STRATEGIES OF INCLUSIVE GROWTH: AN EMPIRICAL STUDY

Even though the Indian economy has been growing for many years now, the fruits of economic development have not reached vast majority of people, which is against the principle of economic democracy. The oxford dictionary gives the most inclusive meaning is “not excluding any section of society” Growth is considered to be pro-poor as long as poor people benefit in absolute terms. Thus, the inclusive growth is emphasized from mere increase in growth rates to improvement in standards of living. The objective before a present-day economy is to ensure growth with distributive justice. At present the priority is given for coverage of vulnerable groups residing in rural, remote and unbanked and bank less areas. The present study covers the impacts of social welfare and inclusive growth. The data is sourced by conducting house hold survey and taken 900 samples and 90 samples from Bankers situated in four parts of Andhra Pradesh viz., Rayalaseema, South Coastal Andhra and Uttar Andhra. Even in areas that are well covered by banks, there are sections of society excluded from financial services. In developing countries like India, a large segment of society, mainly the low-income group, has little access to financial services, either formal or semi-formal. Still our India's financial Inclusion rate is 48%. To achieve the high and inclusive economic growth with a view to eliminating poverty at a faster pace, the social protection and cash transfer is an important policy tool to tackle social exclusion in equality and poverty. Regarding financial literacy, the target group should be divided into three groups' viz., credit supplier, credit user and credit facilitator. First of all, we have to fill the gaps among them by devise and revise the policies and procedures for inviting, allowing, admitting and retaining the new customers. The government may initiate measures to maintain price stability, promote entrepreneurship and to channelize savings, availability of labour forces at reasonable wages. Augmenting cropped area by raising irrigation and reclaiming wasteland. Input delivery consisting fertilizers, certified seeds, institutional credit will increase the yield levels and also uplift the infrastructure.