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Economic Growth and Development - Economics, UPSC IAS Exam Preparation Video Lecture | Indian Economy (Prelims) by Shahid Ali
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FAQs on Economic Growth and Development - Economics, UPSC IAS Exam Preparation Video Lecture - Indian Economy (Prelims) by Shahid Ali
| 1. What is economic growth and development? |  |
Ans. Economic growth refers to an increase in the real output of goods and services produced by an economy over a period of time. It is usually measured by the growth rate of the Gross Domestic Product (GDP). On the other hand, economic development encompasses a broader range of indicators, including improvements in living standards, education, healthcare, infrastructure, and social welfare.
| 2. What are the factors that contribute to economic growth and development? | |
Ans. Several factors contribute to economic growth and development. These include investment in physical and human capital, technological advancements, access to financial resources, infrastructure development, political stability, favorable government policies, trade openness, and efficient institutions. These factors create an enabling environment for businesses to grow and contribute to overall economic development.
| 3. How does economic growth benefit a country? | |
Ans. Economic growth provides numerous benefits to a country. It leads to higher incomes and living standards, as it creates more job opportunities and increases productivity. It also generates tax revenues for the government, enabling it to invest in social welfare programs, infrastructure development, and healthcare services. Economic growth also attracts foreign investment, promotes innovation, and improves the overall competitiveness of a country's economy.
| 4. What is the difference between economic growth and economic development? | |
Ans. Economic growth and economic development are related concepts but have distinct differences. Economic growth refers to the increase in the production of goods and services within an economy, usually measured by the growth rate of GDP. On the other hand, economic development encompasses a broader range of indicators, including improvements in living standards, education, healthcare, infrastructure, and social welfare. Economic development focuses on the overall well-being and progress of society, while economic growth primarily measures the increase in economic output.
| 5. What are some challenges to achieving economic growth and development? | |
Ans. There are several challenges that countries face in achieving economic growth and development. These include income inequality, unemployment, poverty, lack of access to basic services, corruption, inadequate infrastructure, environmental degradation, and social unrest. Additionally, external factors such as global economic crises and trade barriers can also pose challenges to economic growth and development. Governments and policymakers need to address these challenges through appropriate policies and reforms to ensure sustainable and inclusive economic growth.
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