India’s GDP has started running back from where it started years ago. India is not performing well on the economic front and it has become the talk of the town.
The incumbent government is confused with what to do next while the policymakers are coming up with short term policies that give little relief to the economy. India was the fastest-growing economy till May 2019 when the growth rate slowed down and China surpassed us to become the fastest-growing economy.
For the past 4 years, we have heard a lot around GDP. GDP is the measure of the economic growth of a country or economy. While a lot has been focussed upon economic growth, we stopped using the term development at all. Economic development is not at all being mentioned anywhere. People must be wondering,” what’s the difference?” Well, there is a huge difference between both these concepts which we never think about.
Economic growth talks about an increase in the value of goods and services produced in an economy while economic development is an inclusive concept. It doesn’t only count the value of goods and services but improvement in health and education and several social issues.
India is the second-fastest-growing economy in the world as well as the 6th largest economy in the world. Now let’s have a look at other indices India ranks 130 out of 189 countries in Human Development Index ranking. India slipped down to 68th rank in the global competitiveness index performing worst among the BRICS nations. India was ranked 102 in the Global Hunger Index this year. India ranked 102 in the Global Poverty index as well. And no one is there to tell these things all around us.
You know why?
Because India slipped down to 140th rank in World Press Freedom Index.