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Economic growth and economic development are two closely related but distinct concepts in economics, often used interchangeably in casual conversation, but they reflect different dimensions of an economy. Economic growth refers to the quantitative increase in a country's output of goods and services over a period of time. It is usually measured by the rise in Gross Domestic Product (GDP) or Gross National Product (GNP). For example, if India’s GDP increases from ₹200 lakh crore to ₹220 lakh crore in a year, it indicates a 10% economic growth. Economic growth is primarily a numeric indicator and does not _______ _______ _______ ______ ____ __________ _________ _________ ________ _____.
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