Sustainable Development Goals (SDGs) are a valiant measure to push the frontiers of development. They represent an elaborate agenda that necessitates achieving progress across social, economic, and environmental pillars. Despite advancements in human development indices, only limited success has been achieved globally on most of the eight pillars of SDGs. Challenges such as improving access to financial services, increasing employment opportunities, especially for the young workforce, reducing informal employment, labour market inequalities, and gender discrimination persist globally. India, with world’s 17 per cent population, is a key stakeholder towards achieving global SDGs. The country faces multiple challenges in several sectors, be it health, nutrition, education, sanitation, and infrastructure. These challenges also make India innovate and develop solutions to address them and offer a useful lens for solving similar problems in other countries. Governments, civil society organisations, private sector, development organisations, academia and citizens must actively collaborate to accelerate efforts to achieve these goals. Businesses play a central role in advancing SDG-8 as they can invest in innovation, labour and capital to achieve strong, sustainable and equitable economic growth that provide overall well-being. As organisations move from ‘profit’ to ‘purpose’, investors, regulators, and civil society are rapidly adopting the principles of E, S, and G. Axis Bank is cognisant of its responsibility to actively participate and contribute to driving forward India’s equitable and sustainable economic transition. Pertinent business and non-business activities of the bank are aligned to the pertinent SDGs, as well as, to India’s commitments under the Paris Agreement. Taking a step in this direction, Axis Bank Foundation (ABF) has been closely working with NGOs across the country to address socio-economic and ecological challenges faced at the grassroots level. ABF’s flagship Rural Livelihoods Support Programme works in villages and states to boost rural economies, enhance livelihood opportunities, and promote skill development among rural youth. In the last decade, through research and consultations with experts, industry leaders and development sector partners, ABF has been able to map the challenges associated with rural livelihoods and provide an understanding of the different pathways available to enhance economic empowerment of societies, and decent work for all as prescribed under SDG-8. Diversifying rural livelihoods: As per the Economic Survey 2020-21, agriculture contributed 20 per cent to India’s GDP. Role of agriculture and agro-allied sectors remains crucial as India aims to be a $5 trillion economy by 2025 along with its continued focus on Atmanirbhar Bharat. Over the years, rural communities in India have been affected by a multitude of life and livelihood threatening hurdles, such as lack of employment opportunities for unskilled labour, and the inability to access formal markets, affordable credit and extension services. Rural livelihood initiatives need to look at farm-allied or non-farm capacity building that ensures risk minimisation by augmenting farm income or stepping-in in times of crop failure. Awareness and education on improved farming methods to boost crop yield, better seed management, inter- and multi-cropping practices, use of bio-pesticides and organic fertilisers needs to be strengthened. Alternative livelihood avenues such as horticulture, livestock rearing, fisheries; although seasonal, needs to be promoted by educating community members while simultaneously encouraging them to leverage existing government schemes. The risk of high dependency on a single source of income will be significantly reduced by establishing a basket of income-generating activities for rural households. This holistic approach will also strengthen community-based and community-owned institutions while establishing a sense of ownership and ensuring the sustainability of outcomes.
