Economic Growth is the increase in the production of goods and services in an economy over a period of time, usually measured by the rise in Gross Domestic Product (GDP).
Economic Growth reflects the overall expansion of an economy and indicates improvement in a country’s financial health. It is commonly measured using GDP (Gross Domestic Product), which represents the total value of goods and services produced within a country.
Economic growth is driven by factors such as:
A growing economy leads to higher income levels, job creation, improved living standards, and better business opportunities. However, rapid growth can also bring challenges like inflation, income inequality, and environmental concerns.
Sustainable economic growth focuses on long-term development while balancing economic, social, and environmental factors.
"If a country’s GDP increases from ₹200 lakh crore to ₹220 lakh crore in a year, it indicates economic growth of 10%."