Increase in nation’s actual output or income level is called as economic growth. In short, economic growth depicts nation’s rising national income and per capita income. It is a measure of change in the size of economy. Normally, it is considered as an index of welfare.
Process of rise in production or income by increasing nation’s natural, physical, human and capital resources is called as economic growth. Economic growth is a long term quantitative process. Economic growth does not have qualitative dimensions. It is a priceless perception. In economic growth, social, political, structural changes are not considered.
