Econs and Economics

Economic Development: A key term that guides the policy decisions across the globe. But the question that arises before us is ‘what features define development?’ or in simpler words, how do we measure development? The answer to this question is pretty much intuitive, which includes well fed and well clothed people, access to luxuries and various commodities, to live in a healthy environment and so on.In the end of the day, it’s the material well being which leads to most kinds of advancements which is a policy goal in itself. Material well being is more like a necessary condition, but not a sufficient condition. This very point marks the beginning of the tug of war between GNP and GNH. Let’s retrace back a few steps,in the year 1972 during an interview for the  Financial Times  at Bombay airport, the then King of Bhutan, Jigme Singye Wangchuck,  said  “Gross National Happiness is more important than Gross National Product.”  The debate starts here. ...

  India is a land of paradox. Here, we see foreign investors investing and yet there's a section of people dying of hunger. Here, we see scientists excelling in rocket science and yet there are villages which never saw electricity.           Foreign investors invest not for social welfare but to meet their target returns. India before 1991 had a closed economy. The indigenous industries didn’t have a competition to evolve themselves to be better. In 1991, the Indian Economy was liberalized and foreign investors were allowed to trade in the country. It was a very important move since the intrinsic firms had to thrive through the perfect competition, it was no more oligopoly. The ace was now in the hands of the consumers. The best rates, the best products and the best deals became the motto of every firm. But the cause of poverty in the pockets of our sub-continent was the lack of skill development and the lack of education. ...