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.
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.
- 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:
- Skill Development – to ensure the employability of the working age population. Education, vocational training is important for it.
- Financial Inclusion – to ensure access of vulnerable sections of society to financial services at affordable costs.
- 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.
- Economic Growth – focused on reducing inequalities.
- Social Development – empowerment of vulnerable sections of the society.
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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