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Volume : III, Issue : XII, January - 2014 INDIAN ECONOMY- THE GROWTH TRAJECTORY Mala Sharma, None By : Laxmi Book Publication Abstract : Economic growth can be defined as continuous and consistent growth in the National income
of the country. The earlier literature does not differentiate much about Growth and development. In the
early 1950s, conventional thinking identified development with growth in national income or income per
capita. Early 1970s witnessed the emergence of literature that suggested other indicator of development
such as a reduction in poverty, inequality and unemployment, which would capture changes in the quality
of life. Development, it was argued must bring about an improvement in the living conditions of people.
It should therefore ensure the provision of basic human needs for all; not just food and clothing but
shelter, health care and education. In the late 1990's Amartya sen, provided broadest conception of
development as freedom, A process of expanding real freedom that people enjoy for their economic well
being, social opportunities and political rights. It is essential to make distinctions between means and
ends. Obviously economic growth and economic efficiency or industrialization is absolutely essential as
means but should not be considered as end of development process. It is development which is an end.
Thus growth and efficiency should be combined with employment, poverty eradication reduced
inequality, human development and sustainable environment to attain development. Keywords : Article : Cite This Article : Mala Sharma, None(2014). INDIAN ECONOMY- THE GROWTH TRAJECTORY. Indian Streams Research Journal, Vol. III, Issue. XII, http://isrj.org/UploadedData/4057.pdf References : - -
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