User:Rks.srk

Inclusive growth basically means, “broad based growth, shared growth, and pro-poor growth”. It decreases the rapid growth rate of poverty in a country and increases the involvement of people into the growth process of the country. Inclusive growth by its very definition implies an equitable allocation of resources with benefits incurred to every section of the society. But the allocation of resources must be focused on the intended short and long term benefits of the society such s as availability of consumer goods, people access, employment, standard of living etc. It sets a direct relationship between macro and micro determinant of the economy and its growth. The micro dimension includes the structural transformation of the society and macro dimension includes the country’s gross national product (GNP) and gross domestic product (GDP). To maintain rapid and sustainable growth is some time very difficult this is because resources vapourises during the allocation and may give rise to negative externality such as rise in corruption which is major problem in the developing nation. But however it has created an environment of equality in opportunity in all dimension of livelihood. Such as employment creation, market, consumption, production, and has created a platform for people who are poor to access good standard of living. If we focus on the inequality between poor and rich household in a country we can reach to an optimal solution so that we can minimize the difference.

Inclusive Marketing

Inclusive growth has created a platform to create market or rather inclusive marketing. This is because there is a huge competition in regular market or rather a saturation point has been reached where no further growth can be achieved. But there is a huge consumer base in the rural market which is unexplored. Corporate in India are showing their interest to explore this consumer base by their corporate social responsibility (CSR) projects. It is a new business strategy which is emerging in India. It offer economic value to goods and services produced in the rural area. ITC’s e-Choupal is the best example for inclusive marketing. The business model offers farmers better price for their farm produce, and also provide technological and financial assistance to increase their productivity. Once the business model starts the company channelize their consumer product into the new market. Is inclusive marketing efficient enough to eradicate poverty. It is the only way to reduce the difference or rather to minimize the gap i.e. public private partnership.

References

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