Much of the confusion on economic priorities can go if we focusly differentiate between economic growth and economic developement. Whereas economic development is a policy intervention endeavor with aims of economic and social well-being of people, economic growth is a phenomenon of market productivity and rise in GDP. Economic development involve multiple areas including development of human capital, critical infrastructure, regional competitiveness, environmental sustainability, social inclusion, health, safety, literacy, and other initiatives. Whereas growth lacks all this focus. This differentiation is very essential otherwise economic growth was also carried out by Britishers in india, we had rails, courts, administrations etc. this is not alone that we want.
Posted on: Fri, 18 Apr 2014 02:21:25 +0000