Comparison Of Economic Growth Between India And India

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Sanskar Israni 21/10/2016 Comparison of economic growth between CHINA and INDIA Economic growth rate : INDIA- 7.56% (2016) CHINA-6.70% (2016) Economic growth is an increase in the total output (GDP) of the economy. It occurs when a society acquires new resources or when it learns to produce more by using existing resources and only if the quantity or quality of resources increases. Due to rise in quantity of resources , there will be a rise in the net investment or size of labour force . the quality of resources will increase due to improvements in education , training and technology. Economic growth may increase living standards of people living in the country . usually rich countries who are economically grown , people there tend to have better living standards – increased life expectancy , better health care , better education , etc . economic growth is usually measure by following methods : • Measuring GDP (Gross Domestic product ) – by measuring the GDP or total output of an country is high then it tend to be more economically grown. • Measuring Income or Per Capita Income – by measuring the income of the people of a country , economic growth can be measured . A country having high per capita income usually are more economically grown as people live with high living standards . Above were two commonly used methods to measure economic growth . Methods like HDI (Human Development Index ) and ISEW (Index of Sustainable Economic Welfare )are used to measure

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