- Definition: Inclusive growth means ensuring everyone is included in growth.
- It creates opportunity for all segments of the population.
- It distributes dividends of increased prosperity to every section.
- It is “equitable development” or “growth with social justice”.
- Importance for Socio-Economic Development:
- Addresses rising concern that growth benefits are not equitably shared.
- Boosts job creation and reduces vulnerability to economic shocks.
- Increases investments in human capital.
- Has a multiplier effect in boosting overall economic output.
- Reduces poverty and income inequality.
- Key enabler for achieving UN Sustainable Development Goals (SDGs).
- Necessary for sustainable development and equitable wealth distribution.