Phase IFoundation
Background
Overview
Understanding economic growth is fundamental for analyzing India's economic performance, policy effectiveness, and its potential to address poverty, unemployment, and development challenges. UPSC often asks about the drivers, challenges, and implications of India's growth story.
Economic growth refers to the increase in the production of goods and services in an economy over a period, typically measured by the Gross Domestic Product (GDP). Economic development, a broader concept, encompasses not just quantitative growth but also qualitative improvements in living standards, human capital, and institutional frameworks.