Modi’s inclusive growth agenda needs more reforms to succeed
As if the slogan ‘Sabka saath; sabka vikas’ (Along with all, development for all)” was not fully expressing his concern for the country’s poor, Prime Minister Narendra Modi has come out with another charming phrase “ease of living”. This one is exclusive; the earlier slogan has travelled Indian political agenda, although in different words, for years and evoked mixed reactions from cynicism to optimism. These are beautiful phrases and Modi’s dramatic orating prowess spreads an illusory web. An average Indian likes to believe in him
Optimism apart, what has been done to achieve an inclusive growth, nay, development for all? India seems to have depended largely on the trickle-down effect of growth so far to benefit the poor who were not direct participants of economic growth. But despite this, high growth has helped to reduce the percentage of people living below the prescribed poverty line. The proportion of people living below the poverty line came down from 37.2% in 2004-05 to 21.9% in 2011-12.
Good progress by any standard, but India still has the largest number of poor people. According to a 2015 World Bank report, ‘Taking on Inequality’, India has the most number of people, some 224 million, living below the international poverty line of $1.90 a day
How to bring this figure further down? Modi’s ‘ease of living’ slogan probably has the answer. Ease of living, in a way refers to inclusive growth that does not stop at raising income of the poor or by proving with time-bound employment opportunities.
According to the World Bank, “rapid and sustained poverty reduction requires inclusive growth that allows people to contribute to and benefit from economic growth. Inclusive growth refers both to the pace and pattern of growth, which is considered, interlinked, and therefore in need to be addressed together”.
This story is from the February, 1-15, 2018 edition of BUSINESS ECONOMICS.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the February, 1-15, 2018 edition of BUSINESS ECONOMICS.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Morarji Desai: Walking the Yogic Path of Truth and Service
What is Yoga? In very short, from the basic viewpoint of Patanjali (the proponent of Yoga, a major branch of Indian philosophy and the author of the Yogashastra Yogasutra), Yoga is the process of merging oneself into the One Indivisible Whole through concentration of mind.
The automobile industry has rebounded to the levels observed in 2018-19, and the future of electric vehicles (EVS) appears promising
RC Bhargava, Chairman of Maruti Suzuki Ltd, recently shared insights on the automobile sector, noting that historically, its performance aligned with the country's GDP.
Dueling German Luxury: BMW and Mercedes-Benz Vie for Dominance in Indian Market
BMW and Mercedes-Benz, revered names in the realm of car enthusiasts. While the debate over which stands as the epitome of driving excellence persists, recent sales figures unveil an intriguing narrative, particularly in the dynamic Indian market.
INDIAN AUTO INDUSTRY GEARS UP FOR GREEN TRANSITION
As India enters into 2024, the automotive sector stands ready to script a remarkable growth narrative. Backed by a buoyant demand in the passenger vehicle segment despite continuing rises in commodity prices, automobile makers are optimistic to embrace new technologies, especially in the electric mobility space which is expected to witness a number of new launches in both four and two-wheeler segments in the coming year.
Is Ayodhya emerging as a global destination brand?
Traditionally, sacred spaces and modern urban landscapes have been perceived as incompatible, akin to oil and water.
Canara Banks reports 26.86% YoY growth in net profit, global business up by 9.87% YoY
Canara Bank's Net gained by 26.86% YoY in Q3 Cantareata Profit FY24.
A Tale of Two Economic Crises
The global financial crisis that unfolded between 2007 and 2009 did not only impact the financial sector but also extended its reach to banks worldwide.
"Prospects and Challenges: A Comprehensive Review of the Indian Economy"
The Ministry of Finance of the Government of India recently released a document titled 'The Indian Economy A Review' on January 29, representing a distinct departure from the traditional Economic Survey presented before the Annual Budget proposal.
IMF's Advice and RBI's Rebuttal
International Monetary Fund (IMF), under its Article IV of the Articles of Agreement, signed in 1944 by the original 29 member countries as well more by later, (now grown to 190) sends its staff, to its member countries for a threeweek visit annually for major economies, which contribute a sizeable proportion of world's GDP, and once in every two years for small economies.
Advanced economies losing steam
globally, advanced economies are facing a significant taking a toll on economic activities worldwide, as noted by the Organization for Economic Cooperation and Development (OECD).