INDICATORS OF GROWTH AND DEVELOPMENT — Economics STD 12 Commerce — Question
Gujarat BoardEnglish MediumSTD 12 CommerceEconomicsINDICATORS OF GROWTH AND DEVELOPMENT3 Marks
Question
State the importance of Human Development Index.
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Answer
Importance of Human Development Index $(HDI):$
$HDI$ includes economic factors as well as social welfare by giving importance to education and health. This makes $HDI$ the best and complete in itself so far.
$HDI$ indicates the policy makers that economic development is just a tool and that the ultimate objective of development is human welfare.
According to $HDI,$ True progress $=$ Economic progress $+$ Social progress. $HDI$ works as a function. Rise in the $HDI$ ranking indicates that health and education have improved in the country.
By studying the $HDI,$ developing countries get an idea as to where there is scope for development and in which direction should the government work.
$HDI$ is progressive in its approach.
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