Would it be correct to believe and adopt capitalism for bringing inclusive growth in India?

Q.Capitalism has guided the world economy to unprecedented prosperity. However, it often encourages short sightedness and contributes to wide disparities between the rich and the poor. In this light, would it be correct to believe and adopt capitalism for bringing inclusive growth in India? Discuss. 

Ans.Capitalism is an economic system in which trade, industry and the means of production are largely or entirely privately owned and operated for profits. Central characteristics of capitalism include private property, capital accumulation, competitive market and wage Capitalism believes in markets av only mechanism for delivering goods efficiently and its invisible hand' in regulating to drive for greatest benefit with high efficiency. While laissez-faire economy has delivered high economic gains, but they have not been equitable and have promoted an iniquitous society."

Capitalism have short sighted attributes in the economic system with social inequality; unfair distribution of wealth and power, a tendency toward market monopoly or oligopoly. imperialism, various forms of economic and cultural exploitation, materialism, repression of

workers and social alienation and economic instability. There is also problem of disproportionate gains of economic growth being appropriated by top 1%, which has been

highlighted by research of Thomas Piketty.

Even in Western countries, regulation over labour and environmental protection was needed to protect these vulnerable sectors. Hence, in lodia it is not possible to deliver inclusive growth by capitalism alone Capitalism needs to be regulated for delivery of greatest economic growth to greatest number of people for achieving inclusive growth. A mixed mode of economy Le adopting the socialistic value with the level playing field to the market player is necessary. An approach to balance the both sale justify the sustainable growth which impart the inclusive development