is a concept that advances equitable opportunities for economic participants during economic growth with benefits incurred by every section of society. Our National Leaders of India has struggled a lot to bring inclusive growth among all the people at the time of British Ruling in India. The ‘inclusive growth’ as a method of economic development obtained interest as a result of a growing situation that the advantages of monetary increase have no longer been equitably shared. Growth is inclusive while it creates financial opportunities in conjunction with ensuring equal get admission to them. Apart from addressing the issue of inequality, the inclusive growth might also make the poverty reduction efforts greater powerful by explicitly creating effective financial opportunities for the negative and inclined sections of the society.
The Inclusive Growth has been explained in some of the different dimensions as follows:
1) Employment Generation
2) Agricultural Development
3) Social Sector Development
4) Equal Distribution of Income
5) Environment Protection
6) Reduction in Regional Disparities
7) Industrial Development Poverty Reduction
8) Inclusive of Growth Equality
9) Inclusive of Empowerment
10) Poverty Reduction
11) Provide Education and Increase Skill Set.
Our Government has spent a lot of time and energy in focusing on Inclusive Growth. Inclusive Growth really implies bottom’s up thinking not top-down thinking, the idea is not to create more billionaires but the idea is to take millions out of poverty who are at the bottom of the economic pyramid.
So, that means we need to increase our spending in rural areas, we need to build roads there, we need to provide better skills, education, improved agriculture, provide electrification and provide better connectivity.
How Inclusive Growth takes Place: Government has to invest more in rural areas, once their income increases, their prosperity increase, there will be demand for new products and services. Many people looked at rural India as a market, but we should look as opportunity to increase their income, once we increase their income automatically there will be market for new products and services, but first Government should give them basic necessities like food, cloth, security, shelter, education, health and the opportunities to be created for successful Inclusive Growth of the Nation.
video by KALYAN SIR
There are also main 3 challenges of Inclusive Growth in India, they are as follows:
The disparity between rich and poor, urban and rural, educated and uneducated. We have to decrease this disparity, we can never get rid of it but we can narrow it substantially by proper inclusive growth plans introducing by Government.
We have 550 million young below the age of 25, we have a workforce for the world, everything we do today must focus on this population we need to provide them nutrition food, education, skills, jobs etc. We have to create 10-15 million jobs every year, it will not come from Government, So we have to create more Entrepreneurs in rural areas, the inclusive growth has become a challenge for the Government and for society.
a) Expansion– Everything is happening in India but perhaps not happening in the pace we would like, we have roads but we need more roads likewise, energy, infrastructure, etc. Everywhere we need to expand.
b) Excellence– Leaving of our top 5 or 10% quality of our education, our services, our Governance, is really not that great so, we must collectively work towards improving quality in everywhere without which inclusive growth cannot be expected.
c) Equity- We have to make sure that the poorest of the poorer can indeed get the best education, health, jobs and other facilities.
We need to focus on affordability, scalability, and sustainability. We can come up with affordable solutions. And moreover we should protect our environment, the policies which Government make should not get harm to the Environment because we have to safeguard to the future generation otherwise, it becomes selfishness and people cannot live in those conditions so before any economic plan of the Nation much focus should be given for Inclusive Growth.