Significance of Inclusive Growth in Development | Original Article

ABSTRACT:

According to World Bank, the term inclusive growth refers to pace and pattern of growth, it is the speed of economic growth and how far it‟s benefits reaching to the people. Organization for Economic cooperation and Development explains inclusive growth as economic growth that is distributed fairly across society and creates opportunity for all. It‟s an impartial allocation of resources with benefits for every section of society. Thus inclusive growth means economic growth that creates employment opportunities and helps in reducing poverty and differences in society. Inclusive Growth is Government of India top priority, described it as growth including the “poorest of poor”. But India‟s rank in UNDP‟s human development index is 131st which show a wide gap between pace and pattern of growth in country. The concept of Inclusive Growth was first introduced in 11th five year plan (FYP), whose objective was to achieve growth process, broad based improvement, quality of life and equal opportunity to all. The 12th FYP further took forward these objectives focusing on reducing poverty, improving health and livelihood. This paper focuses on concept of inclusive growth, its need and role in Inclusion of society at large.