Book excerpt: Economic development involves not merely economic change but also social and institutional changes. It is a continuous process. It fulfils the aspirations of the people as well as national objectives. For more than decades, the development process has been associated with the challenges of persistent poverty, unemployment, degradation of natural resources and so on. In recent years economic development has also been linked with social progress. Accelerated economic growth brings with it social progress that is, increase in mass well-being, expansion of employment and reduction in income disparities.