic growth. If poverty is well solved and employment well enhanced. India GDP is 1/20 compared to that of the United Kingdom.
India is working to be an open economy whereby they are at 15% and moving forward in terms of exports and services. Development factors may also influence the increase in growth. Age is one factor as many Indians are age 35 and below. young working nation which strives to be first in economic growth. This will be seen in the years to come if the increasing trend continues.