What are the indicators of economic development?
Infrastructural condition and infrastructural condition is termed as one of the indicators of development of any country. Because improved transportation and communication system helps in rapid development of the country.
Democratic political environment and democratic political environment is said to be one of the indicators of economic development. Because the democratic political environment is conducive to the formation of a welfare state. Moreover, the democratic political environment contributes to the economic development of the country. Of course, political stability is needed for this.
In social and cultural structure: In a developed and progressive social and cultural structure, it helps in the economic development of the country. Therefore, the social and cultural environment of the country can be considered as a criterion of economic development.
The role of skilled human resources in accelerating the economic growth and economic development of a country is especially important. Steps can be taken to make the concept of Human Development Index meaningful.
Educated population is a valuable asset of any country. In order to transform the population into a skilled and efficient manpower, it is necessary to expand education extensively. The more educated a nation is, the more developed it is. Therefore, it can be said that if we can expand the scope of education in the country, economic development will be accelerated.
The development of services and healthy food intake, suitable accommodation, clean environment etc. are important elements of health care. But none of these essential elements of hygiene are readily available. As a result of the country. Most people are frail, weak and inactive. In order to get rid of this condition, it is necessary to develop the medical system at any cost.
Increase in food production. The country needs to increase the production of balanced food. Because of lack of balanced diet, people run away from malnutrition. Financial insecurity and population explosion are largely responsible for malnutrition in developing countries. In order to transform the manpower of the country into human resources, it is necessary to solve the food and nutrition problems. If the problem of food and nutrition is solved, efficient and skilled manpower will be created in the country by which economic development will be accelerated.
Expansion of technical education In developing countries, the technical education system is much less than it needs to be. Developed countries are moving towards development by relying on technical education. Technical education is one of the keys to development in today's world. The higher the rate of technical education in a country, the more developed that country is. As a result, developing countries should take necessary steps for the expansion of technical education.
Capital formation is a prerequisite for capital formation and economic development. Economic development of any country is not possible without capital. Efforts should be made to accelerate economic development by encouraging the people of the country to save for capital formation and by increasing investment in the productive sector by raising capital from abroad if necessary.
Economic development is not possible without the import of advanced technology and advanced technology. Developing countries cannot create advanced technology. As a result, it can be used for economic development by importing advanced technology from developed countries. The use of advanced technology requires skilled workers which in many cases have to be imported. Moreover, to ensure the use of this technology, it is possible to accelerate economic development by following the advice of the relevant laboratory institutions.
Proper use of natural resources and proper use of natural resources in developing countries is not possible in many cases. Necessary steps need to be taken to ensure proper utilization of natural resources. The government can increase the overall demand in the economy by increasing production by using natural resources in productive industries. If the aggregate demand increases, economic development will increase through increase in distribution, investment and production.
Development of poor infrastructure. Most of the lakes in developing countries live in villages. As a result, the lion's share of the country's labor force comes from villages. Therefore, in order to increase the efficiency of labor, it is necessary to expand education as well as to develop the socio-economic infrastructure of the village. If the rural infrastructure can be developed, it will have a significant impact on the national economy of the country. In other words, if the rural infrastructure is improved, the overall economic development of the country will be achieved.
The development of the environment and the soil, water, air, animals, plants, every element is essential for human survival. But in developing countries the environment is polluted due to unplanned population growth, urbanization, overcrowding, lack of housing, lack of clean drinking water, sewerage problems etc. Therefore, it is essential for the people of the country to develop the environment for a healthy and beautiful life.
Population control and unplanned population growth in developing countries of the world. Unplanned population growth is considered as a major problem of economic development. In order to solve this problem, it is necessary to increase the quality of the population. It is possible to increase the skilled and efficient manpower through planned population. Therefore, it is imperative for skilled and efficient manpower to adopt birth control methods.
The standard of living of the people of a country is known through the improvement of their standard of living and the actual per capita income of the country. The efficiency of the people depends on the quality of life. As the standard of living increases, so does efficiency. And as the standard of living decreases, so does the efficiency. So to increase the efficiency of the people of the country to live. It is necessary to strive for improvement.
Political Stability Political stability is essential for economic development in developing countries. Frequent political upheavals and accompanying changes in economic policy create complex obstacles to development. As a result, we must strive to bring political stability through the establishment of democracy and encourage everyone to develop with the security and assurance of ownership of the acquired wealth.
The importance of human resource development is now equally recognized in the developed and developing world. Achieving economic growth is now not only an indicator of development, human resource development is also an important measure of determining the stage of economic development. At present, the importance of human resource development has reached a new level in the context of globalization. Therefore, the countries that are lagging behind in human resource development will face the adverse effects of globalization. That is why the United Nations Millennium Development Goals, such as human welfare and poverty alleviation, have become central to the global development agenda.