As per the economic theory, not only the climate but many factors are responsible for the development, the important factor for development are.
- Technology advancement:
- Despite lacking natural resources in Israel and Japan. Both are developed counties because of technological advancement.
- Capital formation:
- Capital formation helps to invest in machines, research, and technology to boost development.
- Demographic dividend:
- Human resource is an important resource for any country for development as:
- Humans can change things into resources.
- can develop technology to increase productivity and efficiency.
- A healthy and educated working population is key for regional or country development.
- A demographic dividend is favorable in India for development.
- The aging population in European countries, Japan, the USA, and China is not favorable for their development.
- Social and human capital:
- Social peace and a large social network are key to social capital.
- Both social and human capital is the pivot for regional development.
- Kerala is more developed than Bihar because of human capital.
- Natural resources
- Mineral resources can be brought from somewhere else but some basic natural resources such as water, soil, and mild climate are needed for development for the region.
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