Economic ways of uplifting people.

Written by Chandan at 40seconds

Upliftment of vulnerable groups of people implies establishing an economically sustainable and organically growing ecosystem benefiting all the stakeholders.

One of the prime reasons for poverty is financial illiteracy. Financial literacy refers to the skills and knowledge required to make efficient decisions pertaining to the management of financial resources.

In order to attain tangible results, it is essential for corporates utilising corporate social funds and non-profit organizations to collaborate with organizations specialised in providing training in financial literacy.

Mobilising funds to be deployed for economic upliftment shouldn't be the rearmost contribution by the contributor.

Deploying the mobilized funds in different streams would quench the thirst in the long run too.

An exemplification of the same would be when corporates and non - government organisations collaborate with AMCs (asset management companies) for ensuring the perennial flow of returns and insurance companies typically intended to provide health insurance for the unprivileged.

Diverting the momentum to an existing instance, in 2010 EL Salvador witnessed less than 40% of the country's children completed their high school and

Most aspiring entrants to the labour market lacked the required skills and devoted themselves to contributing to the country's crime rates. Carana ( global economic development consultancy) believed that partnership between regional corporations and local training providers would equip people with the technical skills needed for the growing retail, hospitality and service sector.

On a final note, adding economic and social value to the target constituents of the society would demand the deployment of a collaborative approach in lieu of creating an economic moat individually.