Meaning of Economic Development:
- Economic development is a continuous process to achieve economic well-being.
- It is a multi-dimensional process in which not only quantitative changes occur but also qualitative changes occur.
- During the process of Economic development, the economic and social structure of the economy changes. An increase in the real national income and real per capita income results in structural change that decreases the inequality of income, poverty and unemployment. Thus with economic progress social progress is there in economic development.
- The term economic development has a very wide meaning which includes economic growth, economic welfare and economic progress.
