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2) Stress on economic indicators like GDP is catering to people’s’ needs as consumers but is not fulfilling their aspirations as citizens of good societies. Analyze.(250 words)

Topic– Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment.

2) Stress on economic indicators like GDP is catering to people’s’ needs as consumers but is not fulfilling their aspirations as citizens of good societies. Analyze.(250 words)

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Why this question

The article written by an ex-member of erstwhile planning commission briefly discusses the perils of economic progress unmatched by an equal measure of social and political progress and why there is a need to shift human endeavours towards a holistic, sustainable and democratic setup which caters to all the human needs and not just their economic hunger.

Directive word

Analyze-here we  have to examine methodically the structure or nature of the topic by separating it into component parts, and present them as a whole in a summary.

Key demand of the question.

The question wants us to dig deep into the central role played by GDP figures in modern economies and why such a myopic approach is not good for a healthy democracy and environmentally sustainable society.

Structure of the answer

Introduction– write a few introductory lines about the  economic indicators like GDP being in use to compare nations and states and quantifying their progress etc.

Body

  1. Discuss the benefits of measuring growth in terms of GDP figures. E.g
  • Growth can be easily measured and quantified.
  • It indicates increase in overall purchasing and investment capacity of a society.
  • GDP is also used as an indicator of a nation’s overall standard of living because, generally, a nation’s standard of living increases as GDP increases etc.
  1. Discuss the perils of measure human progress in strictly economic terms. E.g
  • many complex forces—ecological, social, political and economic—interact to shape the future. No expert in any one discipline can comprehend the interactions among all these forces.
  • progress is too unequal.
  • Economists have focused too narrowly on the economic side of human aspirations, setting aside human yearnings for belonging to social collectives and nations.
  • Capitalist systems founded on a religion of property rights have treated nature that nurtures as an “externality” to be exploited etc.

Conclusion– based on your discussion, form a fair and a balanced conclusion on the given issue. E.g to make the world better for everyone, consumers must learn to be better citizens and to democratically govern the local systems within which they live.