Economic growth: Economic growth refers to the increase in a country's real gross domestic product (GDP) over time. It represents the expansion of the economy's productive capacity and is typically measured as the percentage change in GDP from one perio
theIASHub | 04 Aug, 2023 | 90
Economic growth: Economic growth refers to the increase in a country's real gross domestic product (GDP) over time. It represents the expansion of the economy's productive capacity and is typically measured as the percentage change in GDP from one period to another, usually on an annual basis.
Phases of Economic Growth: The economy moves through different periods of activity. This movement is called the “business cycle.” It consists of four phases:
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Inequality and Growth: Context- As per the World Inequality Report (2022), the Covid pandemic has further exacerbated global inequalities with the top 1 percentile accounting for 38 per cent of all the additional wealth accumulated since the mid-1990s and this trend has become more pervasive since 2020 with wealth inequality remaining at extreme levels world over. Reasons behind the inequality in India, including:  Reasons why high growth may not necessarily lead to a decrease in inequality
Way Forward
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Economic Development
Economic development refers to the process of positive and sustainable change that leads to the improvement of various aspects of society, including economic, social, and environmental conditions, to enhance the overall well-being and quality of life for individuals and communities.
Positive aspects and notable achievements of India's development story
Conclusion: India's economy is hindered by many issues. India's full potential and people's well-being depend on addressing these challenges and pursuing inclusive and sustainable development. India can achieve balanced development by reducing inequalities, investing in education and infrastructure, promoting environmental sustainability, and strengthening governance.
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