Economic growth refers to an increase in real output through higher consumption, government spending, investment or net exports. It brings quantitative changes. Economic development implies progressive socio-economic changes that improve quality of life through increasing income, savings, investment, education and decreasing inequality. Development brings qualitative and quantitative changes. It is possible to have economic growth without development if benefits do not reach the population through factors like concentrated wealth or spending on military instead of social services. Growth can lead to development and vice versa by raising living standards and spending. While India has a large economy, it is still developing due to challenges like corruption, population, poverty and infrastructure that limit quality of life improvements despite high growth rates.

1. Economic Growth and
Development
PRESENTED BY
Dipanway Bhabuk

2. Economic Growth
 Economic growth refers to an increase in the real output of goods
and services in the country
 Growth relates to a gradual increase in one of the components of
Gross Domestic Product: consumption, government spending,
investment, net exports
 Brings quantitative changes in the economy
 It is concerned with increase in the economy's output

3. Economic Development
 Economic development implies changes in income, savings and
investment along with progressive changes in socio-economic
structure of country (institutional and technological changes).
 Development relates to growth of human capital indexes, a decrease
in inequality figures, and structural changes that improve the general
population's quality of life.
 Brings qualitative and quantitative changes in the economy
 Concerned with structural changes in the economy

4. Economic Growth without Development
 It is possible to have economic growth without development. i.e.
an increase in GDP, but most people don’t see any actual
improvements in living standards
 Examples
 More oil but one firm owns it
 High GDP but the benefits are with politicians
 More production, but no buying
 More military spending than education and health care

5. Growth and Development Link
 Growth is narrower concept than Development
 Growth can lead to development. i.e. India
 Development can also lead to Growth. i.e. America
 Higher per capita would make people buy, spend and invest on
health, education and living so they become developed

6. About Our Country
 India is the tenth-largest economy in the world and the third
largest by purchasing power parity
 But its not developed till now because of corruption, population,
poverty and infrastructure
 The growth rate and inflation is very high compared to
development rate because of these factors

7. THANK YOU!!
THANK YOU!!