ECONOMIC DEVLOPMENT

The concept of economic developments change along with change in human attitudes behavior and activities. The definition given in a specified period may the term economic development is far more comprehensive. It implies progressive changes in the socio-economic structure of a country. Viewed in this way economic development Involves a steady decline in agricultural shares in GNP and continuous increase in shares industries, trade banking construction and services. Further be whereas economic growth merely refers to rise in an output; development implies change in technological and institutional organization of production as well as in distributive pattern of income. Hence, compared to the objective of development, economic growth is easy realized. By a larger mobilization of resources and raising their productivity, output level can be raised. The process of development is far more extensive. Apart from output, it involves changes composition of output, shift in the allocation not be suitable for another period. Hens it is a dynamic subject of study. Economic development in the was linked with human resource development recently of productive resources, and elimination or reduction of poverty, inequalities and unemployment.