Innovation as a tool for achieving inclusive growth in India - discuss essay
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Inclusive growth and issues arising from it
Inclusive growth entails comprehensive growth, shared growth, and pro-poor growth. It lessens the fast growth rate of poverty in a country and upsurges the participation of people into the development of the country. Inclusive growth infers an impartial allocation of resources with benefits incurred to every section of the society. But the allocation of resources must be focused on the intended short and long term benefits of the society such as availability of consumer goods, people access, employment, standard of living etc. Rapid and sustained poverty reduction requires inclusive growth that permits people to contribute to and benefit from economic growth. Rapid growth is necessary to reduce poverty but for this growth to be sustainable in the long run, it should be broad-based across sectors, and inclusive of the large part of the country’s labour force. This explanation of inclusive growth implies a direct link between the macro and micro determinants of growth. The micro dimension denotes the importance of structural transformation for economic diversification and competition, including creative destruction of jobs and firms. Inclusive growth is defined by many academicians as the pace and pattern of growth, which are considered interlinked, and therefore in need to be addressed together. UNDP has described inclusive growth as “the process and the outcome where all groups of people have participated in growth and have benefited equitably from it”.