Important Conditions of Economic Development

Discuss the 12 important conditions of Economic Development offered by modern economists.

Discuss the 12 Musts for Economic Development

Level: Easy – Intermediate or BA Level

The concept of economic development has been redefined and modern economists say that economic development must fulfill the following twelve conditions:-

Development Strategy Must Be Original

The strategy of economic development should be framed keeping in view the social and cultural requirements of the country. There should be no imitation of any other country.

Development Must Be Total

One of the conditions of economic development is that the development should in all the sectors, either it is agricultural, industrial, political, spiritual or social sector. It should go beyond the economic dimensions.

Encouragement Of Productive Activities

Development must encourage the productive activities in all the parts of the country. It should remove the regional disparities in the country.

Development Must Be Realistic

It is also one of the important conditions of economic development that development should make the maximum use of available resources in the country. If allocation of resources is not suitable then it would not ensure the real development. Proper allocation of resources is compulsory for realistic development.

Participation Of All The Sectors

One of the important conditions of economic development is that all the sectors of the population should play active role in the development process. If one sector is sleeping partner then it will become an obstacle in the way of economic development. In the structural transformation of the economy participation of all is necessary.

Conditions of Economic Development

Development Must Be Self Determined

The internal markets should be expanded to dispose off the domestic product. The purchasing power of the people must raise to achieve this objective. It will also ensure the supply of all the basic goods to the people

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Development Must Be Co-Operative

ll the development countries should cooperate with each other in improving the standard of living of their population. To increase the process of development in the less developed countries it is an important elements.

Development Must Be Properly Phased

The central authority should safeguard the genuine interests of the private enterprise only and should not interfere un-necessarily, the development should be properly phased.

Innovative Development

Development must be innovative and people should adopt the technology according to the natural resources and requirements of the country, they should not be rigid.

Development Must Be Integrated

All the basic sectors of the economy should be developed in such a manner that they may ensure the real development.

Development Must Respect The Values Of The Society

Economic development should be according to the natural, social and religious conditions of the country. Nothing should be imposed on the public against their will.

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Development Must Be Democratic

Development must be democratic and it should respect the likes and dislikes of the people. The people should be free to choose anything what they like.

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