NEW DELHI (TIP): Indicating that inequality in India is increasing, a UN report released on Thursday said that the richest 1% own 53% of the country’s wealth.

It also said that unlike other countries, development in India is not moving across states.

“In terms of wealth inequality, India is second only to Russia, where the richest 1 percent own 53 percent of the country’s wealth,” said the report ‘The Better Business, Better World’ released here in a two day event of the United Nations Global Compact (UNGC) focussing on how through bold innovation, businesses can create solutions and tap new opportunities found within the 17 Sustainable Development Goals (SDGs).

According to Lise Kingo, CEO and Executive Director of the UNGC, SDGs can open at least $1 trillion of market opportunity for the private sector in India.

“This is out of a total global value of $12 trillion that could be unlocked by sustainable business models in four key areas, food and agriculture, energy, cities and health,” she said. Kingo added that over 72 million new jobs could be created in India by 2030 by adapting a sustainable business model. The report says that to reduce the inequality, India needs a ‘different economic model’ — one that is not only low-carbon but also recognizes poverty, inequality and lack of financial access. Source: IANS