Keyword

Economic development; Quality of Life; Human happiness; Consumption. Gross Domestic Product

Abstract

This paper emphasizes that for a nation to revitalize in terms of development, not only does it need to evaluate in terms of GDP growth rate, but also has to consider the Quality of Life of its citizen and their human happiness. There is strong correlation between macro-economic development parameters like health, education, GDP growth rate and Quality of Life Index, expressed through HDI. It also has correlation with subjective quality of life based on the perception of urban socio economic classes, as measured in this study. The subjective quality of life is studied through five parameters like Quality of house, education, health care, transportation and recreation facilities. Human happiness is evaluated through the perception of respondents towards change in their financial conditions and consumption expenditure influencing their quality of life. This empirical research through spearman’s rank correlation tried to establish the relationship between macro-economic indicators with the quality of life parameters as perceived by people. The study was conducted in Mumbai, and its suburban areas .with a sample of 850 respondents taken through structured questionnaire, during 2012-13. It was observed from A. T. Kearney’s GRDI report that India was ranking between first five positions, consistently in terms of Modern Trade Retail Business since 2000. The managerial implication of the study highlights the association of quantitative economic development with larger aspect of human development, for the policy makers to understand the various areas which needs to be taken care to cater towards revitalizing the development of the nation


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