ABSTRACT
Development economics literature clearly underlines the difference between economic ‘growth’ and ‘development’. ‘Economic growth’ occurs with mere improvement of key indicators in a macro sense, e.g. augmentation of real national income, gross domestic product (GDP), per capita income (PCI), etc. However, ‘economic development’ takes place when improvements in GDP or PCI are associated with improvements in human development, quality of life, reduction in environmental degradation, infrastructure augmentation, etc. The received wisdom is that, defining economic achievements only with respect to broad economic indicators like GDP growth may in the long run create adverse repercussions and endanger sustainable development in a country.
