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Elements of Inclusive Growth

Elements of Inclusive Growth

Skill Development

  • Harnessing the demographic dividend will depend upon the employability of the working age population, their health, education, vocational training and skills.
  • Skill development plays a key role here. India is facing a dual challenge in skill development:
  • First, there is a paucity of highly trained workforce.
  • Second, there is non-employment of conventionally trained youths.
  • According to the Economic Survey 2017, over 30% of youth in India are NEET (Not in education, employment or training).
  • Similarly, UNICEF 2019 reports stats that at least 47% of Indian youth are not on track to have the education and skills necessary for employment in 2030.

Financial Inclusion

  • Financial Inclusion is the process of ensuring access to financial services to vulnerable groups at affordable costs.
  • Financial inclusion is necessary for inclusive growth as it leads to the culture of saving, which initiates a virtuous cycle of economic development.

Technological Advancement

  • We’re stepping into the era of Industrial Revolution 4.0, and the way we handle these technological leaps can either bridge gaps or widen them. The government is on it, like with the Digital India Mission, aiming to arm people with digital skills for a world of possibilities.
  • In agriculture, tech is like a superhero, making the whole process from farmer to your plate smoother and more competitive. It’s not just about growing crops; it’s about creating a well-oiled machine.
  • Manufacturing had its hiccups, but technology rode in like a knight in shining armor. Sorting out finances, getting raw materials, dealing with land, and connecting with the market – all a breeze thanks to tech. Even GST, the tax maestro, wouldn’t be possible without it.
  • Education is getting a facelift too. Forget traditional ways; think adaptive learning, buddies helping each other out, and mentors just a click away. Tech is opening doors to knowledge wider than ever before.
  • Healthcare is on the brink of a revolution. Imagine getting medical advice without leaving your home, thanks to remote health services. It’s not just care; it’s care at your convenience.
  • When it comes to governance, tech is the fixer-upper. No more delays, corruption takes a hit, and inefficiency? Almost non-existent. Public services are getting an upgrade, and it’s about time.

Economic Growth

  • India has been swiftly advancing as one of the fastest-growing major economies globally. Nonetheless, at present, the Indian economy is encountering a slowdown attributed to both cyclic and structural challenges.
  • Despite these hurdles, the ambitious goal of achieving a $5 trillion economy by 2024-25 holds the potential to address issues of inequality, boost social expenditure, and create ample employment opportunities for all.

          Social Development

          • It means the empowerment of all marginalised sections of the population.
          • Empowerment can be done by improving institutions of the social structure i.e. hospitals especially primary care in the rural areas, schools, universities, etc.
          • Investment in social structures will not only boost growth (by fiscal stimulus) but will also create a healthy and capable generation to handle future work.

          Read Also: Definition of Inclusive Growth

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