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    Riddhi Maheshwari
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    Economic growth is typically measured by increases in Gross National Product (GNP) or Gross Domestic Product (GDP), which measure the total value of goods and services produced in an economy. While GDP growth is politically important, it is a quantity-based measure that does not necessarily reflect improvements in welfare, development, or sustainability. True inclusive economic growth should aim to improve human development indicators like reducing hunger and increasing happiness, while minimizing inequality and environmental degradation. India's high GDP growth has not been inclusive as it has been accompanied by rising hunger, unhappiness, increased inequality during the pandemic, and unsustainable environmental impacts.

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    Economic growth & Development

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    Economic growth is typically measured by increases in Gross National Product (GNP) or Gross Domestic Product (GDP), which measure the total value of goods and services produced in an economy. While GDP growth is politically important, it is a quantity-based measure that does not necessarily reflect improvements in welfare, development, or sustainability. True inclusive economic growth should aim to improve human development indicators like reducing hunger and increasing happiness, while minimizing inequality and environmental degradation. India's high GDP growth has not been inclusive as it has been accompanied by rising hunger, unhappiness, increased inequality during the pandemic, and unsustainable environmental impacts.

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    © All Rights Reserved
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    12 views12 pages

    Economic Growth & Development

    Uploaded by

    Riddhi Maheshwari
    Economic growth is typically measured by increases in Gross National Product (GNP) or Gross Domestic Product (GDP), which measure the total value of goods and services produced in an economy. While GDP growth is politically important, it is a quantity-based measure that does not necessarily reflect improvements in welfare, development, or sustainability. True inclusive economic growth should aim to improve human development indicators like reducing hunger and increasing happiness, while minimizing inequality and environmental degradation. India's high GDP growth has not been inclusive as it has been accompanied by rising hunger, unhappiness, increased inequality during the pandemic, and unsustainable environmental impacts.

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    © All Rights Reserved
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    of 12

    ECONOMIC GROWTH,

    ECONOMIC
    DEVELOPMENT
    BASIC CONCEPTS
    WHAT IS ECONOMIC GROWTH?

    • An increase in Gross National Product (GNP)


    or GDP

    GNP: Measures the Rupee value of all goods


    and services that an economy produces during
    a specified timeperiod - the throughput of
    stuff flowing through an economy
    IMPORTANCE OF ECONOMIC
    GROWTH (VIA GNP)
    • Political Importance

    • Domestic (5 year planning)

    • International Ranking (Must be better to have


    higher GNP/Cap., than lower);
    ECONOMIC GROWTH

    • Is a quantity based concept - not quality based


    • A direct measure of changes in the size of the economy

    But

    • Is it a measure of welfare?
    • Development?
    • Sustainable development?
    CAN GDP BE AN INDICATOR OF HUMAN
    DEVELOPMENT OR HUMAN WELFARE
    INCREASE GDP AT ALL COST?

    Should we always aim to increase GDP?


    What is the ultimate gain?
    Happiness?
    What is the cost?
    Environmental degradation?
    Stress?
    INCLUSIVE GROWTH
    WHY INDIA’S ECONOMIC GROWTH
    IS NOT INCLUSIVE?

    One, Rising hunger: According to the Global Hunger


    Index 2020 India ranks 94th amongst 107 countries.

    Two, Indian citizens are amongst the least happy in


    the world. According to the World Happiness Report
    of the UN Sustainable Development Solutions
    Network, India ranks 144th amongst 153 countries.
    WHY INDIA’S ECONOMIC GROWTH
    IS NOT INCLUSIVE?
    Three, the Pandemic has increased the inequality gap
    further by pushing many poor people into poverty.
    According to a World Bank report, during the pandemic the
    very rich became even richer. Whereas the number of poor
    people in India (with incomes of $2 or less a day) is
    estimated to have increased by 75 million.

    Four, unsustainable economic growth. According to


    global assessments, India ranks 120 out of 122 countries
    in water quality, and 179 out of 180 in air quality.

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