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Economic growth and economic development are two concepts that are often used interchangeably, but they have distinct meanings and implications, especially when analyzed in the context of Indian economic policy. Economic growth refers to the increase in the output of goods and services in an economy over a period of time. It is typically measured by the rise in a country’s Gross Domestic Product (GDP) or Gross National Product (GNP). Economic growth is quantitative in nature, focusing mainly on the numerical increase in income, production, and employment opportunities. For instance, when India’s GDP grows at a rate of 6-7% per year, it reflects economic growth, but it does not necessarily indicate that all sections of society are experiencing an improvement in living standards. Growth can occur even when income inequality rises or when the benefits are concentrated in certain sectors like IT or _______ __________ _____ ____ ____ _______ ___ ______.
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