{"id":226514,"date":"2023-02-14T19:56:49","date_gmt":"2023-02-14T14:26:49","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=226514"},"modified":"2023-05-05T14:49:21","modified_gmt":"2023-05-05T09:19:21","slug":"expanding-middle-approach","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/expanding-middle-approach\/","title":{"rendered":"Expanding Middle approach to Inclusive Growth"},"content":{"rendered":"<p>Expanding middle approach aims to bridge the gap between different socioeconomic groups and promote inclusive policies.<\/p>\n<p>It is a development strategy which aims to promote economic growth, reduce inequality and alleviate poverty by strengthening the middle class.<\/p>\n<p>The core principle behind this approach is that a thriving middle class can provide a strong foundation to sustained economic growth and social stability.<\/p>\n<p>This approach involves creating policies and programmes which improve access to education, healthcare, employment opportunities and financial services.<\/p>\n<p>For example, implementation of poverty alleviation and self employment generation programmes, poverty in India has declined to ~16% of the population and led to emergence of middle class at the national level.<\/p>\n<p>According to an estimate, about one-third of the population is estimated to have entered the middle-class. This shall further lead to a virtuous cycle of economic development where more growth opportunities are created to move into middle class and beyond.<\/p>\n<h2>Expanding Middle: 4S framework<\/h2>\n<p>Sampannata:<\/p>\n<ul>\n<li>It means to ensure enrichment through inflation control and loans<\/li>\n<li>Between 2014 and 2022, annual inflation was 4. 6%.<\/li>\n<li>Despite multiple global crises, the CPI was at 5. 7% in December 2022, which was much lower than many G20 countries.<\/li>\n<li>This ensured a\u00a0greater liquidity for the middle-class and\u00a0lower EMIs resulted in decline in loan rates. For example, student loan rates were priced about 8% in 2022 from around 14% in 2014.<\/li>\n<li>Middle-class families found lower EMIs which made it easier to purchase more houses, cars and also take more loans for the higher education.<\/li>\n<li>One-nation one-tax initiative of GST has led to gross savings of an estimated Rs 18 lakh-crore in the economy, which works out to an annual household saving of Rs 12,00<\/li>\n<li>120 million of 380 million beneficiaries of the PM Mudra Yojana were middle-class individuals.<\/li>\n<\/ul>\n<p>Surakshit Bhavishya:<\/p>\n<ul>\n<li>It aims to secure a healthy future.This includes significant government efforts to provide affordable healthcare and quality education.<\/li>\n<li>Steps in this direction include:\n<ul>\n<li>\u00a0353 new universities in the last nine years<\/li>\n<li>\u00a0Opening up of 15 new AIIMS and 261 new medical colleges<\/li>\n<li>41 Indian universities featured in global rankings in 2023 compared to just nine in 2014<\/li>\n<li>50-90% cheaper generic medicines available at 9,000 Jan Aushadhi Kendras<\/li>\n<li>\u00a087 crore free screenings is done at 1. 5 lakh Ayushman Bharat Centres.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>Shreshta Jeevan:<\/p>\n<ul>\n<li>A better life with quality infrastructure leading to improved standard of living.<\/li>\n<li>By 2022, India built 1. 65 lakh kms of national highways and had the second largest road network in the world, after the US<\/li>\n<li>India now has metro connectivity in 20 cities. India is expected to have third largest metro network globally by the end of 2023.<\/li>\n<li>India has the highest per capita mobile data consumption rate and among the lowest cost of data per GB in the world.<\/li>\n<li>Nearly 80% of India&#8217;s 120 crore mobile phone users and 80 crore internet users are expected to receive 5G connectivity within a year. If done it will be the world\u2019s fastest 5G roll-out.<\/li>\n<li>Apart from that, visible improvements is seen in housing, transportation, tap water connections, and waste management.<\/li>\n<li>On an average, power is now available for 22 hours against 12. 5 hours in 2015.<\/li>\n<\/ul>\n<p>Saralta:<\/p>\n<ul>\n<li>Hassle-free existence through Digital India initiatives.<\/li>\n<li>India\u2019s cashless digital payment ecosystem is hailed as among the best in the world.<\/li>\n<li>UPI accounted for 65% of the total digital transactions in 2021-22.<\/li>\n<li>DigiLocker facility for paperless certificate authentication has been embraced by the middle-class.<\/li>\n<\/ul>\n<p>Overall, India\u2019s rising global profile in a multitude of areas has inculcated a new sense of pride among Indian middle class. Indian government remains committed to boosting prosperity for the middle-class through the 4S framework, providing an alternative development model to the world.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Expanding middle approach aims to bridge the gap between different socioeconomic groups and promote inclusive policies. It is a development strategy which aims to promote economic growth, reduce inequality and alleviate poverty by strengthening the middle class. The core principle behind this approach is that a thriving middle class can provide a strong foundation to&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/expanding-middle-approach\/\">Continue reading <span class=\"screen-reader-text\">Expanding Middle approach to Inclusive Growth<\/span><\/a><\/p>\n","protected":false},"author":10311,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[216,10496],"class_list":["post-226514","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-gs-paper-3","tag-times-of-india","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/226514","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10311"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=226514"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/226514\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=226514"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=226514"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=226514"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}