Hyderabad: Words cannot describe the problems that are faced by the developed countries in the path of development.
Providing immunity vaccination to the children, protecting the children from the mosquito bites, to make them attend the school on a regular basis, improvising the interest for the better study in the children.
These are all the most common and the highest priority tasks that are the major challenges to the developing countries.
As long as we do not obtain the proper answers for all these questions millions of children would be severely affected by many diseases. There will be more and more child deaths, illiteracy due to the inability to attend the school.
The three eminent economic scientists have found profound solutions for the triggering questions that hinder human progress.
For this noble cause, they have been awarded the prestigious Nobel prize among these three Mr Abhijit Benergy belongs to Indian lineage. He studied at Presidency College Kolkata and JNU University Delhi and reached to the state to progressively propose the fine solutions to eradicate the global poverty.
It is a matter of proud to our nation. All the countries around the world are totally flowing in the market based capitalist economic policies now in this is a crucial period. All Governments in many countries are gradually shifting away from the direct benefit schemes subsidies and incentives.
It is glad and highly appreciable that the noble research suggesting new ways of changing the lives of the poor have been awarded the Nobel prize.
Solving strategies
Traditional economic theories literally fail to analyze the different aspects of the lives of the poor and poverty in a comprehensive manner.
Abhijit's team succeeded to find the specific and profound solutions with strong evidence for the basic problems of poverty like health education consumption and economical growth which can be obtained from a nominal expenditure.
These solutions are being found with a realistic perspective. They are beyond the theoretical arguments and derived from the thorough a study of real lives. This effort is really appreciable and obtaining very good results in formulating implementing new social trends.
Abhijeet Dufflows Economics for the Poor Poor Economics has got the credibility to understand about the Poverty and Poor people s real-life standards. This book has reasonably explained the root causes of the spending trends and desires of the poor people when their income raised to a certain level.
It has explored the reasons behind the strategy from the gross level that why they opt to purchase a gadget like Television instead of spending on nutritious food and health insurance.
In that book, they have clearly explained how the real strategy like providing fair requirements like a certain amount of pulses increasing the immunity vaccination would really save their lives.
They have also discussed elaborately how the minor obstacles in the path of governance misinterpretations of the rulers have to lead to the miserable conditions of the poor people and the declining trends in their life standards.
Nobel prize laureates firmly believe that supplying them the necessary information a small amount of technology update and a little financial helping would certainly bring the drastic changes in the poor people's life standards.
Poverty is a social disease
Any disease in this world can be cured by providing the right treatment in the right time and in right manner.
The right drug can be identified with the help of anticipatory experiments in the laboratory Likewise proper solutions can be obtained by the proper anticipated study and experiments for the various social and economical issues like poverty and illiteracy.
Based on this faith only the Nobel prize laureates have done the investigations and experiments with an innovative and different strategy.
For those experiments, they have opted the randomized controlled trial which is often used in medical and pharmaceutical diagnostics.
According to that theory, poverty-related problems will be divided into small questions that can be solved easily. Thereafter they choose some individuals and families on the basis of the same political economical social and cultural context randomly.
They will provide certain specified goods services and facilities to them and assess the impact on various aspects of poverty. These assessments will be compared with the remaining persons and families Behavioral economics principles are also widely used and implemented in this process.
Thereafter profound solutions will be estimated and suggested extended to all of the people of that particular category to obtain the best results and better change. This is called proof oriented concept modeling Some eminent economists have criticized this methodology that it does not question its developmental ramifications and also sidetracks the claims of structural broad scale and entrepreneurial issues.
However specific research must be done to eradicate poverty from this world and to find proper solutions also this must be an ongoing process. It is noteworthy that the Abdul Jameel Poverty alleviation study centre established by Abhijit Benergie and his spouse Duffello at MIT is dedicatedly working to alleviate the poverty in many developing countries through RTC method.
They have not only raised the awareness of using the mosquito nets to avoid the mosquito bites but also distributed them freely and saved more than a million people from Malaria.
This is definitely a great achievement, on the other hand, they have distributed the de warming tablets widely in the African schools freely on large scale and succeeded to control the infectious diseases and raised the attendance levels of the children unexpectedly and hugely.
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By printing the information about the types and quantity of grains that the beneficiaries must receive in Indonesia.
They have been able to significantly curb corruption in the food distribution system thereby improving the distribution and consumption of food More than half a million students benefited from the Remedial Tutoring Program A kilogram weighed pulps are given free of cost to all the toddlers who have vaccinated their children in Rajasthan.
Due to that, the percentage of vaccinated cases have raised to percent from percent In Bihar High Iron level content salt is being supplied at the subsidized price at a large level that salt is being widely used in the midday meals plan.
As a result of that most of the anaemia, problems were avoided. They have clearly proved that the nutritional intake in infants is being increased and qualitative changes in the height and weight of the children have been observed through the beneficial schemes like Direct Money Transfer.
Also proved that there is no convincing evidence in the world that due to these type of developmental schemes there is no such increase in the non-productive consumption and laziness in the working labour is being observed.
There is further no evidence at all for the point of decreasing workforce moreover it is firmly stated by the Nobel prize laureates that the availability of work force and production capacity will be increased on large scale in the long run by applying this developmental strategy.
According to their observations, they came to the conclusion that with every additional rupee available to the poor the collective demand in the economy will be increased and as the result of that economical development and the development in all other social aspects in the society will follow the same increasing trend.
This strategy is proved to be successful in those experiments practically Lacking behind in the index.
The economic growth in India is tremendously increasing fast when compared with the many other prosper countries in the world But is far behind in the actual figures of economical development index.
The world bank research figures are stating that percent of the Indian population are struggling with poverty.
The latest annual children report released by UNICEF is clearly stating that percent of the child deaths are caused by the malnutrition.
This report also stated that percent of the children in this country does not possess the right weight when compared with their height and they are lagging behind percent in those norms.
According to All India School, Education Report percent of the primary education level children are not attending the classes regularly. At least more than half of the students in the primary level do not know reading and writing. They do not know the primary numbers.
On the other hand, one among every four students is leaving school after primary education.
According to OXFOM report Currently the income inequality in India is at an all-time high level percent of the country s wealth is owned by just one percent of the population where as percent of the population at the bottom level are getting only one percent of the wealth Innovative social procedures are highly required to eradicate the poverty at this gesture.
There is a high need to adopt the creative economic policies to achieve the sustainable development goals set by the United Nations.
The new procedures based on the Nobel laureate s experiments and the implementation of the results are likely to be the correct solution to achieve the goal of eradicating poverty.
We must find proper solutions to different types of problems spread over different places of the country through RTC method Poverty eradication schemes must be framed and implemented on low-cost basis On the other hand both the Telugu states are allocating budgets in the form of different developmental schemes.
They must have a clear study based knowledge whether they fully and properly reaching the target beneficiaries at the gross level or not Nobel Prize winners policies must be implemented for the effective utilization of the funds and for achieving better results.
There is a high need to find better solutions and to adopt and implement innovative policies at this stage to alleviate poverty from this country
(Written by Dr Chirala Sankar Rao, Financial Expert )
