'Truth spoken without moderation reverses itself'
This blog is a source for intellectual exploration. It includes a list of alternative resources and a source of free books. The placement of an article does not imply that I agree with it, merely that I found it thought-provoking. There are also poems and book reviews. Texts written by me are labelled. Readers are free to re-post anything they like.
Saturday, April 29, 2017
1% Of Indians Own 53% Of Country's Wealth:
inequality in India is increasing, a study by the Business and Sustainable
Development Commission released here on Thursday said that the richest one
percent own 53 percent of the country's wealth. It also said that
unlike other countries, development in India is not moving across states. "In terms of
wealth inequality, India is second only to Russia, where the richest 1 percent
own 53 percent of the country's wealth," said the report, 'The Better
Business, Better World' released here in a two day event of the United Nations
Global Compact (UNGC) focussing on how through bold innovation, businesses can
create solutions and tap new opportunities found within the 17 Sustainable
Development Goals (SDGs).
According to Lise
Kingo, CEO and Executive Director of the UNGC, SDGs can open at least $1
trillion of market opportunity for the private sector in India. "This is out of a
total global value of $12 trillion that could be unlocked by sustainable
business models in four key areas, food and agriculture, energy, cities and
health," she said. Kingo added that over
72 million new jobs could be created in India by 2030 by adapting a sustainable
About addressing the
disparity, the report says that to reduce the inequality, India needs a
'different economic model' -- one that is not only low-carbon but also
recognizes poverty, inequality and lack of financial access. "As the second
largest food producer in the world, India needs a more focused approach to
developing and managing its agricultural sector and agri-based
industrialisation," it says.
Stating that rising
inequality leads to slower progress in reducing poverty, the report added that
Oxfam has calculated that if India were to stop inequality from rising further,
it could end extreme poverty for 90 million people as early as 2019.
The UNGC also called
for better infrastructure to improve access to proper medical care for India's
rural population. "On its current
trajectory, India will continue to face enormous challenges in rural
development, urban sustainability, national infrastructure, and improved
quality of life of its citizens," the report says. Its suggestions
included creation of low-income food markets, reducing food waste in supply
chains, technological aid in smallholder farms, micro-irrigation programs,
resource recovery, remote patient monitoring and preventing catastrophic
healthcare costs for the poor.