Moneycontrol Pro Panorama | Rethinking Progress: How Do We Measure Ease of Living?

 Progress, prosperity, and peace—each has its own metrics. While individual countries often rely on unique indicators, the world has also established widely accepted benchmarks to quantify economic growth, business strength, wealth distribution, citizen well-being, and national security. As India pursues its goal of becoming a developed nation by 2047, it must score well across several of these indicators.

At the core of these benchmarks lies a simple yet powerful concept: Ease of Living. A developed nation is one where life is not just economically viable but also comfortable, secure, and full of opportunities. But how do we measure this quality?

The most commonly used—but also most limited—indicator is Gross Domestic Product (GDP). As the backbone of economic policymaking globally, GDP helps compare the relative size and strength of nations. It explains why the United States remains an unmatched global force, and why India’s rapid economic expansion earns admiration worldwide.

India’s recent leap past the United Kingdom to become the fifth-largest economy by GDP is a significant milestone. Continued growth can help the country climb even higher. Yet, GDP alone is insufficient to define true development. For example, while India's equity markets have proven to be engines of wealth—especially post-pandemic—the benefits are not evenly distributed. The National Stock Exchange now ranks as the seventh largest globally, but when we look at per capita income, India’s position is far less impressive.

To truly measure Ease of Living, we must look beyond GDP—toward inclusive growth, equitable wealth distribution, access to essential services, and the daily realities of citizens. Only then can India truly lay claim to the title of a developed nation.