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Managerial Economics - Economic Environment And Transition In Indian Economy

Economic growth and development - Economic Environment And Transition In Indian Economy

   Posted On :  30.05.2018 12:23 am

Economic growth is the foremost objective of macroeconomic policies.

Economic growth and development 

Introduction
 
Economic growth is the foremost objective of macroeconomic policies. Higher the economic growth higher the national income which will help solve problems of poverty, unemployment, inflation, and international trade of a country.
                              Y
Growth rate =     --------------
                                 P
 
Y = real income (NNP at factor cost)
 
P = population
 
Economic growth implies more output and economic development implies both increase in output and changes in the technology and institutional arrangement by which it is produced. Input efficiency leads to growth, allocation of input by sector leads to development. Economic development is the outcome of conscious and deliberate efforts involved in planning. Economic growth signifies the progress of an economy under the stimulus of certain favorable circumstances.
 

 

Tags : Managerial Economics - Economic Environment And Transition In Indian Economy
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