3. Governance is not just targeting growth but aiming for development. Elaborate.
Growth and development are two important dimensions for a nation to determine its progress. Where growth gives a quantifiable outcome that can be used for comparison by scholars, development gives qualitative outcome that the people themselves can testify to.
Growth without development:
- Jobless growth- Indian GDP is increasing which as per a normal business cycle should increase employment, but in case of India it is not happening.
- Inequality- Growth in GDP is not getting reflected in development across various socio-economic groups but is concentrated in the upper income strata of the society.
- Environment- Only growth can be detrimental for the environment unless it is coupled with sustainable development.
- Human development- Growth cannot ensure human development unless specific indicators for development are governed.
- Skill development- It needs governance to focus on skill building rather than just increasing the number of jobs.
- Empowerment- Various social groups need to be empowered despite experiencing the economic growth in the nation.
Governance should thus target development rather than just growth. Steps that can be taken:
- Digital initiatives
- Eliminating leakages and middlemen
- Decentralization and giving autonomy to grass root organizations
- Progressive taxation instead of regressive
- Investment in human capital
The main aim of governance is to enhance the quality of life of its citizens. With focus on development initiatives instead of just economic growth it can ensure the overall development of society with will eventually result in growth too.
Best answer: Point_Nemo