The economic development is one of the most critical aspects which are responsible for the enhancement and recognition of a country at the global level. There are various economic developments that can be attained with the help of proper planning, focused on the development of a country. The economic development is related to the various types of businesses and trading, that take place in a country along with the educational system and the living standard of the citizens. It is significantly crucial to achieve the basic level of the economy and then progress to bring new advancements and development to a country. The idea of accompanying modern development in economics is the reason why so much development has been noticed from the beginning. These new developments place a leading role and bringing new laurels to the economy of a country. Let's understand more about the economy, its various aspects, economic development as well as the new developments in the field of Economics.