FINANCIAL LIVELIHOOD CAPITAL-IMPLICATIONS OF URBAN RESETTLEMENT WITH SPECIAL REFERENCE TO COOUM RIVER RESTORATION PROJECT, CHENNAI, TAMIL NADU

Abstract

Urban redevelopment and environmental sustainability, urban river restoration initiatives frequently include the forcible relocation and displacement of marginalized people along riverbanks. The Cooum River Restoration Project is one such massive project in Chennai that aims to develop the banks of the heavily polluted river and clean it up. Thousands of families, mostly from informal settlements, have been forced to leave as a result, and they have since been moved to the outskirts of the city. According to this study, the financial livelihood capital of these displaced communities is significantly and frequently negatively impacted by such relocation schemes.According to the Sustainable Livelihoods Framework, financial capital refers to the financial resources that people have at their disposal, including their income, savings, credit availability, and remittances. Being close to the city center, where they may access vital services and informal labor marketplaces, is closely related to this capital for the urban poor. In the past, fishing, garbage collection, and other unofficial activities were the main sources of income along the banks of the Cooum River. These families' established livelihood practices are disrupted when they are relocated to remote, outlying places. Their daily income is diminished by the longer commute to work and the high expense of transportation. They also lose access to their financial and social networks, which are essential for unofficial support and financing. In order to undermine the very purpose of sustainable urban development, this paper will examine how the resettlement efforts of the Cooum River Restoration Project have affected the financial capital of impacted families, resulting in a loss of income, increased debt, and a heightened state of economic vulnerability.