When India gained independence 74 years ago, the dreams were not just about individual freedom but also encompassed economic, social, and political liberation. Today, those dreams have evolved as India aspires to join the $5 trillion club, marking a shift in goals.
- Growing awareness in developing Asia acknowledges the importance of inclusive growth.
- Concerns have risen as the benefits of impressive economic growth were not shared equitably among the population.
- In 1950, the Planning Commission was established in India to oversee planning aspects, including resource allocation, implementation, and appraisal of five-year plans.
- These plans aimed at centralized economic and social development.
- India has witnessed rapid economic growth in the last two decades.
- Asia’s overall growth has significantly reduced extreme poverty levels.
- India’s economy is on a different path marked by high expansion and a focus on ‘inclusive growth’.
- This shift signifies a change from previous economic phases.
- International bodies like the United Nations, World Bank, Asian Development Bank, and NGOs have actively studied and supported inclusive growth.
- Various government projects, such as Jawahar Rozgar Yojna, Integrated Rural Development Program, Rural Housing Scheme, and others, aim to promote inclusive growth.
- The Mahatma Gandhi National Rural Employment Guarantee Act is one such initiative.
- Private sector involvement is crucial for boosting inclusive growth in India.
- Initiatives like the ICICI Foundation demonstrate the private sector’s commitment to promoting inclusive growth.
- Both the government and the private sector play essential roles in driving inclusive growth.
- A collaborative approach is necessary for extending, innovating, and cooperating to enhance inclusive growth.
In conclusion, India’s journey from independence to its current economic aspirations emphasizes the importance of shared growth and the need for collaboration between the public and private sectors to achieve inclusive development.
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