LIVE Course for free

Rated by 1 million+ students
Get app now
0 votes
in Economics by (45.6k points)
closed by

At present, India is growing or developing or both. Give answer by stating reasons.

1 Answer

+1 vote
by (46.6k points)
selected by
Best answer

Today India is considered as the fastest developing economies of the world. If we look at the growth data than India’s national income in 2014 has grown by 7.4%. This is much higher than even the most developed countries of Norway and America.

Similarly, if we look at the per capita income, then India’s per capita income has grown by 6% in 2014. Percentage growth of India’s per capita income is very high compared to highly developed countries of Norway and America which lie at 1.1% and 1.6% per capita income growth rate.

Looking at these figures one may surely say that India has done a lot of economic growth. But, by this we cannot say that India is a developed country.

The Human Development Index of 2014 says that India’s HDI was 0.609 and it stood at 130th position out of the 180 countries. This is quite far than countries like Norway and America whose growth in national income and per capita income is quite less than India. In this regard we can say that though India has made good growth in its economy it lags far behind in the development.

Although economic development is taking place in India today, there is not much improvement in the standard of living of the people.

Hence, India is still a developing nation who has to travel long before earning the title of a developed nation.

Related questions

Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to their queries. Students (upto class 10+2) preparing for All Government Exams, CBSE Board Exam, ICSE Board Exam, State Board Exam, JEE (Mains+Advance) and NEET can ask questions from any subject and get quick answers by subject teachers/ experts/mentors/students.