briefly discuss ''growth'' as an important goal of 5 year plan
Dear Student,
Growth was an important goal of 5 year plans which was among the long period goals of the economy. Growth was to be increase in the terms of GDP which was increasing the level of output in the country. This targeted to increase the overall level of economic activity in the economy. And increase in the level of output and increase in the overall activity of the economy is termed as economic growth.
Also, increase in level of output and flow of goods and services leading to economic growth was meaningful without the control on the population. This is because if GDP rises with increase in the population level, then per capita income would be less. Increase in population level hampers economic growth. Therefore not only GDP should increase but the population should be checked that it does not offset the increase in GDP. So per capita income should also increase which will help in improving the standard of living of the people.
Growth without structural composition of the economy is also meaningless. Growth should be increased with change in the structural composition which refers to primary, secondary and tertiary sectors. Therefore growth should be accompanied with increase in the relative shares of secondary and tertiary sectors from the primary sectors.
Regards
Growth was an important goal of 5 year plans which was among the long period goals of the economy. Growth was to be increase in the terms of GDP which was increasing the level of output in the country. This targeted to increase the overall level of economic activity in the economy. And increase in the level of output and increase in the overall activity of the economy is termed as economic growth.
Also, increase in level of output and flow of goods and services leading to economic growth was meaningful without the control on the population. This is because if GDP rises with increase in the population level, then per capita income would be less. Increase in population level hampers economic growth. Therefore not only GDP should increase but the population should be checked that it does not offset the increase in GDP. So per capita income should also increase which will help in improving the standard of living of the people.
Growth without structural composition of the economy is also meaningless. Growth should be increased with change in the structural composition which refers to primary, secondary and tertiary sectors. Therefore growth should be accompanied with increase in the relative shares of secondary and tertiary sectors from the primary sectors.
Regards