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Which element of India's economic development strategy focused on reducing the concentration of wealth and promoting equity?
  • a)
    Emphasis on heavy industry
  • b)
    Growth with equity
  • c)
    Capitalism
  • d)
    Import substitution
Correct answer is option 'B'. Can you explain this answer?
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Which element of India's economic development strategy focused on redu...
The element of India's economic development strategy that focused on reducing the concentration of wealth and promoting equity was "Growth with equity," which aimed for a fair distribution of economic prosperity.
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Which element of India's economic development strategy focused on redu...
Introduction:
India's economic development strategy has undergone various phases since its independence in 1947. One of the key elements of this strategy has been to reduce the concentration of wealth and promote equity. This has been achieved through the principle of growth with equity.

Growth with equity:
The concept of growth with equity emphasizes that economic development should not only focus on increasing overall GDP and per capita income but also ensure that the benefits of growth are distributed equitably among all sections of society. This approach recognizes the importance of reducing income inequality and promoting social justice.

Key pointers:
- Redistribution of wealth: India's economic development strategy has focused on implementing policies and programs aimed at redistributing wealth. This includes progressive taxation, welfare schemes, land reforms, and affirmative action for marginalized communities.
- Poverty alleviation: The government has launched various poverty alleviation programs such as the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), which guarantees 100 days of employment to rural households. These programs aim to uplift the poor and reduce income disparities.
- Inclusive growth: The focus has been on inclusive growth, which involves providing equal opportunities for development to all sections of society. This includes access to education, healthcare, and basic infrastructure for marginalized communities.
- Rural development: Special attention has been given to rural development as a means to reduce regional disparities. Programs like the Pradhan Mantri Gram Sadak Yojana (PMGSY) have been implemented to improve rural connectivity and enhance rural livelihoods.
- Social welfare schemes: The government has implemented various social welfare schemes such as the National Rural Health Mission (NRHM), Pradhan Mantri Jan Dhan Yojana (PMJDY), and Pradhan Mantri Ujjwala Yojana (PMUY) to uplift the poor and marginalized sections of society.
- Job creation: Emphasis has been placed on job creation through industrialization, skill development programs, and entrepreneurship promotion. This helps in reducing poverty and income disparities.

Conclusion:
India's economic development strategy has recognized the importance of reducing the concentration of wealth and promoting equity. The principle of growth with equity has guided the formulation and implementation of various policies and programs aimed at reducing income inequality, poverty, and regional disparities. This approach has helped in creating a more inclusive and equitable society.
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Which element of India's economic development strategy focused on reducing the concentration of wealth and promoting equity?a)Emphasis on heavy industryb)Growth with equityc)Capitalismd)Import substitutionCorrect answer is option 'B'. Can you explain this answer?
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