Distinguish between economic growth and economic Development. Explain with illustration how economic development is a better measure of economic welfare.

Economic growth and economic development are two closely related concepts in economics, but they differ in their scope, focus, and measurement. While both are vital for understanding the progress of an economy, they have distinct meanings and implications, particularly in the context of Indian economic policy.

Economic Growth refers to the increase in the output of goods and services in an economy over time, often measured by the Gross Domestic Product (GDP) or Gross National Product (GNP). It primarily focuses on quantitative factors such as the rise in national income, production, and consumption. Economic growth is generally seen as an indicator of the overall expansion of an economy's productive capacity. In simple terms, it indicates the increase in the total value of goods and services produced in an economy within a specific period.

For instance, if India's GDP grows by 5% annually, this indicates that the country is producing 5% more goods and services compared to the previous year. In the context of Indian economic policy, growth has often been the primary focus, especially in the post-liberalization period (1991 onwards). India has pursued policies aimed at boosting growth through industrialization, infrastructure development, and market-oriented reforms.

However, economic growth does not take into account how the increased output is distributed among the population. It also fails __________ ________ ___ __________ _______.
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