Growth and Economic Prospects

The success of economic policy is often measured in terms of growth of per capita income in the economy and prospects of sustaining higher growth trajectory. Despite several critics of this emphasis, it can be argued that in absence of higher growth, living standards and happiness of citizens cannot be achieved. Growth can be oriented to become inclusive through pragmatic redistribution of available resources for common welfare and ensuring that growth in the income of the lowest segment of society is faster than the average growth. On the other hand critiques of emphasis on economic growth suggest that rather than economic growth, economic development should be measured in terms of Human Development Index (HDI) which looks at statistics such as literacy and health care standards in addition to gross domestic product (GDP). It is also argued that rising inequality may reduce economic growth because of risk of social disharmony. However, to accelerate poverty reduction and HDI it is important to create opportunities and ensure availability of remunerable work for every hand, which can be achieved only through fast economic growth, inclusive policies and efficient mobilisation of skill and resources. Faster economic growth also enables an increase in resources for important public services like education and health care without increasing rates of taxes and levies.

Understanding economy growth and prospects of its sustainability requires comprehensive analysis of several aspects. CGDR researchers specialise in handling and analysing macroeconomic data at national and regional levels to provide review of economic conditions and likely future developments in areas that include among others the following:

• Aggregate Growth
• National Accounts
• Structural Change
• Factor Productivity
• Production & Prices
• Un-organised Sector
• Consumption
• Saving and Investment
• Regional Economy
• State Domestic Product
• District Domestic Product
• Development Indicators