4. Why is inclusive economic growth imperative for a sustainable future? Analyse.
स्थायी भविष्य के लिए समावेशी आर्थिक विकास अनिवार्य क्यों है? विश्लेषण करें।
Inclusive growth is a concept that advances equitable opportunities for economic participants during economic growth with benefits incurred by every section of society and creates opportunities for all, especially the most disadvantaged, and distributes the gains from prosperity more equally.
- The push for economic growth in recent decades has led to substantial increases in wealth for large numbers of people across the globe. But despite huge gains in global economic output, there is evidence that our current social, political and economic systems are exacerbating inequalities and volatility, rather than reducing them. According to the Oxfam Report, in India, the top 1% holds 51.53% of the national wealth, while the remaining 99% make do with almost 48%.
- Inclusion and economic growth go hand in hand and one leads to another and both leads to a sustainable future.
Inclusive economic development will include poor, vulnerable, marginalized, women, youth and people from every stratum of society in economic activity for a sustainable future. Let’s see a few sections in detail:
- Women: Women account for 49.5 % of the population of the country and their inclusion in the workforce and economic activities will greatly contribute to the growth and sustainability of the economy.
- Farmers: In India, more than half of the population is dependent on agricultural activities; in this case, the inclusion of farmer by providing them with the benefit of growth is a must for food security and development of food processing industries. This will also lead towards doubling farmer’s income by 2022.
- Youth: The working age group 15-59 years account for 62.5% of India’s population. These population parameters indicate the availability of demographic dividend in India, which will last till 2055-56. Inclusion of youth in countries economic journey by providing them with skills and employment will contribute greatly in the long term economic growth and fruits of this dividend can be enjoyed by this generation and generations to come. Otherwise, it will be a demographic disaster.
- Tribal: In tribal areas where the development programs for economic growth come in conflict with the cultural sentiments of the tribal population, which hampers social sustainability.
- Poor: Food security and employment opportunity lead to better nutrient intake which ultimately provides a healthy workforce to the nation.
- Regional Inclusivity: Some social groups and territories have been left out for decades and need support. This leads to extremist and secessionist tendencies to create volatility and are not in favour of economic growth. With the right policies and investments in essential public services, we can build more cohesive societies and bridge the divides that threaten our future economic prosperity.
In other words, inclusive economic growth is not only about expanding national economies but also about ensuring that dividends reach the most vulnerable people of societies. In order to boost growth and counter the slowdown in emerging markets in long terms, we need to ensure that its benefits reach everybody in society.
Economic Inclusion leads to:
- Increases investment and Industrial development: A stable and predictable operating environment with skilled youth available for work is a prerequisite for private sector investments.
- Overall Development of nation: The inclusive economic portion of our work is deeply interconnected with other areas of our action, namely food security and nutrition, water and sanitation, sustainability, gender equality and public-private partnerships.
- Economic development: Universal access to education and health services, access to financial services, new technologies and affordable bank loans, gender equality, equal opportunity and more equal distribution of resources can all support economic development.
- Giving everyone a stake in growth: People would feel more motivated and involved in the benefits of economic growth were allowed to flow into the pockets of lower strata of society.
- Building trust: Large segments of the population have faith in their government due to equality and avoid going towards Left-wing extremism, which is good for sustainability.
Therefore, Sustainability and inclusive growth can’t be achieved in isolation and they supplement each other. In this way, economic inclusion will lead to financial, social, cultural, political and environmental sustainability.
Goal 8 of Sustainable Development Goals specifically aims to promote inclusive and sustainable economic growth. We should work together toward expanding opportunities and reducing vulnerabilities with the hope to ensure sustainable economic growth for all, leaving nobody behind to achieve “Sabka Sath, Sabka Vikas, Sabka Vishwas” for New Inclusive India.