Inclusive Growth of India: Need and Challenges

Abstract

Economic growth reflects in human growth and is absolute only when the growth is qualitative. Inclusive growth is a synonym for equity and equality. Performance in external sector and country’s inclusive growth are in-separable in a globalised economy. Though all economic activities may not receive equal returns in the domestic and external sectors, policy initiatives and voluntary commitment of the affluent organizations can help realizing inclusive growth through helping development in the other sectors of economy. Growth is less likely to be sustainable with high or growing inequalities, and inequality can hamper growth. The need for more ‘comprehensive growth’ has now been recognised in many countries As these countries experience economic growth, their development challenges remain. Income inequalities have risen in many countries. Regional inequalities tend to be deeply entrenched, The government and private sector can play Complementary roles in driving inclusive growth. There is a need for the public and the Private sector in India to have a unified approach towards how they can extend, innovate, and pool resources in new ways to drive inclusive growth. This paper elaborates the need to build Inclusive India and emphasizes why it is imperative to focus on inclusive growth now. It presents the opportunities available for building an inclusive India by identifying key levers in governance, education, energy and resources, telecom and technology, infrastructure, Healthcare, financial inclusion, and business model innovation. It also highlights some of the challenges why efforts to build an Inclusive India in the past have had only limited success and What can be done healthier in the future so that inclusive growth is realized?