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Summary Inclusive growth
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Conscise and precise notes over inclusive growth
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Inclusive Growthdrishtiias.com/printpdf/inclusive-growth-1
Introduction
Inclusive growth means economic growth that creates employment opportunities and
helps in reducing poverty.
It means having access to essential services in health and education by the poor. It
includes providing equality of opportunity, empowering people through education and
skill development.
It also encompasses a growth process that is environment friendly growth, aims for
good governance and helps in creation of a gender sensitive society.
As per OECD (Organisation for Economic Co-operation and Development), inclusive
growth is economic growth that is distributed fairly across society and creates
opportunities for all.
Elements of Inclusive Growth
Skill Development
Harnessing the demographic dividend will depend upon the employability of the
working age population, their health, education, vocational training and skills. Skill
development plays a key role here.
India is facing a dual challenge in skill development:
First, there is a paucity of highly trained workforce
Second, there is non-employment of conventionally trained youths
According to the Economic Survey 2017, over 30% of youth in India are NEET (Not in
education, employment or training).
Similarly, UNICEF 2019 reports stats that at least 47% of Indian youth are not on track
to have the education and skills necessary for employment in 2030.
Financial Inclusion
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, Financial Inclusion is the process of ensuring access to financial services to vulnerable
groups at affordable costs.
Financial inclusion is necessary for inclusive growth as it leads to the culture of saving,
which initiates a virtuous cycle of economic development.
Technological Advancement
The world is moving towards an era of Industrial Revolution 4.0. These technological
advancements have capabilities to both decrease or increase the inequality depending
on the way these are being used.
Several initiatives have been taken by the government, eg. Digital India Mission, so
that a digitally literate population can leverage technology for endless possibilities.
Technology can help to combat other challenges too, eg:
Agriculture- Modern technology can help in making an agro-value chain from
farmer to consumer more efficient and competitive.
Manufacturing- Technology can resolve the problems of finance, procuring raw
materials, land, and linkages with the user market. GST was made possible only
with the help of sound technology.
Education- Innovative digital technologies can create new forms of adaptive and
peer learning, increasing access to trainers and mentors, providing useful data
in real-time.
Health- Technologies could transform the delivery of public health services -
extend care through remote health services
Governance- Technology can cut down delays, corruption, and inefficiency in
the delivery of a public service
Economic Growth
India is among the fastest-growing major economies in the world. However, currently
Indian economy is facing slowdown due to both cyclic and structural challenges.
However, the target of becoming a $ 5 trillion economy by 2024-25 can allow India to
reduce inequality, increase social expenditure and provide employment to all.
Social Development
It means the empowerment of all marginalised sections of the population like
SC/ST/OBC/Minorities, women and transgenders.
Empowerment can be done by improving institutions of the social structure i.e.
hospitals especially primary care in the rural areas, schools, universities, etc.
Investment in social structures will not only boost growth (by fiscal stimulus) but will
also create a healthy and capable generation to handle future work.
Challenges in Achieving Inclusive Growth
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