Inclusive Growth and Sustainable Development of India


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India – Need for the Inclusive Growth & Sustainable development rather than increasing growth rate to compete with china

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  • Equal Growth Opportunities rather than skewed at the topNo Geographical/cast/communal/gender barriersReduction in poverty & disparities of incomeEnsuring basic minimum standard of living (education, health, finance, housing, employment etc.)Financial Empowerment
  • 1.12Th The plan is expected to encourages the development of India’s agriculture, education, health and social welfare through government spending Talked about rural sending .2 .11th five year plan focuses on inclusive growth Social Sector services, Agriculture, Industry, Services , Physical Infrastructure
  • 1.Rs 32. (less than $1.25 per day PPP UN factor )1 for low domestic food prices Reasons are the following-- high oil and fertilizer subsidies,- Duty cuts, export bans, Administrative measures on hoarding, ban on futures markets-- Procurement, buffer stock and public distribution of food
  • 1. services & industry have grown double digit figs, agri growth has dropped from 4.8% to 2%. The surplus of labour in agriculture has caused many people to not have jobs. Farmers are a large vote bank and use their votes to resist reallocation of land for higher-income industrial projects.3. Indiasecond most populous 1.21 billion people more than a. 17.5% of the world's population, India is projected to be the world's most populous country by 2025, surpassing China, Chinese growth rate 7%, 1971 census 540 million.4.Public Distribution System – Subsidized food , nutrition programmes for children, old age and maternity benefits schemes National Rural Employment Guarantee Scheme (NREGS) – Giving 100 days of wage employment to the poor
  • 1.Many institutional innovations are coming up to link small farmers to high value agriculture and help increasing their productivity and marketing (contracting farming, dairy sector, cooperative marketing). 2. There are several models: Contract farming, self help group model, co-operative model and producer co-operatives
  • 1.even though China smallholder farmers constitute over 97 percent of its farming population.[51] Chinese smallholder farmer is able to rent his land to larger farmers, China's organized retail and extensive Chinese highways are able to provide the incentive and infrastructure necessary to its farmers for sharp increases in farm productivity.
  • Investment -public investment in crucial areas such as soil amelioration, watershed development, groundwaterrecharge, surface irrigation, and other infrastructure and can also allow substantial expansion in the reach of critical farm support systems.
  • 1.Many institutional innovations are coming up to link small farmers to high value agriculture and help increasing their productivity and marketing (contracting farming, dairy sector, cooperative marketing). 2. There are several models: Contract farming, self help group model, co-operative model and producer co-operatives
  • 1.NSSO survey-National Sample Survey Organization 2.E.g. Maheshwari Sarees in M. P.- DOWN WITH 250 LOOMS , TECHNOLOGY & Product chages navavari to regular saree brougt back to 2500 looms & Chamba chappales in Himachal.coied by big &sold however the local s finding difficult to meet both ends without marketing.3. Nearly 40% of the farmers would be willing to quit farming, according to an NSSO survey.4Chineses sme 300 to2000 Pers
  • 4. 55% student attending the school
  • 1.National Rural Employment Guarantee Scheme, National Rural Health Mission , Sarva Siksha Abhiyan , Mid day Meal, Integrated Child development services, Rajiv Gandhi National Drinking Water Mission have helped a lot in the development of the Social Sector of the 2. Privatization of Health and Education -Quality but reach, Penetration & affordibility.4. Expenditure on health less than 1% even p
  • If majority are happy in the socity the above rule is not satiated.Minorities may be troubled and human rights trudged by themajor society and they may take refuge to the above dictum to rationalise their inhuman behaviour.Bahujan Sukhay means a constant endeavour to spread happiness irespective of caste, religion , race, nationality, or gender or class.For Example women are a group of society who have always remain elusive of the above therapy. Being majority in the socity they have no voice, niether heard of.IN the name of equality they have been reached to a situation in sharing the Auto seat with a male driver. Shame on indian society who can not see the falling status of the girl child in the society.So the women is a vote bank empowered by the Indian Politicians who justify that compared to atrocities held before on women thecurrent ones are less potent.The real meaning of Bahujan Hitay would be that a sample of the majority society in a random sample including minorities are happy. 
  • 1.Untreated wastewater and industrial discharge – only 25%.
  • 1By 2020 India’s GDP is likely to quadruple from the current $ 1.1 Trillion to about $ 4.5 trillion2Per capita income from Rs 50,000 to Rs 1,50,0003Number of deprived householders – below 1.5 lacs is likely to be reduced by 25% to 180 4Indian consumption is likely to icrease3.7 times to about 113 trillion with discritionary expenditure likely to increase significantly.
  • The first is the fixation with rate of growth, ignoring the Human Development Index (HDI). The second is the obsession with the Sensex , making it the barometer of India’s economic health, though all are aware that FII are manipulating its rise and fall .
  • Inclusive Growth and Sustainable Development of India

    1. 1. 1/29/2012 1
    2. 2. 1/29/2012 2
    3. 3. Since independence, significantimprovement in India’s economic & socialdevelopment. In the post-reform (since 1991), India has done well in some indicators such as balance of payments, resilience to external shocks, service sector growth Significant accumulation of foreign exchange, Information technology (IT) and stock market, improvements in telecommunications etc. Investment and savings rates are quite high - 32 to 36%. 1/29/2012 3
    4. 4. VISION 2020/ ASPIRATIONAfter one of the talks delivered by Dr.Kalam, a ten-year-old girl came upto him for his autograph. What is your ambition? he asked her. I want tolive in a developed India, she replied without hesitation Source :India2020ISSUESFor growth it is not sufficient that the income of bottom 20% rise at thesame level as average. Mr. Kaushik Basu Chief Economic Advisor of Indian Government WHAT INDIA CAN BEIndia can became one of the economic super power in world .Accordingto a recent report published by Goldman Sachs, India is anticipated tobe the 3rd largest economy in the world by 2020 WAY FARWARD“A right system/strategy/approach/Method will give automatically rightresults “. Core of human development: E Q U I T Y , S U S TA I N A B I L I T Y 1/29/2012 4
    5. 5. 1/29/2012 5
    6. 6. Shanti Mantra” from Kato Upanishad Om Sahana Vavatu Sahanau Bhunaktu, Saha Viryam Karawavahai, Tejasvinavaditamastu, MaVidvishavahai, Om Shanti hi Shanti hi Shanti hi”Together may we be protected, together may we benurtured, together may we work with great vigor, may ourjourney together is dazzling and effective, and may therebe no wicked feelings between us, Peace, Peace, andPeace”Importance of growth for all has been recognized way back 1/29/2012 6
    7. 7. PERIOD AVG GDP GROWTH/YEAR (%)1st 30 years afterindependence 3.51980‟s 5.61990‟s 5.82005 to 2010 8.52011 7.6 (Est) Source – Economic Survey 2010-11 1/29/2012 7
    8. 8. 1/29/2012 8
    9. 9. SOCIO D- IE VC IO DN EOMIC 1/29/2012 9
    10. 10. SOCIO D- IE VC IO DN EOMIC 1/29/2012 10
    11. 11. ROUTINE AT BOP Hunger Malnutrition Employment insecurity ASPIRATION Poor or non existent social security  Moving out of poverty Lack of proper  Give their children an Healthcare facility & opportunity for a support better life Threat of livelihood  Build up some capital  Have at least the basic needs of food, shelter & clothing met without thinking what will happen the next day 1/29/2012 11
    12. 12. Inclusive growth as per the literal meaning ofthe two words, refers to both the pace andthe pattern of the economic growth of acountryIt focuses on economic growth which is anecessary and crucial condition, for povertyreductionIt adopts a long term perspective and isconcerned with sustained growth. 1/29/2012 12
    13. 13. Inclusive growth as a strategy of economicdevelopment, received attention owing to arising concern that the benefits of economicgrowth, have not been equitably shared.Inclusive growth grants people to contributeto & benefit from economic growthEven at international level, there is a concernabout inequalities and exclusion and now they arealso talking about inclusive approach fordevelopment. 1/29/2012 13
    14. 14. India is shining however Future GDP growth exclusion continued in Currently a $1.73 trillion* terms of Economy with a populationLow agriculture growth, of 1.2 billionLow quality employment To sustain 9% growth &growth, progress to a double digitLow human development, growth rate, inclusiveness of all members of society isRural-urban divides, requiredGender and social Recognition that Inclusiveinequalities, and growth should be achievedRegional disparities etc to reduce poverty & raise economic growth 1/29/2012 * World Bank data 14
    15. 15. 11th Plan (2007-12) International Concerns advocates for inclusive 1.U.N Millennium growth Development Approach paper for its Declaration 12th five-year plan 2000„Improve the lives (2012- 2017), the of the impoverished Planning Commission‟s people in their countries focus on instilling by 2015‟ “inclusive growth”. 2.World Banks mission to help developing countries to alleviate povertySource- 1/29/2012 15
    16. 16. Before you do anything, stop and recall the face of thepoorest, most helpless destitute person you have seenand ask yourself, “Is what I am about to do going tohelp him?” ~ Mahatma Gandhi Source:“Loyal and efficient work in a great cause, even thoughit may not be immediately recognized, ultimately bearsfruit”-- Jawaharlal Nehru Source: If those who are better off do not act in a more socially responsible manner, our growth process may be at risk, our polity may become anarchic and our society may get further divided. We cannot afford these luxuries.” Source: CII AGM 1/29/2012 16
    17. 17.  Five interrelated elements of inclusive growthPoverty Reduction and increase in Agricultural Social Sector quantity and quality of Development Development employment Reduction in Protecting the regional environment disparities 1/29/2012 17
    18. 18. Year % Population below poverty line Population (million) Rural Urban Total Number1973-74 56 49 55 3211983 46 41 45 3231993-94 37 32 36 3202004-05 28 26 27.5 302 Tendulkar committee report – Revised estimate 41.8 25.7 37.2 410 Source:- Planning comm. Of India1.Poverty level more in few states - Bihar, Uttar Pradesh , MadhyaPradesh ,Orissa, Chhattisgarh & Jharkhand2.In state Like Maharastra , Gujarat ,Tamilnadu & Karantaka, AndhraPradesh 1/3 rd of Population living under poverty3.Concentrated among agricultural labourers, casual workers,Scheduled Castes and Scheduled Tribes4.80% of the poor are from rural areas. 1/29/2012 18
    19. 19. Agriculture Growth Rural wages Corruption Stagnated real wagesAgri. GDP 2% during 1997 & Government schemes 2004 from 3.5% per year Below the minimum wages not reaching to poor during 1981 &1996 people Rural India Rural non farm Relative Food prices Population sector Ban on Exports More than Double in Not fully Developed. last 40 years.Not much alternative other than agriculture Decade growth -18% Caste System SocialSocial discrimination -Dalits Health, Education ,Social Urban poverty are deprived of basic welfare facilities & opportunities Immigration to city Is unable to provide livelihood & Infrastructure Infrastructure infrastructure. Road , Electricity , Water Financial system, Mangement Technology, Governance 1/29/2012 19
    20. 20. Sector-wise Share of Employment (%) Industry 1983 1993–94 1999–2000 2004–05 2006–07Agriculture 66.08 61.81 57.31 52.69 50.8Manufacturing 14.17 15.14 16.91 18.82 19.76Services 19.74 23.06 25.78 28.47 29.43 Total 100 100 100 100 100 Source-Planning Commission 11TH Plan Share of output & Employment (2006-07) 60 50 40 % 30 20 10 0 Agriculture Industry Services % Of GDP 20 26 54 % Employ 51 20 29 Source-Planning Commission 11TH Plan/Economic survey 10/11 1/29/2012 20
    21. 21. Type of Employment and Sector(fig In Millions) 1999-2000 2004-2005Sector Informal Formal Total Informal Formal TotalUnorganised 341.28 1.36 342.64 393.47 1.43 394.90Organised 20.46 33.67 54.12 29.14 33.42 62.57Total 361.74 35.02 396.76 422.61 34.85 457.46 423 million workers are informal/unorganised workers -92% Growth in employment - more in unorganised sector. Quality of employment -Do not have social security. Growth of Average Daily Wage -Casual Labour -1999 TO 2005(% per annum)(1993/94 Prices)Public Works 2.01Agriculture 0.93Non Agri. 1.32 All Activities 1.21 Wage Growth -Average Daily Wage Earnings in Rural India are stagnated . Wage growth heavily concentrated at the top end Working poor -Poverty is much higher than unemployment Source-Planning 1/29/2012 Commission 11TH Plan 21
    22. 22. The Largest Wave of Suicides in HistoryFarmers who have committed suicide in India between1997and 2007 now stands at a staggering 182,936. - P. SAINATH Concerns in AgricultureAgriculture Growth Land & Water Technology• Deceleration in • Increased non-agri. • Uneven and slow growth from 3.5% demand as a result development during 1981-97 to of the higher GDP • Inefficient use of 2% during 1997- growth & available 2005 urbanization. technology Disparities Institution Commodity prices• Widening economic • To help small • Vulnerability to disparities farmers increasing world commodity between irrigated their productivity price volatility & rain-fed &marketing following trade areas.(All India liberalization 60% rain-fed area) • e.g cotton and oilseeds 1/29/2012 22
    23. 23.  Land and Water management. Fragmentation Size of land holdings is very small often over-manned, resulting in disguised employment and low productivity of labour Land Availability Steeper decline in per capita land availability. Shrinking of farm size Quality Of soil Unbalanced and irrational system of fertilizer subsidy is an important cause of deteriorating soil quality. Severe soil erosion, degradation due to heavy rainfall/floods and deforestation Irrigation Irrigation facilities are inadequate. As 60 % of the land is rain-fed , result in farmers still being dependent on rainfall, the Mansoon season. A good monsoon results in a robust growth for the economy, while a poor monsoon leads to a sluggish growth Ground Water Over pumping made possible by subsidized electric power is leading to an alarming drop in aquifer levels , adverse impact on small &marginal farmers. 1/29/2012 23
    24. 24.  Investment , Credit & Infrastructure Credit Inadequate or inefficient finance services for farm produce .Still 22% rural household takes loans from the informal source & 27% from formal source ,remaining has no credit outstanding. Investment Subsidies have increased from around 3% of agriculture GDP in 1976– 80 to about 7% in 2001–03. During the same period, public investment in agriculture declined from 4% of agri. GDP to 2%. Infrastructure A third of all food that is produced rots due to inefficient supply chains .  Education/skill Half of those engaged in agriculture are still illiterate. Even in 2004-05, around 60% of rural male workers and 85% of rural female workers are either illiterate or educated upto primary level .Only 5% completed higher secondary educ  Source-Planning Commission 11TH Plan 1/29/2012 24
    25. 25. Marketing  Farmers access to markets is hampered by poor roads, rudimentary market infrastructure, & excessive regulation  Government policy. 1.Agricultural subsidies & taxes often changed without notice for short term political ends. 2.Slow progress in implementing land reforms  Technology & Research Technology : Modern agricultural practices & use of technology is inadequate, hampered by ignorance, high costs & impracticality in the case of small land holdings Research 1.Inadequate strategic research , such as cropping systems suited to various agro-climatic conditions and towards enhancing the yield potential in rain-fed areas through development of drought- & pest-resistant varieties. 2.Development of Region specific technology . 1/29/2012 25
    26. 26. Poverty can not be removed with 51% of workersin agri. Need to promote rural non-farm sector. Micro and Small Enterprise- MSEsWeavers, artisans, people engaged in foodprocessing, hawkers, vendors,& carpenters.etc Issues - Unorganized ,Competition , Standard Infrastru Credit Technology Marketing ization cture Small and Medium Enterprise – SMEsChina where over 68% of the exports come from theSMEs called Chinese Town and Village Enterprises Level of processing Segment India Other’sFood processing-India produces about 50 Milk & 35% 60to 75% inmillion tonnes of fruits & 90 million tonnes of products developed Countriesvegetables.Only 2% of these are processed as Poultry 6%against 23% in China, 78% in Phillippines, 83% in Fisheries 12%Malaysia. Buffalo 21% 1/29/2012 Meat 26
    27. 27. Malnutrition : 42 %of children under 5 are underweight and 59 %are stunted; about half of all children are underweight or stuntedby age 24 month A recent HUNGaMA ReportLota syndrome : 700 million people do not have access to safeand hygienic toilets. The waterborne diseases this causes ,kill500,000 children every year, mostly from diarrhea,“ BindeshwarPathak, Sulabh Sanitation Source : Education & Skill : Literacy rate 74% -Census Of IndiaRetention -Drop-out Rates at Class I-V -24% & Class I-VIII- 50% Source –Times Of india/District Infor. System for EducationSkill -Only 9-10 per cent students passing out of colleges areskilled enough to get employment . Few IITs and IIMs.HealthcareOver 40% of hospitalised Indians borrow heavily or sell assets tocover expenses.25 million Indians are pushed below poverty line every year dueto healthcare expenditure alone. Health costs are the SINGLELARGEST contributors to non-productive rural debt IRDA Journals/Insurance Post/ Insurance Chronicle 1/29/2012 27
    28. 28. Drinking Water -Household access to safe Drinking water – 77%All India : Rural 73% & 90% urban -Economic survey of India30 % Rural India -250 million unsafe drinking water leading tovarious waterborne diseases Human development indexBroader definition for well being & provides a compositemeasure of three basic dimensions of human developmentHealth, Education & Income . India‟s Rank 134 Out Of 187countries. ShriLanka has better rank. Source :UNDP.ORGThere have been achievements in education & health butproblems are - Regional, Low levels of social & Human Dev. Slow progress gender Index disparities Low level of Poor quality Privatization public delivery of Health and expenditures systems Education on health Source :- National Rural Health Mission 1/29/2012 28
    29. 29. In general, richer states grew faster than the poorer statePost-reform period Income inequality across the States increased(Per capita GSDP) & its worsening.Benefits of economic growth have been largely confined to the betterdeveloped areas.Paradoxically, it is the natural resource-rich areas which continueto lag behind Growth Rates have been lower in the poorer statesIncome :Per capita net state domestic product at current prices(2009-10) Highest Rs.77,878 in Haryana, lowest Rs. 14,654 in Bihar , All-IndiaNet National Income / capita- Rs 44,345Human Development IndicatorsFemale infant mortality rate-13(12)in Kerala to 72(70)in Madhya PradeshLiteracy rate varies from 47% in Bihar to 91 % in Kerala Source-Eco. survey 10-11 Causes Investment in physical and Technology Governance human capital 1/29/2012 29
    30. 30. Financial Times, August 14, 2007 1/29/2012 30
    31. 31. Only 55% persons Only 20% persons Only 9 % have non have bank have life account-Many are life insurance insurance dormant ? VILLAGES EXCLUDED FROM BANKING – 95 % Financial inclusion Measures to ensure each house-hold/individual (urban/rural poor) is financially literate,have access to banking system (Deposits , Loans,Remittances , Insurance)Affordable for the poorest of poor & Enables beneficiariesof Govt. welfare schemes to enjoy timely payment Why Exclusions - High cost & burdensome proceduresLow Literacy, Geography ,Language , Infrastructure, awareness, Social exclusion, Attitude at branch ,Reach Ease of availability of informal credit Who are excluded – Mainly Marginal farmers,landlesslabour, self employed – unorganized sector ,urban slumdwellers ,migrants ,ethnic minorities ,socially excludedgroups ,senior citizens ,women – NER, East & Central regions Is Microfinance the answer High interest rate? ,Regulation ? Small loanMajor role of Banks & Financial Institutions
    32. 32. 1/29/2012 32
    33. 33. 1/29/2012 33
    34. 34. Urban Slums Dominant Drinking Water –A problem in Untreated wastewater &habitat for Humanity- Urban India , Lots of people industrial discharge.Unhygienic living depend upon tanker water.Varanasi, on the Sanitation continue to be Consumption patterns of richGanges, problems of inadequatepollution, holiest river. 1/29/2012 34
    35. 35. It takes 1000 years for a plastic Deforestation :A single tree Floodwaters -effects ofbag to get degraded :effects will absorb approximately oneon ground water & land quality ton of carbon dioxide during climate change ? its life time Major Contributor To CO2 emission Global warmingEnergy generation : Mostly Manufacturing industries: Exponential Increases infrom coal in India Thermal steel, cement etc. vehicles using fossil fuelspower 1/29/2012 35
    36. 36. Exploitation of Nature- Jal , Jungal , ZameenWorld’s most disadvantaged people suffer the most from environmentaldegradation, including in their immediate personal environment, &disproportionately lack political power, making it all the harder for the worldcommunity to reach agreement on needed global policy changes.Source: UN Human Development. Report 2011Sustainable development isdevelopment that meets theneeds of the present withoutcompromising the ability offuture generations to meettheir own needs. Time for a change 1/29/2012 36
    37. 37. India‟s economy needs to grow at 8 % to 10 % per year for two to three decades to meet its human development needs. Growth coupled with growing population puts significant stress on natural resources & environment. India‟s Land &Water Resource India has 2% of world‟s land, 4% of freshwater, 16% of population.Area :329 Mha :47% cultivated, 23% forested, 7% non-agri use, 23% waste.Per capita availability of land 50 years ago was 0.9 ha, could be only 0.14 ha in 2050.Future -Limited Water & Land resources - More demand. How We want to use ? Energy consumption Major area of concern of India’s development arises from energy use.Per capita consumption of energy in India is one of the lowest in theworld. India consumed 540 kg of oil equivalent (kgoe) per person ofprimary energy in 2008 compared to 1480 in China, 7750 in the U.S. & theworld average of 1820 Source : Taken from World bank global Indicator If India grow like West?Per capita resource consumption of 1.2 billion Indians reach the level inthe West ? Can this be our future? Nature is already retaliating Technology can help but cant support consumption beyond a point 1/29/2012 37
    38. 38. Source : UN Human Development Report 20111/29/2012 38
    39. 39. 1/29/2012 39
    40. 40. 1/29/2012 40
    41. 41. Similar in terms of growth potential & large populations ,but there arecrucial differences .Growth in China is stupendous. India started late&most growth limited to urban areas Rates of GDP growthChinese economy has grown at an avg.annual rate of 9.8 % for two & a halfdecadesIndia’s economy has grown at around 5-6 per cent per year over the sameperiod,But recently the avg.growth rate for last five years is above 8 % Structural change over four decadesChina:Cassic pattern, moving from primary to manufacturing sector, whichhas doubled its share of workforce and tripled its share of output.India: India leap frogged from agriculture to services with less focus onmanufacturing & the structure of employment has not changed much.Share of the primary sector in GDP fell from 60 %to 20 %, but share inemployment still more than 50 % Poverty reductionChina:Officially 4 %of the population now lives under the povertyline, unofficially around 12 %.India: Official poverty 37% of population. food deprivation is much higher. 1/29/2012 41
    42. 42. Institutional conditionsIndia : “Mixed economy” with large private sector, so essentially capitalistmarket economy.China : Mostly a command economy, which until recently had a very smallprivate sector; there is still substantial state control. The financial sectorIndia : Mixed economy,without comprehensive government control overthe financial system; liberalisation since early 1990s,further loss ofcontrol over financial allocations by the state.China: Still under control of the state, despite liberalisation. Four publicsector banks handle the bulk of the transactions in the economy, & canregulate the volume of credit to manage the economic cycle & directcredit to priority sectors. Trade patternsChina: Rapid export growth,aggressive increases on world market shares,based on relocative capital attracted by cheap labour & heavily subsidisedinfrastructure.India: Lower rate of export growth, with cheap labour & poorinfrastructure development. So exports have not yet become engine ofgrowth, except in services. 1/29/2012 42
    43. 43. Number of times China’s growth over India Source: IIFL To replicate the success of a brand in an emerging market by copying previousbusiness models is close to impossible . This is due to the fact that emerging economies have different needs. In the same fashion emerging economies should innovating and tailoring theirgrowth models accordingly . A report by Delloitte Touché 1/29/2012 43
    44. 44. Poverty Alleviation, Sustainable Development, Inclusive Growth are Intimately InterlinkedMore challenging to achieve inclusive growth than getting 8 to 10 % growth in GDP Governance : Administrative Reforms , Lokpal , land reforms,…………etc etc  An honest & transparent administration.  Enactment of appropriate laws.Infrastructure & Growth : Serious problem of infrastructure. The resources &the infrastructure will make it possible for the weakest Indians to receive thebenefits of economic growthHard Infrastructure:  Transportation (Road, Rail, airports, seaports)  Energy ( Power, Natural Gas, Coal mines, petroleum , Renewable )  Water Management (Drinking water, sewage, irrigation)  Communication (Postal, Phones, TV/Radio , Internet )Soft Infrastructure:  Social ( Education, Healthcare, Social Welfare)  Industrial ( Manufacturing)  Institutional ( Financial system, Information Technology) Role of all stakeholders:The Government, bureaucrats, the public sector, private sector, NGOs, mediaand civil society, has to play a active constructive role
    45. 45. Reasons -Inclusive growth & sustainable development Social • Lack of inclusive growth leads to unrest among many people. • The measures which raise equity also promote economic Economic growth. • No government in a democracy can afford to ignore large Political sections of workers and non-working population. • Good life or growth does not mean over consumption asEnvironmental resources are limitedA stable ,developed, prosperous & democratic society. 1/29/2012 45
    46. 46. Let all people be happy Sarve bhavantu sukhinah Let all live with complete good health Sarve santhu niramayaaha Let all know what is good and what is Sarve badraani pasyantu not so goodMa kaschith dhukha baag bhavet Let no body be subjected to troubles 1/29/2012 46