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economy policy. Economic Policy for Balanced Growth The broad objective of economic
policy in India is to bring about rapid economic growth of the country. ...
The Economy and Monetarty Policy. In principle, could the Federal Reserve
conduct monetary policy through the purchase and sale of ...
The Impact of The Monetary Policy on The Economy. ... The monetary policy helps the
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which could have impeded the economic growth expected after ...
Submitted by ca_vikasgupta on August 9, 2006
Category: English
Words: 1624 | Pages: 7
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Economic Policy for Balanced Growth
The broad objective of economic policy in India is to bring about rapid economic growth of the country. Economic growth to be meaningful, in a large country like India, should be balanced, regionally, locally, sectorally and temporally. Economists have made a distinction between the two terms, economic growth and economic development. While the term economic implies a quantitative increase in the volume of productions of goods and services in the country, as reflected by an increase in the real gross domestic product and real per capita gross domestic product and real per capital gross domestic product of the country over the years, the phrase economic development has a qualitative connotation besides its quantitative aspect. Economic development of a country implies not only a quantitative increase in the volume of production, but also a qualitative improvement in its distribution. The distributive criterion of economic development can be subdivided into four sub aspects and they are: the regional aspect, the local aspect, the compositional aspect and the temporal aspect.
Regional aspect: The regional aspect refers to the fact that in a large country like India, economic development should bring about a balanced growth of the different regions of the country. A mere growth of the gross national product of the country, even at a high rate, will not satisfy this criterion if a few regions of the country or states of the country advance economically in terms of economic activity and per capita income while many other regions remain backward.
Local aspect: The local aspect of distribution implies a balance among the different localities, cities, their hinterlands and the rural areas of a region. Left to itself, economic activity has a tendency to cluster in certain localities which gradually become industrial centers and cities and they develop leaving the villages and rural areas backwards,...
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