{"id":262161,"date":"2023-09-28T19:13:35","date_gmt":"2023-09-28T13:43:35","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=262161"},"modified":"2023-09-28T20:37:51","modified_gmt":"2023-09-28T15:07:51","slug":"gdp-doesnt-mean-much-for-economy","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/gdp-doesnt-mean-much-for-economy\/","title":{"rendered":"GDP doesn\u2019t mean much for economy"},"content":{"rendered":"\n<p><strong>Source<\/strong>&#8211; The post is based on the article <strong>\u201cGDP doesn\u2019t mean much for economy\u201d <\/strong>published in <strong>\u201cThe Hindu\u201d <\/strong>on <strong>28th September 2023<\/strong>.<\/p>\n<p><strong>Syllabus: <\/strong>GS3- Indian Economy &#8211; Indian economy and growth<\/p>\n<p><strong>News<\/strong>&#8211; The article explains the issues of overemphasis on growth for measuring the economic well-being of the population.<\/p>\n<h2><strong>What are issues related to overemphasis on GPP for measuring the economic well-being of the population?<\/strong><\/h2>\n<p><strong>Just last month, nearly 20 million families sought minimum wage employment <\/strong>through the <strong>MGNREGA. <\/strong><\/p>\n<p>This high <strong>MGNREGA demand <\/strong>reflects the <strong>economic hardship<\/strong> faced by Indian households.<\/p>\n<p>Some segments perceive <strong>economic prosperity<\/strong>. It&#8217;s primarily a small, vocal segment of the population. This view is supported by factors like <strong>continuous stock market growth,<\/strong> the emergence of <strong>billion-dollar startup unicorns. <\/strong><\/p>\n<p>However, it&#8217;s crucial to recognize that this celebration is<strong> not representative<\/strong> of the vast majority of the population.<\/p>\n<p>The concern isn&#8217;t just about the GDP data. It&#8217;s about the concept of GDP being treated as the <strong>ultimate measure of overall economic health. <\/strong><\/p>\n<p>The economic well-being of millions of Indians cannot be accurately captured by GDP metrics. For instance, a fully automated semiconductor manufacturing plant may boost GDP but won&#8217;t create <strong>substantial employment opportunities<\/strong> for low-skilled individuals.<\/p>\n<p>Contrary to the conventional belief that high incomes for a few will benefit many, this <strong>trickle-down effect <\/strong>doesn&#8217;t happen.<\/p>\n<h2><strong>What is the way forward?<\/strong><\/h2>\n<p>There&#8217;s an urgent need for a fundamental shift in our <strong>economic discourse and narrative<\/strong>. This transformation must begin with political parties and their leaders, and it should be a bipartisan effort in the nation&#8217;s interest.<\/p>\n<p>The focus should shift from <strong>headline GDP figures to labour market information<\/strong>. This should be the primary concern for the political leadership, rather than <strong>comparing GDP growth<\/strong> during different tenures.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source&#8211; The post is based on the article \u201cGDP doesn\u2019t mean much for economy\u201d published in \u201cThe Hindu\u201d on 28th September 2023. Syllabus: GS3- Indian Economy &#8211; Indian economy and growth News&#8211; The article explains the issues of overemphasis on growth for measuring the economic well-being of the population. What are issues related to overemphasis&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/gdp-doesnt-mean-much-for-economy\/\">Continue reading <span class=\"screen-reader-text\">GDP doesn\u2019t mean much for economy<\/span><\/a><\/p>\n","protected":false},"author":10320,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[216,8184,10498],"class_list":["post-262161","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-gs-paper-3","tag-indian-economy","tag-the-hindu","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/262161","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10320"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=262161"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/262161\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=262161"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=262161"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=262161"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}