Here's how you can creatively combat income inequality and poverty.

Just having a Tax reform is not going to be helpful, one also needs to educate the populace on how to file those taxes, even though literacy is widespread in India, Financial literacy still seems to be a NECESSITY which only a few people possess, a NECESSITY which needs to be acquired by everyone. The wage earners who come in the lowest tax brackets and thus can be considered in the lower class, do not realise they might save a lot more money if they knew how to manage their taxes. This becomes the need of the hour to implement financial education before implementing reforms , which can't be fully realised if the population does not possess the knowledge to take advantage of it.

In our world today, some people have a lot while others struggle to make ends meet. But we can change that. By coming up with new ideas and working together, we can make sure everyone has a fair chance to succeed. Imagine a world where everyone can learn new skills and start their businesses. This starts with giving everyone a good education and making sure the rules are fair for everyone. When we work together and care about each other, we can break down barriers and help everyone reach their goals. Let's use our creativity to create a world where everyone has a fair shot at success, and poverty and inequality are things of the past.

Joseph Stiglitz (Nobel Prize winning Economist) would argue for governments to use tax as a means of reducing inequalities much better than I could ever do. This for me is a major plank to help reduce inequality and poverty, incentivise work and reduce the wealth gap within the context of a mixed and pluralistic economic strategy.

Adoption of a living wage economy and the principles associated with it is a positive step towards reducing inequality. When people know that they earn enough to live they are able to focus on improving their contribution to organisations and society, support their family and make a positive difference.

Access to a good education and to healthcare are two of the best forms of social justice that any country and society can put in place to support its citizens. Scholarships etc are a poor substitute for the fundamental building blocks needed to create a country where inequality is a thing of the past. We need the best of human nature to rise to the top and not the worst.

As young individuals, there are several impactful ways we can contribute to this cause despite the challenges. One powerful way is through tutoring and mentoring. By offering young people time and expertise especially for students from underprivileged backgrounds, we can help to bridge the educational gap. Advocating for policy change is vital to enact a broader system change and enable young people to access to a quality education. An inter generational and multistakeholder dialogue is indeed needed in order to meet the local needs and target the gaps in education. Collaborating with the private sector is essential for sustainable impact. By bridging policy makers to industries and communities, we can achieve results.

In order to come up with interesting solutions and initiatives we need to address basic inequalities first. Promoting free and accessible education can unleash potential and create a significant impact in communities. Empowering, young entrepreneurs especially women who are often marginalized in certain sectors, we can yield compelling results at the community level. Another crucial element is promoting education in marginalized and vulnerable regions worldwide. Genuine social impact can only be achieved through the promotion of education in these places.

Universal Basic Income (UBI) can provide a medium-term boost to combat poverty. In a study conducted by Finland, it was found that participants who received basic income had better mental health (by 7 percentage points), physical health (by 7 percentage points), employment (3 to 9 percentage points difference in days worked), and trust in the central government when compared to those not receiving basic income. The primary criticism of UBI is the creation of an unmotivated workforce through what may be considered a handout rather than an incentive. Consequently, the framing of UBI as an economic tool with quality-of-life benefits and a clear plan of action for its implementation within a limited time frame can effectively decrease poverty.

Access to capital is of paramount importance to fostering local enterpreneurialism. Such knock-on financing in turn allows for job creation, income and wealth growth, further broadening the supply of capital within a community.

Investing in local communities can foster economic growth by creating jobs, supporting entrepreneurship and promoting a holistic development. Indeed, when funds are directed towards infrastructure projects, education initiatives, or small businesses within a community they tend to circulate locally. Also; local investments prioritize job creation in regions like the south caucasus where unemployment rates can be high. By supporting local industries and businesses communities can mitigate unemployment, strengthen workforce skills and improve overall economic stability. In regions with disparity between urban and rural areas such as the south caucasus, targeted investments in local communities can help neige these gaps.