Economic Growth and Economic Development



Economic Growth

Economic growth means a process of sustained increase in real income of a country over a long period of time. The essential point in initiating and maintaining growth is that the country has to build up certain growth propelling forces through investments in various sectors of economy which lead to continued increase in real national income over longer time horizon.Favorable  seasonal factor should not be confused with growth. Growth is along term process.
Economic Development

 Economic development has a wide concept. Economic development means growth plus achieving of some other social objectives such as increased employment, income re-distribution in favor of poor, poverty alleviation, culture of modernization,change in attitude as well as mode of thinking and behavior

 Economic development is a multi- dimensional process which seeks to uplift the entire social and economic structure of the society 

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