User:Dr. Sumita Mukherjee

ECONOMIC GROWTH AND ECONOMIC DEVELOPMENT Economic growth is the steady process by which the productive capacity of the economy is increased over time to bring about rising levels of national income. It is unidimensional phenomenon, which includes high rates of growth of per capital output and population high rates of increase in total factor productivity structural transformation of the economy and international spread of growth. Economic development is much more than economic growth. Economic growth is just one component of economic development. This is because development is not purely an economic phenomenon. It is a multidimensional process involving the reorganisation and reorientation of the entire economic and special system, it includes radical changes in institutional social and administrative structures in popular attitudes and some times even customs and beliefs as well as reductive of inequality and eradication of absolute poverty.