India must ensure inclusive growth to be a developed nation, says Vice-President Radhakrishnan

India can only call itself a developed economy if its growth includes every section of society, Vice-President C P Radhakrishnan said on Saturday. Speaking at the inauguration of the Kautilya Economic Conclave, he noted that the country is moving toward becoming a developed economy while stressing that progress must reach all people.

Ground Realities

Radhakrishnan urged policymakers to understand ground realities at both the micro and macro levels. He pointed out that China succeeded by understanding the situation in individual villages as well as the global economy, allowing it to become the world's second-largest economy.

Reforms

Highlighting reforms undertaken by the Narendra Modi government over the past decade, Radhakrishnan mentioned Jan Dhan accounts, direct benefit transfer, and the Goods and Services Tax as key steps in financial inclusion. He stated that consensus-building helps reforms move forward even when the process feels slow, adding that inclusion acts as an instrument of resilience.

Context

Economic conclaves like this one bring together policymakers, global experts, and leaders to discuss growth strategies and policy challenges. Inclusive economic growth focuses on ensuring that the benefits of financial development are shared widely across all income groups and rural and urban areas alike.