What are Determinants of Economic Development?

The process of development depends on a host of factors like natural resources, physical and human capital, technology, socio-politico-economic structure of the country. Determinants of development are broadly classified into economic factors and non-economic factors. Economic Factors as determinants of ..

What is Economic Development? How it is different from Economic Growth?

Modern economists don’t consider economic growth and development synonymous. For them, economic development is increase in standard of living with improvement in quality of the life; and economic growth is a means to attain economic development.  It is very much ..

What are current trends in India’s GDP / Economic Growth?

The latest official data on India’s GDP estimates were released on 30 November,2017 for second quarter of 2017-18. As per these figures, at constant prices (2011-12), India’s GDP came in at Rs. 31.7 lakh crore as compared to Rs 29.8 lakh ..

How has India’s GDP growth fared since Independence?

In 1950-51, the GDP of India was Rs. 2.80 Lakh Crore (@ Constant 2004-05 prices). Currently, the size of GDP is close to 60 Lakh Crore. From independence till 1991, Indian economy was a socialism inspired economy with capitalistic elements ..

What are various Economic Growth Models?

Economic Growth Models are several theories to explain the process of economic growth. Some of the important economic growth models relevant for General Studies include Harrod-Domar Growth Model, Lewis Structural Change model, Rostow’s 5 Stages of Economic Development model etc. ..

What are main sources / determinants / indicators / requirements of Economic Growth?

The key sources or factors that determine economic growth are Capital formation, Capital-output Ratio, occupational structure, Technological progress etc. Capital Formation Capital (both human and physical) is required for increased production capacity of an economy. The greater is the capital ..