India Loses $214 Billion Annually Due to Lack of Accessible Infrastructure, Reports KPMG & Svayam

A comprehensive white paper released by KPMG and the non-profit organization Svayam highlights a significant economic burden on India, estimating an annual loss of $214 billion (approximately Rs 17.9 lakh crore) stemming from inaccessible infrastructure. This untapped potential is attributed to lost productive years and diminished market participation in key sectors.

The report, titled ‘Does Accessibility Make Economic Sense?’, argues that accessibility should be viewed as a critical economic strategy, not merely a welfare measure. Its absence is reported to drag down India's Gross Domestic Product (GDP) growth by several percentage points. Sminu Jindal, founder and chairperson of Svayam, stated that India faces an estimated loss of $1 trillion in its GDP due to the lack of accessibility inclusion in businesses, and that targeted interventions could significantly enhance GDP and productivity.

Nearly one in three Indians, around 486 million people, experience some form of reduced mobility due to disability, age, illness, or temporary injury. When their families and caregivers are included, this figure exceeds 700 million.

Impact: This news has a significant impact on the Indian economy and its growth potential. By highlighting the economic cost of inaccessibility, the report urges policy changes and business practices that can unlock new markets, increase labor participation, and boost consumer demand. Sectors that are particularly affected and stand to gain from improved accessibility include transport, tourism, sports, and digital services. Addressing these issues can lead to substantial GDP growth and a more inclusive economy.

Impact Rating: 8/10

Difficult Terms: Accessibility Infrastructure: Facilities, services, and systems designed to be usable by all people, including those with disabilities, older adults, and people with temporary impairments. This includes ramps, accessible restrooms, easy-to-navigate websites, and public transport. GDP (Gross Domestic Product): The total monetary value of all the finished goods and services produced within a country's borders in a specific time period. Mobility: The ability to move or be moved freely and easily. Multiplier Effects: A phenomenon where an initial economic stimulus or investment leads to a more than proportional increase in total economic activity. Digital Accessibility: The practice of ensuring that websites, mobile applications, and other digital technologies are designed and developed so that people with disabilities can use them.