EDEN IAS

KEY DRIVERS AND DIMENSIONS OF INCLUSIVE GROWTH| GS ARTICLES

<p><span><img alt=”” src=”https://i.filecdn.in/476edenias/image-1612850330892.png” /></span></p>

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<p><span><strong>The following factors enable India to focus on inclusive growth:</strong><br />
&bull; India is the 7th major country by area and 2nd by population. It is the 5th largest economy in the world. Yet, development is not visible in India and it&rsquo;s the neighborhood nation, i.e., China is progressing at a speedy rate.<br />
&bull; The exclusion in terms of low agriculture growth, low-quality employment growth, low human development, rural-urban divides, gender and socialine qualities, and regional disparities, etc. are the problems for the nation.<br />
&bull; Decreasing poverty and other disparities and rising of economic growth are major objectives of the nation through inclusive growth.<br />
&bull; Political leadership in the country plays a vital role in the overall development of the country. But, the study has found that politicians in India have a very low level of scientific literacy.<br />
&bull; Studies assessed that the cost of corruption in India amounts to over 10% of GDP. Corruption is one of the ills that prevent inclusive growth.<br />
&bull; Though child labor has been banned by the law in India and there are stringent provisions to deter this inhuman practice. Still, many children in India are unaware of education as their lives are spoiled to labor work.<br />
&bull; Literacy levels have to rise to provide the skilled workforce required for higher growth.<br />
&bull; Economic improvements in the country are overwhelmed by outdated philosophies and allegations by the politicians and opposition parties in India.<br />
&bull; Achievement of 9% of GDP growth for the country as a whole is one of the boosting factors which gives importance to the Inclusive growth in India.<br />
&bull; At the global scale, there is a concern about dissimilarities and exclusion and now they are also talking about the inclusive approach for development.<br />
<strong>&bull; Inclusiveness benchmarked against the achievement of monitor-able targets related to</strong><br />
1. Income &amp; Poverty<br />
2. Education<br />
3. Health<br />
4. Women &amp; children,<br />
5. Infrastructure<br />
6. Environment</span></p>

<p><span><strong>What is financial inclusion?</strong><br />
&ldquo;Financial inclusion may be defined as the process of ensuring access to financial services and timely and adequate credit where needed by vulnerable groups such as weaker sections and low-income groups at an affordable cost.&rdquo;</span></p>

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