The conventions have brought people from all over the world together to solve the gravest problems of humanity and to create a better life for all on the planet. Across various industries, conferences have demonstrated the value of bringing stakeholders under one roof and enhancing their knowledge, relationships and learning through curated interactions. Powerful conferences are the hallmark of a vibrant, mature sector and play a vital role in creating the curriculum for innovation and growth in the region.
This year, as India celebrates 75 years of independence, it is time to reflect on how far we have come in building a nation that our ancestors envisioned in 1947. Our Constitution has established ideals of justice, liberty, equality and fraternity for all citizens. , and we, the people of India, have solemnly resolved to strive for these ideals. Progress in this direction has been enabled by large-scale movements such as the Green Revolution, the growth of microfinance and the White Revolution, which helped usher in livelihood opportunities for people living in extreme poverty. Increases in per capita and median income helped reduce maternal and child mortality, reduce the incidence of preventable diseases, and improve life expectancy and many aspects of human development. Since the turn of the millennium, India has electrified 99% of households, built infrastructure for digital access, unique digital identities, banking and direct benefit transfers, and made great strides in reducing poverty. As we recover from the shock of this progress caused by the pandemic, livelihoods resilience is emerging as an important focus area and priority for collective action.
pandemic and poverty
The pandemic, global conflict and the resulting economic downturn have pushed the most vulnerable populations back into poverty. WEF’s Global Social Mobility Report 2020: Equality, opportunity and a new economic imperative states that it will take seven generations for Indians born in low-income families to reach the country’s average income. Poverty alleviation should be a priority in today’s India, and the joint efforts of stakeholders across the country can accelerate the pace at which India’s poor seek sustainable livelihoods and a better quality of life.
Creating economic opportunities for India’s poor is a complex task due to job losses, lack of jobs, unskilled labor and poor access to cheap finance. India’s enormous economic power has the potential to eradicate poverty; However, many of the workforce are illiterate and under-employed. A report by the International Labor Organization said that more than 400 million informal workers in India may have been pushed into poverty due to the pandemic.
future of young india
Global unemployment is expected to rise to 5.7% in 2022, which is higher than the pre-Covid rate of 5.4%. The Center for Monitoring the Indian Economy states that there are over 53 million unemployed people in India as of December 2021. Three-quarters of India’s workforce is self-employed and casual, without any social security benefits—their rights can be protected and provided by creating employment opportunities. With a steady source of income. In India, 94% of the workforce consisted of informal workers. More than 50% of its working-age population was not employed or actively looking for jobs in 2019-20, and a large number are today jobless and unemployed – three years into the pandemic.
reducing vulnerability for women
We need urgent action to empower the large number of informal women in the workforce in India. More than 52% of the pandemic job losses were women. Over 22% of the female workforce in the unorganized sector was out of place post-lockdown.
India’s female labor participation rate fell to 16.1% last year and continues to decline as women change the way they work. Therefore, bringing women back into the workforce is a priority, as it increases female labor force participation by providing easy access to financial products and services, skills training, entrepreneurship, and business and financial management.
technology-led innovation
India’s digital public goods, such as the Open Credit Enablement Network and the Open Network for Digital Commerce, have the potential to create population-scale jobs and unlock economic opportunity. India’s entrepreneurial potential has immense power to transform how India innovates, grows and creates jobs for the masses.
This discussion is the essence of the Livelihoods Summit 2022, The/Nudge Forum, which brings together visionary leaders and changemakers to connect and shape the future to achieve ‘Resilient Livelihoods for All’. This year, for the first time, Charcha 2022 is being organized as an individual physical event on 4 August 2022 at India Habitat Center in New Delhi.
The discussion is an initiative towards closing the gap between society, government and the market, (society, government and markets) and promoting the spirit of “Better Together” among all stakeholders in India’s development.
Sudha Srinivasan is the CEO of The/Nudge Foundation, which is organizing Charcha 2022, a conference of policy, business and civil society leaders. Mint is the event’s media partner.
catch all business News, market news, today’s fresh news events and breaking news Updates on Live Mint. download mint news app To get daily market updates.