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28
April 2017
Indicating
that inequality in India is increasing, a UN report 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). The Total Investment & Insurance Solutions
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 business model. The
Total Investment & Insurance Solutions
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. The Total Investment & Insurance
Solutions
"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 Total Investment &
Insurance Solutions
The
UNGC also called for better infrastructure to improve access to proper medical
care for India's rural population. The
Total Investment & Insurance Solutions
"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.The Total Investment & Insurance Solutions
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