Roman Saini is teaching live on Unacademy Plus
Inclusive Growth and Issues Arising From It Lesson-2 Presented By: Roman Saini
In This Lesson Inclusive Growth Global Trends Inclusive Growth In India Need Of Inclusive Growth In India
Inclusive Growth Global Trends More than 70 percent of the world's adults own under $10,000 in wealth. This 70.1 percent of the world holds only 3 percent of global wealth. The world's wealthiest individuals, those owning over $100,000 in assets, total only 8.6 percent of the global population but own 85.6 percent of global wealth. . . The share of the global population defined as "poor" those making less than $2/day has fallen since 2001 by nearly half, to 15 percent, although most of them are just barely above this threshold. .Those in the middle-income bracket making between $10 and $20/day have nearly doubled their global presence, from 7 to 13 percent. But most of the world remains low-income.
Inclusive Growth Disparities between and within countries continue to stifle progress Average HDI levels have risen significantly since 1990 22 percent globally and 51 percent in least developed countries - reflecting that on average people are living longer, are more educated and have greater income. .But there remain massive differences across the world in people's well-being. . A child born today in Norway, the country with the highest HDI, can expect to live beyond 82 years old and spend almost 18 years in school. While a child born in Niger, the country with the lowest HDI, can expect only to live to 60 and spend just five years in school. .
Inclusive Growth .Similarly, children in low human development countries can expect to be in school seven years less than children in very high human development countries. While significant inequality occurs in many countries, including in some of the wealthiest ones, on average it takes a bigger toll on countries with lower human development levels. . Low and medium human development countries lose respectively 31 and 25 percent of their human development level from inequality, while for very high human development countries, the average loss is 11 percent. Global labour force participation rates for women are lower than for men 49 percent versus 75 percent. Women globally also do much more unpaid domestic and care work than men.
Inclusive Growth Inclusive Growth In India India is one of one of the fastest growing nations of world having one of the biggest domestic market and demand in the country. The Indian economy has experienced unprecedented growth since the outset of the economic reform in 1991 and is predicted to become the world's third largest economy by 2030. . .In the past decade, India has also displayed notable resilience to global economic conditions With a GDP of over USD 2.5 trillion, the Indian economy is undergoing structural and policy reforms to revive growth and ensure the inclusiveness of growth outcomes.
Inclusive Growth Industry contributes around 30% of the GDP, while agriculture and services contribute around 15% and 53% respectively. . India is now the sixth largest manufacturing country in the world. India's total population is approximately 1.30 billion, with an annual growth rate of 1.2%. The median age in India is 29 years, leading the country to a phenomenon known as a "demographic dividend'" (UNDP, 2015). India has recorded a decline in poverty in recent years. .Despite these positive trends, large sections of the society are subject to social and economic inequalities and deprivations, keeping India in the "Middle Human Development" category.
Inclusive Growth Need Of Inclusive Growth In India The need of inclusive society In India is paramount due to its vast population which accounts around 18% of world's population having lots of diversity within the nation. . .The country's progress on various fronts has not been translated into overall improvement in life of poor and marginalised sections of society India's 130th rank out of 189 countries on UNDP's substantiates this fact. Human development index . .26.8 percent of India's HDI value is lost on account of inequalities. This confirms that inequality remains a challenge for India as it progresses economically
Inclusive Growth India was ranked 62nd among 79 developing economies place among emerging economies on an Inclusive Development Index. Around 70% of the poor in India are from rural areas where there is a lack of vital social and infrastructure services, such as healthcare, roads, education, and drinking water. 58% of the workforce in India is occupied in agricultural but the contribution of agricultural and related sectors in the GDP is only around 14%. 92% of India's 470 million workers are in the informal sector. . Though we have witnessed reduction in poverty over the last decade still we have 21.2% of the population lives in below poverty line and 6 out of 10 Indians still live on less than $3.20 per day
Inclusive Growth There are disparities amongst regions, states, sectors, and communities. Amongst the States, the North-Eastern and the central regions, which have large tribal populations, are lagging behind. Amongst sectors, agriculture has fallen behind industry and the service sector. .Religious minorities, large sections of Scheduled Castes (SC) and Scheduled Tribal (ST) groups, and women still do not have access to many job opportunities and human development. . In India, despite considerable progress at the policy and legislative levels, women remain significantly less politically, economically and socially empowered than men
Inclusive Growth .Political leadership in the country plays a vital role in the overall development of the country, but the study has found that politicians in India has a very low scientific literacy. Although child labour has been banned by the law in India accompanied by stringent provisions to deter this inhuman practice. Still, many children in India are unaware of education as they lives are spoiled to labour work. . Literacy levels have to rise to provide the skilled workforce required for higher growth. There is need to address these issues with urgency. Reducing of poverty and other disparities and rising of economic growth are the key objectives of the nation through Inclusive growth