Need strategic improvement to existing markets to address poverty: Bill & Melinda Gates Foundation

Poverty can be addressed when markets, infrastructures, technology and regulatory mechanisms work for everyone, the Executive Director of the Bill and Melinda Gates Foundation, Rodger Voorhies said today.

Hosting a panel discussion on 'Making Markets work for the Poor', he emphasised on the need for making strategic improvements to existing markets, and open markets for new technologies and commercially viable solutions.

The panel discussion was hosted by the foundation's India platform Aksha, which aims to bring technical knowledge and expertise to address the country's challenges in healthcare and social development.

"Poverty can be addressed when markets, infrastructures, technology flows and regulatory mechanisms work for everyone, including the poorest women and girls. When these systems function well for all, they provide solid ground from which individuals, families and communities can climb out of poverty and create wealth.

"We are happy to partner with the Government of India to address the challenges to equitable access and growth," Voorhies said.

Secretary in the Ministry of Drinking Water and Sanitation Parameswaran Iyer pointed out to the role played by private and corporate sectors in the government's schemes for bringing technical knowledge and expertise to address the country's challenges in social development.

"We are very fortunate to have partnership with the corporate sector. Bringing behavioural changes depends on private sectors, NGOs, CSOs," he said.

At the panel discussion the attendees spoke about product innovations, regulatory and policy interventions, adjacent business models, addressing social inequities and other interventions that will provide accelerated access services to the poor so that they can lift themselves from poverty.