Significance of Inclusive growth and various government initiatives
- The theme at the Global Solutions Summit held in Berlin, “was a new paradigm for the economy”.
What is inclusive growth?
- Inclusive growth is economic growth that is distributed fairly across society and creates opportunities for all.
- According to a recent Oxfam report, the top 10% of the Indian population holds 77% of the total national wealth. 73% of the wealth generated in 2017 went to the richest 1%.
- This editorial argues that 50 percent of Indians are now left behind the fruits of development.
Global solution summit:
- The Global Solutions Summit – the World Policy Forum – is an international conference aimed at addressing key policy challenges facing the G20 and G7.
- Global solution summit focuses on Leveraging the Diaspora, Youth, and the African Continental Free Trade Area to Harness Science, Technology and Innovation for the SDGs 2030.
- The rising inequality across the world has pushed the world to a corner of the revolution and has developed a stressed situation.
- The extreme left wants revolutionary change in order to bring parity in society whereas the rightist wants to preserve the stability of the country.
- Most of the economies have been reformed in recent times in order to meet the needs of the local people.
- This is done by devolving various socialist principles in order to fit into the needs of the people.
- In the US the government increased the taxes and brought various social schemes to raise resources and finance the needs of the people.
- Efforts were being made to encourage investors to invest in the market so as to generate employment for the people.
- Private sectors were encouraged to undertake operations since they showcase greater efficiency in comparison to public enterprises.
- This type of initiative has led to a rise in global citizenship which can be set into different environments.
- Taxes were reduced to the bottom in order to further encourage investors to invest in the economy.
- GDP has become the sole factor for the calculation of a country’s growth across the globe whether or not it meets the needs of different sections of society.
- Such types of growth factors have led to the development of the few at the cost of many across the world.