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Theoretical and Applied Economics
No. 3 / 2023 (636), Autumn

A proposal for modified human development index for BRICS countries. A holistic approach towards sustainable human development

Central University of Rajasthan, Ajmer, India
Central University of Rajasthan, Ajmer, India

Abstract. Study attempts to align HDI with the Sustainable Human Development approach. Modified HDI, integrating employment, human values, environmental sustainability, quality aspects of health and education, as a simple generalization within the structure of the existing methodology, is developed for BRICS countries for the period 2000-2019. Proposed MHDI's environmental sustainability dimension index was created using Principal Component Analysis. Framed dimensional indices were regressed on the MHDI values, followed by post-hoc analysis, assisted in generating policy implications. Computed MHDI scores were lower than HDI values for all BRICS members, indicating a lower human development scenario in these countries than what HDI perceives.

Keywords: BRICS, sustainable human development, modified human development index, principal component analysis, post-hoc analysis.

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