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Inclusive Growth & Economic Development
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What do you mean by 'Inclusive Growth'? How inclusive growth is helpful in reducing poverty and inequalities in India? Explain. (125 Words) [UPPSC 2019]
Inclusive Growth: Concept and Impact on Poverty and Inequality **1. Definition of Inclusive Growth: Equitable Economic Growth: Inclusive growth refers to economic development that benefits all sections of society, ensuring that the fruits of progress are shared broadly. It focuses on reducing disparRead more
Inclusive Growth: Concept and Impact on Poverty and Inequality
**1. Definition of Inclusive Growth:
**2. Impact on Poverty Reduction:
**3. Reduction in Inequalities:
**4. Recent Examples:
Conclusion: Inclusive growth ensures that economic benefits reach marginalized groups, reduces poverty, and addresses social inequalities, thereby contributing to a more equitable society.
See lessDiscuss the impact of globalisation on trade, employment, particularly women employment, equality of income and wealth distribution etc. (200 Words) [UPPSC 2020]
Impact of Globalisation on Trade, Employment, and Income Distribution 1. Trade Globalisation has significantly transformed international trade by increasing market access and competition. Free Trade Agreements (FTAs) and Trade Liberalisation have expanded global markets for goods and services. For iRead more
Impact of Globalisation on Trade, Employment, and Income Distribution
1. Trade
Globalisation has significantly transformed international trade by increasing market access and competition. Free Trade Agreements (FTAs) and Trade Liberalisation have expanded global markets for goods and services. For instance, the Regional Comprehensive Economic Partnership (RCEP), which includes countries like China and Japan, has enhanced trade flows among member states. However, this increased competition can also negatively affect domestic industries unable to compete effectively.
2. Employment
Globalisation has created diverse employment opportunities by fostering new industries and expanding existing ones. For example, the IT and service sectors in India have seen substantial growth due to global outsourcing. However, it has also led to job displacement in traditional sectors, such as agriculture and manufacturing, due to increased competition and technological advancements.
3. Women Employment
Globalisation has improved women’s employment opportunities by encouraging industries that employ a higher proportion of women, such as the textile and garment industries. However, it has also highlighted issues like wage disparity and job insecurity, where women often face lower wages compared to their male counterparts.
4. Equality of Income and Wealth Distribution
Globalisation has contributed to economic growth but has also widened the income and wealth gap. In developing countries, while economic progress has been made, the benefits are often unequally distributed, leading to increased income inequality. For example, in India, the wealth of the top 1% has grown significantly compared to the average income of the lower-income groups.
In summary, while globalisation has spurred economic growth and provided new opportunities, it has also exacerbated income inequality and presented challenges in employment, particularly for women.
See lessJustify the need for FDI for the development of the Indian economy. Why there is gap between MoUs signed and actual FDIs? Suggest remedial steps to be taken for increasing actual FDIs in India. (2016) (150 words)
Tapping into foreign direct investment (FDI) is essential for the growth and development of the Indian economy ¹. FDI brings in stable and long-term commitments, focusing on long-term growth, and helps relax domestic savings constraints ¹ ². It also introduces new technologies, management practices,Read more
Tapping into foreign direct investment (FDI) is essential for the growth and development of the Indian economy ¹. FDI brings in stable and long-term commitments, focusing on long-term growth, and helps relax domestic savings constraints ¹ ². It also introduces new technologies, management practices, and innovations, boosting economic growth and competitiveness.
The gap between MoUs signed and actual FDIs in India can be attributed to challenges in aligning expectations of foreign investors, inadequate infrastructure, complex regulatory frameworks, and difficulties in acquiring land ³.
Remedial steps to increase actual FDIs in India include:
– *Simplifying Regulatory Frameworks*: Streamlining approval processes and clarifying policies to reduce uncertainty.
– *Improving Infrastructure*: Developing reliable and efficient infrastructure to support business operations.
– *Investor Outreach*: Proactive engagement with potential investors to understand their needs and concerns.
– *Land Acquisition Reforms*: Implementing efficient and transparent land acquisition processes.
– *Competitive Incentives*: Offering competitive incentives and tax benefits to attract FDIs.
See lessWhat are the major challenges in reducing poverty and inequality in India? (200 Words) [UPPSC 2020]
According to the Oxfam report, poverty and inequality has been discussed in an interconnected world. The reports highlights the importance of education in bridging gap and potential of disruptive technology to reduce inequality. Despite the high economic growth, there has been high rate of poverty aRead more
According to the Oxfam report, poverty and inequality has been discussed in an interconnected world. The reports highlights the importance of education in bridging gap and potential of disruptive technology to reduce inequality.
Despite the high economic growth, there has been high rate of poverty and inequality due to various reasons, such as:
1.limited access to education and health care due to lack of human capital development and increased vulnerability to health crisis reflected through lack of institutional delivery for children and lack of vaccination.
2. Economic vulnerability due to external shock and market fluctuations which exacerbate poverty and inequality and also due to dominance of unorganised sector(83%) and informal sector(89%) which led to poor social securities like lack of accidental compensation, lack of pension fund, poor job security, etc.
3. Poor access to training, skilling and education which deprives many of basic living opportunities.
4. Corruption and governance issues hinder the Effective implementation of poverty alleviation programs and favour the wealthy and powerful.
5. Social exclusion and discrimination towards ethnic minorities, women and people with disabilities.
6. Rising capital intensity ie more use of capital than labour, with a very low capital output ratio.
Way forward :
1. Better implementation of programs so that benefits are visible.
2. Better funding and project coordination.
3. Social auditing and project tracking.
4. Both inclusion error and exclusion error should be minimized.
See lessCapitalism has guided the world economy to unprecedented prosperity. However, it often encourages short-sightedness and contributes to wide disparities between the rich and the poor. In this light, would it be correct to believe and adopt capitalism for bringing inclusive growth in India? Discuss. (200 words) [UPSC 2014]
Introduction: Capitalism, characterized by private ownership and free markets, has undoubtedly propelled the world economy to new heights of prosperity. However, it is not without its flaws, particularly in promoting short-term gains and widening income inequalities. Advantages of Capitalism: EconomRead more
Introduction: Capitalism, characterized by private ownership and free markets, has undoubtedly propelled the world economy to new heights of prosperity. However, it is not without its flaws, particularly in promoting short-term gains and widening income inequalities.
Advantages of Capitalism:
Criticisms of Capitalism:
Inclusive Growth and Capitalism in India:
Conclusion: While capitalism can drive economic growth, it is not sufficient on its own to achieve inclusive growth in India. A balanced approach combining the strengths of capitalism with strong state intervention and social policies is essential for equitable and sustainable development.
See lessWhat are the salient features of ‘inclusive growth’? Has India been experiencing such a growth process? Analyse and suggest measures for inclusive growth. (250 words) [UPSC 2017]
Salient Features of Inclusive Growth and Its Status in India **1. Salient Features of Inclusive Growth: **1. Equitable Distribution of Resources: Wealth and Income Equality: Inclusive growth aims to reduce income disparities by ensuring equitable distribution of economic resources. This includes proRead more
Salient Features of Inclusive Growth and Its Status in India
**1. Salient Features of Inclusive Growth:
**1. Equitable Distribution of Resources:
**2. Sustainable Development:
**3. Empowerment of Marginalized Groups:
**4. Broad-based Economic Participation:
**2. India’s Experience with Inclusive Growth:
**1. Progress and Achievements:
**2. Challenges:
**3. Measures for Enhancing Inclusive Growth:
**1. Enhancing Access to Quality Education and Healthcare:
**2. Strengthening Social Safety Nets:
**3. Promoting Regional Development:
**4. Encouraging Entrepreneurship and Skill Development:
Conclusion:
- Inclusive growth aims to ensure equitable distribution of resources, sustainable development, and empowerment of marginalized groups. India has made progress in these areas but still faces challenges related to inequality and uneven development. Enhancing education, expanding social safety nets, promoting regional development, and encouraging entrepreneurship are key measures to achieve more inclusive growth.
See lessComment on the challenges for inclusive growth which include careless and useless manpower in the Indian context. Suggest measures to be taken for facing these challenges. (200 words) [UPSC 2016]
Challenges for Inclusive Growth: Careless and Useless Manpower 1. Inefficient Utilization of Manpower: In India, a significant portion of the workforce is engaged in low-productivity sectors. This includes underemployed individuals in agriculture and informal sectors where their skills are not fullyRead more
Challenges for Inclusive Growth: Careless and Useless Manpower
1. Inefficient Utilization of Manpower: In India, a significant portion of the workforce is engaged in low-productivity sectors. This includes underemployed individuals in agriculture and informal sectors where their skills are not fully utilized. For instance, the agricultural sector employs over 50% of the workforce but contributes only about 18% to the GDP, indicating low productivity and inefficient use of manpower.
2. Skills Mismatch and Lack of Education: Many workers possess inadequate skills for the modern job market. The skill gap is prevalent, with a large segment of the labor force lacking technical and vocational training. For example, the National Skill Development Corporation (NSDC) reports that many graduates are not industry-ready, leading to a high rate of unemployment among educated youth.
3. Informal Sector and Job Security: A large part of the workforce operates in the informal sector, which often lacks job security and benefits. Workers in this sector face issues like low wages, unsafe working conditions, and no social security. Recent reports show that approximately 90% of India’s workforce is employed in the informal sector, making them vulnerable.
Measures to Address These Challenges:
1. Skill Development and Education: Enhancing vocational training and skill development programs is essential. Initiatives like the Pradhan Mantri Kaushal Vikas Yojana (PMKVY) aim to improve employability by providing industry-relevant training. Increasing investment in education and training can bridge the skills gap and prepare the workforce for the evolving job market.
2. Promoting Formal Employment: Encouraging formalization of the informal sector through policies that provide social security and job benefits can improve job quality. Schemes like Employee Provident Fund (EPF) and Employees State Insurance (ESI) need to be extended and enforced more rigorously.
3. Enhancing Productivity: Investing in technology and infrastructure to boost productivity in sectors like agriculture can help in better utilization of manpower. Programs like Pradhan Mantri Krishi Sinchai Yojana (PMKSY) focus on improving agricultural productivity through better irrigation and technology.
4. Encouraging Entrepreneurship: Supporting entrepreneurship through initiatives like Startup India can create new job opportunities and reduce dependency on traditional sectors. Providing financial incentives and mentorship can encourage young entrepreneurs to venture into new industries.
Conclusion: Addressing the challenges of careless and useless manpower involves improving skills, promoting formal employment, enhancing productivity, and supporting entrepreneurship. By implementing these measures, India can move towards more inclusive growth and effectively utilize its manpower for economic development.
See lessPradhan Mantri Jan-Dhan Yojana (PMJDY) is necessary for bringing unbanked to the institutional finance fold. Do you agree with this for financial inclusion of the poorer section of the Indian society? Give arguments to justify your opinion. (200 words) [UPSC 2016]
Pradhan Mantri Jan-Dhan Yojana (PMJDY) and Financial Inclusion Importance of PMJDY for Financial Inclusion: Access to Banking Services: PMJDY, launched in 2014, aims to bring the unbanked population into the institutional finance system. It provides zero-balance savings accounts, which ensure that eRead more
Pradhan Mantri Jan-Dhan Yojana (PMJDY) and Financial Inclusion
Importance of PMJDY for Financial Inclusion:
Challenges and Considerations:
Conclusion:
PMJDY is crucial for financial inclusion as it provides basic banking services to the unbanked, promotes direct transfers, and enhances financial literacy. However, addressing challenges related to infrastructure and literacy is essential for maximizing its impact.
See lessAmong several factors for India’s potential growth, the savings rate is the most effective one. Do you agree? What are the other factors available for growth potential? (150 words) [UPSC 2017]
Savings Rate as a Factor for India's Growth Potential: 1. Importance of Savings Rate: Capital Formation: A higher savings rate leads to increased capital formation, which is essential for investment in infrastructure, technology, and industries. For instance, India's Gross Domestic Savings rate wasRead more
Savings Rate as a Factor for India’s Growth Potential:
1. Importance of Savings Rate:
2. Other Factors for Growth Potential:
**1. Human Capital Development:
**2. Infrastructure Development:
**3. Technology and Innovation:
**4. Economic Reforms:
In summary, while the savings rate is crucial for capital formation and economic stability, factors such as human capital development, infrastructure, technology, and economic reforms also play significant roles in India’s growth potential.
See lessIt is argued that the strategy of inclusive growth is intended to meet the objectives of inclusiveness and sustainability together. Comment on this statement.(250 words) [UPSC 2019]
Inclusive Growth: A Strategy for Inclusiveness and Sustainability 1. Definition and Objectives: Inclusive Growth: Inclusive growth refers to an economic strategy aimed at ensuring that the benefits of economic growth are distributed equitably among all segments of society, including marginalized andRead more
Inclusive Growth: A Strategy for Inclusiveness and Sustainability
1. Definition and Objectives:
2. Achieving Inclusiveness:
3. Promoting Sustainability:
4. Challenges and Integration:
5. Recent Examples:
In conclusion, the strategy of inclusive growth effectively addresses the dual objectives of inclusiveness and sustainability by ensuring that economic benefits are shared broadly while fostering sustainable development practices.
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