Question-1 Critically discuss the most appropriate measure (measures) of wellbeing in India? At...

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Question-1    Critically discuss the most appropriate measure (measures) of wellbeing in India? At least 3 indicators, and reason why other indicator is not chosen? ( Graphs & tables can be used. (350 words)        Question-2      Evaluate the impact of neoliberalism on economic wellbeing in the developing nation you selected in Question 1 … (350 words)
	
Document Preview: Question-1Critically discuss the most appropriate measure (measures) of wellbeing in India? At least 3 indicators, and reason why other indicator is not chosen? ( Graphs & tables can be used. (350 words)Question-2Evaluate the impact of neoliberalism on economic wellbeing in the developing nation you selected in Question 1 … (350 words)

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Question-1 
Critically discuss the most appropriate measure (measures) of wellbeing in India? At least 
3 indicators, and reason why other indicator is not chosen? ( Graphs & tables can be used. 
(350 words)
GDP is the most conventional measure of economic health of any nation. But today GDP per 
capita is no longer considered as a good measure for well- being of country as it has serious 
flaws.  GDP per capita is unable to differentiate the spending on good things like education and 
training and the spending on bad things like alcohols and cigarettes. Moreover, GDP per capita 
fails to take into consideration the social cohesion leisure, clean environment, health, education 
or leisure that plays a very important role in life. The shortcomings of GDP as a measure of 
wellbeing were once well stated by Kennedy as he mentioned “GDP measures all except that 
which makes life worthwhile.” (Editorial Board, Bloomberg view, 2012). 
Today several alterative measures are developed and actively used. In order to measure the well-
being of India we can use such three alternative indicators: 
1. Genuine progress Indicator ( GSI): 
GSI was developed by Economic Think tank in Washington DC in 1995 to supplement GDP as a 
measure of economic well-being. The key intention was to redefine economic progress bringing 
together of economic and welfare assessment of progress. GPI is considered as a better measure 
because the environmental costs of economic activity are taken into account here. GPI is a 
relevant measure for wellbeing of India. In the energy sector in India, major rivers produce 
hydroelectricity that constitutes economic development. On the other hand river water supports 
the agriculture in central and southern India. So growth in energy sector in India can only be 
achieved at the cost of agriculture.

Question-1 Critically discuss the most appropriate measure (measures) of wellbeing in India? At least 3 indicators, and reason why other indicator is not chosen? ( Graphs & tables can be used. (350...

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