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Discuss the limitations of using GDP as the primary indicator for comparing well-being among countries, despite its widespread usage. (200 words)
Model Answer Limitations of Using GDP as the Primary Indicator for Comparing Well-Being Among Countries Economic Inequality Fact: GDP fails to disclose economic inequality within nations, a consequence of economic growth. India witnessed a doubling of income inequality over two decades of high GDP gRead more
Model Answer
Limitations of Using GDP as the Primary Indicator for Comparing Well-Being Among Countries
Economic Inequality
Negative Externalities
Unaccounted Unpaid Work
Intangibles
GDP, while informative about economic performance, inadequately represents the holistic well-being of populations. To mitigate these limitations, economists have proposed alternative indices such as the Human Development Index (HDI), Human Poverty Index (HPI), Gross National Happiness Index (GNH), and Green GDP. These measures offer a more comprehensive view of well-being and societal progress, aiding policymakers in making informed decisions.
By supplementing GDP with these alternative indicators, policymakers can better grasp the overall welfare and quality of life within a country, fostering more inclusive and holistic development strategies.
This discussion outlines the deficiencies of relying solely on GDP as a gauge of well-being among countries, integrating data from credible sources to provide a comprehensive perspective on the topic.
See less"Investment in infrastructure is essential for more rapid and inclusive economic growth." Discuss in the light of India’s experience. (250 words) [UPSC 2021]
Infrastructure is an umbrella term for a group of facilities and activities which facilitates industrial manufacturing of goods. Infrastructure lays foundation for economic development of a country. For rapid and inclusive economic growth, infrastructure development must be in all the sectors - tranRead more
Infrastructure is an umbrella term for a group of facilities and activities which facilitates industrial manufacturing of goods. Infrastructure lays foundation for economic development of a country.
For rapid and inclusive economic growth, infrastructure development must be in all the sectors – transportation modes, energy, urban and rural development, digital connectivity. It acts as the backbone for enhancing productivity and efficiency.
For inclusive growth-
For Rapid growth-
Challenges such as financing, implementation delays, regional inequalities still exists which will require policy reforms, innovative mechanisms and concerted efforts to ensure timely execution of schemes.
India’s experience shows that investment in infrastructure is essential for fostering rapid and inclusive economic growth. By improving connectivity, energy access and regional inequalities. Infrastructure development must ensure that benefits of economic development is reaching to all the sections of society.
See lessRehabilitation of human settlements is one of the important environmental impacts which always attracts controversy while planning major projects. Discuss the measures suggested for mitigation of this impact while proposing major developmental projects. (200 words) [UPSC 2016]
Rehabilitation of Human Settlements: Mitigation Measures Introduction The rehabilitation of human settlements is a significant environmental impact that can create controversies during the planning of major projects. Effective mitigation strategies are essential to address the socio-economic and envRead more
Rehabilitation of Human Settlements: Mitigation Measures
Introduction The rehabilitation of human settlements is a significant environmental impact that can create controversies during the planning of major projects. Effective mitigation strategies are essential to address the socio-economic and environmental challenges associated with displacement.
Measures for Mitigation
Conclusion Addressing the environmental and social impacts of human settlement rehabilitation requires a multifaceted approach involving thorough assessments, active community involvement, and effective resettlement strategies.
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.
See lessIs inclusive growth possible under market economy? State the significance of financial inclusion in achieving economic growth in India. (150 words)[UPSC 2022]
Inclusive Growth Under Market Economy 1. Possibility of Inclusive Growth: Inclusive growth is challenging but feasible under a market economy. While market economies can drive economic growth and innovation, they often lead to inequality. To achieve inclusive growth, there must be targeted policiesRead more
Inclusive Growth Under Market Economy
1. Possibility of Inclusive Growth: Inclusive growth is challenging but feasible under a market economy. While market economies can drive economic growth and innovation, they often lead to inequality. To achieve inclusive growth, there must be targeted policies to ensure that the benefits of economic growth are broadly shared. For example, India’s Pradhan Mantri Jan Dhan Yojana aims to include economically marginalized populations in the financial system.
2. Significance of Financial Inclusion in India:
In summary, inclusive growth is possible under a market economy with the right policies. Financial inclusion is crucial for achieving broad-based economic growth and empowering marginalized groups in India.
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