Economic Development of India: Growth, HDI, Inequality and Poverty

Running head: ECONOMICS ASSIGNMENT
Economics Assignment
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TOC
Introduction................................................................................................................................2
Economic Development: Meaning and Implications.................................................................3
India: Economic Overview........................................................................................................4
Economic Growth of India over the years.................................................................................5
Economic Development of India...............................................................................................6
Human Development Index of India over the years..................................................................8
References................................................................................................................................11

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Introduction
The global scenario has experienced considerable dynamics over the last decades, owing to
the changes in different domains including political, social, economic, demographic and
others. Different countries have emerged in different periods of time as emerging economies
across the international framework, showing impressive traits in the social, economic,
political and other aspects. Of this, the economic aspects of a country hold immense
importance and a lot of the welfare of the country as a whole and its population depends on
the economic prosperity and economic development of the country (Arena 2016).
In this context, although economic growth and economic development are often used for
indicating towards the same phenomenon of economic prosperity of a country, these two
terms however have different meanings and implications on the economy and on the country
as a whole (Mankiw, 2015). While the concept of economic growth indicates towards the rise
in the overall economic productivity of a country, with the increase in the value of the goods
and services produced in the country, which is mainly observed with the help of the growth
dynamics in the Gross Domestic Product of the concerned country, the concept of economic
development is a much broader concept. The economic development of a country indicates
towards the increase in the overall economic welfare, which in turn can be reflected in an
overall improved lifestyle and standard of living of the major share of the population of the
country.
Keeping this into consideration, the concerned report tries to analyse and discuss the growth
of the economy of one of the most significant and emerging countries in the global scenario
in the contemporary period, which is the economy of India. The country can be considered as
one of the primary developing economies in the contemporary period, showing huge
dynamics in all the significant growth and development indicators of the county. However,

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not all the dynamics are seen to be positive and some of the indicators are also seen to be
showing negative dynamics over the last few decades, which are discussed and interpreted in
the following section of the report.
Economic Development: Meaning and Implications
As discussed above, the notions of economic development is a much widespread and more
inclusive notion, in the general global framework, in which the not only the economic
productivity and monetary increase in the welfare of the country is taken into account, but
also the other aspects of the well-being of the population of the country, which apart from
economic aspects, also include the social, political and social well-being of the population of
the country (Coale and Hoover, 2015).
The concept of economic development came into existence, in the post war period of 1950s,
when it was observed that in many countries, in spite of robust economic growth and increase
in the productivity as well as GDP, the welfare of major share of the population of the
country cannot be seen to be increasing, especially in the aspects of education, health,
morbidity, employment, economic abundance and other socio-economic indictors, which in
turn led to the belief that increase in economic growth does not necessarily lead to
percolation of the fruits of the economic growth to all the sections of the society, which in
turn led to the acceptance of economic development as a better indicator of welfare of the
population of the concerned countries(Mankiw 2014)
To measure the economic development of the countries, over the years, many indices have
been developed of which the Human Development Index is one of the most significant,
comprehensive and widely used measurement for capturing the overall economic
developmental conditions of a country, in which the abstract concept of development is