CHAPTER 1 DEVELOPMENT ECO.
Introduction
1. Growth: Increase in real national income/national output
2. Economic development: Improvement in quality of life and living standard
e.g. measures of literacy, life expectations and healthcare
3. Different people have different developmental goals
4. What is development for one might not be development for another.
Mixed Goals of Development
1. High Income
2. Freedom
3. Sense of security
4. Equal treatment
5. Respect
6. Safe working Environment
National development
1. Capacity of a Country to improve lives of citizens, fulfils aspirations of its
people
2. Increase in GDP and improvement in standards of health & education
3. Participation of all in governance system of the country
Compare different country or state
1. For comparison: Per capita Income/ Average Income is considered= Total
income of the country/total population
2. World development Report-2019 :Classification of Countries on the basis of
Per capita income in USD
Rich
country
Low
income
country
49,300 Per
annum and
above
2500 or less
3. India : low middle income countries - per capita income in 2019 was just US$
6700 per annum
NOTE : Latest data: New World bank Classification of Countries by Income
levels: 2022:2023
Group July 1, 2022 for FY23
(new)
July 1, 2021 for FY22
(previous)
