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"In India, everything and it's opposite is true." The expression economic growth implies an increase in the country's real GDP, and also what's more, a rise in the country's per capita income. When we are assessing a country's economic development, we are essentially studying as to how that market is progressing in qualitative terms. Fiscal development, on the other hand, is a far more encompassing term which includes both the qualitative as well as the quantitative measurements of economic progress. Not only does it include the element of economic growth, but in addition, it considers the process by which an economy enhances the social and economic wellbeing of it's citizens. A mere look at the amounts isn't sufficient. We must judge the advancement of an economy by assessing several different factors such as the level of infrastructure, health, education etc.. Economic growth is no doubt important, but so is that the maturation of the social sector. Economic growth, economic development and the social sector are all intertwined and are crucial components in a nation's progress. We will now go on to discuss the role that they have played with respect to the Indian market. Since Independence, India's policy makers have been implementing the Five Year Plans with the goal of taking the country forward. The goal of this 1st Five Year Strategy was supposed to revive the economy from the following effects of their British rule and to raise the quantity of domestic economies. Even the 2nd Five Year Plan, known as the Nehru-Mahalanobis Plan, according to strengthening the manufacturing industry with particular emphasis on the development of significant industries. The public sector had a vital role to play related to Industrialization. However, the growth pace of the Indian market, during the first...