It is difficult to achieve inclusive growth quickly due to our vast population, making it equally crucial for us to continue striving towards it so that India may begin to utilize its demographic dividend.
Every member of society must benefit from economic progress for there to be inclusive growth. Giving the less fortunate members of society the chance to participate in and contribute to economic growth achieves this. This ensures that economic growth is directed at including disadvantaged and marginalized groups in the economy’s expansion.
The goal of inclusive growth is to lessen income and wealth disparities within the population. More people will have access to equal possibilities in the country if there is less inequality.
It focuses on giving underprivileged members of society equal access to education, healthcare, and work opportunities.
The full potential of a nation’s working-age population can be realized through inclusive growth, which also raises the standard of living for all the citizens.
The situation in India
Large government investments in the Right to Education Act and Sarva Shiksha Abhiyan, which make education free and mandatory for children, have boosted access to education.
The country’s financial inclusion has improved as a result of government measures, and today a sizable portion of the rural population has access to savings accounts and financial services including insurance and credit from banks.
This has also made it easier for the underprivileged and needy to get government aid and benefits directly into their bank accounts, shielding them from fraud, corruption, and payment delays.
People may now more easily access services like healthcare and education because of improvements in infrastructure and communication between rural and urban locations.
Large quantities of resources are becoming concentrated in the hands of a small number of people in India as a result of rising economic disparity.
The emphasis on teaching pupils the skills that businesses want has not changed in the educational system. The most urgent requirement is to close the skill gap.
One of the biggest problems is also solving the unemployment situation.
Poor people in India struggle to get modern healthcare due to the high cost of healthcare facilities. It is difficult to provide accessible healthcare for all medical conditions.
India still has a lot of corruption in the economy, in the construction of the infrastructure, and other areas. It is challenging for disadvantaged people and households to escape poverty as a result of all these problems.