Question

Industrial licensing and industrial sops were used to promote regional equality discuss

Answer 1

Answer:

HERE IS THE ANSWER

Explanation:

Economic Growth is an increase in the aggregate output of goods and services in a country in a given period of time. Equity refers to a reduction in inequality of income or wealth, uplifting weaker sections of the society and equal distribution of economic power. Higher levels of growth and social justice are the two main objectives of India’s economic planning. When these two objectives are clubbed together, it is called development with social justice.

Growth is desirable as you must have the cake to distribute it but growth in itself does not guarantee the welfare of society. Growth is assessed by the market value of goods and services produced in the economy (GDP) and it does not guarantee an equitable distribution of the income from this production. In other words, the major share of Gross Domestic Product (GDP) might be owned by a small proportion of population which may result in the exploitation of weaker sections of society.

Hence, growth with equity is a rational and desirable objective of planning. This objective ensures that the benefits of high growth are shared by all the people equally and hence, inequality of income is reduced along with growth in income.