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Abstract
After Independence, state led economic model of growth was incorporated for the inclusive growth of India. In 1980s, Indian economy came under two crisis faced balance of payments and crisis of high rate of inflation. This cause could be drawn in the form of macro-economic mismanagement. It accelerated high fiscal shortfall and revenue deficit. The policy of liberalization of economy was incorporated after 1991. It led to a boom in India’s economic growth. This took India to adopt the structural adjustment programme. This paper tries to explore the challenges and inclusive policy thrust in the era of globalization. The democratic and inclusive model of the growth is must to investigate for the inclusive economic development of the state.