Economic Growth and Foreign Trade Relations Among India, China and ASEAN

There are varieties of externalities generated by the economies for accelerating the domestic growth rates. This has puzzled the economic theorists all the time to explore the fact that why some economies grow much faster than others? Similarly, what is the rationale and mandate remains to the growth rate of developing countries as compared to the developed economics? This quality and quantity of growth rates adherence to the developing economies, no doubt, but developing economies are required to look into the development rates rather than growth rates. However, to confine the boundaries of development rates and their summation of macro variables is very difficult. But, obviously, it is essential to diagnose the quality of the development. Otherwise the material or physical growth has no scope to justify the case of development. Consequently, development indices of some of the macro economic variables are being developed and assessed; for example, human development index, human poverty index, social indicators of development etc. During 1970s poverty eradication programmes become the goal of development of most of the developing economies. During 1980s moral, ethical values are considered alongwith environment aspects in the development process. During 1990s the quality of life and human resource development became the thrust of the development paradigm. Self-esteem, freedom from servitude and sycophancy and fetching the basic needs become the development indicators. Of late freedom, rationality, social choices, democratic setup are becoming the indicators of development.