Economic development is a process aiming at the promotion of the real national income of a country. It refers to the better utilization and fl improvement of the resources in production process in different sectors of underdeveloped countries. Under – developed countries choose different objectives and initiate development for realizing the objectives. The following are some important and main objectives of economic development.
1. Increase in the level of national income: The main objective of economic development is the increase in the level of national income. The level of national income could be increased by increasing the quantity and quality of various goods and services. Besides economic development is initiated for promoting the level of real national income of the country.
2. Increase in the investment: Investment plays a significant role in the economic development of a country. So investment must be made in all important sectors. Investment in unimportant consumption sectors should be discouraged. More and more productive activities are carried on only when investment is made on large scale.
3. Provision of employment : Economic development aims at the elimination of unemployment problem. Qualified, talented, efficient and hard working persons must be provided employment in different spheres of productive activity. But it is very difficult for the government to provide jobs for all the unemployed persons. So, various means like self-employment schemes, rural electrification, roads and communications, transport etc have to be adopted for overcoming the dangers of unemployment problem in underdeveloped countries.
4. Removal of Poverty: It is one of the important Objectives Of economic development. Economic development also aims at the removal of poverty and provision of social justice for all. Power could be removed when the poorest persons in underdeveloped countries are provided with minimum needs like food, shelter, clothing, medicine etc. Programmes like adoption of the progressive taxation, decentralization of economic power, nationalization of key industries, special help to weaker sections etc have to be implemented with sincerity and honesty.
5. Self reliance: Every country wants to achieve self-reliance and self-sufficiency in all matters. This objective could be achieved with herculean efforts of the people, government and social institutions. As economic development takes place, production in all sectors will increase. Exports will increase and imports will be minimized. Thus, there are several objectives of economic development. These Objectives Of Economic Development would be realized only with the adoption of a long term perspective plan.
