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Links between Economic Growth and Human Development
In Human Development, India’s position is at 131 out of 189 countries and territories, according to the Human Development 2020 report [1].
India is behind the economic growth! Economic growth matters a lot… But..!
We need to create a better place for everyone. Since economic policy is traditionally conceived and evaluated by indicators that are not directly related to people’s quality of life, we should consider what society considers “better…” This is where the role of human development comes in! Because it focuses primarily on improving people’s lives and does not assume that economic growth will lead to that. Moreover, income growth is a means to development, not an end in itself.
The World Bank projected India’s economy to grow at 8.3 per cent in 2021 and 7.5 per cent in 2022, even as its recovery is being hampered by an unprecedented second wave of the COVID-19 [2].
Income is a powerful means for the development of a society and policymakers are often fascinated by how much growth a community can achieve.
