Indian economy, since independence, has made progress in major economic fronts but the fact remains that all sections of the society and each individual does not have the same status, same education level or same health. With economic growth, the disparities among the haves and the have nots have risen despite the execution of some income redistribution measures of the government, also known as ‘Sharing Growth’. The experts have lately realized that the core solution to the problem is not sharing growth but ‘Inclusive Growth’.
Inclusive Growth, as the concept suggests, means growth process which involves every individual in the economy. An economy with all members participating and contributing to its progress is said to have such a growth. Unlike sharing growth, inclusive growth is a permanent relief. There are a lot of dimensions involved in the process of inclusive growth. The first and the foremost ones are improving the education level in terms of quality and quantity and the health care quality of individuals in any economy. Lowering poverty and inequality follows the trajectory. Sharing growth acts as a catalyst to bring about inclusive growth in any state. Improving business environment, regulation, public governance and transparency is another set of measures required in this context. Corruption needs to be rooted out firmly from its roots for the betterment of the economy as a whole. Reforming labor markets, introducing tertiary and financial sector reforms and increasing productivity in agriculture would enable all the sectors to progress and improve efficiency of each and every activity of the economy. Strengthening innovation would make the economy self sufficient in terms of know-how, that would accelerate the path of growth. Promoting greener growth is a way to sustain high and inclusive growth. Protecting the environment would make the economy richer.
Creating job opportunities, easing monetary policies to promote investment, financial inclusion scheme and various insurance schemes are a few steps towards inclusive growth. A cleaner India is a cherry on the cake.