Inclusive growth is referred to as a concept that enables equitable opportunities for the economic participants during the time of economic growth with the benefits enjoyed by every unit of the economy. It set up direct links between the macroeconomic and microeconomic factors of the economy. Inclusive growth takes a longer time as it focuses on productive employment as a purpose of increasing the incomes of the indigent- people and enhancing their standards of living. It helps in employment opportunities as well as reduce poverty.
- Economic growth sets the stage for inclusive growth, but it’s crucial that the kind of growth aligns with inclusion.
- Inclusive growth involves embracing the, ethnic/tribal groups, and weaker sections, making them active participants and beneficiaries of economic progress.
- Inclusive growth tackles the challenges faced by excluded and marginalized groups, opening up opportunities for them to join the growth journey.
- Inclusive growth should be fair, treating all individuals favorably, and avoiding discrimination. This means its reach should extend broadly across different regions.
- To be truly inclusive, growth needs to be labor-intensive, generating significant employment opportunities on a large scale, benefiting a wide array of people.
- Inclusive growth has the power to swiftly reduce poverty, thanks to its ability to flexibly adapt and address the needs of diverse communities.
- Inclusive growth ensures that everyone has access to fundamental infrastructure and services, such as quality healthcare and basic education, irrespective of their background.
- Access to basic services in inclusive growth doesn’t just mean availability; it also emphasizes maintaining high standards, ensuring both the quality and quantity of these services.
- Inclusive growth aims to narrow both vertical (income) and horizontal (asset) gaps, making the distribution of economic benefits more equitable.
Read Also: Definition of Inclusive Growth
