The Bank and the pauper
Everyday, some 40,000 people die from hunger-related causes. In the 47 'least developed' countries, 10 per cent of the world's population subsists on less than 0.5 per cent of world's income. Over a billion people are compelled to live on less than a dollar a day. And the strain on the planet's resources increases every moment. Around 2 to 3 million people will be added in a year and 95 per cent of them will be in the developing countries At the same time, the carbon emission by the US continues to be 24 times more than that of India at the per capita level. Surely, the poorest are the worst-hit in this development syndrome. The aid flow to the South may not be very encouraging, but the investment flow continues to rise every year! Where does this money go?
The World bank proposes a policy to amend its outlook towards development and calls for further participatory approach among private investors, governments and NGOs for an intelligent investment pattern whereby they may help eradicate rampant poverty and environmental destruction.
We present here some vital indicators of the proposal: