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Examine how well the government’s flagship initiatives—like the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN), the National Rural Livelihood Mission (NRLM), and the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA)—promote inclusive growth and lower poverty and income inequality.
The savings rate is the most important of various variables influencing India’s prospective growth. Do you concur? What more variables are there for possible growth? (150 words) [UPSC 2017]
Model Answer Introduction Capital formation, which encompasses the accumulation of physical assets like buildings and machinery, is crucial for driving economic development. A significant aspect of capital formation is investment, which can originate from domestic savings or foreign funding. In IndiRead more
Capital formation, which encompasses the accumulation of physical assets like buildings and machinery, is crucial for driving economic development. A significant aspect of capital formation is investment, which can originate from domestic savings or foreign funding. In India, the savings rate plays a vital role in facilitating investment and economic growth.
India’s savings rate has contributed substantially to its economic development since the 1960s and 70s, typically hovering around 33% of GDP. This high savings rate enables the transfer of funds from households to businesses, fostering increased output and expansion. However, while savings are essential, they alone do not ensure capital formation or growth.
While India’s savings rate is a vital component of its growth potential, it is not the sole factor. To fully harness its demographic dividend, India must focus on improving infrastructure, facilitating business operations, enhancing human resources, embracing technology, and fostering stable social and political environments. These combined efforts will create a conducive atmosphere for sustainable economic growth.
See lessRoadmap for Answer Writing 1. Introduction Objective: Introduce the concept of inclusive growth and its significance. Key Definitions: Inclusive Growth: Economic growth that benefits all sections of society (Source: OECD). Sustainable Development: Development that meets present needs without compromising future generations (Source: UN Brundtland Commission, ...
Model Answer Introduction Inclusive growth is defined by the OECD as economic growth that benefits all sections of society and creates opportunities for everyone. The UN Brundtland Commission's report, "Our Common Future" (1987), emphasizes sustainable development as meeting present needs without coRead more
Inclusive growth is defined by the OECD as economic growth that benefits all sections of society and creates opportunities for everyone. The UN Brundtland Commission’s report, “Our Common Future” (1987), emphasizes sustainable development as meeting present needs without compromising future generations. This dual focus underscores the relationship between inclusiveness and sustainability in growth strategies.
Inclusive growth embodies the principle that when economic growth benefits all segments of the population, it reduces poverty and generates employment without jeopardizing future needs.
Inclusive growth policies prioritize access to essential services such as education, healthcare, and housing. These investments lead to long-term gains in societal development and economic stability.
By promoting productive employment rather than merely redistributing income, inclusive growth fosters a wider distribution of wealth. This approach creates domestic demand, driving sustainable economic growth over time. For example, creating jobs in sustainable sectors like textiles and leather, which utilize biodegradable materials, shows a commitment to both inclusiveness and environmental sustainability.
Inclusive growth tackles fundamental societal and economic problems, laying strong foundations for sustainable transformations. Initiatives like the Jan Dhan Yojana have successfully integrated unbanked populations into the financial system, enhancing savings and investments, which initiates a virtuous economic cycle.
By promoting inclusiveness, economies become more resilient to shocks, making growth sustainable in the long run. This resilience is crucial for maintaining stability during economic fluctuations.
Inclusive growth policies also aim to protect natural resources. As wealth is distributed more equitably, communities are likely to shift from polluting energy sources to cleaner alternatives, aligning economic activities with environmental sustainability.
Inclusiveness and sustainability are intrinsically linked within the framework of inclusive growth. By ensuring that the benefits of economic progress are shared equitably and that growth respects environmental boundaries, inclusive growth strategies contribute to achieving the Sustainable Development Goals (SDGs). This holistic approach is essential for fostering a resilient, equitable, and sustainable future.
See lessRoadmap for Answer Writing 1. Introduction Define inclusive growth and its importance in a market economy. Explain the concept of a market economy, emphasizing supply and demand without significant government intervention. State the objective: to explore the possibility of inclusive growth under a market ...
Model Answer Introduction Inclusive growth, as defined by the OECD, refers to economic growth that is fairly distributed across society and creates opportunities for all. However, achieving inclusive growth within a market economy, which operates primarily on supply and demand principles without sigRead more
Inclusive growth, as defined by the OECD, refers to economic growth that is fairly distributed across society and creates opportunities for all. However, achieving inclusive growth within a market economy, which operates primarily on supply and demand principles without significant government intervention, presents several challenges.
Financial inclusion is vital for fostering inclusive growth in India. It plays several key roles:
In conclusion, while inclusive growth faces significant challenges in a market economy, financial inclusion is a critical component that can help bridge the gap and ensure that economic growth benefits all segments of society.
See lessRecent projections indicate that the next ten years will see a surge in the Indian gig economy. Talk about the problems that gig workers in India face and the policies that need to be implemented to solve them in this ...
A NITI Aayog report estimates that more than 7.5 million workers were engaged in the gig economy in 2020-21 in India. This could grow to 23.5 million workers by 2029-30, making up for 4.1% of total livelihood in India. The Gig Economy holds a great significance in India, as it provides advantages liRead more
A NITI Aayog report estimates that more than 7.5 million workers were engaged in the gig economy in 2020-21 in India. This could grow to 23.5 million workers by 2029-30, making up for 4.1% of total livelihood in India. The Gig Economy holds a great significance in India, as it provides advantages like democratization of jobs, enhancing social inclusion, cost-effectiveness, enhancing income etc. However, as gig economy is growing rapidly, gig workers face many challenges as follows:
Faced with the above challenges, following policy measures for gig workers are needed:
Providing social security for the rising gig economy workers is the need of the hour. Many such steps are being taken in this direction like RAISE Framework for operationalizing the Code on Social Security (CoSS), 2020 and Centre & States have been asked to adopt a five-pronged approach to ensure realisation of full access to social security for all gig and platform workers when they draw up rules and regulations under the code.
See lessWhat distinguishing characteristics of “inclusive growth” exist? Has India been going through a similar path of growth? Examine and recommend policies to promote inclusive growth.
Model Answer Salient Features of Inclusive Growth Inclusive growth is characterized by several key features that ensure economic benefits are shared across all segments of society: Skill Development: Enhancing the employability of the working-age population through education, vocational training, anRead more
Inclusive growth is characterized by several key features that ensure economic benefits are shared across all segments of society:
Despite these features, India faces significant challenges in achieving inclusive growth:
Inclusive growth is characterized by several key features that ensure economic benefits are shared across all segments of society:
Despite these features, India faces significant challenges in achieving inclusive growth:
To address these challenges, India has initiated several measures:
Additionally, fostering partnerships with international organizations, civil society, and private firms can enhance efforts towards inclusive and equitable growth.
Inclusive growth is essential for empowering marginalized communities and improving living standards in India. Continued focus on poverty eradication and sustainable development by all levels of government is crucial for enhancing the lives of the Indian populace.
See lessThe government’s efforts to establish an Atmanirbhar Bharat are anchored by the Production Linked Incentive (PLI) Scheme. Talk about it. Mention the difficulties in achieving its goals as well. (Answer in 150 words)
The Production Linked Incentive (PLI) Scheme was launched in 2020 by the Union Government in three key sectors (mobile manufacturing and electric components, pharmaceuticals and medical device manufacturing) and was later extended to 11 other key sectors with a budget outlay of Rs 1970 billion to crRead more
The Production Linked Incentive (PLI) Scheme was launched in 2020 by the Union Government in three key sectors (mobile manufacturing and electric components, pharmaceuticals and medical device manufacturing) and was later extended to 11 other key sectors with a budget outlay of Rs 1970 billion to create national manufacturing champions and generate employment opportunities for the country’s youth. The minimum production in India as a result of PLI Schemes is expected to be over US$ 500 billion in 5 years.
Role in promoting Atmanirbhar Bharat Mission:
Challenges in realising these objectives:
Since its launch, the PLI Scheme has attracted much attention and various multinational firms are showing interest in investing in India under this scheme. Going forward, the government needs to ensure that the momentum gained by the scheme is sustained for a long-term growth.
See lessIt has been stated that, in spite of the several obstacles the Indian entrepreneurship ecosystem faces, its entrepreneurs will probably influence the country’s destiny. Remark. (Answer in 250 words)
Ever since the COVID 19 period, India has witnessed the emergence of several budding entrepreneurs whose creative and innovative solutions have been instrumental in solving the existing problems in our surroundings. India is considered to be the fifth largest economy in the world nowadays. The entrRead more
Ever since the COVID 19 period, India has witnessed the emergence of several budding entrepreneurs whose creative and innovative solutions have been instrumental in solving the existing problems in our surroundings.
India is considered to be the fifth largest economy in the world nowadays. The entrepreneurship wave has contributed to its GDP and made a huge difference.
The country being rich in IT professionals makes it a perfect destination for tech startups. There are a lot of Government Schemes which encourages Start ups in India:
The government led campaigns and schemes has played a significant role in awareness about entrepreneurship and evoking a sense of interest among the public about startups. Digitalisation and Internet adds to their growth.
Since India has a diverse culture , one has many opportunities to articulate ideas to come down with a viable business plan for a startup.
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Mantri Pradhan The PMJDY, or Jan-Dhan Yojana, is essential for integrating the unbanked into institutional finance. Do you support this approach to financial inclusion for the less fortunate members of Indian society? Provide evidence to support your position. (200 words) ...
Model Answer Introduction Financial inclusion aims to provide vulnerable groups, such as low-income households, with access to financial services and credit at affordable rates. The Government of India defines this process as ensuring that these groups can avail themselves of necessary financial serRead more
Financial inclusion aims to provide vulnerable groups, such as low-income households, with access to financial services and credit at affordable rates. The Government of India defines this process as ensuring that these groups can avail themselves of necessary financial services. The Pradhan Mantri Jan-Dhan Yojana (PMJDY) is a significant initiative in this context, having successfully banked over 46.25 crore beneficiaries since its inception.
PMJDY is crucial for bringing the unbanked into the institutional finance fold through several mechanisms:
While PMJDY has made significant strides, challenges remain. A World Bank study highlights that over 43% of bank accounts in India are dormant, indicating low engagement. To prevent accounts from becoming inactive, it is essential to promote financial literacy, ensure effective DBT, and encourage a cashless payment system.
PMJDY is a landmark step towards financial inclusion for the poorer sections of society. However, continued efforts are required to keep these accounts active and ensure that the benefits of financial inclusion are fully realized. A collaborative approach involving the government and civil society will be key to achieving these objectives.
See lessIndia still has one of the lowest rates of entrepreneurship, despite the fact that Persons of Indian Origin (PIO) are leading the way in entrepreneurship worldwide. Talk about it. Mention the policy initiatives that have been implemented to quicken India’s ...
Effectiveness of Government Flagship Programs in Promoting Inclusive Growth The Indian government has launched several flagship programs aimed at promoting inclusive growth and addressing poverty and income inequality. Key among these are the Mahatma Gandhi National Rural Employment Guarantee Act (MRead more
Effectiveness of Government Flagship Programs in Promoting Inclusive Growth
The Indian government has launched several flagship programs aimed at promoting inclusive growth and addressing poverty and income inequality. Key among these are the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), the National Rural Livelihood Mission (NRLM), and the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN). Analyzing the effectiveness of these programs involves examining their impact on rural development, poverty reduction, and income equality.
1. Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA)
2. National Rural Livelihood Mission (NRLM)
3. Pradhan Mantri Kisan Samman Nidhi (PM-KISAN)
4. Overall Assessment and Challenges
Conclusion
The flagship programs—MGNREGA, NRLM, and PM-KISAN—have been effective in promoting inclusive growth and addressing poverty and income inequality. They have improved rural livelihoods, provided financial support to farmers, and enhanced self-employment opportunities. However, to maximize their impact, ongoing reforms and improvements in implementation are essential. Continued focus on addressing challenges and optimizing program delivery will be crucial in achieving sustainable and equitable development.
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