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Home arrow News arrow Business News arrow Inclusive growth needs a multi-dimensional approach: Montek Singh Ahluwalia
Inclusive growth needs a multi-dimensional approach: Montek Singh Ahluwalia Print E-mail
Written by Anand   
Wednesday, 22 October 2008
27 indicators identified to show effectiveness of inclusive growth

New Delhi: Proactive role of private sector is important for sustainable development in various areas of activities. Areas like skills development, rehabilitation, environmental protection, and providing opportunities to disadvantage people are areas where the private sector can contribute a lot. Montek Singh Ahluwalia, Deputy Chairman, Planning Commission of India, said this at the plenary session on 'Inclusive Growth: From Vision to Implementation' during the conference on 'Globalisation, Corporate Leadership and Inclusive Growth' being held here.

He was speaking in a discussion recorded on video at the second day of the two-day conference organized by the Confederation of Indian Industry (CII), Ministry of Corporate Affairs, Indian Institute of Corporate Affairs, The Evian Group and IMD of Switzerland
 
"Inclusive growth is a multidimensional approach. We must understand that it is possible for growth to be good in one or two directions and not so good in other dimensions. What is important is to look at the effectiveness of the approach. We have identified 27 indicators to show the effectiveness of the inclusive growth," Mr Ahluwalia said.
 
"GDP is an extremely important in underpinning our ability to generate revenue, create bigger employment opportunities and to deliver better results. There is also no doubt in my view that rapid rate of growth is essential for sustainable development. But, this is certainly not enough to include all the broad dimensions of inclusive growth," he said.
 
Emphasising on the importance of manufacturing sector, Mr Ahluwalia said, "It is generally perceived that Indian manufacturing sector's contribution in the GDP growth and in creating higher-end skills and more employment opportunities is not up to the mark and much less than that in China," adding, "The government has planned to address this problem on an urgent basis and is taking necessary corrective steps to remove this anomaly."
 
In his detailed discussion with Professor Jean-Pierre Lehman, Founding Director of the Evian Group, Mr Ahluwalia also tried to clear the confusion between generic use of the terms like poverty alleviation and inclusive growth. "Inclusive growth includes more than just poverty alleviation and seeks to address the problem of equity through the enhancement of opportunities for everybody," he said.
 
Later, Mr Subodh Bhargava, Chairman, Tata Communication Limited (India) and CII's Past President, who moderated the session, said, "The economic challenges are almost similar in all the developing countries but their solutions are certainly not the same. What we need to do is to understand the local conditions and the ground realities and should take corrective measures based on that." There is no paucity of vision in our country; but where we fail to deliver is at the implementation stage," he added.
 
Mr Yaduvendra Mathur, State Government of Rajasthan, said: "The public and private community partnership can make real contribution in terms of more updated and diversified data that show local realities." He said that at present we lack this and that "this has become a stumbling block in the path of the formulation of right strategies and their implementation."
 
Ms Hassina Sherjan, President, Boumi (Afghanistan), who spoke about business environment in Afghanistan and the problems existing there in terms of unreliable power supply and high wages.
 
Mr Kamal Quadir, Founder & CEO, CellBazaar (Bangladesh and USA) said that while he was "not very clear about the idea of the inclusive growth, I have learnt from my experience in Bangladesh that there lies a big challenge of providing basic skill and proper education to poor people and new technological tools, like computers and mobiles, can be really very effective in this respect."
 
Other panelists included Mr Luc Gerard, Tribeca Partners SA (Colombia), who spoke about private sector's involvement in the process of sustainable development, and Mr Michael Hindley, former MEP (UK) and Associate Professor, Georgetown University (USA), who expressed optimism about opportunities of inclusive growth provided by globalization.

 
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