Two terms 'economic growth' and 'economic development' may look alike. But they explain two different concepts. Growth is the increase in goods and services produced by a country usually for a specific period of time. Development is focused on qualitative and quantitative growth of economy. It’s measured on the basis of considering the wealthy people in a country, healthy people, educated, access to good housing facilities etc. Growth in economy depends on a country's output of goods, this occurs only when education and technology sector have improvements. This is measured as increase in real GDP, which is the value of final products and services. Development increases standard of living by having safe drinking water, better sanitation facilities, medical facilities, spread of primary education and hence improving literacy rate, poverty eradication, better transportation, increased employment opportunities etc. More details can be obtained from the PowerPoint presentation.

Yogita Parihar

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