Vol. 4, Issue 5 (2019)
A model for addressing poverty with special emphasis on financial inclusion and entrepreneurship promotion
Author(s): Indu Aseri, Dr. Kailash Chand Nayma
Abstract: Ensuring minimum standards for various social services and amenities for people are the responsibility of the government. But unfortunately a large portion of our country’s population cannot afford even the basic goods and services of food, education, health, which constitute the parameters of minimum standard of living. Poverty in India is due to low rate of economic development, inequality in income distribution and rapid population growth. In this paper a model has been suggested which when applied to goal pertaining to poverty alleviation together with countering the precedent and antecedent factors of poverty and implementing state beneficiary schemes, may yield better response. Poverty determinants attributed to the slow rate of growth in India’s economy needs to be reexamined and change management in the existing system of figuring out poverty line needs to be upgraded for accuracy. Poverty is a scar for our upcoming economy and this can be ameliorated to with better outcomes when resorted to 7 P’s Model that is Planning, Programs, Policy, Purpose, Process, People and Place. The model is specified paying due attention to the different dimension of the need of the poor. If we focus on the current need of the nation in the form the proposed model, it may prove effective in enhancing the prospects of measures aimed at alleviation of poverty. Every sector of the economy may grow at faster rate if decisions of the government go in right time or right place. Emphasis of the ruling Government on addressing financial untouchability and fostering self reliance by way of promoting entrepreneurial ability and skill enhancement further hold the key to empowering the poor apart from the social security initiatives resorted to by the state. Banking on recent developments as regards to governments vision and strategies towards addressing our poverty problem, the paper ends on a hopeful note that change in status of the nation with respect to the economic situation as well as upliftment of the poor is in the offing. If vision and mission are sharp and functional poverty alleviation can indeed be translated into reality and ensure the poor as active stakeholders in the nation’s socio economic development.