economic growth must coincide with the structural changes in economy. explain in detail with example.
Riya,
Structural changes: Development of industries brings about a diversification in the production and consumption activities. Industrialisation brings about a shift from the production and consumption of wage goods (such as basic cereals, coarse cloth,) to the processed goods (such as fine varieties of cloth, processed food products). Such a transformation boosts economic growth and the standard of living in the country rises.
Structural changes: Development of industries brings about a diversification in the production and consumption activities. Industrialisation brings about a shift from the production and consumption of wage goods (such as basic cereals, coarse cloth,) to the processed goods (such as fine varieties of cloth, processed food products). Such a transformation boosts economic growth and the standard of living in the country rises.