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Economy: Economic Growth & Economic Development - 1 Video Lecture | Crash Course for Haryana Public Service Commission (HPSC) - HPSC (Haryana)

FAQs on Economy: Economic Growth & Economic Development - 1 Video Lecture - Crash Course for Haryana Public Service Commission (HPSC) - HPSC (Haryana)

1. What is the difference between economic growth and economic development?

Ans.Economic growth refers to an increase in a country's output of goods and services, typically measured by Gross Domestic Product (GDP). It reflects how well an economy is performing in terms of productivity and efficiency. Economic development, on the other hand, encompasses broader improvements in living standards, poverty reduction, education, healthcare, and overall quality of life. While economic growth can contribute to development, it does not guarantee it, as growth may occur without equitable distribution of wealth or improvements in social welfare.

2. Why is economic development important for a country?

Ans.Economic development is crucial for a country as it leads to improved living conditions for its citizens. It helps reduce poverty and inequality, fosters job creation, increases education and healthcare accessibility, and promotes sustainable practices. By focusing on development, countries can enhance their resilience to economic shocks, support innovation and technological advancement, and ensure a better quality of life for future generations.

3. How do government policies influence economic growth and development?

Ans.Government policies play a significant role in shaping economic growth and development. Policies that promote infrastructure investment, education, and healthcare can enhance productivity and human capital, driving growth. Additionally, regulatory frameworks that support business development, protect property rights, and ensure fair competition can attract investment. Conversely, policies that create barriers to entry or are overly restrictive can hinder growth and development.

4. What are some indicators of economic growth and development?

Ans.Indicators of economic growth include GDP growth rate, productivity levels, and employment rates. For economic development, indicators are more varied and may include the Human Development Index (HDI), literacy rates, life expectancy, and access to basic services such as clean water and healthcare. These indicators help assess not just the economic performance but also the social and environmental well-being of a country.

5. Can economic growth lead to environmental degradation?

Ans.Yes, economic growth can lead to environmental degradation if not managed sustainably. Increased production and consumption often result in higher resource extraction, pollution, and waste generation. Without appropriate policies and practices that promote sustainability, the benefits of growth can come at the cost of environmental health, leading to long-term challenges such as climate change and loss of biodiversity. Balancing economic growth with environmental protection is essential for sustainable development.

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Oct 01, 2025 Last updated

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