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Abstract : pThe purpose of this Paper is to study and analyze how Strategic Management and Strategic Leadership play a vital role and act as catalysts in achieving rapid Rural Development and Inclusive Growth. Strategic Management provides the tools for a strategic leader to create a necessary game plan. These tools include strategic analysis, strategic formulation, strategic implementation and strategic evaluation, bringing about a metamorphosis in the economy and the rural development scenario. The Rural Development and Inclusive Growth are possible by Strategic Leadership when first, the situations are analyzed, alternative plans are formulated, and the feasibility is explored. Thereafter, once these parameters are satisfied, such a strategy could be implemented. The actual are then reviewed and evaluated according to the strategic formulation. Thus this preliminary hypothesis indicates that there is a close and correlated connection between Strategic Management, Strategic Leadership and Rural development with its emphasis on Inclusive Growth. The authors have taken a major Rural Development programme namely Mahatma Gandhi National Rural Employment Guarantee Act (MNREGA) for analysis and to examine how far this programme satisfies all the parameters. Based on the analyses the authors make certain observations and suggestions. Keywords:- Situational Analysis, Strategic Formulation, Strategic Implementation, Strategic Evaluation, Strategic Management, Strategic Leadership, Rural Development, Inclusive Growth, MNREGA./p