Economic development can be defined as efforts that seek to improve the economic well-being and quality of life for a community by creating and/or retaining jobs and supporting or growing incomes and the tax base. It is the increase in the growth and welfare of people, improvement of quality. In layman’s language it is a process, which makes people in general, better off by increasing their command over goods and services and by increasing the options open to them. The two bases of measuring economic development of a country are as follows.
- HDI (Human Development Index)
- Per capita income
