ECONOMIC DEVELOPMENT

What is Economic development?

Economic developmentis a process through which the overall education, well-being, health, income and living standards of the general population improves. This is where the economy will gradually grow, change and become advanced.
Economic development is the priority of local, state and federal government as it will lead towards an upgrading in innovation and new ideas, higher literacy rates, creation of jobs, improved environment, creation of higher wealth, labor support and better quality of life.

Development economic is the study of economic development.


Difference between Economic development and Economic Growth:

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Economic Growth: Economic Growth is all about expanding the size of the economy bigger.
Here GDP is the sum of all economic activity in a nation over a specific period.

Economic Development:
Economic Development look into how the citizens are affected in a country.Apart from the living standards it also look into the freedom to enjoy their living standards.
Here GDP is divided by the total population.

Important perspectives in Economic development are:
*Average life expectancy
*Education Standards
*Literacy rates
*Environmental standards
*Availability of houses for living and their quality
*Health care.It also includes the number of doctors available and the affordable medicines for their treatments.
*Income per capita

Economic growth is a crucial condition for development. However, just growth is not enough because it cannot guarantee development.
Amartya Kumar Sen, an Indian economist and philosopher, who received the Nobel Memorial Prize in Economic Sciences, once said:
“Economic development is about creating freedom for people and removing obstacles to greater freedom. Greater freedom enables people to choose their own destiny.”
“Obstacles to freedom, and hence to development, include poverty, lack of economic opportunities, corruption, poor governance, lack of education and lack of health.”

Policies of Economic development:
It can be encompass into three major cases:
• Governments undertaking to meet broad economic objectives such as price stability, high employment, and sustainable growth. Such efforts include monetary and fiscal policies, regulation of financial institutions, trade, and tax policies.
• Programs that provide infrastructure and services such as highways, parks, affordable housing, crime prevention, and K–12 education.
• Job creation and retention through specific efforts in business finance, marketing, neighborhood development, workforce development, small business development, business retention and expansion, technology transfer, and real estate development. This third category is a primary focus of economic development professionals.
Contractionary monetary policy is a tool used by central banks to slow down a country’s economic growth. An example would be raising interest rates to decrease lending. In the United States, the use of contractionary monetary policy has increased women’s unemployment.
One growing understanding in economic development is the promotion of regional clusters and a thriving metropolitan economy.
International trade and exchange rates are a key issue in economic development. Currencies are often either under-valued or over-valued, resulting in trade surpluses or deficits. Furthermore, the growth of globalization has linked economic development with trends on international trade and participation in global value chains (GVCs) and international financial markets. The last financial crisis had a huge effect on economies in developing countries. Economist Jayati Ghosh states that it is necessary to make financial markets in developing countries more resilient by providing a variety of financial institutions. This could also add to financial security for small-scale producers .

Organisations of Economic Development:
Economic development has evolved into a professional industry of highly specialized practitioners. The practitioners have two key roles: one is to provide leadership in policy-making, and the other is to administer policy, programs, and projects. Economic development practitioners generally work in public offices on the state, regional, or municipal level, or in public–private partnerships organizations that may be partially funded by local, regional, state, or federal tax money. There are numerous other organizations whose primary function is not economic development that work in partnership with economic developers. They include the news media, foundations, utilities, schools, health care providers, faith-based organizations, and colleges, universities, and other education or research institutions.


Economic Indicators: An economic indicator is a metric used to assess, measure, and evaluate the overall state of health of the macroeconomy. Economic indicators are often collected by a government agency or private business intelligence organization in the form of a census or survey, which is then analyzed further to generate an economic indicator. Financial analysts and investors keep track of macroeconomic indicators because the economy is a source of systematic risk that affects the growth or decline of all industries and companies


Primary Economic Indicator:
Gross Domestic Product (GDP):
The Gross Domestic Product (GDP) is widely accepted as the primary indicator of macroeconomic performance. The GDP, as an absolute value, shows the overall size of an economy, while changes in the GDP, often measured as real growth in GDP, show the overall health of the economy.

Main Indicators of economic development:
1) National Income Index
Economic development takes place if real national income increases over time.
2)Per Capita Income Group
The national income indicator does not reflect the true picture of the development of the economy.
3)Physical Quality of Life Index
In many developing countries despite economic development, no improvement has taken place in the quality of life.
The physical quality of life index into consideration the non-income elements of life.
The country has a high life expectancy, the lowest infant mortality and the highest literacy is considered to be superior to other countries.
This index of development is superior to the per capita income index because it reveals the end result of the use of National Income in the country concerned.

4)Basic Needs Approach
ccording to this indicator of economic development, the development of an economy is judged in terms of the extent to which the basic needs of the masses are satisfied.
The components of basic needs are food, pure drinking water, sanitation, health, and education, etc.
The index of development is useful especially from the common man’s point of view as he is more concerned with his basic needs rather than the total production in the country.
5)Human Development Index: This index of economic development has been prepared by the United Nations called the Human Development Index (HDI).
It consists of per capita income, educational attainment, and life expectancy. The index does not measure the absolute level of human development. It ranks countries in relation to one another.
The index is superior to other indicators of economic growth as it takes into consideration both income and non-income factors.

Indian National movement

The history of India and Indian national movement is resolvable in understanding. The Indian independence movement was a series of historic events during the British Raj with the ultimate aim of ending British rule in India on the Indian subcontinent. It lasted from 1857 to 1947.

REVOLT OF 1857:The first movement for freedom first broke in Bengal.The Revolt of 1857 was started on May 10, 1857, at Meerut. It was the first-ever war for Indian Independence. It was the first large-scale rebellion against the East India Company. The Revolt was unsuccessful but it made a major impact on the public and stirred the entire Independence Movement in India. Mangal Pandey was one of the major parts of the revolution as he declared rebellion against his commanders and fired the first shot on the British officer.

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Swadeshi Boycott Movement:
At the beginning of the 20th century, the Britishers announced the partition of Bengal with a motive to weaken the unity of nationalists. Amongst the prime Indian national movements, the Swadeshi Boycott Movement surfaced in the year 1903 as a reaction against the partition of Bengal but was formally announced in July 1905 and fully came into force from October 1905.
From 1905 to 1908, the Swadeshi and Boycott movement was started by extremists like Bipin Chandra Pal, Tila, Lala Lajpat Rai and Aurobindo Ghosh. The general public was asked to refrain from the use of foreign goods and motivated to substitute them with the Indian homemade goods. Prominent events like Indian festivals, songs, poetries and paintings were used to propagate this Indian national movement.

Home Rule League Movement :
To convey and propagate the feeling of self-governance into the common man, this Indian National movement was carried out in India as it simultaneously happened in Ireland. Majorly, the below-mentioned leagues pivotally contributed to the group of the Home Rule League Movement using newspapers, posters, pamphlets and so on.Bal Gangadhar Tilak started this league in April 1916 and spread out to Maharashtra, Karnataka, Berar and Central Provinces.Annie Besant’s League began in September 1916 in various other parts of the country.

Satyagraha Movement:
The first Satyagraha Movement was led by Mahatma Gandhi in the Champaran District of Bihar in the year 1917. Champaran district had tens of thousands of landless serfs. One of the suppressed Indigo cultivators, Pandit Raj Kumar Shukla persuaded Gandhi to lead this movement. This led to other Satyagraha Movements.


Khilafat Non-Cooperation Movement :
The Non-Cooperation Movement was one of the most famous and crucial phases in the Indian freedom struggle against the Britishers.Ill-treatment of the Khalifa, the spiritual leader of the Muslims by the Britishers agitated the entire Muslim community in India and around the world.
Deteriorating economic conditions in the country along with the major incidents like Jallianwala Bagh Massacre, Rowlatt Act, etc were the main reasons behind how it emerged to be a pivotal Indian national movement.This are the one of the important reason for the rise of this movement. The Non-Cooperation Movement was officially launched by the Khilafat Committee in August 1920. Also, the Indian National Congress adopted the movement in December 1920 after their Nagpur session. After which a complete boycott of government goods, schools, colleges, food, clothing etc happened and emphasis was laid on studying at national schools and khadi products were used.
On February 5, 1922, Chauri Chaura incident took place wherein the police station along with 22 policemen inside it was burnt. This led to call-off of this Indian National Movement by Mahatama Gandhi.

Civil Disobedience Movement:
One of the most prominent Indian national movements, the Civil Disobedience phase is classified into two stages:
First Civil Disobedience Movement
The Civil Disobedience Movement was launched along with the Dandi March by Mahatma Gandhi on 12th March 1930. Ultimately, it ended on April 6 when Gandhi broke the Salt Law at Dandi. Afterwards, the movement was proceeded by C.Raja Gopalachari.Mass participation of women, peasants and merchants happened and was succeeded by salt satyagraha, no-tex movement and no-rent movement as this Indian national movement spread across the country. Later on, it got withdrawn in March 1931 because of the Gandhi-Irwin Pact.

Second Civil Disobedience Movement :
The failed treaty of the second roundtable conference led to the start of the second Civil Disobedience Movement stretching from December 1931 to April 1934. This lead to varied practices like protests in front of liquor stores, salt satyagraha, forest law violations happened. But the British Government was aware of the upcoming incidents, thus, it imposed martial law with a ban on gatherings outside Gandhi’s Ashrams.


Quit India Movement :
The main reason behind the launch of the Quit India Movement in 1942 as it became one of the powerful Indian National Movements include the failure of the Cripps proposal become the awakening call for the Indians.The discontent of the general public with hardships brought by the world war.

After going through so many hardships in order to redeem the motherland from foreign and save the religion and self-esteem, India received it’s freedom from British on the night of 15th August 1947, 12:02 am from the British to become a Sovereign and Democratic country.

Biodiversity

The term “biodiversity” was coined around 1985.Biodiversity or biological diversity . Biodiversity is a term refers to the variety of species both flora and fauna present in an area, that is the variety of animals, plants, fungi, and even microorganisms like bacteria that make up our natural world. Each of these species and organisms work together in ecosystems, like an intricate web, to maintain balance and support life.

Scientists have estimated that there are around 8.7 million species of plants and animals in existence. However, only around 1.2 million species have been identified and described so far, most of which are insects.Although examining counts of species is perhaps the most common method used to compare the biodiversity of various places, in practice biodiversity is weighted differently for different species, the reason being that some species are deemed more valuable or more interesting than others. One way this value is assessed is by examining the diversity that exists above the species level, in the genera, families, orders.The variability among living organisms from all sources including terrestrial, marine and other aquatic ecosystems and the ecological complexes of which they are a part. This includes variation in genetic, phenotypic, phylogenetic, and functional attributes, as well as changes in abundance and distribution over time and space within and among species, biological communities and ecosystems.

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The framework based on counting-up units contrasts with other proposals for general frameworks for biodiversity, including those proposals that have attempted to include a variety of calculations like endemism , dissimilarity, rarity, and so on within the definition of biodiversity . The framework based on counting-up units implies not only that biodiversity as variety is that total count, but also that we can carry out lots of other important, associated, calculations that will be useful for decision-making and policy ,notably looking at gains and losses. This idea of a biodiversity “calculus” contrasts with the ecologically oriented perspective that there are many different indices called “biodiversity”.

The common measure, species richness, illustrates the different perspectives. The pre-history of biodiversity, reflecting the species extinction crisis and the values of variety, provides a core rationale for a definition that includes counting-up species. The pre-history of “biodiversity” also highlighted the idea that the value of variety itself should be considered along-side the recognised benefits and dis-benefits of individual species , and all these benefits/values can enter into trade-offs and synergies that support decision-making. Some current perspectives or framings about biodiversity and its value can be understood as again blurring that distinction between biodiversity and biospecifics. One such framing equates biodiversity with all of nature. A focus on biodiversity as the collection of individual units/elements suggests that biodiversity covers so many individual elements that it more or less can be equated with biotic nature. An ecological/ecosystem framing of biodiversity expands this further biodiversity may be interpreted as including not only the many individual elements but also all their ecological interactions, and associated processes. These expanded perspectives, focused on elements and their interactions, create a risk that we may miss the opportunity to properly consider both values of nature/ecology and the values associated with biodiversity-as-variety.

On the study of biodiversity,Conservation biology has emerged as a true scientific discipline and has succeeded in providing an understanding of many of the underpinnings of the field, including effects of pollution on populations of plants and animals, how to approach restoration of various habitats, how to manage endangered species, and many other topics too numerous to mention. Conservation biology has done well in developing the science of understanding individual species in their habitat, performing spatial scale analyses of individuals, and modeling their activity within the landscape.

Important direct drivers affecting biodiversity are habitat change, climate change, invasive species, overexploitation, and pollution.Habitat loss is the single greatest threat to biodiversity on Earth today and in fact it is the second largest threat to our existence on this planet next to Climate Change.Human activities such as urban development degrade or completely eradicate areas on which species depend for food and shelter.Habitat loss can also take the form of night lighting; this unnatural condition removes habitat for most animals, birds and even fish and especially from LED lights which mimic daytime spectrums. Even plants will not respire under LED lights. Undue noise levels from industry and fireworks can also alter nigh-time habitats and sleeping patterns of wildlife.Sidden changes in the climate temperature can cause habitat loss.Long term climate changes , increasing the temperature of earth causes global warming which affects biodiversity. Natural events such as storms, forest fires, floods, and droughts also have the potential to alter or eradicate habitats. And while these events are natural occurrences, overall, or until recently, they do not compare to the losses caused by human activities- and yet they are also amplified as a result of climate change- a phenomenon aggravated by human activities.Pollution also includes the release of effluents from industrial and agricultural processes into the natural environment.

Biodiversity supports human and societal needs, including food and nutrition security, energy, development of medicines and pharmaceuticals and freshwater, which together underpin good health. It also supports economic opportunities, and leisure activities that contribute to overall wellbeing.Biodiversity is essential for all living beings on earth.Change and conservation are increasingly in the hands of the people rather than governments. Therefore, it is our responsibility to do protect nature.

Insurance

Insurance is a legal agreement between the insurance company and the individual. When you buy Insurance it is a way you protect against unexpected financial losses. The insurance company pays your and your family, when some bad happens to you. When a person pays a insurance company, the company promises to pay the money if the person becomes injured or passed away.The Insurance company pays the value of property lost damaged. If no insurance, then you might be the responsible for all related costs at hard time.

In India, the insurance types are classified to Life insurance, Health insurance, Educational insurance, Home insurance and Car insurance. Health insurance is for
medical costs for expensive treatments. You can buy a generic health insurance policy. There are policies for specific diseases. The premium paid towards health insurance pay the hospital, treatment and medication costs. Educational insurance is specially designed as a save tool for children’s education. Education insurance provides a lump amount of money when your child reaches the age for higher education. The child’s life is assured under this is the insurance while the parent / legal guardian is the owner of the policy. Home insurance can help with covering the loss or damage of house by fire or other natural disasters like earthquake flood, and lighting.Car insurance is important for every car owner.It protects you against any sudden incidents like accident.Some policies compensate the damage towards your during natural disasters.

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It ensures your families financial stability. It reduces stress during our hard time of our life. Insurance are for safety and security. But apart from that there are also income tax benefits that are avail. Your independent insurance agent is a great resource to learn more about the benefits of insurance, as well as the benefits in your specific insurance policy.Before insurance you should check some of the qualities like what type of insurance the company offers,what is the financial strength of the insurance company and their costumer service.Check whether the company service is good at online. Read the agreements thoroughly before paying for a insurance.It is our choice to choose the way of insurance.It is also our responsibility to keep our family in a safe guard even in a hard time.

“Insurance is a social device providing financial compensation for the effects of misfortune, the payments being made from the accumulated contributions of all parties participating in the scheme.” – D.S. Hansell