Question 1 · 10 marks · 241 words written
Analyse the factors that have contributed to India's inclusive economic growth in the past decade.
Opening · a definition
Inclusive growth is defined as growth in which dividends of growth is equitably distributed having no one behind.
Body · points and prose
Success in India's inclusive growth
- massive poverty reduction - 24.8 Cr. people out of poverty - NITI Aayog (2013-14 to 2022-23)
- financial inclusion - over 52.2 Cr. unbanked population banked
- reduced inequality - Gini coefficient down to 0.25 (World Bank)
Factors that contributed to India's inclusive growth
poverty reduction schemes → free food grain - PM- Anna Yojana → DBT transfer for subsidies under PM-KISHAN, Ujjawala etc. → Capital via Mudra yojana
manufacturing boost - creation of more than 14 lakh jobs via PLI, electronic manufacturing (2nd largest)
digitisation of economy using JAM trinity and UPI (over 40% of all real time digital transaction of world - by volume)
job creation via export growth - over 750 Billion USD of exports in electronics, refineries etc.
entrepreneurship - startups in tier 2, 3 cities
focus on marginalised sections through SHGs (E-shakti mission), Startup India, Standup India (Capital to SC, ST children)
Close · a vision
| Lacunae | way forward |
|---|---|
| 1) agricultural un-productivity - disguised | 1) massive low/medium scale manufacturing |
| 2) lack of labour intensive industries | 2) rural industrialization - curb distress migration |
| 3) low skill - only 50% of population | 3) skilling of youth |
Inclusive growth is must for Viksit Bharat by 2047.