Munich Personal RePEc Archive

Redefining the development index of a nation

Jakhotiya, Girish (2018): Redefining the development index of a nation.

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An overemphasis on GDP and GDP-related parameters has neglected the measurement of ‘versatile development’ of a nation. The present design and application of all the development related parameters serve a limited purpose of using common medicine for all types of patients. A Development Index of a nation should also be a measurement of sustainability of economic growth and inclusivity for the downtrodden communities. As an index, it should look at the ‘relative status’ of a nation. This is essential to attach suitable weightages to the various components of an index, suited to the socio-economic condition of a nation. This paper attempts to rework on the Development Index, to make it a versatile tool to measure an all-round development of a nation. The illustration presented in this paper is based on a broad study of the overall status of the economies of a few influential countries. While doing so the index is presented through its ten components capturing maximum possible dimensions of a nation’s development.

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