Invisible, Volatile Middle India
This deprived section, sandwiched between two pampered classes, needs attention and policy support In the decade after liberalisation, ‘invisible India’ referred to the poor, barely earning, mostly rural India, which many said had got lost as policymakers’ attention was focused on the so-called middle class, whose steeply-increasing consumption was very important for GDP growth. Also, it was this consumption juggernaut that would attract FDI and vibrant domestic investment, and cause trickle-down of aspiration and incomes, and create jobs down the income ladder. After that, when it was accepted that the trickle-down didn’t trickle all the way down, the spotlight shifted to the plight of the poor and ‘inclusive growth’ became the new mantra. The hitherto-invisible India became the target for a slew of welfare programmes, most prominent being the MGNREGA. Financial inclusion, being pushed hard by the banking regulator for a while now, is also aimed at this segment, and […]
