Experience of India in ushering in Inclusive growth since independence

  • Independence brought dreams of not just individual, but also economic, social and political freedom. Seventy- four years later, these ideals have undergone a transformation as India seeks to join the $5 trillion club.
  • The recognition of the significance of inclusive growth in developing Asia have been generated by a rising concern that the benefits of remarkable economic growth have not been equitably shared.
  • India set up the Planning Commission in 1950 to oversee the entire range of planning, including resource allocation, implementation and appraisal of five-year plans. The five-year plans were centralized economic and social growth programmes
  • Developing India experienced rapid economic growth during the last two decades. Asia’s rapid growth has led to dramatic reduction in the level of extreme poverty.
  • Within the context of India, the Indian economy, which has undergone various phases since last many decades is currently enter an altogether different path, one marked by a high rate of expansion, combined with ‘inclusive growth.’
  • In the last few years, inclusive growth has been at the vanguard of studies supported by multilateral aid agencies, such as the United Nations, the World Bank, Asian Development Bank, and several nongovernmental organizations (NGOs).
  • In India, governments have introduced several projects, such as Jawahar Rozgar Yojna, Integrated Rural Development Program, Rural Housing Scheme, Swarnjayanti Gram Swarozgar Yojana and Mahatama Gandhi National Rural Employment Guarantee Act to promote inclusive growth.
  • Nonetheless, to boost inclusive growth in a country with the scale and size of India, private sector involvement is equally important. The private sector has started contributing with initiatives, such as the ICICI Foundation having been established with the purpose of promoting inclusive growth.
  • The government and private sector both have imperative roles in driving inclusive growth. There is a need for the public and the private sector in India to have a combined approach towards how they can extend, innovate, and cooperate in innovative ways to enhance inclusive growth.