What is economic development

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What is economic development
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The economic development of any country is largely & entirely not depended only on one minister, person or particular department of government. The economic development of a country is entirely depended upon each & every citizen living in that particular country, along with the entire world. Because the development or devastation of any country is largely depended on Karmic laws. Karmic laws are applicable everywhere in each & every particular sphere of any country. What the citizens are doing, what the government is doing with the local people & with the other neighbouring countries decides the Karmic repulsion or compulsion effects that might manifest in the form of development or devastation.

What is economic development, if you happen to ask a econometrician, economist or any political leader, the answer would be like the growth in GDP. That is Growth per capita Income or income per head. Now, not each & every citizen is going to incur the some equivalent amount of money annually. For ex., the GDP for a particular financial year for a country is Rs.45000/- per month per head. Does not necessarily mean that each & every citizen of that country is incurring the same amount. Amount can be less or more. One needs to not consider the retired citizens, unproductive under 18's, and unemployed as well.

Good road transportation, train transportation, air transportation, water transportation, good health & hygiene facilities, like public toilets etc,

good street light facilities, minimal crime ratio higher literacy & employment ratio etc., are the basic signs and measurement units for considering the economic development of a country.

As it is said earlier, not only one man, group or economic party can manage or help the economic development of an economy. The highly or fully developed economies like that of American or British ones have too failed to sustain the same growth ratio of development year by year. For failure there are hundreds & thousands of reasons, for success there's only 1 reason necessary.

Not a single economy world wide can be referred to as fully developed economy in current sphere of market, as one may notice rising dearness to rising unemployment, increasing ration of unproductive senior retired citizens like that of Japan or increasing slump or inflation ratio which is most often man made. They only affect the numbers at the end of the year.

What is economic development : In Britain, they have got the highest currency of 20 pound notes only. And even the 1 pence coin is in working currency. The best ever example of properly operating economy with minimal inflation ratio !

By Jagdish Mandavia
(iSynergy Institute Of English,Rajkot)

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