According to a World Bank report, India’s share in global GDP on the basis of PPP (Purchasing Power Parity) is 6.4% and on this basis today our country is the third largest economy in the world, but still it has not got the place it really deserves. Population growth is the biggest challenge before the economic development of our country, as well as unemployment also increase due to non-creation of employment opportunities in proportion to the increasing population, which becomes the root of many social problems and evils. The population increases but our resources do not increase in that proportion, as a result of which we have to distribute limited resources with more people than before, as a result of which our economic development slows down. Unemployment is also a major challenge in India’s economic development. Due to unemployment, the resources of the country are not utilized properly, as a result of which the economic development of the country does not get proper speed. The increasing population can be controlled by promoting education on a large scale across the country and by adopting the ideal of ‘small family, happy family’ by the people. New areas of employment should be sought by raising the literacy rate, expanding cottage industries etc. New policies should be formulated to remove economic disparity. Women should be educated in maximum numbers and linked to employment. Social reformers, writers, artists and other intellectuals should also communicate new consciousness among the people by connecting with the people, so that social revolution can be brought in the country. Nobel laureate Indian economist Amartya Sen also says- “Economic development is not possible without social change.”