India's economy has grown at an impressive pace over the last two decades as a result of wide-ranging structural reforms to open up the economy and make it more competitive. More recently, activity has slowed reflecting not only the weak global environment but also the emergence of strains created by the pressure that rapid economic growth has put on energy, natural resources, infrastructure and skills. Institutions, regulation and economic governance need to adapt to sustain the economic transformation required for India to address its social and economic challenges. The bottlenecks that are bearing down on growth will have to be addressed for India to continue to narrow its major gap in living standards with middle-income and OECD economies, to reduce widespread poverty, to reverse rising inequality and to improve the well-being of all Indians. This is essential for India but also for the world economy at large.
In order to fully reap the benefits of the demographic dividend and support a return to high and more inclusive growth, India needs to renew its commitment to sound macroeconomic policy and implementation of reforms. Rapid economic growth in India in the past two decades has brought tremendous benefits, yet it has also accentuated the demand for energy and natural resources. Making growth more inclusive and addressing widespread poverty is a key challenge for India. It is with this perspective that ICICI Foundation and CNBC TV18 launches the 2nd edition of Inclusive India, the Livelihood agenda.
One of the areas which can make a difference in India's Growth story is to empower the youth and make them employable to earn a livelihood. For the next couple of decades India will witness a large supply of young people looking to enter the employment market, who can be trained to join the workforce and thereby participate in the economic development. However, there are challenges that need to be addressed, like:
- Creating equal opportunities of employment for inclusiveness
- Aligning skills to the job requirements - for both current as well as future demands
- Creating avenues of employment for the skilled youth
This year, Inclusive India puts its might behind the issues of execution, last mile policy enforcement and other hurdles in implementation; bringing them to the forefront and initiating conversations between various stakeholders to iron out issues, losses in translation and help stakeholder put thought into action in a better more synchronized manner for maximum impact. We also hope to create meaningful dialogue and debate to influence policy action through the Inclusive India Summit which will be followed by the Inclusive India Awards. We hope to enable governments across states, established NGOs, newer change agents and foundations to voices their concerns and seek solutions across various social sectors, to understand and build synergies and work together to co develop ideas/policies.