2. Economics growth means an increase in real
national income/national output.
Economic development means an improvement in
the quality of life and living standards, e.g. measures
of literacy, life expectancy and health care. Economic
growth would enable more economic development.
3. Growth Trends in Indian Economy:-
India is currently one of the fastest growing
economies of the world with an average growth
rate of about 5.5 to 6 percent per annum, over
the last two decades. This has ensured that the
economy ranks among the top five in the world, in
terms of growth performance.
4. The Indian economy grew 8.7 per cent in 2021-22,
with the gross domestic product (GDP) expanding
4.1 per cent in the March quarter from a year ago.
The GDP growth for 2021-22 takes the economy
above its pre-pandemic level and is an improvement
after contracting 6.6 per cent in 2020-21.
5.
6. (HDI)
The Human Development Index (HDI) is a summary
measure of average achievement in key dimensions
of human development: a long and healthy life, being
knowledgeable and have a decent standard of living.
The HDI is the geometric mean of normalized
indices for each of the three dimensions.
7. The health dimension is assessed by life
expectancy at birth, the education dimension is
measured by mean of years of schooling for adults
aged 25 years and more and expected years
of schooling for children of school entering age.
8. The standard of living dimension is measured by
gross national income per capita. The HDI uses the
logarithm of income, to reflect the diminishing
importance of income with increasing GNI. The
scores for the three HDI dimension indices are then
aggregated into a composite index using geometric
mean.
