Economic Democracy means absence of all exploitation, that is, workers should not be exploited by land lords. Equal wages should be given for equal work. No distinction should been made b/w men and women. There can be no economic democracy if there is no fair distribution of wealth in the society.
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Democracy by itself, giving importance to each of the citizens of the country. Democracy is very important in the economic development of a country, as it plays the lead role in the economic development of a country. Every citizens are equal in front of the law. No one is different from one another. All the citizens, irrespective of caste, gender, and religion, should be treated equally. This equal representation, will be helpful for those people, who are living depressed, in other words, " the untouchables". If they are treated equally, with all other fellow citizens, then there will be a huge increase in the economy of those communities, and families, who are poor, and in turn, it will increase the economy of a country.
Thus, democracy leads a major role in the economic development of a country. 

Hope this will help you. :)