Question

Explain the distinction between Economic Growth and Economic Development. Give real examples of situations in which a country may be developed economically but still be underdeveloped

Answer 1

Answer-The difference between Economic Growth and Economic Development are:-

• In Economic Growth there is increase in the monetary growth of a nation while in Economic Development there is overall growth of the nation by development of quality of life.
• Economic Growth is a narrow term while economic development is a wider term.
• Economic Growth has only one dimension i.e economic growth .Economic Development has multi dimension i.e welfare and income of the nation.
• Economic Growth term is short while Economic Development term is long.
• Economic Growth examples are Gross Domestic Product,Gross National Product. Economic Development examples are HDI,Per capita income.
• In Economic Growth there is no intervention of government but In Economic Development there is intervention of government.

For example, In India, industrializatiin and urbanization are taking place at great pace, but at the cost of peoples welfare.

There is eviction of people from their land in the name of development, recent Guna incident of MP is an example where Dalit couple ate pesticides for their eviction from land.

Also, an example could be encroachments in areas for construction, etc harming wildlife. Eg. Recent floids in Assam harming rhinos of Kaziranga National Park.

Also, construction in eco sensitive zones is worse kind of development, at the cost of life of animals.

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