Comparative Sustainable Development Assessment of India Thailand and Asian G 20 Countries
81 The world leaders are aiming to estimate a countries growth and development with a broader perspective of considering more factors apart from the Gross Domestic Product (GDP) responsible for a countries wealth and wellbeing. In order to understand and estimate true development of a nation the Boston Consultants Group (BCG) has developed a Sustainable Economic Development Assessment (SEDA) framework. This paper aims to compare between India, Thailand and rest of the five G20 nations (China, Indonesia, Japan, Saudi Arabia and South Korea) with respect to the well being indexes representing the ten major dimension of measurement (Income, Economic Stability, Employment, Health, Education, Infrastructure, Income Inequality, Governance, Civil Society and Environment) popularly summed together to portray the SEDA. These ten dimensions come under three major heads namely Economics, Investment and Sustainability. The deviations of nations from the world median has been calculated and compared.Two Way Analysis of Variance(ANOVA) is calculated to find out significance in differences of variances amid discrete dimension scores amongst the seven Asian countries taken altogether. INTRODUCTION The history of all Asian Countries is a amalgam of all coastal regions such as east coast, west coast, south east and the middle east. The coastal fringe has been the home to one of the most oldest civilization of the world and many such as the Indus Valley civilization, Mesopotamia etc.The Economy of Asia comprises of almost sixty percent of the worlds total population that is approximately 4.4 Billion people. Asia is the largest continental economy with highest Gross Domestic Product in terms of both purchasing power parity and nominal parameter. Asia being the rapidest emergent economic region of the world a special mention can be made regarding China and India which are the first an third largest economies of Asia respectively. Asia is the perfect example of the lengthiest world economic boom with enumerating examples of miracle growths in Japan China, Philippines etc. Special reference can be made of the Hans River miracle in 1961, The Japanese economic miracle which began from 1960 and continued until 1990and the Chinese Economic transformation which started from 1963 onwards.Asian wealth is mainly concentrated in the east and the middleeast part comprising mostly of countries like China, Singapore, India and of course the middle east oil rich nations. In our study here we have briefly taken the Asian G20 countries which are one of the most developing countries in the world and Thailand as well because Thailand since a long time has shown a great improvement in growth and development. Among the Asian G20 countries, Japan with substantial industries and electrical intricacy .Indonesia with manufacturing and and South Korea with heavy industries and information and communication know hows deserve a special mention. China whose growth is primarily led by manufacturing and Foreign Direct Investment and India,known for computer software and outsourcing destinations again deserve special mention as the fastest growing nations of the world and definitely current attractions in terms of being a part of super powers of the world economy. When the east mainly depends on Ms. Pallabi Mukherjee Assistant Professor, IBMR IPS Academy, Indore pallabimukherjee@ipsacademy.org Dr. Kalicharan Modak Assistant Professor, IBMR IPS Academy, Indore kalicharanmodak@ipsacademy.org ISSN No. 2349 7165 UNNAYAN International Bulletin of Management and Economics Volume VIII January 2018 82 ISSN No. 2349 7165 UNNAYAN International Bulletin of Management and Economics Volume VIII January 2018 manufacturing and FDI, the middle east specially Saudi Arabia,one of the G20 countries rely mainly on production of commodities specially crude oil.Over the years, alongside prompt economic progression and development and massive superfluous of trade with the rest of the world, Asia has gathered more than four trillion US Dollars US$4 trillion of reserves (For ex) which constitutes to more than half of the world's total. The top powers have identified growth to be not the whole and sole parameter of excellence to establish an economy's prosperity but the way the nation converts its wealth into wellbeing. For such purpose it is of utmost importance to identify development fundamentals in an economy, which will help set goals to achieve for an economy to establish well, being. The BCG has already done the same and have identified three important fundamentals namely Economic, Investment and Sustainable under which has further distributed ten dimensions or factors which portray a countries well being. The factors which enables the world to judge the good health of a nation are Income, Economic Stability, Employment, Health, Education, Infrastructure, Income Inequality, Governance, Civil Society and Environment and all popularly measured under a very popular head, Sustainable Economic Development Assessment (SEDA).Asia is doing its part and proving itself to be one of the superpowers in the world. SourceMukherjee &Ahuja 2017,Asian Journal of Research in Social Science and Humanities. The figure demonstrates the ten dimensions of sustainable economic development calculated to understand the transformation of each country from wealth to well being. The first dimension income includes wealth that is GDP per capita and Economic stability includes inflation and volatility of GDP growth. Employment includes employment and unemployment levels whereas income inequality includes income disparities across the population. The civil society parameters includes the intra and inter bond in the society, civil activism and equality in gender whereas governance includes the quality of government with efficacy and accountability incorporating civic and economic freedom. Educational quality and access constitutes to an important dimension and health includes its each and access and mortality rates of the people. The quality of environment policies and improvement along with water and transportation is also given equal weightage. For a one to one comparison we have taken dimension value of India and Thailand and calculated their individual deviations from the world median values. REVIEW OF LITERATURE Bhattari (2017) has done a detailed analysis on Economic Growth and development in India and other SAARC countries.The momentum of growth has been identified and analyzed by following and studying the trends of the economies fiscal and monetary scenario, trade, income distribution and education respectively.The study puts forward the development and growth criteria's in economies to be systematic and scientific analysis of potential and correct linkage between all the sectors moreover including regions and nations as well.Further he concluded by saying that being steady,stable and their readiness to march single minded in the path of growth will bring about good level of growth and development in SAARC nations and India as well. Comparative Sustainable Development Assessment of India, Thailand and Asian.