Inclusive growth and issues therein
In News:Take on the challenge of rising income inequality
Addressing income inequality is one of the most pressing issues in India. Suggest strategies to foster a more equitable society.
According to an Oxfam report, the richest 1% in India own more than 40% of the country’s total wealth, while the bottom half of the population together share just 3% of wealth. Addressing it requires a multifaceted approach involving government policies, private sector initiatives, and societal changes.
Strategies to foster a more equitable society:
- Progressive taxation: Progressive tax policies are required to redistribute wealth from the affluent to the marginalised.This can help redistribute wealth by investing in health, education, skill development, the environment, and facilitate job creation.
- Access to quality education, skill development and lifelong learning is critical to enhance employability and increase earning
- Fair labour laws:Enforcing labour rights, minimum wages, safety, security, eliminating child labour, protection against exploitation, and collective bargaining are essential to ensure that all workers benefit from economic growth.
- Investment in infrastructure: This will reduce regional disparities, assure inclusion and sustainability. It is critical to invest in infrastructure that is related to the environment, water, sanitation, forests, energy, climate change, housing, and transportation.
- Philanthropy of the super rich:Bill Gates and Warren Buffet began a global campaign called the ‘Giving Pledge’ for the super rich to donate more than half their wealth in order to benefit the public.
- Decentralised development strategies: In line with Gandhian model of development focussing on local needs, local talent, local resources, local production ensure local employment and prosperity in India.
By implementing a combination of these strategies, India can foster a more equitable society where everyone has the opportunity to thrive.However, reducing income inequality requires sustained effort and commitment from all stakeholders.
| PYQ:It is argued that the strategy of inclusive growth is intended to meet the objectives of inclusiveness and sustainability together. Comment on this statement. 2019What are the salient features of ‘inclusive growth’? Has India been experiencing such a growth process? Analyse and suggest measures for inclusive growth.2017Comment on the challenges for inclusive growth which include careless and useless manpower in the Indian context. Suggest measures to be taken for facing these challenges. 2016 |