ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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Inclusive Growth under a Neo-liberal Policy Framework

"Inclusive growth" is a fashionable term these days, used widely in a large number of emerging and developing countries in the context of the neo-liberal policy framework, which is expected to deliver growth, and also inclusive growth. Empirical evidence from most of these countries however indicates that the neo-liberal policies have not been very successful in including the excluded in the mainstream development process. The paper observes that there is an urgent need to give a fresh look at the macroeconomic framework underlying the present policies. To start with, there is a need to end the tug of war between the growth and redistribution phases of neo-liberal policies. This is because the mainstream growth process that creates exclusion as well as inequalities tends to overpower the redistribution process and intensifies exclusions. The macroeconomic policies such as fiscal and monetary policies will have to play a much larger role in achieving developmental goals. There is also a need to expand the boundaries of macroeconomics to include natural resources as well as unpaid work within its purview to make it relevant and real.

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