1. INTRODUCTION Human capital is one important factor in the process of economic growth. With high-quality human capital, economic performance is also believed to be better. These qualities can be seen from the level of education, health, or other indicators viz. Human development index. Human development plays an important role for economic growth of a country. In simple words, human development would imply a process of enlarging choices. But in addition it is also concerned with the outcomes of the concerned choices (Gupte, M., 2016). Human Development, described as the ultimate goal of the development process, with economic growth, described as an imperfect proxy for more general welfare, or as a means toward enhanced human development (Ranis, …show more content…
The Gross Domestic Product (GDP) in India expanded 1.90 percent in the third quarter of 2015 over the previous quarter. The growth rate in GDP measures the change in the seasonally adjusted value of the goods and services produced by the Indian economy during the quarter. India has achieved excellence in several key areas ranging from information technology and pharmaceuticals to automotive parts, and is now considered as one of the fastest growing economies of the world. Despite these positive developments, India is still lacking behind the many developed countries in respect of indicators of human development. Human development varies across the different states of India. The human development indexes based on consumption for different state are shown in the figure1: Figure1 shows that there is huge variation in human development across the states. The human development index is highest in Kerala and lowest in case of Chhattisgarh. For Kerala, Delhi, Himachal Pradesh, North east excluding Assam, Punjab, Maharashtra, Tamil Nadu, Haryana, Uttarakhand, Gujarat, Jammu & Kashmir, and Karnataka index is found to be higher than national average. On the other hand, human development index is lower than the national average for Andhra Pradesh, West Bengal, Assam, Rajasthan, Jharkhand, Madhya Pradesh, Uttar Pradesh, Bihar, Orissa, and Chhattisgarh. 3.
There is a high level of inequality of power and wealth within the Indian society indicating a high level of power distance. The wealth of India is very unevenly distributed; only 3% of the population in 2011 fell into the middle-income segment. The upper-middle income segment is about 1% of the population and the
The first thing I found extremely interesting and sad when researching India current situation regarding the poor, was that they only spend one percent of their GDP on health. That is astonishing. We all know that in order to provide for
The Human Development Index rates each country with a score between 0 and 1, with 1 being the most advanced, globalized country. Factors that are involved in determining a country's HDI are gross domestic production per capita, life expectancy at birth, adult literacy, and the number of persons enrolled in educational institutions. In 1975, Peru's Human Development Index was 0.643. By 2003, the Human Development Index had risen more than one tenth to 0.762. The substantial increase in Peru's HDI is a clear indication that globalization has made a positive impact.
Standard of Living, in a purely material dimension is the average amount of GDP per person in a country (therefore determining access to goods and services). However the term has a much broader, non-material dimension involving issues of quality of life and are therefore much more difficult to quantify. There is no single measure of SoL, but a range of indicators, which can be used together to give a good idea of a countries’ SoL. Reasons for GDP figures alone giving an incomplete understanding of SoL in a country will be explained in this essay, along with problems faced when comparing levels of development between countries.
There are many factors that contribute to prevent India from having a more sustainable and equitable living for all citizens. Corruption to take advantage of society, globalization; introducing a new way of living and socital classes that bring limitations are only some of the factors that interfere with India's progression. ___________.
India, the second highest populated country in the world after China, with 1.27 billion people currently recorded to be living there and equates for 17.31% (India Online Pages 2014) of the world's population, but is still considered a developing country due to it’s poverty and illiteracy rates. As these nations continue to grow at rates that are too fast for resources to remain sustainable, the government’s in these areas wi...
...an HDI of 0.36. These discrepancies in levels of development have led to an exodus of people, from less developed areas to the areas that have been benefitted by development. This situation seems to depict that predicted by the Dependency theory in which the developed countries progressed due to the exploitation of peripheral nations; the same seems to be happening in India. The states that are wealthier are exploiting the poorer states. It would be difficult to imagine India having the economic status that it now has, if it was not for the terrible working conditions and wages at which the Indians are willing to work and the massive work force available in the country. Now that India has seen economic growth the government should start taking care of its citizens by implementing policies that protect the labor rights of the workforce.
Gender and race discrimination are major causes which have led to income inequality in these countries. India has caste system, which is s...
India is one of the countries that this report will cover. Power distance is rather high in India this is evident when observing the rather extreme levels of inequality amongst individuals. It is also apparent in the work place, managers expect their team members to be obedient. Employees also count on being clearly directed when it comes to their tasks and what is expected out of them. Top down communication is employed and negative feedback rarely moves up the ladder. In this society there is no need for justification of an individuals position in the social hierarchy. (Cultural tools, n.d.)
World Economic Forum’s Global Gender Gap Index- 2014: India’s ranks at 114 in the list of 142 countries of the world. This Index examines gender gap in four major areas:
In order for any country to survive in comparison to another developed country they must be able to grow and sustain a healthy and flourishing economy. This paper is designed to give a detailed insight of economic growth and the sectors that influence economic growth. Economic growth in a country is essential to the reduction of poverty, without such reduction; poverty would continue to increase therefore economic growth is inevitable. Through economic growth, it is also an aid in the reduction of the unemployment rate and it also helps to reduce the budget deficit of the government. Economic growth can also encourage better living standards for all it is citizens because with economic growth there are improvements in the public sectors, educational and healthcare facilities. Through economic growth social spending can also be increased without an increase of taxes.
United Nations Development Program (UNDP). (2000). Human development report 2000. New York and Oxford: Oxford University Press.
Indian population has a mixture of culture, variety of languages and difference in resources. The difference in occupational structure, literacy level, health status and other socio-economic factors among the states leads to the
Economic growth is the most effective instrument for reducing poverty and enhancing the quality of life in developing countries. The benefits brought about from economic growth is strong growth and business opportunities enhance incentives. This may lead to the rise of a strong and growing group of entrepreneurs, which should generate pressure for enhanced administration. Strong economic growth therefore advances human development, which in turn promotes economic growth. But, under different conditions, comparative rates of development can have altogether different consequences for neediness, the occupation prospects of poor people and more extensive pointers of human development. The extent to which growth decreases neediness depends on the extent to which the poor take an interest in the growth process and share in its returns (Riley, G.
Economic development typically involves improvements in a variety of indicators such as literacy rates, life expectancy, and poverty rates. Due to the fact that GDP alone does not take into account other aspects such as leisure time, environmental quality, freedom, or social justice; alternative measures of economic well-being have been proposed. Essentially, a country’s economic development is related to its human development, which encompasses, among other things, health and education. These factors are, however, closely related to economic growth so that development and growth often go together.