Research Paper
Commerce
E-ISSN No : 2454-9916 | Volume : 8 | Issue : 11 | Nov 2022
INCLUSIVE DEVELOPMENT OF INDIA: NEW HORIZON
Dr. Dinesh Prasad Gupta Head, Deptt. of Commerce, C.M. College, Darbhanga, Bihar, India. ABSTRACT The concept of inclusive growth has become vital to economic development due to rising economic inequality and its effects on human well-being and prosperity. Inclusive growth as economic growth that is distributed fairly across society and creates opportunities for all. Inclusive growth is intended to meet the objectives of inclusiveness and sustainability together. Indian government along with the state governments and local governments should continue to focus on eradicating poverty and achieving sustainable development in order to improve the lives of India's people. Through innovative partnerships with an international organization, civil societies, and private companies, inclusive and equitable growth can be targeted. Inclusive growth will help in the empowerment of vulnerable and marginalized populations, improve livelihoods, and augment skill-building for women. In the end, inclusive growth has to start from the grass-root level, hence targeting the basic issues is key. Nowadays, large numbers of people are losing faith in their institutions. This trend can be reversed if public authorities demonstrate the highest standards of integrity and efficiency in their work, and promote more transparency and public participation. KEYWORDS: Inclusive, Development, Opportunities, Government, Innovative and Population. 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. The concept of inclusive growth has become vital to economic development due to rising economic inequality and its effects on human well-being and prosperity. Inclusive growth as economic growth that is distributed fairly across society and creates opportunities for all. Inclusive growth is intended to meet the objectives of inclusiveness and sustainability together. Former President Pranab Mukherjee had mentioned that “Inclusive growth should not be a mere slogan but a fundamental driving force for sustainable development.” Inclusive growth focuses on ecological friendly economic growth which is a necessary and crucial condition for poverty reduction and sustainability. 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: 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: 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. REVIEW OF LITERATURE: Review of related literature makes the investigator fully aware with the previous work that has been done. It also provides an opportunity of gaining insight into the method, measures, subject and approaches employed by the other researchers. Mehrotra, et al. (2009) constructed a Financial Inclusion Index (FII) to measure the level of financial inclusion and then try to find out the relation between financial inclusion and economic growth. Their argument is that, when people access to banking services it benefits them to park their money in the formal financial institutions. This results in high growth through multiplier effects which in other words helps to achieve an inclusive growth. Chakravarty and Pal (2010) have very recently presented a set of matrices for measuring financial inclusion. In what they call as an axiomatic approach, they consider data from Beck et al. (2007) which reported eight indicators of financial inclusion. Their work is two folds. In the first stage they calculated the level of financial inclusion in 21 countries including India for different income groups. They stated that, to achieve the high level of financial inclusion, the factors of banking services have contributed equally to that success. At the state level, most of the states have experienced low financial inclusion during the period of 1991 to 2001. Interestingly, for the period of 2001 to 2007, the level of financial inclusion has increased in Indian states. Chattopadhyay (2011) have studied the efficacy of financial inclusion in West Bengal (WB). For that, he has compared the performance of WB among all other Indian states and then a survey has been done in selected districts of WB. In comparing the performances, the WB has scored a very low level of financial inclusion. In the Financial Inclusion Index, Maharashtra has scored the highest level of achievement in financial inclusion. He argued that, after 2005 to 2006, there has not been any measure success in financial inclusion. Considering the district
Copyright© 2022, IERJ. This open-access article is published under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License which permits Share (copy and redistribute the material in any medium or format) and Adapt (remix, transform, and build upon the material) under the Attribution-NonCommercial terms.
International Education & Research Journal [IERJ]
1