ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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In Quest of Inclusive Growth

Economics needs an integrated approach for inclusive growth. But, this purpose is lost in the excessive focus on the separation of the subject into micro and macro and the obsession with rationality and general equilibrium for theoretical perfection. In such a context, the analysis of the factors contributing to the changes in the gross domestic product overlooks the distributional aspects, whereas statistics focuses on distribution in its search for approximating the regularity in data generated in a multivariate space. The feasibility of a new multidisciplinary framework for organising economic data in the quest of a paradigm inclusive growth is explored.

In the current information age, data- driven decision-making processes can enable the delineation of a path of inclusive growth as a strategy for sustainable and well-balanced development. In a networked economy, not only can a huge volume of data be collected, collated and accessed with relative ease, such voluminous data can also be used for extracting insights for a transparent, accountable, inclusive and efficient system of governance. The need of the hour is to embrace this data revolution in terms of a framework of data collection, management, and analysis that would reduce information asymmetry and transform the economy at all levels.

What we need for an inclusive society is to create such opportunities for people that would enable them to move from poverty to prosperity. Poverty alleviation can be attained by increasing returns through productivity gains, aided by technology improvement and shift of labour out of agriculture through structural transformation. For interventionist government policies to work in this context, knowing the extent of poverty merely will not be useful. There is also the need to know the plausible ways of empowering the poor. The problem here, however, is not just the availability of data. Even if data are available, these might be scattered. The challenge then is to use this plethora of information effectively for dealing with poverty comprehensively.

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Updated On : 12th Aug, 2019
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