Economic Growth and

Development

PRESENTED BY

Dipanway Bhabuk

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

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

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

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

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

THANK YOU!!

THANK YOU!!