The Concept of Inclusive Growth
The Concept of Inclusive Growth
India's economic growth after 1990s has made it one of the world's fastest growing economies in the world. Its GDP growth rates of up to about nine per cent in the last few years are historically unparalleled except by neighbouring China. This is particularly relevant considering the large size of the country's population. With the rapid growth rates, however, come new challenges and new questions One such challenging question concerns the spread of the benefits of growth across different segments of society thereby reducing inequality. This is where “inclusive growth” takes precedence “ Inclusive growth is all about raising the pace of growth and enlarging the size of the economy, while leveling the playing field for investment and increasing productive employment opportunities.”
Inclusive growth by its very definition implies an equitable allocation of resources with benefits accruing to every section of society, which is a utopian concept. But the allocation of resources must be focused on the indented short and long terms benefits and economic linkages at large and not just equitable mathematically on some regional and population criteria. Utopia it is because it dreams of an ideal state which we all strive towards. We still have trappings of an utterly violent prone tribal society where most of conflicts simmer for ages with no solutions at sight, As a nation still in the process of developing itself, it would perhaps be very premature to let go of the dream of inclusive growth but with some hard realities thrown in too. Society by its very definition implies coming together of a variety of peoples and sharing of benefits in order to survive and grow. But what we do of the people who are seeped deep in concept of zero sum game, where one has to win at the cost of other across whole gamut of economic activity? Any direct jobs to skilled people create direct and indirect jobs for people having complementary/down
India's economic growth after 1990s has made it one of the world's fastest growing economies in the world. Its GDP growth rates of up to about nine per cent in the last few years are historically unparalleled except by neighbouring China. This is particularly relevant considering the large size of the country's population. With the rapid growth rates, however, come new challenges and new questions One such challenging question concerns the spread of the benefits of growth across different segments of society thereby reducing inequality. This is where “inclusive growth” takes precedence “ Inclusive growth is all about raising the pace of growth and enlarging the size of the economy, while leveling the playing field for investment and increasing productive employment opportunities.”
Inclusive growth by its very definition implies an equitable allocation of resources with benefits accruing to every section of society, which is a utopian concept. But the allocation of resources must be focused on the indented short and long terms benefits and economic linkages at large and not just equitable mathematically on some regional and population criteria. Utopia it is because it dreams of an ideal state which we all strive towards. We still have trappings of an utterly violent prone tribal society where most of conflicts simmer for ages with no solutions at sight, As a nation still in the process of developing itself, it would perhaps be very premature to let go of the dream of inclusive growth but with some hard realities thrown in too. Society by its very definition implies coming together of a variety of peoples and sharing of benefits in order to survive and grow. But what we do of the people who are seeped deep in concept of zero sum game, where one has to win at the cost of other across whole gamut of economic activity? Any direct jobs to skilled people create direct and indirect jobs for people having complementary/down