The term ‘Economic Growth’ refers to an increase in real national income of the country and real national income means total output of all final goods and services produced in a country rather than in money terms. Hence, economic growth is a quantitative concept or it mainly refers to size and quantity.
According to J.K. Mehta, “Economic growth indicates the quantitative increase in national income.”
According to Prof. Miller, “Economic growth is a process whereby an economy’s real per capita income increases over a longer period of time.”
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