“More availability of resources will not bring economic development.” Justify the statements.

For economic growth, the existence of natural resources in abundance is essential. A country which is deficient in natural resources will not be in a position to develop rapidly, but more availability of resources does not ensure economic development.

There are certain regions that are rich in resources but are not economically developed. The resources and technological advancement goes hand in hand. No state can ensure economic development if it does not keep pace with the latest technology.

Example: Northeast sates which are rich in mineral resources but are considered to be underdeveloped because of lack of appropriate technology.