The pillars of an equitable post-COVID India (The Hindu, GS-3, Economy)

Context:- According to Pew Research Report:-  India’s middle class may have shrunk by a third.

      • Situation may actually be worse than estimated because of worsening inequalities.
      • Other organizations are also warned about about such rising inequalities.
    • in the pre-covid-> Indian economy was slowing down, so already india had higher inequalities.
          • Compounding existing problems of unemployment
          • low incomes
          • rural distress
          • malnutrition
          • widespread inequality
    • Vulnerability of unorganized sector due to shocks.
  • What should be the way forward:-
    • Focus on employment and wages
    • raising human development
    • quasi universal basic income and other social safety nets which decrease the vulnerability of human being.
  • Focus on employment and wages
    • creation of quality and productive employment is basic to the inclusive growth approach.
    • Investment in infrastructure including construction will create employment thereby reducing the inequality.
    • seven challenges in employment:
      • correcting the mismatch between demand and supply of labour
      • Structural change challenge
      • labour-intensive exports.
      • focusing on MSME and informal sectors including rights of migrants.
      • Social security and decent working conditions for all
  • raising human development
    • Increasing public expenditure on health
    • Education and health achievements are essential for reducing inequality of opportunities.
  • quasi universal basic income
  • Way forward:
    • find opportunities + spaces -> which will facilitate that power can be challenged and redistributed.
    • qualitative sustainable economic growth and the well-being of the population.

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