6 Driving Forces of Socio-economic Growth

Socio-economic growth represents the improvement of social welfare and economic development of the people. For the progress of human living standards and societal dignity. Growth of the socio-economic can be measured by various indicators such as education, infrastructure development, quality of life, behaviors of people, etc. It addresses social equality, environmental sustainability, and innovation.

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Driving Forces of Socio-economic Growth

The driving forces of socio-economic growth indicate the development of the nation. It can be described as follows.

1. Employment Generation

One of the key aspects of socio-economic growth is the generation of productive employment. Employment creation not only generates income for people but also fosters economic participation, social integration, knowledge gaining, skill development, etc. Entrepreneurs are employed in various sectors directly and indirectly. Meaningful employment helps to reduce poverty and improves overall social status. Hence, entrepreneurship is the best remedy to resolve unemployment.

Nowadays, mental powers are more useful than physical powers. A business person addresses such ability for the new employees and places them in a suitable place. Through the achievement of knowledge and skills their more efficient workers, also create new ventures. It is an ongoing process, one by one every employee starts a new business. Thus employment generation is a prominent factor in societal development.

2. Utilization of Resources

All the available resources including human and non-human utilization status also refer to socio-economic development. Entrepreneurs provide the best way to use natural resources in a long-lasting way. Resources are prominent for the commencement of a business venture. It supports taking action in the business way. Cause of that business people create income and business growth in the society. In that way, they utilize proper resources to succeed in business and have a quality life.

Skilled manpower uses resources as the demand for production and productivity. They follow the natural resources’ demand and supply as their availability. The scarcity of resources hampers the business, hence entrepreneurs must follow the rule of natural resources. In this way, it helps the proper utilization of resources for economic growth.

3. Social Development

Socio-economic growth presents prominent results for social development. It increases various sectors of human welfare and well-being. It is the measurable factor for the development of a nation. Measuring indicators such as healthcare, employment, nutrition, social integration, living standards, etc. It covers also human behaviors and personal dignity. Social development presents reducing inequalities across different gender, casts, ethnicity, and socio-economic status.

4. Capital Formation

Entrepreneurship allows the mobilizing of unusable savings in the business sector in a profitable manner. They promote capital formation constructively. Public savings are not productive until they are put under continuous transaction in the enterprise. Entrepreneurs create different sectors for the investment of capital in a profitable way.

5. Export Promotion

The quality product of the nation in an economic manner in the international market helps to promote export in the competitive market. Using the best ideas, unique techniques and quality of goods and services provide the best placement in the market. The nation’s export trade is prominent for economic development. Import and export are ongoing processes for the nation. But for the nation’s development export promotion is important.

Export is increased by the market placement of own products in the global market. It is not easy to be stable and compete in the competitive market. As the export increment business person follows the international guidelines and customer desires. By addressing their desires they suitably supply quality products.

6. National Integration

The growth of businesses in the nation covers various small and big markets. Backward markets gradually developed by the new entrepreneurs. They fulfill the market demands and also supply new cities and then gradually address the big cities’ demands. In this sense, increasing competition for entrepreneurs are challenge to produce quality products and services to survive in the markets. Entrepreneurs grow is helps to connect the cities to cities, state to state, and the nation. The growth of the business and markets stimulates the economic development in the nation.