Tax rich to fund poor: Jeffrey Sachs

He also called upon the corporates to play a pro-active role in helping the governments to combat poverty and address social sector problems.

8220;By good governance,I mean responsibility of the government and also responsibility of the corporate sector.

The world is run by companies,more than it is run by the government8230; Poor people need help,these is what governance is about,8221; said Sachs,who has written several books on development economics.

He said that about one-seventh of the world lived in extreme poverty. 8220;It is a tragedy. There is enough technology and resources in the world to go about to ensure that everybody on this planet has the access to health coverage,safe childhood,drinking water,sanitation,8221; Sachs said.

He said the Tax-GDP ratio is India is very low and the government should increase it to meet its development expenses. 8220;I do not think India will be able to achieve all its goal with this Tax-GDP ratio. India cannot manage its rising budget with this low ratio.8221;

Sachs further said that India has 17 per cent of the world8217;s population and two per cent of the world8217;s land area.

And about two per cent of world8217;s water resources and it is extra-ordinarily vulnerable to climate change and bio-diversity loss.

8220;Our food supply are under profound stress and India is not an exception. Yield increases are not sufficient to keep up with the population,8221; he said.

Sachs said that the depleted water levels in several states could turn out to be a 8220;major crisis for India8217;s bread basket8221;.

Sachs,a professor in Columbia University was born in Detroit,Michigan in 1954. He has authored several books The End of Poverty 2005,Common Wealth: Economics for a Crowded Planet 2008,and The Price of Civilisation 2011.