Inclusive Growth In India Research Articles

MSME IN INDIA: ENGINES OF EMPLOYMENT GENERATION AND ECONOMIC GROWTH

This study delves into the significant role played by Micro, Small and Medium Enterprises (MSMEs) in India particularly in terms of employment generation and overall economic growth. It examines the current scenario of MSME through the employment, utilizing data from various sources including Annual report of MSME and NSS 73rd round conducted during 2015-16. The analysis shows the substantial contribution of MSME to job creation across different sectors and regions, highlighting their pivotal role in addressing issues of unemployment, poverty and regional imbalances. Moreover, the study explores the relationship between the number of working enterprises and employment generation over a fourteen-year period from 2001-02 to 2014-15, illustrating a positive economic trend characterized by steady growth in both sectors. The findings highlight the significance of MSMEs in driving economic development and fostering inclusive growth in India.

MSMEs: Its Role in Inclusive Growth in India

To foster economic development, generation of jobs, reduction in poverty and promotion of equality, the role of micro-, small- and medium-sized enterprises (MSMEs) becomes crucial in every economy of the world. The MSME sector encourages equitable distribution and inclusive growth as an engine of economic progress. MSMEs have the highest employment growth rate, which has a positive impact on export and industrial growth. The primary objective of this article is to analyse MSMEs’ performance and their contribution to India’s inclusive prosperity. Over the previous two decades, the Indian economy has performed well but the rewards of this expansion have not been distributed fairly. The impact of MSMEs on various socio-economic groups and the engagement of women in India has been studied using a variety of metrics, including employment generation, regional industry distribution and entrepreneurship. The information used in this article was gathered from secondary sources such as Annual MSMEs Reports and the Handbook of Indian Economy Statistics. According to the study’s findings, the MSME sector contributes to inclusive growth in India by offering substantial job possibilities, ensuring that industries are distributed fairly and promoting entrepreneurship among women from underprivileged backgrounds. ‘Make in India’, ‘Digital India’ and other initiatives have created new possibilities for the MSME sector to grow significantly during the coming 10 years.

Tribal Identity, Justice, and Inclusive Growth in India

Tribal Identity, Justice, and Inclusive Growth in India

ARDL Approach to Drivers of Inclusive Growth In India

The call for inclusive growth has been unanimously declared by policymakers across the world. With India’s rapid economic growth rate, Indian policymakers also set its economy on the track of inclusive growth while formulating the 11th Five Year Plan. Despite, India’s fast-growing and vibrant economy, it fails poorly in Human Development Index ranked 131 in 2016. An unfortunate aspect of the current phase of high growth of the Indian economy has been its ‘non-inclusive’ nature. The distribution of income has been highly iniquitous. The richest 1% in India cornered 73% of the wealth generated in 2017, presenting a worrying picture of rising income inequality. In this regard, the study attempts to identify the determinants of inclusive growth in India by using annual data from 1981 to 2015. The study employs the autoregressive distributed lag (ARDL) model and the error correction method (ECM) to investigate the long-run and short-run relationship between inclusive growth and its determinants. The bounds test findings confirm the cointegrating relationship among variables. The ARDL estimates suggest that growth in initial income, government expenditure, human development, investment and financial development fosters inclusive growth; while inflation and population growth dampens it. The results also imply that increasing trade openness and foreign direct investment would not be beneficial for India in terms of growth inclusiveness. Based on these findings, the study recommends that the Government of India should take appropriate steps to increase per capita income and social spending with particular attention to macroeconomic stability while they work at improving the quality of population in order to achieve sustainable and robust inclusive growth.JEL Codes: Q4, F1, H7, D31, O43

Inclusive growth and social development in India

Inclusive growth is a concept that advances equitable opportunities for economic participants during economic growth with benefits incurred by every section of society. Economic growth with equality and social justice has always been the prime objective of the development paradigm in India. Alleviation of poverty and unemployment, therefore, has been accorded top priority in rural development programmes since the inception of the planning era. Inclusive development is viewed in terms of economic and social inclusion reflected in poverty reduction, better health outcomes, increased access to education and improved access to basic amenities such as electricity, drinking water, sanitation, transport, banking facilities, etc. The first objective of the study is to understand the elements of inclusive growth in India. The second objective of the study is to understand the pattern of the economic growth in India. The third objective of the study is to understand the inclusive growth and social development in India. The results show that the impact of increase in GDP has positive impact on the quality of life of the people as the social indicators. The incidence of poverty was higher among STs, followed by SCs, compared to others. The proportion of unemployment in labour force with higher education levels is also high.

Determinants of Inclusive Growth in India: An Ardl Approach

Determinants of Inclusive Growth in India: An Ardl Approach

Musculoskeletal disorders among the Bone Carving Artisans of Uttar Pradesh: A study on Cognitive space and accessory design for MSD and health-related problems

The textile (Handloom and Handicraft) sector, the second-largest employer after agriculture and accounts for 2% of the GDP, is a powerful means of inclusive growth in India. Various crafts are practiced in different parts of the country. Many families are earning bread and butter from this profession. Various case studies conducted by researchers have explained skills and the challenges artisans face in their daily lives. A concerned team noticed a similar problem and came up with an innovative solution to help the artisans of the Handloom and Handicraft cluster during this project. Sometimes; we focus too much on the visible or direct issue (products, market opportunity, cost, Etc.) To improve results; they ignore the natural causes responsible for fading popularity and productivity of a glorious story like an art form Bone carving practiced in Lucknow and Barabanki (UP), Banarasi Brocade, Gulabi Meenakari craft and Lacquer toys Varanasi, Etc. Though it is a beautiful journey of the evolution of skills from generation to generation, it still has many areas to address and improve. Issues of artisans and lifestyles are hidden under the tremendous success of the dazzling beauty of intricate details since the beginning of the craft. Various case studies conducted by researchers have explained skills and the challenges artisans face in their daily lives in these four crafts. Musculoskeletal Disorder (MSD) in the Neck, Shoulder, Lower back, and Knee is one of the significant problems facing craft artisans. The study aims to identify the prevalence and risk factors of musculoskeletal disorder and the lifestyle of Bone Carving craft artisans of Uttar Pradesh (India). Participatory Ergonomics in the form of workstation and chair design is the prospective solution for craft artisan's MSD problems.

The role of public expenditure on secondary and higher education for achieving inclusive growth in India

AbstractWe analyze the role of public expenditures on secondary and higher education for achieving inclusive growth, using a computable general equilibrium model of India. Our policy simulations show that increasing public education expenditure leads to higher growth and lower inequality. Expenditure on secondary education leads to better outcomes compared to equivalent expenditure on higher education. Exogenous technological progress enhances the positive effects of public education spending. The findings of the paper call for policy initiatives to boost spending on secondary education, as well as technological progress, for achieving inclusive growth in India.

An Analysis of Agriculture Sector of Inclusive Growth in India

Agriculture remains the dominant supporter of the Indian populace. The thriving industry and service sectors depend on the agricultural sector for their development. The inter-linkage among the three sectors could not be undermined at any cost. It is the massive absorbent of the labor force even though the disguised unemployment exists in varied magnitude. The share of agriculture to the GDP has come down from 57.7% in 1950-51 to 32.2% in 1990-91 at the time of liberalization, 24.6% in 2000-2001, 15.7% in 2009-2010 then 17%. In the post-independence era, stagnant production, low productivity, traditional technology, and poor rural infrastructure were the major challenges for the Government. India is principally an agricultural country. The agriculture sector estimates 18.0% of the GDP and employs 52% of the total workforce. There is a continuous steady decay in its presence towards the GDP, and the agriculture sector is losing its shine and anchor position in the Indian economy. The problems with which the Indian agricultural scenario is charged in present times are many. Still, this in no way undermines the interest of the sector and the role it can play in the holistic and inclusive growth of the country. Agriculture is fundamental for the sustenance of an economy, as is food for a human being.

A Study on Impact of Financial Inclusion on Inclusive Growth in India

Inclusive growth is the buzzword for the developing economies like India. After three decades of the post-liberalisation period we have to think whether our economic growth is really inclusive. The disparities or inequalities in income, education, health, drinking water, sanitation and shelter are still remaining a barrier to inclusive growth. Besides, gender-gap or male-female discrimination still cannot be eradicated from the society. The 11th Five Year Plan (2007-12) chartered a strategy for inclusive growth to bridge the divisions between ‘haves’ and ‘have not’. Financial inclusion is the key strategy to achieve inclusion growth. In August 2014 the Modi Government launched a financial inclusion programme, PMJDY, with the view to reach several necessary financial services to the remotest area at an affordable cost. Inclusive financial system mobilises more productive resources leading to economic growth and better opportunities for reduction in poverty. In this backdrop, the present paper focuses on the extent of financial inclusion, need of inclusive growth and impact of financial inclusion on inclusive growth in India.

How Inclusive Are Indian States: Evidence from Inclusive Development Index

The current study aims to find an ‘Inclusive Development Index’ (IDI) for the selected Indian states for the year 2017–2018 and has tried to incorporate indicators encompassing different aspects of the economy and life of the people. The index has tried to be more comprehensive and contemporary and attempts to keep the interest alive in the all-important policy objective of an inclusive growth in India as well as in many other countries around the world. The study has followed the guidelines given by Organisation for Economic Co-operation and Development ( OECD, 2008 , Handbook on constructing composite indicators: Methodology and user guide) to construct a composite index and has included two pillars of growth with a total of 14 dimensions (sub-pillars) represented by 62 indicators. Principal component analysis (PCA) has been applied at the indicators level and simple averaging at the dimension and pillar levels to obtain the composite IDI for 20 Indian states. The states are ranked based on their inclusiveness score on IDI and divided into the ‘front-runners’, the ‘achievers’ and the ‘aspirants’. IDI may help the states to identify their spheres of ‘low’ performance and learn from their ‘front-runner’ peers. JEL: D63, F43, O40

The Design Thinking Umbrella for Inclusive Growth in India? Discussion and Case Study

<p>India faces challenges in achieving sustainable inclusive growth. While business, finance, social and technical innovation and other reforms are necessary, stakeholder inclusion through participatory processes is essential for achieving inclusive development. Following decades of implementation globally, Human-centred Design (HCD) approaches are now being promoted in India as an answer to participatory and creative business, social and industry innovation, albeit less so as a tool for inclusive growth and innovation. However, there is a growing critique of HCD effectiveness, ambiguity about its role in the innovation process, and other questions. Enthusiasm in India for HCD and design thinking ignores this critique, and risks repeating history unless the benefits and limits of HCD for innovation generally and inclusive growth are understood. Following a review of the recent literature this paper identifies the role of HCD in an inclusive growth framework, highlights the real challenges, and presents an illustrative case of HCD application for slum redevelopment for discussion and development. This paper identifies design thinking as a vague umbrella term, highlights the need for an informed approach relative to inclusive growth, and suggests HCD is a potentially helpful adjunct to the complex process of inclusive growth.</p>

Econometric analysis of the deficit financing options-growth inclusiveness nexus in India and Nigeria

The crux of the study was to ascertain whether (and to what extent) the different deficit financing options impacted inclusive growth in India and Nigeria. The paper conducted an empirical analysis using data covering the period from 1989 to 2018 using the ARDL model. Some interesting results were obtained. First, foreign aid positively impacted inclusive growth in both short and long run for Nigeria. Contrarily, the results for India presented an inverse relationship between aid and inclusive growth with no statistical significance in the short and long run. Second, the impact of borrowing on inclusive growth was significant and negative for short run and long run in India. In the Nigerian case, the findings highlighted a positive and significant effect of borrowing on inclusive growth for both time horizons. Third, on the issue of human capital investments, the government expenditure on education effect on growth inclusiveness was found to be positive and negative in the short and long run, respectively, for India. On the other hand, government expenditure on health was negative in the short run and positive in the long run in Nigeria. Thus, there are a number of relatable policy recommendations viz: (i) Nigeria needs to utilize its borrowing options more effectively by undertaking relevant infrastructural and human capital investments; (ii) Instead of reliance on foreign aid for growth, Nigeria could join the liquidity race by attracting more diaspora remittances like its comparator India; (iii) The government of India should devote even more resources to capital expenditure to drive long-term investments and ensure that a greater number of citizens benefit from the process.

Role of Insurance Sector on Inclusive Growth in India

In the present era insurance sector plays a vital role in both developed and developing countries. Insurance markets working as a financial intermediary to contribute economic growth of the country as well as risk management more efficiently. The purpose of the study is to investigate the relationship between insurance sector development and economic growth in India. For this study, data has been collected only from the secondary sources for the period 2000 to 2019. To run linear regression, four variables are taken viz. GDP as a surrogate of economic growth and Real Premium Growth Rate, Total Investment in Insurance Sector and Insurance Claim. Finally, it can be suggested that more attention in the insurance market is to be paid so that proper economic growth will be possible in the developing country in India.

Priority Sector Lending by Public and Private Sector Banks in India

Priority Lending is critical to the inclusive growth in India. The credit distribution to the priority sectors is vital in ensuring that the economic growth is even and percolates down to all levels in the economy. RBI made it mandatory to the Scheduled Commercial Banks (SCB) in India for providing credit delivery to critical sectors identified as part of priority sector. RBI mandated all the banks should achieve the targets and sub targets of priority sector lending as minimum percent of Adjusted Net Bank Credit (ANBC) or Off - Balance sheet Exposure (OBE) whichever is higher. This paper aims at understanding the credit delivery to Priority Sector by Public Sector Banks (PSBs), Private Sector Banks (PrSBs), analyze the ability of the banks to meet the targets and sub targets as Agriculture Advances, Micro, Small and Medium Enterprises Advances and Weaker Sections Advances and whether these banks are meeting the recommendations of the RBI in providing credit to different sub segments of priority sector especially, Agriculture, MSMEs and Weaker sections. Ratios were calculated to check the proportion of these priority advances in the total advances, the percentage of priority in the ANBC. The statistical tools are used to check the significant variation of priority lending by these banks. Public Sector banks are proved that they are dominant partners in this strategy for sustainability of financial inclusion through lending to all the target and sub targets as per the RBI norms. Major portion of PrSBs lending is towards MSMEs while PSB were targeting more on agriculture and weaker sections.

BANKING ON PROGRESS: A COMPREHENSIVE ANALYSIS OF PRIORITY SECTOR CREDIT IN INDIA'S SCHEDULED COMMERCIAL BANKS

This study presents a meticulous examination of priority sector credit allocation by scheduled commercial banks in India, offering a comprehensive analysis of trends, challenges, and opportunities. Drawing upon extensive data and rigorous research, we explore the evolving landscape of priority sector lending and its implications for financial inclusion and economic development. The findings provide valuable insights for policymakers, financial institutions, and stakeholders committed to fostering inclusive growth in India's banking sector.

The imperative of social sector development for achieving the goal of inclusive growth in India: an analytical study

Growth inclusiveness has remained the prime agenda of India’s economic development policy. India did experiment with trickle down approach to development for achieving the objective of income redistribution and social justice, but floundered on that by the end of fourth plan. Since then the focus is on human welfare and development approach. Indian planners targeted the removal of poverty and inequality as the goal and the fundamental element of our growth strategy. This inclusive growth model necessitates the social sector development, an approach which is an adjunct to the capability approach of human development and also ensures rapid and sustained growth. The present study intends to construct the composite index of inclusiveness for India by deploying principal component analysis. The study also examines the relationship between different components of social sector development and inclusiveness index of growth in India, using an autoregressive distributed lag model for the period of 1986–2016. The empirical results suggest that the estimated coefficients of the long-run relationship between social sector development and growth inclusiveness are significant for ‘education outlays’, ‘expenditure of water supply and sanitation’, ‘housing and urban development’, ‘welfare for marginalized class’, ‘spending on social security and welfare’ and ‘food storage and warehousing’. For the short-run coefficients ‘labour and employment’, ‘rural development’ and ‘food storage and warehousing’ are statistically significant for inclusive growth of India. The analysis reveals a tardy progress towards rendering growth inclusiveness in India.

BANKING SECTOR ORIENTED FINANCIAL INCLUSION IN INDIA: A LONG TERM PERSPECTIVE

Financial Inclusion is an emerging concept. The objective of the government behind 100 percent Financial Inclusion is to have inclusive growth in India. Several initiatives have been taken by the Government of India and the Reserve Bank of India to improve access to financial services. To measure the effectiveness of these initiatives there is need to measure the extent of Financial Inclusion. Financial Inclusion can be measured by gauging the progress in access to and usage of a range of products and services of financial institutions over time. The present study sought to propose an index to measure the extent of banking sector oriented Financial Inclusion in India over a period of time rather than a cross-section study which has been the focus of many a studies. The study used more specific indicators of banks-centric financial inclusion dimensions to gauge the long run trend in Financial Inclusion in India. The results indicate that there is much improvement in Financial Inclusion in India since the implementation of financial sector reforms.

Has Social Sector Development Catalysed the Inclusiveness of India’s Economic Growth?

The study attempts to examine the impact of social sector development on inclusive growth in India. Ever since Independence, India’s encounter with gnawing poverty and stark deprivation, particularly of the weaker and the marginalised sections of society, cajoled India’s planners to moot the development policies with the sole objective of exacerbating growth with equity. That is why since the beginning of the planning era, the stress had been laid on strengthening and expanding the social sectors with the premise that it would boost the inclusive growth agenda, manifesting in equal access to employment and economic opportunities; equal participation in decision-making and reduction in poverty and inequality. In conformity with the objective of our study, we intend to gauge the effect and contribution of different components of social sector development in India, on inclusiveness of growth using time series data for the period of 1985–1986 to 2015–2016. It was found that the expenditure related to ‘social security and welfare’ contributes significantly towards inclusive growth in India while the expenditure incurred on ‘welfare of marginalised class’ and ‘rural development’ exudes negative association with inclusiveness of growth.

Dawn of Inclusive Growth in India - Financial Inclusion

Dawn of Inclusive Growth in India - Financial Inclusion