- Recently, the Prime Minister in his Independence Day Speech laid out Panch Pran (Five Vows) to be completed by 2047 when India celebrates 100 years of Independence.
- The first vow is for India to become a Developed Country in the next 25 years.
- The remaining pledges for 2047 are-removing any sign of servility, pride in heritage, unity and fulfilling our duties.
What is a Developed Country?
- A Developed Country is industrialised, has a high quality of life, a developed economy and advanced technological infrastructure relative to less industrialised nations.
- Whereas developing countries are those in the process of industrialisation or are pre- industrial and almost entirely agrarian.
- The most common criteria for evaluating the degree of economic development are:
1. The Gross Domestic Product (GDP):
- It is the monetary measure of all goods and services produced in a country in a year.
- Countries with a high GDP and per capita income (the amount of money earned per person) are considered developed.
Dominate Tertiary and Quaternary Sector:
- The Countries in which the tertiary (companies that provide services such as entertainment, financial, and retailers) and quaternary sectors of industry (knowledge- based activities such as information technology, research, and development, as well as consulting services and education) dominate are described as developed.
Post-Industrial Economies:
- The developed countries generally have more advanced post-industrial economies, meaning the service sector provides more wealth than the industrial sector.
Human Development Index:
- Other criteria are the scale of infrastructure, the general standard of living, and the Human Development Index (HDI).
- As the HDI focuses on indices for life expectancy and education and does not take into account factors such as the net wealth per capita or the relative quality of goods in a country.
- This is why even some of the most advanced countries, including the G7 members (Canada, France, Germany, Italy, Japan, the UK, the US, and the European Union) and others, do not do too well on HDI. That’s why countries like Switzerland rank high on HDI.
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