"Economic Development must bring some notable changes in the structural, institutional and technical set up."Throw light.
Economic development is the development of economic wealth of countries, regions or communities, for the well-being of their inhabitants such that it improves the standard of living and economic health of every locality. To stimulate the process of growth and social justice, economic development requires Structural, Institutional and Technical Changes:
Structural change refers to change in the structure of production and employment in the country. Most of the economies of the world have been an agrarian economy from years. Agriculture has neither been able to generate large employment oppurtunies nor it has increased the purchasing power of the individual. On the other hand manufacturing and service sector has giant capacity to accommodate the manpower. So, a shift from excessive primary sector to secondary and tertiary sector is an important structural change.
Technological change refers to change from labour intensive technology to capital intensive technology. This in turn will boost the quality and quantity of production increasing the GDP and income of the individuals.
A shift in the actual ownership of land from the absentee landlords to actual tillers of the land is an important institutional change.For example the Abolition of Zamindari, Ryotwari and Mahalwari system in India was an important institutional change in the country.