Real Development should Transform People's Lives, not just Economic Indicators
1: Introduction
a) Meaning: Economic Development should translate into Human Development
b) Lack of Distributive Development: Adam Smith's Proposition of Wealth Distribution
c) Pitfall for Underdeveloped Countries
2: Classic Case of India
a) GDP of over $2 Trillion with Phenomenal Growth Rate of 7%: Exceptional Economic Indicators
b) 22% below poverty line, 131 Number in HDI & 93 in SPI: Worst Socio Economic Indicators
c) Huge gap between Capitalist and Working Class
d) Unequal Income Distribution
e) Economic Growth only fueling the Rich
f) Limited Circulation of Money
3) Reasons of Economic Deveopment VS Socio-Economic Development Dilemma
a) Skill Gaps leading to Unequal Incomes
b) High rates of Population and Low rates of Working Class
c) Irrational and unfocused Public Investment by the Government
d) Absence of Perfect Competition
e) Unequal Growth Opportunities
Conclusion and Way Forward
a) Economic Growth Inclusiveness
b) Hollistic Growth through Focused Public Investment
c) Progressive Taxation leading to Equality in Incomes