ECONOMIC POLICY AND INCLUSIVE GROWTH

 It has been observed that during  the last ten years India has been increasingly following a trajectory of de- democratisation paving the way for concentration of economic and political power in the hands of the top state apparatus where a few handful of persons decided for the rest,even to the extent mockering  Parliamentary democracy,cooperative federalism, as well as other vital constitutional bodies and institutions. In the corporate world a limited number of cronies could get easy access to the country's resources and dominate the economy. As a consequence inequalities widened further. Still the poor continued to support pro rich Government attracted by religious and communal polarisation and also few highly  publicised beneficiary transfer schemes .

GDP growth rate which was 6.39% in financial year 2013 increased to 7.41% in 2014,8.00% in 2015,8.26 % in 2016,6.80 % in 2017,6.45,% in 2018 ,3.74% in 2019 and further negative (-)  6.60 % growth with annual change of -10.33% of GDP growth reported in the covid19 period  2020.Finacial year 2021 witnessed 8.68%,2022 7% and in 2023 8.2%.High growth reported during the last decade were caused by rapid infrastructure development ,Government focus on manufacturing  sector through 'making India programme launched  in 2014 followed by Atmanirbhar Bharat and Production Linked Incentive (PLI) Scheme.It is estimated that PLI Scheme has already offered US $24 billion to boost domestic production in main manufacturing sectors including electronics semiconductors etc.In it's second term central Government focused on delivering public goods and social welfare schemes which led to massive construction programmes Essential goods like toilets and cooking cylinders  in large numbers were supplied by the Government. The access of electricity in I Indian villages shot up from 88% in 2014 to  99.67 % in 2020-21.While  demonetisation in 2016 without achieving desired targets, resulted in undue hardship to the peoplle working in informal sector and micro,small and medium industries.Consequently  an estimated 71.1% people of the country  procured accounts in financial institutions compared to mere 48.3 % in 2014 further leading to large scale Digitalisation and rapid changes  in fintech sector etc .Among major welfare schemes implemented-MGNREGA,PM Poshan,Garib Kalyan Rojgar,and various schemes on health, education, youth and skilling, agriculture , science and technology were implemented which is expected to  make  impact on poverty alleviation .It may be noted here that while in the name of attracting investment authorities  were prepared to give maximum concessions  debate was unleashed on " freebies versus welfare " to cut short welfare spending. It is true that some leakages will always be there in welfare spending but measures like direct beneficiary transfer and check in corrupt practices and favouritism should be employed to cap it. Even then such leakages are generally very little compared to the benefit received by Corporate world in the name of Incentives. 

  Above mentioned welfare programmes and schemes  could not make much impact on improviing livelihood  and employment conditions.On the contrary income inequality widened deeply , employment generation largely declined and rural distress remained persistently high.While Global Hunger Index in India is only 127 out of 146 countries, Assets of billionaires increased from US $ 1 billion in 1991 to $ 52 billion in 2011and $ 162 billion in 2022.Oxfam study points  out 10% of population in India holds 77% of total national wealth. Given this scenario a meticulous evaluation of new welfarism schemes to achieve inclusive growth, social justice, adequate livelihood,employment and self employment, justice for youth and women are urgently required .With the pool of prominent acclaimed economists and research institutions in the country rigorous study resulting appropriate policy measures to achieve both inclusive growth and social justice is highly possible.Moreover supremacy of democracy constitution and autonomy of national institutions and freedom of press is utmost important.The focus of the Government should be on improvement of living conditions of the less fortunate people rather than GDP growth alone. In nutshell let us make concerted efforts towards sustaining true democracy, rule of law, tolerance, universal brotherhood and inclusive growth in our great nation.