What makes a country "developed" from a "developing" country?
Prime Minister Narendra Modi coined the unique term "Panch Pran" during the 76th Independence Day.
"For the next 25 years, we need to focus on the 'Panch Pran'. The first is making India a developed country," the Prime Minister addressed.
The Panch Pran
Prime Minister Narendra Modi resolved to 5 pledges in his view of a better India. The five Prans are
- Goal of a developed India
- Remove any trace of the colonial mindset
- Take pride in our roots
- Sense of duty among the citizens
What makes a country a "developed" nation?
Worldwide, there is no global consensus on the parameters that make a developing nation, "developed."
However, experts try hard to figure out certain indicators that may help to determine a country's growth.
Human Development Index
A key criterion to determine a country's growth is its economic performance. However, the amalgamation of the per capita income along with other social aspects is often considered a better parameter. Human Development Index indicates a nation's education, health, and literacy.
The Human Development Index is a statistical composite index comprising factors like life expectancy, per capita income, and education. These factors are helpful in categorizing nations into 4 tiers of human development. These are, "Very high, high, medium, and low."
Economic growth is one of the most apparent indicators of a country's growth. Having a GDP of USD 2.7 trillion India stands as the world's sixth-largest economy. Moreover, the country is expected to grow at around 7% in the present fiscal year by March 2023. This would be the fastest growth among major economies.