Hyderabad: Poverty is the name of the silent killer which is constantly playing the brutal assassin games and ending the lives of tens of millions of innocent people around the world.
It is a bitter fact that the different developmental schemes implemented by the Governments to eradicate poverty which is the real threat to the development and to the development of competent human resources, do not come to fruition.
This year Abhijit Banerjee, Esther Dufflow and Michael Kremer were awarded the Nobel Prize in Economics for introducing the latest credible and dependable approaches to know the best ways to fight against poverty worldwide.
Abhijit Banerjee was born in Mumbai, graduated in Economics from the then Presidency College, Calcutta, completed his postgraduate studies at JNU in Delhi and PhD from the prestigious Harvard University.
Indians are very happy to know the good news that Abhijit Banerjee and his spouse Dufflow are awarded the Nobel Peace Prize. In 2015, Angust Deaton was also awarded the Nobel Prize for his extensive research on poverty metrics.
The experiments conducted by Abhijit-Dufflow-Kremer for two decades confirms that it is worth noting of spending millions of rupees on poverty alleviation in the name of poverty eradication without getting into the deep roots of the problem.
They clearly state the correct solution to fight against poverty and its eradication is purely possible only if the governments can analyse what communities does really need which facilities and developmental schemes and come up with the best solutions then only good results can be obtained.
Abhijit Banerjee founded Abdul Latif Jamils poverty activity laboratory in 2003, exploring the root causes for disorders such as lower quality in education and illnesses of the children in schools and proven that development can be certainly achieved through providing the right and effective medication.
The Nobel Committee has appreciated that the experimental procedures of these three pioneering economical scientists have really helped greatly for the real development of the economy.
Moreover its an elated thing for the Telugu people that Abhijit Banerjee and his spouse Dufflow's primary study centre on the microfinance scheme is Hyderabad. The end of poverty in whichever and whatever form is the foremost issue in the list of sustainable development goals of the United Nation's set off.
According to the United Nations organisation, 10 percent of mankind means more than 5 million people are living in at most poverty and not even getting proper health, education, drinking water, cleanliness. It has clearly stated that eradication of poverty cannot be achieved even till the end of 2030. Above this 55 percent of the population has no social security cover at all at this stage.
Abhijit's team experiments have proven that bulbous lump methods are not at all going to help to eradicate the poverty, they have clearly shown the path of utilization of limited resources to maximize benefits is certainly going to help to uplift the economical social status of the population, then only one can positively think about the eradication of poverty.
Abhijit Banerjee says that the maximum failure of the developmental schemes are due to the poor understanding levels of the policymakers about poverty and his book "A revolutionary rethink on the global poverty struggle trajectory" has created a huge sensation.
In that, he clearly stated that any poverty alleviation schemes should be based on proper research and valid data, and also be convinced that the implementation of theoretical or ignorance will totally slow down the growth and development.
Their hypothesis is saying that great results can be achieved with a social health initiative like providing pregnant women proper food that prevents iodine deficiency and providing children anti-parasitic drugs that expel parasitic worms.
The Nobel academy has praised the Abhijit's team experiments which helped to increase the standards of teaching in the schools and more than 50 lakhs children are directly benefited from those, many countries trust this model and offering huge subsidies for immunisation.
Another great son of India Amartya Sen has won the Nobel prize in Economics 21 years back. The then nine years old Amartya Sen has seen the dearth of docks that ravaged Bengal cost 30 lakhs of lives in 1943. That is the root cause for his success that has attracted the attention of the world with its theory of umbrella of the welfare economy.
Amartya Sen's research has helped the society in many ways for finding the dearth and working to reduce the severity of the drought composition of the policies that estimates the poverty level crucially for the implementation of the effective social programs. Abhijit, Dufflow and Kremer's research move a step ahead and enables to produce accurate results that do not provide the treatment for diseases like poverty, illiteracy and sickness.
They are proposing the symptomatic treatment for the root causes of the required target patients like in the Homeopathy system.
The essence of their research experiments is that patience, proper thinking and learning the best lessons from past experiences are the at most crucial elements and weapons to win the fight against poverty. Governments are competing with each other for the implementation of the direct money transfer schemes irrespective of the financial viability of the treasury The result of that poverty is increasing like anything.
Identifying the target groups perfectly, segregating and apprising the actual needs among those groups, possessing the firm political will that enables the utilization of the limited resources for the maximum benefits are the crucial elements of the combat strategy of the war against poverty proposed by the Abhijit's team.
It's highly necessary for all of the Governments to take these noble advices into consideration.
