Inclusive growth
- Journal of Social and Economic Development
- 24(1), Sep-Dec, 2022: p.147-161
This lecture focusses on explaining the reasons behind ‘Inclusive Growth’ as the central theme of the Eleventh Five Year Plan. The picture of growth after 2004 is sketched explaining the turnaround in Indian Political Scenario from NDA to UPA, comparing ‘Shining India’ as against the ‘Vision of India’ promised by UPA. After elaborating the growth story from 2004 and pointing out that growth rates increased due to corporate savings and investment, with less contribution going towards wages in the corporate sector it is shown that inequality had increased and the poverty reduction was slow. Pointing out that there were three visions of India with ‘Cities’ Towns and actual villages’ and essentially the agriculture sector suffered in the ‘Shining India’ experience. The real issue, pointed out to the situation wherein growth has taking place with higher investment but with greater inequality along with increasing poverty. That needed to turn towards inclusive growth. Finally, using this analyses as background the “inclusivity” theme is justified for the plan. – Reproduced
Inclusive growth, Eleventh five year plan, GDP growth, Gross domestic savings, Gross capital formation.