Inclusive growth strategy from "summary" of Indian Economy, 18th Edition by Uma Kapila
In order to promote economic growth that benefits everyone, many countries have adopted inclusive growth strategies. Such strategies focus on creating opportunities for all, regardless of gender, race or economic status, to participate in and benefit from economic development.- Human development and equitable growth are major cornerstones of any effective inclusive growth strategy. Such a strategy should be applied in order to ensure that benefits from economic progress are fairly and justly distributed across all sections of society.
- Policies that promote inclusive growth include investments in human capital, access to social services such as health and education, expanding job opportunities and reducing poverty. It is also important to create better infrastructure access, including roads, telecommunications, energy and water networks.
- Additionally, an inclusive growth strategy requires proactive measures to reduce gender inequalities that hinder equal access to resources and opportunities for vulnerable groups. This may include special programmes targeted at women in entrepreneurism or vocational training.
- Moreover, sector-wise interventions are needed to enhance the efficiency and capabilities of small and medium enterprises so that they can compete with large corporations and benefit from rising incomes. A level playing field should also be created for informal businesses to have observable legal structures enabling their transition to formal enterprise.
- Last but not least, local governments should embrace innovation and technology in order to deliver public services more efficiently to underserved communities. Initiatives like e-governance and telemedicine have the potential to reach the unreachable.
