Question

How to redesign policies to boost growth and inclusiveness and to ensure both fairness and efficiency?

Answer 1

It is very relevant to redesign the policies to achieve economic efficiency. Development is necessary for the growth of a society. Even though most of the development measured implemented by the government creates problem to the environment. Sustainable development measures in an economy helps to achieve improvement in the society by given appropriate consideration to the society. Overall living standard off the people should be improved for reducing excising serious issues like inequality, unemployment, poverty etc. The government needs to focus more on priority sectors in an economy. Implement policies to tackle down the poverty rate. Education should be given to everyone in an mandatory basis. The packages need to bee introduced for encouraging small scale industries. N necessary recognitions should be given to innovative firms and individuals. Innovations is an effective tool for boosting the growth of the economy.

Fairness is another major factor that should be considered by the government for ensuring overall development if the society and improving the living standard of people. Unequal distribution of wealth is a major reason for the same. The income earned in the society need to divided to all the people in the economy in equal way. So that the every poor as well as rich have enough money with them. It increases the overall standard of living in the economy. Inclusive economic growth will become possible only when the opportunities are given to everyone in the society equally and on fair basis. There should be a proper mechanism to evaluate the growth of the economy and the areas that need to be imp[roved. Government need to implement fiscal policies for ensuring economic stability. The income of people needs to be redistributed using various measures like tax system. Government should increase the spending and investments.

Government should bring more fresh policies to improve the financial sector in an economy. A standardized rate should be established within the economy. The strict measures should be taken to control the money supply in the economy. Low rate of interest helps to reduce the money shortage within the nation. Government need to implement proper regulatory measures to control the economy. Public transportation polices should be redesigned. Provide new packages to improve public transportation system. Reduce the tax rate foe vehicles to motivate the people working in the transportation sector.

Government will be able to ensure fairness and inclusive growth in the economy by implementing all these measures. It also helps to increase the overall growth of the economy by increasing the standard of living of everyone in the society.