Economic World

Sunday, November 12, 2023

Development Indicator: Only GDP is not a Parameter

 Development Indicator: Only GDP is not a Parameter

India is currently the fifth largest economy in the world in terms of Gross Domestic Product (GDP). The International Monetary Fund (IMF) has confirmed that India has overtaken Britain and taken that status. Analysis has recently come to light that Germany, which is one step above India, will surpass Japan this year. India will become the third largest economy by the year 2030 after both Germany and Japan, S&P Global Market Intelligence's latest estimate says. There are rumors that India, which is a three and a half trillion dollar economy, will expand to 7.3 trillion dollars in the next seven years. By then, only America and China were ahead of India. This is a gratifying development, but on deeper analysis - different angles are revealed. On the basis of GDP growth rate, India seems to be creeping up the ladder. India is a lower middle income country in terms of GDP per capita. It is a stark truth that India, with a population of over 140 crores, is the poorest country in the G20 bloc, according to per capita income figures. The Oxfam report has clarified that the 19 crore people who are dying of hunger in 2018 will increase to 35 crore by 2022. In terms of disparities, reports also show that many Scheduled Castes and Tribes families do not have access to quality personal sanitation facilities. Such a shortage of medical facilities is increasing. Post-crisis, even though there has been an increase in the wages of day laborers, their net incomes have been shrinking due to the boom in inflation. Who is proud of the fact that while the country is running in the race of GDP - the common life of the people is in dire straits? The growth of GDP is for the development of the country.


Decomposing- normal


Who is proud that people's lives are in dire straits? Is the growth of GDP the pillar of the country's development? Is the relative analysis that India is progressing faster than any other country the measure of net progress? Will the face of the country change qualitatively if the wealth is limited to a limited number of poor people? Can't! Prosperity of the country means - shining light in the lives of the common people. A country is developed only when the income of a large number of people increases and their standard of living improves significantly. In reality, the opposite scenes are heart-wrenching. The poor people of the country are giving a strong impetus to the formulation of the rich and the poor - the situation is worsening at the field level. Namely, India is an agricultural country. Innumerable laborers are living miserable lives of poor income and indebtedness. The National Health Authority (NHA) recently concluded that 52 percent of Indians have to bear the medical expenses on their own even if they get sick or get sick due to systemic laxity. Because of that cost burden, an average of more than six crore helpless citizens are pushed into poverty every year. The growth in GDP is not able to support the lives of crores of people, and the boom of malnutrition everywhere is showing. 30 percent of stunted children around the world, malnutrition is a prime example of that. After all, when the per capita income for food is 5000- per capita in a balanced environment- providing a healthy life and a secure future to the people who cannot get better employment in the human development index..... The roaring India is the real national development! Explodes.

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