The given statement is refuted. Economic growth means that there is a continuous and sustained rise in the GDP of the country. Economic development means that in addition to a continuous and sustained rise in the GDP, there is equitable distribution of income and changes in sectoral composition in favour of secondary and tertiary sectors.
The above interpretation of the two terms leads us to the conclusion that these terms do not convey the same meaning. Economic development is a wide term which includes economic growth within its purview.
No, I don't think that India is economically developed because income inequalities are continuously rising in our country.
The rich are getting richer and the poor are getting poorer, thus defeating the value of social justice.