THE SCIENTIFIC BASES OF ECONOMIC DEVELOPMENT

Abstract

Dr. Prasanta Chandra Mahalanobis was an Indian scientist and statistician. He established the Indian Statistical Institute. Being one of the first members of the Planning Commission of India, Dr. Mahalanobis contributed towards designing large-scale sample surveys and formulated strategy for the second Five-Year Plan of India. The paper addresses the economic development of India as a newly independent country. The critical role of investing into human resources for economic development of a country forms the main theme of the paper. The author analyses the recent history of development in advanced countries and calls attention to the interplay between education, research, technological advancement and economic performance of a country. Key sections of the article underscore the importance of applied and fundamental research in science, policy interventions and strategic investments in human capital to enhance productivity and foster economic development. The article concludes by reiterating the fact that while the importance of economic and technical aid has increasingly become clear, these alone are insufficient without a societal structure supporting reason-based decision-making.