Economic policies focused only on quantitative aspect of growth have not shown trickle-down effect. Inclusive growth only can ensure equitable distribution of fruits of progress. Elaborate.

Published: August 3, 2022

Earlier economic policies were focused on growth, a quantitative approach. It was believed that ultimately prosperity would ‘trickle-down’ to the masses. However, rising inequality, hunger, disease, low-wages, poor education & healthcare are causing societies to talk about development & inclusive growth.

Inclusive Growth:

  • As per OECD, inclusive growth is that which is distributed fairly across society and creates opportunities for all.
  • It means equality of employment opportunities, access to essential services like health, education, etc by all.
  • Empowerment of vulnerable sections of society via education & skill development.
  • An environment friendly sustainable growth process.

Elements of Inclusive growth:

  1. Skill Development – to ensure the employability of the working age population. Education, vocational training is important for it.
  2. Financial Inclusion – to ensure access of vulnerable sections of society to financial services at affordable costs.
  3. Technological Advancement – Technology can both, decrease or increase the inequality depending on the way it is used. It can transform agriculture, education, and health sector.
  4. Economic Growth – focused on reducing inequalities.
  5. Social Development – empowerment of vulnerable sections of the society.

Conclusion:

India ranks 130 in Human Development Index and 115 in Global Hunger Index. Hence, “Sabka Sath, Sabka Vikas” approach is needed to achieve SDGs by 2030.

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