Social Sciences
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Item Effects of Inclusive Growth Policies on Economic Development in Sri Lanka(4th International Conference on Social Sciences 2018, Research Centre for Social Sciences, Faculty of Social Sciences, University of Kelaniya, Sri Lanka, 2018) Dr.Henegedara, G.M.Inclusive growth in terms of sustainable wealth creation and inclusion of all segments of the society becomes the pivotal factor of economic development planning in many countries. As an emerging market economy, the successive governments of Sri Lanka followed this ideology and implemented various policies and programs in order to assure growth with equity and equality of opportunities accompanied by production process. It includes various programs i.e.pro-poor programs, infrastructure development, agricultural development, industrial and institutional programs, which implemented under protective and liberal policy framework over the past 70 years. Outcome of these interventions were moderate and not adequate to have a rapid development as succeeded by other Asian developing nations due to various setbacks. Therefore, the main objective of the paper is to review whether the growth policies followed by successive governments in the past were effective in attaining inclusive growth in terms of equity, equality of opportunity and protection in market and employment transitions. It also reviews implications of policy interventions on sustainable development. The methodology of the paper was based on counterfactual evaluation method of assessing pre and post situation of policy impacts during 1960-2016 period. Thus it assessed using performance indicators such as GDP growth rate, per capita income, savings, poverty and employment. The analysis was based on time series data published by Central Bank of Sri Lanka. The article consisted of five sections such as background, literature review, methodology, results, discussion and conclusion. The study revealed that it had a positive impact on increasing inclusive growth indicators i. e. GDP growth rate and per capita income. Nonetheless the pace of economic GDP growth rate is insufficient to boom the economy sustainably due to constraints such as budget deficit, savings- investment gap, deteriorating terms of trade and political instability. The study suggested strategic options that to be overcome the bindingsItem A Reviewof Inclusive Growth Policies in Sri Lanka(Department of Economics, University of Kelaniya, 2016) Henegedara, G.M.As a new development concept, inclusive growth strategies are implemented by many countries so as to balance the development along with sustainable wealth creation and inclusion of all segments of the society as the shareholders of development. The concept refers both pace and pattern of growth in view of long term sustainability, broad based across sectors and inclusion of large portion of labour force.The successivegovernments of Sri Lanka were also followed this concept and implemented various programs so as to assure growth with equity and equality of opportunities along with liberal and protection policies. Therefore, the main objective of the paper is to review whether the inclusive growth oriented policies implemented in Sri Lanka since independence were successful in ascertaining broad based sustainable development through increasing economic growth and sharing growth through employment opportunities sustainably. Thus the analysis was based on reviewing variousgrowth approaches followed during three policy regimes i.e. inward looking, outward looking and Mahinda Chintana since independence. It also assessed the effects of inclusive growth policies and approaches on changing living standards of people and assuring inclusive development in the rural agricultural sectors. The methodology of the paper was based on quantitative analysis that derived from the secondary sources of information published by the Central Bank of Sri Lanka, Department of Census and Statistics, and the Ministry of economic development. The studyconsists of four sections i.e. need for inclusive growth, approaches to inclusive growth, the effect of inclusive growth policies and policy implications. The analysis revealed thatthe effectsof inclusive growth approaches followed since 1950s were effective in improving social infrastructure and reducing rural poverty in Sri Lanka significantly. But inclusiveness for employments, market creation and ultimate objective of gaining sustainable economic prosperity is still beyond the expectations due to some bindings affected as the constraints.