Economic growth is inclusive when growth percolates to all the sectors of the economy and the development is not concentrated to certain pockets but in all region. The growth should reduce the inequality between the rich and the poor.
SALIENT FEATURES OF INCLUSIVE GROWTH
- Participation– People are able to participate fully in economic life and have greater say over
their future. People are able to access and participate in markets as workers, consumers and
business owners.
- Equity-More opportunities are available to enable upward mobility for more people. All
segments of society, especially poor or socially disadvantaged groups, are able to take advantage
of these opportunities.
- Growth– An economy is increasingly producing enough goods and services to enable broad
gains in well-being and greater opportunity. Good job and work opportunities are growing and
incomes are increasing, especially for the poor.
- Stability- Individuals, communities, businesses and governments have a sufficient degree of
confidence in their future and an increased ability to predict the outcome of their economic
decisions.
- Sustainability– Economic and social wealth is sustained over time, thus maintaining intergenerational
Recently Oxfam report shows the inequality is increasing day by day. The richest 1% of the population holds more than 80% of the wealth. Such income disparity is certainly against the notion of economic growth.