State national income as an indicator Index of Welfare

State national income as an indicator Index of Welfare. Economic development is a continuous process. This process is multi-dimensional. It needs to create chain reactions of such forces which may get in motion the process of income generation in the economy.

Economic development is a continuous process. This process is multi-dimensional. It needs to create chain reactions of such forces which may get in motion the process of income generation in the economy.

This task of economic development is influenced by many factors like economic, social, political, technological and administrative etc.

In fact, growth is a quantitative change between two levels of development at two points of time. Basically, it is an inter-temporal compassion. This makes it difficult to capture its basic character.

Indicators of Development

There are four important indicators to measure the level of development. They are

I. Per Capita Income

II. Physical Quality of Life Index

III. Human Development Index

IV. Quality of Life Index

Let us explain these indicators in detail.