As per OECD, Inclusive growth is economic growth that is distributed fairly across society and creates opportunities for all. The United Nations Development Program (UNDP) defines inclusive growth as "the process and result of all groups of people participating in the organisation of growth and benefiting equally from it." This indicates that inclusive growth should include all segments as both beneficiaries and collaborators in growth and that the excluded should be included in the process.
In other words Inclusive growth is an economic development strategy that aims to ensure that the benefits of economic growth are shared by all members of society, including disadvantaged and marginalized groups. It is a concept that emphasizes the importance of creating opportunities for all individuals to participate in and benefit from economic growth, rather than just focusing on GDP growth or other macroeconomic indicators.
The concept of inclusive growth includes several key elements such as:
- Access to quality education, healthcare and other public services
- Access to decent work and income
- Access to credit, savings and insurance for individuals and small businesses
- Addressing economic, social, and environmental challenges
- Reducing income inequality and poverty
- Encouraging entrepreneurship, innovation and productivity
- Promoting sustainable and resilient communities
Inclusive growth is often associated with an emphasis on reducing poverty, improving living standards for low-income groups, and addressing inequality, as well as promoting sustainable and resilient communities.
It's worth noting that achieving inclusive growth requires a holistic approach that involves multiple stakeholders, including government, business, civil society, and individuals.