Economic growth is a multi-dimensional concept and is reflected in people’s better standard of living, better food, clothing and housing, improved education, sanitation, medical facilities,  better means of transport and communication and information technology, reduction in the level of poverty, hunger, unemployment and inequalities in distribution of economic and social power, increase in productivity with advancement of science and technology, carrying out innovation through research in different fields promotion of human skills, improvement in production functions, participation of less advantageous section of the society in decision making (no discrimination on the basis of cast, creed, religion, gender, place, religion, family background, ideology, fait , language etc.), empowerment of the needy section of the society, inclusive and sustainable growth (meeting the needs of not only present generation but also future generation without any sort of pollution of natural resources), distribution of gains on the basis of equity and justice, internal and external place etc. Exclusion of any section, place, religion, community, sector etc. does not carry the true spirit of growth. Growth rate must be far greater than that of the rate of growth of population. Economic and social stability is equally important. Indian economy is passing through a phase of economic slow-down amid the advantageous situation of demographic dividend and inflation. An attempt has been made to study these in relation to our values and value system.