Question

Write the differences between the growth and the development.

Answer 1

Basis of Comparison	Economic Growth	Economic Development
Meaning	It considers the increase in the output of an economy at a particular period of time.	It vonsiders Increase in the Economic gorwth alon with increase in standard of living, Advancement in technology, and increase in HDI and GNH index.
Concept	It is a narrower concept considering only the total output of an economy.	It is a bother concept considering the total output along with Welfare of the economy.
Nature	Quantitative in nature	Qualitative in nature
Scope	Rise in GDP, GNP, FDI, FII, etc., are included.	Rice in life expectancy Rate, literacy rate, reduction in infant mortality rate and poverty rate.
Term	Short term	Long term
Applicable to	Developed Nations	Developing Nations
Measurement	Increase in National Income	Increase in Per Capital Income (or) Real National Income.
Ferquency	In a Certain period of time	Continuous process
Government Aid	Government support / help / aid / Intervention not required.	Government support / help / aid / intervention is highly requried mainly for policy changes.
Wealth Distribution	Equal distribution of income and wealth among the people is not the main focus.	Equal distribution of Income and wealth among and people is the main focus and improving the poor and downtrodden is the primary objective.