India After 75 Years of Independence: Reflections on Development and Persistent Challenges

Economic, social and ecological cohesion should remain at the heart of the global economy strategy to ensure that all capacities are mobilized and focused on the pursuit the inclusive development vector under the sustainable conditions. The purpose of the study is to investigate the evolution of development, formation and prospects of domestic economy development inclusive model implementation. The objectives of the study are: domestic inclusive economic growth model process generalization; existing approaches for inclusive growth measurement analysis; economic, social and ecological systemic changes in the domestic economic system justification. The methodological basis of the research is general scientific and special methods of economic phenomena and processes cognition. It has been determined that modern economic development is characterized by irregularity and represents extractive socio-economic system that limits equal access to opportunities, outputs and resources. The necessity of national inclusive development model implementation that would take into account the evolutionary ecological needs of the population and ensure the sustainability and competitiveness of the domestic economy, uniform population welfare increase has been shown. The expediency of own model of inclusive development design that would absorb the features of existing in the world models, but considering the ecological component, that will fit the concept of sustainable development has been substantiated. The modern tendencies of theoretical foundations and approaches to models of inclusive growth development have been defined. The Gini index of the countries rating was analyzed, on the basis of which the level of inequality of welfare of the population of Ukraine has been determined. The dynamics of the Gini Index in Ukraine change during the study period has been determined. Imperative knowledge about the inclusive economic growth model theory evolution has been systematized. The comparative analysis of existing approaches to inclusive growth measurement has been carried out. The number of systemic shifts to ensure equality of access to work outcomes changes and their equal distribution, taking into account the requirements of the sustainable development concept have been proposed. The possibility of introducing a comprehensive economic, social and environmental policy at the national and local levels has been considered. It has been determined that in the current context, the model of inclusive development is the most acceptable for Ukraine and is the basis for ensuring the sustainability and competitiveness of the domestic economy. The expediency of inclusive economic growth domestic model development and implementation has been substantiated. Further research should be aimed at design and scientific justification of inclusive economic development domestic model that would be capable to maintain high growth rates together with equal access to resources for all members of society provision

Significant imbalances of existing development models are demonstrated by global economic growth, and outlines the need to move to a new more flexible and balanced model that is able to maintain the declared high and long-term growth rates together with the preservation of social equality and population general welfare. The purpose of the study is to identify EU comprehensive growth opportunities through of EU flagship initiatives achievement current EU situation in the field of poverty, unemployment, youth and women's unemployment and their involvement as labor force geographical aspects analysis; current state and prospects of EU inclusive development analysis; possibility of the sustainable development goals and inclusive growth based on the EU's flagship initiatives achievement substantiation. The object of the study is the process of inclusive economic growth within the EU through the EU flagship initiatives practical implementation. It is determined that along with traditional economic growth indicators it is necessary to take into account the human capital equality, ecological state of the environment, social protection, food security and social cohesion. Imperative knowledge on the interconnection of EU policy priorities and flagship initiatives, sustainable development goals and their compliance with inclusive economic development are systematized. The expediency of European inclusive economic growth model, declared in the “Europe 2020” strategy, design and implementation was grounded. Modern trends and geographical aspects of state of unemployment and poverty in the European region countries is determined. The level of women's participation in the European economy is analyzed. The level of women employment in comparison with men in the EU countries is analyzed, which made it possible to determine that this indicator is consistently lower, however, there is no significant disparity in most member states. It is substantiated that at the new cross-border economic order conditions, proposed by the EU, inclusive growth allows all member countries enjoy the progressive results of the union, economic integration and economic growth. Key words: inclusive growth, sustainable development, employment.

Up to the third of all businesses operating in the formal economy worldwide are run by women, but most of these enterprises, especially in developing countries and countries with transitional economies, as Ukraine, are micro-enterprises with little potential for growth. Along with traditional indicators of economic growth, the inclusive economic development model takes into account human capital equality, environmentally friendly production, social protection, gender equality as factors of economic system sustainability. The purpose of the study is to determine the role of women's entrepreneurship in economic systems inclusive development. The objectives of the study are generalization of women's in entrepreneurship involvement role in inclusive economic growth; current state of women in various types of economic activity involvement analysis; the possibility of inclusive growth through the women's entrepreneurship development achievement justification. The object of the study is the process of economic systems inclusive growth through women entrepreneurship activity increase. It has been proved that, significant differentiation in women and men wage levels, insufficient number of women in business on management positions remain relevant issues today. The current state of women's entrepreneurship and gender equality aspects under inclusive growth and inclusive development issues was determined. Ukraine population structure and the distribution of managers and individual entrepreneurs by sex within the types of economic activity analysis has been conducted. The mechanism aimed at women's entrepreneurship inclusiveness provision, which includes regulatory, financial credit, organizational and economic, motivational and stereotypical components has been proposed. It has been substantiated, that entrepreneurship contributes to the middle class increase, and thus social and political stability strengthening, including gender problems that exist in the labor market solvation. The system of measures of women's entrepreneurship inclusiveness ensurement mechanism, which will provide an integrated approach, formation has been proposed.

This article examines the concept of "rural territories" and their role in the economic development of Ukraine. It discusses the definition of rural territories, their characteristics, and significance. The analysis focuses on the role of investments in the development of rural territories, including agriculture, food security, local development, migration reduction, and environmental benefits. Utilizing data from the State Statistics Service of Ukraine, an analysis of investment inflows into agricultural and rural development is conducted. Based on the distribution of investments in various sectors of agriculture, an effective strategy is established to attract investments and stimulate the development of rural territories. The conclusions drawn from the analysis reaffirm the importance of attracting investments to achieve sustainable rural development and ensure economic growth. Furthermore, the article includes tables that provide additional information on the distribution of investments in different agricultural sectors and their impact on the socio-economic development of rural territories. These tables reinforce the obtained results and contribute to a better understanding of the researched topic. Overall, the article emphasizes the significance of investing in rural territories to stimulate economic growth, ensure food security, and foster sustainable development. The research also highlights an effective strategy for attracting investments in the development of rural territories based on an analysis of contributions to various agricultural sectors. Moreover, the article explores the challenges and opportunities faced by rural territories in Ukraine, highlighting the need for targeted investment in infrastructure, education, and technology to enhance their productivity and competitiveness. By examining the linkages between rural development and overall economic growth, the study underscores the potential of rural territories to serve as engines of economic transformation and regional development. The findings presented in this article contribute to the existing body of knowledge on rural development strategies and provide valuable insights for policymakers, investors, and stakeholders interested in promoting sustainable and inclusive economic development in Ukraine's rural areas.

High economic growth does not always positively correlate with equitable welfare improvement. Inclusive economic development is needed, emphasizing economic growth that not only increases per capita income but also provides broader and more equitable benefits. This study analyzes the influence of financial capital, human capital, and technology on inclusive economic development, with infrastructure as an intervening variable. The research employs a quantitative method across 34 provinces in Indonesia over eight years, from 2016 to 2023. The data utilized in this study consists of secondary data sourced from the Central Statistics Agency (Badan Pusat Statistik or BPS) and the Directorate General of Fiscal Balance (Direktorat Jenderal Perimbangan Keuangan or DJPK). The study is grounded in endogenous economic growth theory, public finance theory, and Amartya Sen's capability approach. Data analysis uses the Partial Least Square (PLS) method with WarpPLS 7.0 software. The results indicate that financial capital contributes positively to inclusive economic development and infrastructure, with coefficient values of 0.63 and 0.52, respectively. Furthermore, human capital and infrastructure also have a significant positive impact on inclusive economic growth, with coefficient values of 0.10 and 0.16, respectively. Meanwhile, technology exhibits a positive but not significant influence on inclusive economic development, with a coefficient value of 0.06.

One of the policies adopted by the government in development, especially in developing countries, is inclusive economic growth. This study examines how the effect of equalization funds as the main variables, as well as GDP per capita and open unemployment as control variables, on the Inclusive Economic Development Index (IDEI) as a proxy for inclusive economic growth. This research was conducted in 38 regencies/cities in East Java, in the period 2014-2020, using the PVECM Model as an analysis tool. In addition, this research also provides strategies and policy formulations in an effort to increase inclusive economic growth. The results show that in the long-term DAU and GDP per capita have a significant positive effect on inclusive development. Meanwhile, in the short term, DAK and GDP per capita have a positive insignificant effect. It can be concluded that the balancing fund supports inclusive economic development in East Java. Keywords: intergovernmental transfer funds, inclusive economic development index, inclusive economic growth

The detailed historical analysis presented in this chapter examines the extent to which the post-1994 Rwandan state has established broad-based and reciprocal relations with society in its pursuit of structural economic transformation and whether it has led to inclusive economic growth and development as envisaged by the Democratic Developmental State model. It does so by, firstly, assessing Rwanda’s pre-1994 development strategy specifically focusing on its key sector at the time; agriculture. Secondly, it focuses on Rwanda’s post-1994 development strategy—which encompasses private sector development. It analyses Rwanda’s private sector development strategy through its involvement within three conglomerates (Crystal Ventures Ltd [CVL], Horizon Group and Rwanda Investment Group [RIG]), its market liberalisation strategy and its agricultural commercialisation strategy. Thirdly, this chapter deals specifically with the adoption of Rwanda’s Homegrown Initiatives as it relates to economic decision-making at grassroots level and assesses the impact that it has had on the achievement of inclusive economic growth. This chapter finds that Rwanda has pursued economic development in a centralised manner thereby mitigating against the achievement of inclusive economic growth and development. Similarly to the Ethiopian case study discussed in Part III, this chapter will show that Rwanda, through the activities of its “party-statals,” exhibits features of a Developmental Patrimonial State.

The article considers the essential features of rural development as a multi-vector process, which not only involves economic growth in rural areas, but also requires its adaptation to human behavior, social and political structure of rural communities and their involvement in development processes. It also reflects systemic positive changes in rural areas, which are initiated "from bottom" and supported "from top". In this concept of rural development, inclusiveness is inherent. The authors show that the development of the concept of "inclusive rural development" took place in the process of enrichment and specification of the theoretical concepts of sustainable development, inclusive growth and inclusive development in relation to the rural sector of society. This concept denotes a development whose result consists in the creation of proper conditions for the rural population for such purposes as: the use of land and other local resources in the economic activities; adequate distribution of the results of economic growth in the agriculture and other sectors of the rural economy; and participation in social and public life for the consolidation of communities and observance of human rights. Such development leads to the reduction of poverty, overcoming the economic, social and political exclusion of people residing in rural areas. It is pointed out that ensuring the inclusive development is a function of the state regulation of national economy. To implement it in Ukraine, it is necessary to ensure, first of all, the implementation, in the regulatory and legal framework, of the global goals of sustainable development and the objectives for their achievement. That could be realized by adopting the Law on the Strategy for Sustainable Development until 2030, and, in the part of inclusive rural development, also the Law on the Basic Principles of the State Agrarian Policy and State Policy of Rural Development.

Summary Cities, contributing more than 75% of global carbon emissions, are at the heart of climate change mitigation. Given cities' heterogeneity, they need specific low-carbon roadmaps instead of one-size-fits-all approaches. Here, we present the most detailed and up-to-date accounts of CO2 emissions for 294 cities in China and examine the extent to which their economic growth was decoupled from emissions. Results show that from 2005 to 2015, only 11% of cities exhibited strong decoupling, whereas 65.6% showed weak decoupling, and 23.4% showed no decoupling. We attribute the economic-emission decoupling in cities to several socioeconomic factors (i.e., structure and size of the economy, emission intensity, and population size) and find that the decline in emission intensity via improvement in production and carbon efficiency (e.g., decarbonizing the energy mix via building a renewable energy system) is the most important one. The experience and status quo of carbon emissions and emission-GDP (gross domestic product) decoupling in Chinese cities may have implications for other developing economies to design low-carbon development pathways.

Many developing countries still struggle to industrialise to speed up the pace of economic growth and development. Given this, they continue to search for antidotes to the challenges of their underdevelopment. Sports development is touted by many as one of the antidotes to the underdevelopment challenges of developing countries. However, the major challenges developing countries face in recent times are how they can develop sports and how they can adequately harness its benefits for economic growth and development. This paper sought to holistically explore the challenges of sports development in developing nations, the long-term complementary strategies or cardinal pillars of sports development in developing nations, and the benefits of sports development and their effects on economic growth and development of developing nations. This paper employed a narrative overview research approach to arriving at its conclusions. It concludes that sports development hinges on the holistic development of ten long-run complementary strategies or cardinal pillars. In addition, sports development offers eight significant benefits that can help achieve economic growth and development in developing nations. One of the study's main recommendations is that sufficient and sustained levels of all kinds of investment in sports, coupled with strong institutions, good governance, and practical and interrelated policies, are critical for sports development and economic growth and development in developing countries.

Financial inclusion, defined as the proportion of individuals and firms making use of formal financial services, has become a central theme in discussions about how to achieve so-called inclusive development. Inclusive development refers to striving for equal development of all individuals, particularly including marginalized (that is the very poor) groups. According to many, financial inclusion plays an important role in achieving inclusive development. Unequal access to financial services can exclude people from the process of economic growth. This chapter studies the role of financial inclusion in the development process, taking a cross-country perspective in South East Asia as well as an interregional perspective using data from Indonesia. We first develop a conceptual model, linking financial inclusion operationalized as bank branch access, to economic growth. Based on this conceptual model, the empirical part of our analysis consists of three sections. First, we use an Asian cross-country comparison to enrich our understanding of the main patterns of financial inclusion and inclusive growth. Second, turning to the case of Indonesia, we first discuss the processes of restructuring and regionalization of the banking sector. These processes have led to substantial changes in access to banking services, particularly in nonurban areas. Third, we provide econometric evidence on the relationship between regional access to bank branches and regional economic development, demonstrating that financial inclusion is associated with per capita economic output at the provincial level. The Indonesian regional analysis relies on a panel regression of 33 provinces over 5 years (2011–2015). We find that financial access is significantly and positively associated with the regional economic level of development in Indonesia, controlling for the general economic circumstances and development level of the region. These results suggest there is a definite challenge for the government to shift the development approach toward inclusive growth through financial inclusion. This finding may help developing targeted interventions aimed at increasing the regional bank branch coverage in Indonesia.KeywordsFinancial inclusionInclusive growthPanel analysisIndonesiaSouth East Asia

The purpose of this study is to examine the nexus between financial inclusion and economic development in South Asian countries. Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs, transactions, payments, savings, credit, and insurance delivered in a responsible and sustainable way. FI has been shown to reduce poverty, improve societal well-being, and promote more inclusive economic development. This research uses the panel data set for six selected countries from the South Asian region for a period from 2004 to 2021. The number of bank branches, outstanding loans from commercial banks, outstanding deposits with commercial banks, and the number of automated teller machines are used to measure financial inclusion, and the Human Development Index is used to measure economic development. This study used the descriptive statistical approach, unit root test, panel ARDL co-integration test, and pairwise Dumitrescu-Hurlin panel causality test to investigate the nexus between financial inclusion and economic growth in South Asia. The findings of this study indicate the existence of a long-run co-integration between financial inclusion and economic development in South Asian countries. Specifically, the number of bank branches, outstanding loans from commercial banks, and outstanding deposits with commercial banks exhibit a positive long-term relationship with economic development. Conversely, the number of automated teller machines (ATMs) demonstrates a negative long-term relationship with economic development. A main finding of the Dumitrescu-Hurlin Panel Causality Test shows that there is homogeneous Granger causality from outstanding deposits to the Human Development Index (HDI). The test does not find enough evidence to support a causal relationship between economic development and the other variables of financial inclusion, such as the number of bank branches, outstanding loans, and ATMs. This implies that, out of the four financial inclusion variables examined, only one demonstrates a causal relationship with human development in South Asia. Consequently, the study concludes that there is no significant causal relationship between financial inclusion and economic development in the region.

Over the past few years, energy security and sustainable development have moved up the global agenda. Energy is what makes an economy run. There is a strong correlation between economic development and energy consumption. Energy security plays an important role in all economic sectors in attaining the long-term vision of inclusive economic growth and development of the economy. The attainment of this vision is difficult as it is challenged by the need to build energy infrastructures that are not only responsive to the growing demand but can withstand the maximum credible natural disaster. One of the primary objectives of sustainable development is to make people without access to enough energy be able to meet their needs through the provision of stable, reliable, clean, safe, and affordable energy services. This research will use the Granger Causality test to analyze the causal relationship among the endogenous variables among (1) GNI per capita; (2) GHG Emissions; and (3) Herfindahl-Hirschman Index (HHI) between energy-economic development and the influencing factors of power supply security indicators. In the end, this paper expects to suggest that the paper electric power development plans in the country also have implications for the path that would lead the country to what is known as a green economy. It is in this background that energy security and economic growth development are intertwined by public policy. In a broader development sense, public policy draws in the active involvement of the community in identifying problems. Anchored deeply in the national development agenda, the local community develops its own sets of development goals and pushes itself towards realizing this long-range vision. 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This study aims to determine the relationship between population size, economic growth, education level, and unemployment rate on the poverty level in Tuban Regency. Tuban Regency is a district with a poverty percentage reaching 14.91% in 2022. The researchers used a quantitative approach with multiple linear regression analysis. The results show that the population size has a positive effect on the poverty level, economic growth has a negative effect on the poverty level, the education level has a positive effect on the poverty level, and the unemployment rate has a positive effect on the poverty level in Tuban Regency. The data used in this study include secondary data obtained from the Central Statistics Agency and other related sources. This research provides significant contributions to understanding the factors influencing poverty in the area, which can serve as a basis for policy formulation to reduce poverty. Potential policies include improving the quality of education, creating new job opportunities, and promoting inclusive economic growth. Improving the quality of education is expected to enhance the skills and competitiveness of the workforce, while the creation of new jobs can reduce the unemployment rate. Inclusive economic growth ensures that the benefits of economic growth are felt by all layers of society, particularly the poor. Therefore, this study offers comprehensive insights into the relationship between these variables and provides policy recommendations that can help reduce the poverty rate in Tuban Regency.

The implementation of development in Indonesia faces challenges and obstacles along with the dynamics of community life and changes in the global constellation. The economic development model that has been applied only encourages economic growth, resulting in social exclusion in the form of poverty, unemployment and social inequality. This study aims to estimate the factors that influence inclusive economic development in Indonesia. The data used comes from 34 provinces in the period 2015-2022. This research contributes to economic development in the form of inclusive economic development, the use of IEDI as a value that shows the level of inclusiveness of Indonesia's development, and contributes to the determinants of IEDI. The model used is FEM with the results showing that the variable open unemployment rate has a negative and significant effect. The rate of GRDP, and HDI has a positive and significant effect on inclusive economic development. The number of poor people insignificant effect. This is based on the trickle-down effect theory which explains that the progress obtained by a group of people automatically trickles down so that it will create jobs. In the end, it will foster an equitable distribution of the results of economic growth. Since economic growth is an indicator of economic development, such changes will affect the number of poor people in the long run.