Creating Awareness on SDG 10: Current Situation in India, importance in ESG Metrics, and the roles of Corporates and Social Enterprises

The Global SDG Foundation is committed to promoting and achieving the Sustainable Development Goals (SDGs) established by the United Nations. This article focuses on SDG 10, which aims to reduce inequality within and among countries. Specifically, we will explore the current situation of SDG 10 in India, its importance in Environmental, Social, and Governance (ESG) metrics, and the roles that corporates and social enterprises can play in achieving SDG 10 in India.

SDG 10: Current Situation in India: India, being one of the world’s most populous and diverse countries, faces significant challenges in achieving SDG 10. Income inequality, regional disparities, and social exclusion persist, posing obstacles to inclusive growth. According to recent data, the richest 1% of the population in India holds more than 73% of the country’s wealth, while the bottom 50% possesses a mere 4.1%. Furthermore, marginalized communities such as Dalits, Adivasis, and religious minorities often face discrimination, limited access to basic services, and lower socio-economic opportunities.

Importance of SDG 10 in ESG Metrics: ESG metrics have gained substantial importance in measuring an organization’s sustainability and societal impact. SDG 10 plays a crucial role in these metrics as it focuses on reducing inequalities. Corporates and investors are recognizing the significance of addressing social inequality as part of their sustainability strategies. By integrating SDG 10 into ESG frameworks, organizations can demonstrate their commitment to inclusive growth and contribute to a more equitable society.

Roles of Corporates and Social Enterprises in Achieving SDG 10 in India:

1. Promoting Inclusive Employment: Corporates and social enterprises can create employment opportunities for marginalized communities, promoting inclusivity and economic empowerment. By implementing fair employment practices, providing skill development programs, and fostering diversity in the workforce, they can contribute to reducing income inequality and promoting social mobility.
2. Ensuring Access to Basic Services: Corporates and social enterprises can collaborate with the government and civil society to improve access to essential services like education, healthcare, and clean water for marginalized communities. By investing in infrastructure and social programs, they can help bridge the gap and reduce disparities.
3. Advocacy and Policy Engagement: Corporates and social enterprises can use their influence and resources to advocate for policies that promote social equity and inclusivity. They can engage with policymakers, participate in multi-stakeholder platforms, and support initiatives that address systemic inequalities, thereby creating an enabling environment for SDG 10 implementation.
4. Philanthropic Initiatives and Impact Investments: Corporates can allocate a portion of their profits towards philanthropic initiatives and impact investments that target reducing inequality. Social enterprises can leverage innovative business models that prioritize both financial returns and social impact, ensuring sustainable solutions to address inequality.
5. Collaboration and Partnerships: Corporates, social enterprises, and civil society organizations can form partnerships to collectively work towards achieving SDG 10. By sharing knowledge, resources, and expertise, they can amplify their impact and drive systemic change. Collaboration between the private sector and social enterprises can unlock new possibilities for inclusive growth.

Conclusion: The Global SDG Foundation emphasizes the importance of creating awareness and taking action on SDG 10 to reduce inequality within and among countries. In India, addressing income disparities, social exclusion, and discrimination are crucial for sustainable development. By integrating SDG 10 into ESG metrics and leveraging the roles of corporates and social enterprises, we can pave the way for a more equitable and inclusive future in India. Together, let us work towards achieving SDG 10 and building a society where everyone can thrive.