Economics-For Managers


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Pages : 263;Paperback;
210 X 275 mm approx.

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Pages : 250;Paperback;
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Economics For Managers, Management Textbook, Workbook

Macroeconomics : Economic Growth, Development and Planning : Chapter 22

This chapter is presented to explain the process of economic growth and development and the various economic reforms in India. Economic growth is measured in terms of increase in the Gross Domestic Product (GDP) or Gross National Product (GNP). Different theories for the process of economic growth are explained under the classical model and the Neo-classical models.

Economic development involves a change in social attitudes, cultural set-up and institutional framework along with the economic growth. The scope of coverage of economic growth is narrow and economic development is more comprehensive. The major factors which influence the economic development of a country are natural resources, human resources, capital formation and technical knowledge. Economic planning has a significant role to play in economic growth and stability of a country. It helps an underdeveloped country to get out of the vicious circle of underdevelopment. For a developing economy like India, appropriate economic planning is very important for economic growth. The prominence and significance of economic planning for India was highlighted by the economic crisis in 1991. As a measure to resolve the crisis, economic reforms were taken up by the Indian government. The major reforms were in the sectors of industrial, financial, trade, and public sectors. The economic reforms initiated in 1991 have helped India to emerge as a fast-growing economy in the world.

The opening up of economy provided impetus to India to gain from the process of globalization. However, the future economic status of India depends a great deal on the changes on the fronts of population growth, foreign exchange reserves, the financial system in India, and the tackling of unemployment in the country.

Chapter 22 : Overview

The Process Of Economic Growth
Economic Growth
Measurement of Economic Growth
Determinants of Economic Growth
Economic Growth Theories

The Concept Of Economic Development
Differences between Economic Growth and Economic Development
Elements/ Factors Contributing to Economic Development

Economic Reforms In India
Need for Economic Planning

Importance of Economic Planning for India
Economic Reforms Undertaken by the Indian Government
Impact of Economic Reforms in India

Future Economic Scenario Of India
Globalization and its Impact
Population Growth
Foreign Exchange Reserves
Financial System in India