Journal of Commerce and Management Thought
Year : 2013, Volume : 4, Issue : 4
First page : ( 904) Last page : ( 921)
Print ISSN : 0975-623X. Online ISSN : 0976-478X.

Growth and Poverty Reduction as Complimentary Processes An Approach to Inclusive Growth

Dr Ambarkhane Dilip*

Ex-Assistant General Manager, Bank of Maharashtra

*Presently working as Visiting Professor in the Department of Commerce, University of Pune. E-mail: dilipambarkhane@gmail.com

Online published on 10 October, 2013.

Abstract

Financial reforms in India introduced in the year 1991 have increased the growth rate of economy of the country. However reforms have not succeeded in reducing poverty. Recently public debate is going on in the country with two streams of thought; one led by Prof. Jagdish Bhagwati, focusing on growth and another led by Nobel Laureate Amartya Sen focusing on social spending. Though the debate is of comparatively recent origin; it is observed that both the approaches have been almost alternatively tried during various Five Year Plan Periods after independence. However both the approaches tried in isolation have not resulted in desirable reduction in poverty. This paper brings out that both approaches are complimentary and need to be implemented simultaneously with cluster approach to development. The debate mentioned above is explained with a focus on Inclusive Growth. Broad outline of the road ahead towards inclusive growth is suggested.

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Keywords

Cluster Approach, Financial Inclusion, Inclusive Growth, Poverty Reduction Process.

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