Today economic development is interpreted as not only in more growth in Gross Domestic Product GDP but also in terms of good quality of life which, according to Prof. This basic failure helps to explain several other failures of the development project so far: the persistence of widespread hunger and very poor nutrition indicators; the inadequate provision of basic needs like housing, electricity and other essential infrastructure; the poor state of health facilities for most people; and the slow expansion of education.
Within India, there are many different countries. For this purpose appropriate institutional and technological changes were recommended to bring about such structural changes.
India also has high income inequality. Likewise, there is a lack of adequate credit facilities or funds.
Illiteracy also leads to low income levels and hardly profitable economic activities that have no place in the 21st century. Therefore, development economics which is concerned with the economic growth, capital accumulation and underemployment in the developing countries became a special and distinct discipline.
Yet they define their own generation, which is starkly different from their fathers and grandfathers. Luxury consumption slows down the rate of accumulation and thus hampers growth.