This paper discusses the concept issues and challenges before sustainable development of India and government policy towards financial inclusion. While achieving the objectives of sustainable development various issues are there in each geographical part of India that are discussed in this paper. Secondly the Challenges faced by the economy, while achieving the object of sustainable livelihood for the citizens. At a macro level, greater financial inclusion can support sustainable and inclusive socio-economic growth for all. An inclusive financial system supports stability, integrity and equitable growth. and lastly conclusion is made with some suggestions.
Key words: Sustainable Development, Poverty eradication, Environmental protection, financial inclusion.
Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs. The main pillars of sustainable development are economic development which includes development in education active participation of women, good governance, environmental protection and prevention of environmental degradation.At a macro level, greater financial inclusion can support sustainable and inclusive socio-economic growth for all.An inclusive financial system supports stability, integrity and equitable growth. . . While achieving the object of sustainable development there are some challenges the economy is facing. Like global warming, and change in climate, health problems, heavy rainfall, draught, food security and so on.
The objective of the study
- To understand the concept and issues of sustainable development
- To study the challenges before sustainable development in India and suggest some soft solution to overcome it.
- To study the government policy towards sustainable development and financial inclusion.
In this study secondary data is used from various sources like books, journals, magazines, reports news papers, websites etc. The data related to sustainable development and challenges before it was collected from above sources and analyzed, interpreted and concluded.
Concept of sustainable development
Article 21 of constitution of India on the one hand talks of sustainable development for the upliftment of Indian economy and on the other hand it advocated the right to live with dignity. To maintain a good blend between the both requires a considerable effort and research so as to provide both lives with dignity as well as development.The development is not only economic development but it includes the whole spectrum of civil, cultural, economic, political and social process for the improvement of peoples well being and realization of their full potential. Thus the sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs.
Following are some approaches towards achieving sustainable development:
1) Economic Development:
Economic development leads to increase in per capita income of the citizens, increases GDP and which further leads to help in poverty eradication. Basic health services for all, which reduce health threats of the people. Further economic development increases food availability, reduces malnutrition, minimizes effects of drought and floods, Provision of clean drinking water enhancement of industrial productivity all these things further get develop. More efficient energy technologies, cleaner production technologiesare possible. It also maintains urban air quality and health and reduces greenhouse gas emissions. It is possible to make sound management of Chemicals throughout the life cycle and hazardous wastes.
2) Protecting the natural resource base of economic and social development
Protection of environment by preventing water population to reduce health hazards and protect ecosystems. Proper ground water management and water shed management leads to protect environment. By the way of water recycling the availability of water resources could be increases water is not only the most basic of needs but is also at the center of sustainable development.There is need to establish well defined and enforceable rights and security of tenure and to ensure equal access to land water and other natural and biological resources.
3) Poverty eradication and sustainable livelihoods:
Poverty and degraded environment are closely interred related especially where people depend for their livelihoods primarily on the natural resource base of their immediate environment. Restoring natural system and improving natural resources management practices at the grass roots level are central to a strategy to eliminate poverty. The survival needs of the poor force them to continue to degrade an already degraded environment. Removal of poverty is therefore a pre requisite for protection of theenvironment. Poverty magnifies the problem of hunger and malnutrition.
4) Financial inclusion:
Financial inclusion is increasingly being recognized as a key driver of economic growth and poverty alleviation the world over. Access to formal finance can boost job creation, reduce vulnerability to economic shocks and increase investments in human capital. Without adequate access to formal financial services, individuals and firms need to rely on their own limited resources or rely on costly informal sources of finance to meet their financial needs and pursue growth opportunities.
Issues related to sustainable development in India
Water and sanitation:
Prevent water pollution to reduce health hazards Protect ecosystem Introduce technologies for affordable sanitation industrial and domestic wastewater treatment River basin , watershed and ground water management
Focus on access to energy in rural areas Energy conservation and energy efficiency
Promotion of renewable energy Action on climate change
Reduce mortality rates in 2015 by 66.7% for children and infants under 5 by 75% for maternal mortality rates Control and eradicate communicable diseases , reduce HIV prevalence, combat malaria, tuberculosis
Reduce air pollution
Address serious soil fertility problems Diversification of crops Increase water use productivity. Apply Research and Development to increase productivity in crops and livestock.
Some of the key reasons resulting in involuntary exclusion are:
- Lack of surplus income
- Lack of trust in the system
- Not suitable to customer’s requirements
- High transaction costs
- Lack of requisite documents
- Remoteness of service provider
- Lack of awareness about the product
- Poor quality of services rendered
National Strategy for Financial Inclusion
To achieve the vision of ensuring access to an array of basic formal financial services, a set of guiding objectives have been formulated with special relevance in the Indian context.
1. Universal Access to Financial Services: Every village to have access to a formal financial service provider within a reasonable distance of 5 KM radius. The customers may be on boarded through an easy and hassle-free digital process and processes should be geared towards a less-paper ecosystem.
2. Providing Basic Bouquet of Financial Services : Every adult who is willing and eligible needs to be provided with a basic bouquet of financial services that include a Basic Savings Bank Deposit Account, credit, a micro life and non-life insurance product, a pension product and a suitable investment product.
3. Access to Livelihood and Skill Development : The new entrant to the financial system, if eligible and willing to undergo any livelihood/ skill development programme, may be given the relevant information about the ongoing Government livelihood programmes thus helping them to augment their skills and engage in meaningful economic activity and improve income generation.
4. Customer Protection and Grievance Redressal: Customers shall be made aware of the recourses available for resolution of their grievances. About storing and sharing of customer’s biometric and demographic data, adequate safeguards need to be ensured to protect the customer’s Right to Privacy.
5. Effective Co-ordination: There needs to be a focused and continuous coordination between the key stakeholders viz. Government, the Regulators, financial service providers, Telecom Service Regulators, Skills Training institutes etc. to make sure that the customers are able to use the services in a sustained manner.
Challenges to sustainable development
Global temperature have risen by 0.74 C over the last century the largest and fastest warming in the history of the earth detected by scientists. The trend is accelerating. And has affected all continents and most oceans. Temperatures could rise by 3C over pre industrial levels by the end of the century. Most impacts in the short to medium term will come from increased variability of weather and more frequent and extreme events like storms, droughts floods heat waves.
Natural resources :
Commodity prices have soared over the last decade and nearly doubled for energy and industrial inputs, foods prices have risen sharply after an almost continuous decline over three decades. The consumption pattern of India and china has been changed. Food security is a major international concern Agriculture section is facing challenges of climate change, heavy rainfall, draught etc
Employment impacts of climate change:
More than 70% people of India are depending upon agriculture sector climate change poses a threat to the livelihoods of rural people. Another weather dependent sector is tourism where employment has been growing fast. It also affects on the health of the people. In all the three agriculture tourism and health, women are likely to be affected more than men.
Conclusion and suggestions
From the above discussion it can be concluded that climate change, global warming is directly related to the way we work and ultimately can only be stopped by changing the way we works. The policies to achieve such a major transformation will thus require close collaboration across a number of policy fields. There is need of technological innovations investment opportunities, enterprise and quality job creation for the sustainable livelihood. Further in order to achieve the goal of sustainable development some steps are to be taken like introducing a green budget, sustainable agriculture practices, sustainable industrial practices, sustainable usage of natural resources, reducing global wastage, global co-operation and efforts, financial inclusion financial literacy, investment in human capital and jobs to achieve social sustainability