Driving Inclusive Growth

As India marches towards the centenary of Independence, we must ensure no one is left behind

- AJAY PIRAMAL

WE ARE LIVING in a pivotal era that will shape the future of India’s history. Over the next five years, India is poised to surpass Japan and Germany, emerging as the thirdlargest economy globally, following only China and the United States. At the glorious occasion of our 78th Independence Day, we can proudly say that India has made impressive strides in its growth and development trajectory. We are rapidly emerging as a power to reckon with, both politically and economically. Global agencies like the IMF predict a decade of high growth, maintaining India as the fastest-growing nation for the years to come.

In our path to become a Viksit Bharat by the 100th year of Independence in 2047, it’s crucial to reassess our approach and address the gaps that remain. India has increased investments in social welfare to 15% of GDP across central and state government initiatives. However, despite the commendable government initiatives and substantial investments in social welfare, the benefits of India’s growth story have not permeated to everyone equally.

CONTEXT

One glaring example of this disparity is reflected in CSR funding. Data shows that Pune, with a population of 7.3 million, receives more funding than the 112 Aspirational Districts, which have a combined population of 250 million. Pune receives a CSR allocation of ₹257 crore from central and state governments, while the 112 Aspirational Districts collectively receive ₹472 crore. Consequently, the per capita spend in Pune is approximately ₹375, whereas in the Aspirational Districts, it is merely ₹19.