Inclusive Growth

Syllabus Relevance: UPSC GS 3 - Inclusive Growth and issues arising from it.

Definition

Inclusive growth is economic growth that is distributed fairly across society and creates opportunities for all. (OECD)

Dimensions of Inclusive Growth:

How to achieve it? (refer dimensions wali figure)

• Policy reorientation:
  • Progressive taxation
  • Social spending, on public services such as education, health and social protection
  • Financial inclusion via Prime Mantri Jan Dhan Yojana
  • Eg. Pradhan Mantri Suraksha Bima Yojana, Atal Pension Yojana
• Recognize the work done by women in care economy
• Moving towards productive sectors
• Increasing agricultural productivity
• Robust labour protections
• Institutional and policy support for collective bargaining
• Development of underdeveloped regions
• Political Empowerment of Women, weaker sections, etc.

Measures taken to achieve inclusive growth
(mention schemes, policies, etc)

Elements of Inclusive Growth

• Skill Development
• Financial Inclusion
• Technological Advancement: in Agriculture, Health, Education, DM, Governance, Manufacturing, etc.
• Economic Growth
• Social Development

Challenges in Achieving Inclusive Growth:

• Poverty
  • 8.8% of the population lives in severe multidimensional poverty (Multidimensional Poverty Index, 2018)
• Unemployment
  • 5.8% Unemployment (Periodic Labour force Survey)
• Agricultural backwardness
  • 44% of people in India have agriculture-related employment but its contribution to the Indian GDP is only 16.5%
• Issues with social development
  • India ranks 94th out of 107 countries Global Hunger Index (GHI) 2020
• Regional Disparities
  • Goa’s per capita income in 2018 was 10 times that of Bihar

Conclusion: Through strategic partnerships between various stakeholders such as Govt, international organization, civil societies, pvt sector, etc inclusive equitable growth can be achieved.

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