Solution

Economic growth can be defined as an increase in the total output of goods and services in the country for a given time period. Growth with equity is said to be growth with equal distribution. Growth refer to increase in GDP and equity means social justice. Only growth will not be able to guarantee welfare of the people of the country. The GDP is not a good measure of development of people of a nation. Therefore growth along with equity which means development for all is a good parameter for economic planning and paves way for development with social justice.