Farmer Suicide: The challenge of disparity in India
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Here are the facts. The
A popular solution to alleviate poverty is high growth rates for the economy. However, economists argue that rapid growth could also lead to more unfavorable consequences such as income disparity. The Kuznets curve depicts the path followed by countries where as income per capita increases, disparity first increases to reach a peak and then starts falling, forming a bell-shaped curve. The increase in income disparity implies an inequitable distribution of growth benefits among the different strata of society. It could also potentially lead to greater social and political risks across the country. This inequality can be seen in the current distribution of wealth in India. At present, there are 7895 UHNW (Ultra High Net Worth) individuals in the country whose wealth is almost equivalent to half the
Some capitalists might opine that income disparity is simply a social issue and has no impact on the economy of a country. The organization of economic co-operation and development (OECD) recently released a report that contradicts this vastly. As per the report,
To truly alleviate poverty, focus is thus required on both economic growth and income distribution. This calls for an “inclusive approach” that ensures an equitable distribution of gains especially to those who lack the basic amenities and freedom. The government has to come up with frameworks and policies that can readjust the disparity in wealth and promote sustainable development for all. The current government under Modi has already laid plans to eliminate poverty and is primarily focusing on boosting agribusiness and healthcare as means to empower the poor man. However, a true boost to this movement can only occur if the Indian businesses also realize this urgent need and work towards gains for not only their corporations but also the society. The new and existing companies must alter their business models and implement sustainable measures to include the underprivileged and promote inclusive growth. Poverty has been a pivotal handicap for this nation, and will always remain as one, unless a united front is made to curb it.
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