Mumbai, 12th June 2015: Effective and credible institutions and a transparent ecosystem, especially in the areas of public procurement, infrastructure and services are essential to ensure long-term sustainable growth in India, Chairman of Competition Commission of India Ashok Chawla said at the 40th Skoch Summit here Friday.
Poverty remains one of the most pressing challenges facing the country today. But why are the people poor? Why are able-bodied working age group people poor? Old people, disabled people, that's different.
A chain, they say, is only as strong as its weakest link. How then are societies and economies grow successfully without safeguarding and strengthening their weakest members?
Under the Millennium Development Goals (MDGs), India along with other developing countries, has committed to eradicate extreme poverty. The deadline to achieve the goal is 31st December 2015. However, according to a recent United Nations report, nearly 300 million people still live in extreme poverty in India and face deprivation in terms of access to basic services, including education, health, water and sanitation.
Finance Minister Nirmala Sitharaman has brought in Diwali early for the economy by lowering taxes on corporate profits to nearly the lowest level across comparable countries. Within minutes, the stock markets gave the announcement an 1800-point salute, the highest intra-day jump in a decade that lifted market valuation by Rs 5 lakh crore.
I am in politics for over 35 years. Since early days we have been talking about poverty alleviation. "Garibi Hatao" (remove poverty) slogan was given in early 1970s. Since then a number of schemes have been introduced aimed at removing poverty. I am not saying that nothing has happened. But surely the pace has not been good.
The notion of Rs 1.45 lakh crore revenue loss due to recent cut in corporate taxes by Prime Minister Narendra Modi government is misplaced as the resulting improvement in the economic activities would bridge major part of the losses, experts said at the 61st SKOCH Summit.
The Merriam Webster Dictionary defines poverty as "the state of one who lacks a usual or socially acceptable amount of money or material possessions." However, poverty is not simply characterised by a lack of adequate income. It has far reaching implications.