Value Chain Innovations to Foster Development

Despite the rapid economic development of countries like China and India, there are still many parts of the world where people live in poverty. The World Bank has used income to group countries. Sometimes, we refer to parts of the world with very low per-capita income as “developing world” or “developing economies.” Of course, such terms have been criticized as the focus was on categorization instead of the people (Khokhar and Serajuddin 2015). Shifting to people, the low-income economies are plagued with people living in poverty. The World Bank (Global Monitoring Report 2016) has reclassified global extreme poverty as those living on $1.90 or less a day. In 2015, 9.6% of the world’s population lived under such a definition of extreme poverty. So our focus should be on how to address the needs and also help improve the welfare of the people in these economies.