I must confess that I have been struggling to find a good working definition of inclusive growth for some time, although I believe I understand the concept vaguely. This term is now very widely used in the development policy discourse in Asia and the Pacific.
Indu Bhushan is currently Director General of the Strategy and Policy Department at ADB. Prior to this appointment, he has worked in Southeast Asia and Pacific regions. Before joining ADB, he was a member of the Indian Administrative Service. An electrical engineer by training, he has master’s degree in health sciences and PhD in public health economics. His wife, Anjana, works with the World Health Organization. He has two daughters, Devika and Ambika. He loves to watch sports and movies, and play bridge.
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As the discussion around the post-2015 Millennium Development Goals (MDGs) framework gains momentum, I also want to add my meek voice to the growing buzz, which is likely to reach a crescendo in September this year. The MDGs represent the global vision of reducing poverty in its various dimensions. Needless to say, we need continued attention to all the goals, since we can hardly declare “mission accomplished” in any of the dimensions of poverty they seek to address.
I have been in several discussions recently in which people have argued that there is a definite trade-off between promoting economic growth and supporting inclusiveness. In particular, social protection is considered part of a set of welfare-oriented “populist policies” which is a drain on national budgets, as opposed to real investment to spur economic growth.
As I sat through two days of discussions in the first meeting of the G-20 Development Working Group under the Russian Presidency in Moscow in February this year, an uneasy question kept coming to my mind—is the G-20 losing its way?
Later this month, the leaders of five major emerging economies—some say they have already emerged— are likely to announce the establishment of a BRICS Bank. These countries are Brazil, Russia, India, China and South Africa. As the name suggests, the Bank will focus on investment needs in the BRICS countries, but might cover some other countries as well.
An increase in life expectancy by 40% and decline in fertility by 50% in about half a century -- this is a great achievement!
Last week, the development economics world was shaken by an open clash between two of its most distinguished luminaries—Amartya Sen and Jagdish Bhagwati. One is a Nobel Prize winner in the field of economics, and the other is widely believed to be worthy of one.
I do not have a birth certificate. Even though I was born in the capital city of the biggest province in India, my birth was never registered. Luckily, I went to school where they recorded my date of birth and my high school certificate gave me an identity. Now, I also have a passport and I can prove who I am.
The Post-2015 development agenda is leaning toward a goal of eradicating absolute poverty by 2030. The World Bank’s recently approved corporate strategy has the same goal. I believe, however, that this target is absolutely meaningless for our region, Asia and the Pacific.