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Economic Growth
- Economic growth means an increase in Real GDP. This increase in real GDP means there is an increase in the value of national output / national expenditure.
- Economic growth is an important macro-economic objective because it enables increased living standards and helps create new jobs.
Measurement of Economic Growth
Economic growth is measured by changes in the gross domestic product (GDP). It measures a country’s entire economic output for the past year. That takes into account all goods and Services that are produced in this country for sale, whether they are sold domestically or sold overseas. It only measures final production, so that the parts manufactured to make a product are not counted. Exports are counted because they are produced in this country. Imports are subtracted from economic growth. Economic growth is measured quarterly measured using real GDP to compensate for the effects of Inflation. Here’s more on the GDP growth rate and how you can calculate it.
Measurements of economic growth do not include unpaid services. They include the care of one’s children, unpaid volunteer work, or illegal black-market activities.
Determinants of Economic Growth
- Productivity.
- Intensity (hours worked)
- Demographic changes.
- Political institutions, property rights, and Rule of Law.
- Capital.
- New products and services.
- Growth phases and sector Shares.
Economic Growth of Rajasthan
Between 2004-05 and 2015-16, Gross State Domestic Product (GSDP) expanded at a Compound Annual Growth Rate (CAGR) of 12.38 per cent to US$ 102.98 billion whereas the Net State Domestic Product (NSDP) expanded at a CAGR of 12.67 per cent to US$ 93.30 billion.
Rajasthan accounts for 17.5 per cent of the total cement grade limestone reserves in India and is the largest cement producer with 21 major cement Plants having a total capacity of 55 million tonnes per annum.
Bureau of Investment Promotion (BIP) is a nodal agency of the Government of Rajasthan that facilitates investments in various sectors in the state. Rajasthan State Industrial Development and Investment Corporation (RIICO) is the sole agency in the state that develops land for industrial growth.
Some of the major initiatives taken by the government to promote Rajasthan as an investment destination are:
- As per the state budget 2016-17, an estimated outlay of US$ 860 million was made for agriculture and allied industries in the state.
- US$ 1.88 billion for rural development and US$ 4.82 billion for the power sector in the state.
- The Government would also be providing US$ 76.82 million for Feeder Renovation Programme (FRP). In addition, the Government of Rajasthan would provide US$ 1.13 billion for the purpose of Equity contribution and budgetary support.
- A Single Window Clearance System (SWCS) for investment approvals is operational in the state and the BIP was set up to focus on investments above US$ 2.2 million.
- The Government of Rajasthan is promoting the development of several SEZs across the state for sectors such as gems and jewellery, handicrafts, IT, electronics, automotive/auto components and textiles.
- Special auto and engineering zones have been developed in Pathredi Industrial Area and Bhiwadi. The three main auto clusters of Rajasthan – Bhiwadi, Neemrana and Pathredi –have as many as 100 functional units.
- RIICO developed 323 industrial areas, including SEZs, Export Promotion industrial parks and inland container depots.
- The State Government is encouraging JVs and contract management of private heritage properties (forts, fortresses, palaces and havelis) as well as identifying heritage government properties to award on a lease basis to promote tourism.
- IT parks with special Infrastructure-2/”>INFRASTRUCTURE have been set up at Jaipur, Jodhpur, Udaipur, Kota and Alwar.
In 2014, Rajasthan Solar Energy Policy was introduced to reduce dependence on conventional sources of energy by promoting the development of nonconventional energy sources, especially solar power.
The Concept Of Economic Development
- Economic development is the process by which a nation improves the economic, political, and social well-being of its people.
Differences between Economic Growth and Economic Development
- Economic growth measures an increase in Real GDP (real output). GDP is a measure of the NATIONAL INCOME / national output and national expenditure. It basically measures the total volume of goods and services produced in an economy.
Economic Development looks at a wider range of statistics than just GDP per capita. Development is concerned with how people are actually affected. It looks at their actual living standards and the freedom they have to enjoy a good standard of living.
Elements/ Factors Contributing to Economic Development
- Human Resource
- Natural Resources
- Capital Formation
- Technological Development
- Social and Political Factors
Economic Planning for India
Economic planning refers to the initiation, control and regulation of economic activity by the state with a view to achieve predetermined objectives within a given time-interval.
The principal function of planning, especially in a federal system, is to evolve a shared vision of and commitment to the national objectives and development strategy not only in the government at all levels, but also among all other economic agents.
NITI Aayog acts as the quintessential platform of the Government of India to bring States to act together in national interest, and thereby fosters Cooperative Federalism.
At the core of NITI Aayog’s creation are two hubs – Team India Hub and the Knowledge and Innovation Hub. The Team India Hub leads the engagement of states with the Central government, while the Knowledge and Innovation Hub builds NITI’s think-tank capabilities. These hubs reflect the two key tasks of the Aayog.
NITI Aayog is also developing itself as a State of the Art Resource Centre, with the necessary resources, knowledge and skills, that will enable it to act with speed, promote research and innovation, provide strategic policy vision for the government, and deal with contingent issues.,
Rajasthan is a state in northwestern India. It is the largest state in India by area, covering 342,239 square kilometers (132,139 sq mi). The state is bordered by Haryana and Punjab to the north, Uttar Pradesh and Madhya Pradesh to the east, Gujarat to the south, and Pakistan to the west. The capital of Rajasthan is Jaipur.
Rajasthan is a land of contrasts. It is home to the Thar Desert, the world’s largest hot desert, as well as the Aravalli Range, the oldest mountain range in India. The state is also home to a number of historical and cultural sites, including the Mehrangarh Fort in Jodhpur, the Hawa Mahal in Jaipur, and the Taj Mahal in Agra.
Rajasthan is a developing state with a Population of over 70 million people. The state’s economy is based on agriculture, tourism, and manufacturing. Rajasthan is also a major producer of Minerals, including coal, iron Ore, and limestone.
The state government of Rajasthan has been working to promote economic growth and development in the state. The government has invested in Infrastructure Development, including roads, bridges, and power plants. The government has also implemented a number of programs to promote Human Development, including Education, healthcare, and social welfare.
Rajasthan is facing a number of challenges, including POVERTY, illiteracy, and Unemployment. The state is also facing the challenges of Climate change and Environmental Degradation. The government of Rajasthan is working to address these challenges through a number of initiatives.
The government of Rajasthan has set a number of goals for the state’s development. These goals include achieving a high rate of economic growth, reducing poverty and illiteracy, and improving the Quality Of Life for all citizens. The government is working to achieve these goals through a number of initiatives, including:
- Investing in infrastructure development
- Implementing programs to promote human development
- Addressing the challenges of Climate Change and environmental degradation
The government of Rajasthan is committed to the development of the state and the well-being of its citizens. The government is working to achieve the state’s goals through a number of initiatives. The government is confident that the state will achieve its goals and become a developed state in the near future.
Here are some specific examples of the government of Rajasthan’s initiatives to promote economic growth and development:
- The government has invested in infrastructure development, including roads, bridges, and power plants. This has helped to improve the state’s connectivity and attract investment.
- The government has implemented a number of programs to promote human development, including education, healthcare, and social welfare. This has helped to improve the quality of life for the people of Rajasthan.
- The government is working to address the challenges of climate change and environmental degradation. This includes initiatives to promote RENEWABLE ENERGY, reduce pollution, and conserve water.
The government of Rajasthan is committed to the development of the state and the well-being of its citizens. The government is working to achieve the state’s goals through a number of initiatives. The government is confident that the state will achieve its goals and become a developed state in the near future.
Here are some frequently asked questions and short answers about growth, development, and planning:
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What is growth?
Growth is the process of increasing in size, number, or strength. -
What is development?
Development is the process of change and improvement. -
What is planning?
Planning is the process of thinking about and making decisions about the future. -
What are the different types of growth?
There are two main types of growth: economic growth and Population Growth. Economic growth is the increase in the amount of goods and services produced by a country. Population growth is the increase in the number of people in a country. -
What are the different types of development?
There are many different types of development, including economic development, social development, and environmental development. Economic development is the process of increasing the amount of goods and services produced by a country. Social development is the process of improving the quality of life for people in a country. Environmental development is the process of protecting the Environment. -
What are the different Types of Planning?
There are many different types of planning, including economic planning, social planning, and environmental planning. Economic planning is the process of making decisions about how to use the resources of a country to produce goods and services. Social planning is the process of making decisions about how to improve the quality of life for people in a country. Environmental planning is the process of making decisions about how to protect the environment. -
What are the benefits of growth?
There are many benefits of growth, including increased economic output, increased EMPLOYMENT, and increased tax revenue. Increased economic output means that there is more Money available to spend on goods and services, which can lead to higher standards of living. Increased employment means that more people have jobs, which can lead to higher incomes and a more stable economy. Increased tax revenue means that the government has more money to spend on public goods and services, such as education, healthcare, and infrastructure. -
What are the costs of growth?
There are also some costs of growth, including environmental degradation, social inequality, and political instability. Environmental degradation can occur when economic growth leads to increased pollution and resource depletion. Social inequality can occur when economic growth benefits some people more than others. Political instability can occur when economic growth leads to changes in the distribution of power. -
What are the benefits of development?
There are many benefits of development, including improved Health, education, and living standards. Improved health means that people are less likely to die from preventable diseases. Improved education means that people are better able to get jobs and earn higher incomes. Improved living standards means that people have access to better housing, food, and healthcare. -
What are the costs of development?
There are also some costs of development, including environmental degradation, social inequality, and political instability. Environmental degradation can occur when development leads to increased pollution and resource depletion. Social inequality can occur when development benefits some people more than others. Political instability can occur when development leads to changes in the distribution of power. -
What are the benefits of planning?
There are many benefits of planning, including improved efficiency, reduced costs, and increased coordination. Improved efficiency means that resources are used more effectively. Reduced costs means that projects are completed more cheaply. Increased coordination means that different projects are more likely to work together effectively. -
What are the costs of planning?
There are also some costs of planning, including delays, Bureaucracy, and Corruption. Delays can occur when planning processes are too complex or time-consuming. Bureaucracy can occur when planning processes are too rigid or inflexible. Corruption can occur when planning processes are not transparent or accountable. -
What is the role of government in growth, development, and planning?
The government plays a vital role in growth, development, and planning. The government can provide investment, infrastructure, and regulation to support economic growth. The government can also provide social services, such as education and healthcare, to improve the quality of life for its citizens. The government can also use planning to coordinate different sectors of the economy and to ensure that development is sustainable.
Sure, here are some MCQs without mentioning the topic Growth, Development & Planning with special reference to Rajasthan:
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Which of the following is not a factor of production?
(A) Land
(B) Labor
(C) Capital
(D) Entrepreneurship -
Which of the following is not a type of economic system?
(A) Capitalism
(B) Socialism
(C) Communism
(D) Mercantilism -
Which of the following is not a goal of economic development?
(A) Increased economic growth
(B) Reduced poverty
(C) Improved health and education
(D) Increased inequality -
Which of the following is not a type of economic planning?
(A) Central planning
(B) Market socialism
(C) Mixed Economy
(D) Laissez-faire -
Which of the following is not a characteristic of a developing country?
(A) Low per capita income
(B) High rate of population growth
(C) High level of Human Capital
(D) Low level of industrialization -
Which of the following is not a characteristic of a developed country?
(A) High per capita income
(B) Low rate of population growth
(C) Low level of human capital
(D) High level of industrialization -
Which of the following is not a factor of economic growth?
(A) Natural Resources
(B) Human capital
(C) Technology
(D) Government policy -
Which of the following is not a type of economic growth?
(A) Extensive growth
(B) Intensive growth
(C) Sustainable growth
(D) Trickle-down growth -
Which of the following is not a benefit of economic growth?
(A) Increased employment
(B) Increased tax revenue
(C) Increased government spending
(D) Increased inequality -
Which of the following is not a cost of economic growth?
(A) Environmental degradation
(B) Natural resource depletion
(C) Increased inequality
(D) Increased poverty
I hope these MCQs are helpful!