1. Economic growth is a quantitative concept.
Ans. Economic growth is basically a quantitative and not a qualitative concept. It does not consider nature of wants, the quality of goods, taste of the consumers and so on.
According to J.K. Mehra, “Economic growth indicates the quantitative increase in national income”
2. Industrial progress is an important indicator of economic development.
Ans. Industrial progress is a very important indicator of economic development of a country. It helps to increase the national output and per capita income in a country. During the Second Five Year Plan, industrial development was the main aim of the government and since then contribution of industrial sector to GDP has steadily started increasing.
