Answer: 

Introduction:

Intra-generational equity refers to the distribution of resources and opportunities within a single generation. It is concerned with ensuring that the needs and rights of all members of a society are met, regardless of their age, gender, race, or other characteristics.

On the other hand, inter-generational equity refers to the distribution of resources and opportunities across different generations. It is concerned with ensuring that the needs and rights of future generations are taken into account and that they have the same opportunities as the current generation.

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Body:

The issues in intergenerational and intragenerational equity are:

• Growing imbalance in the distribution of resources: This is seen between developed and developing nations as also between rich and the poor within the nation. The free market tends to aid growth of those who already have resources at their hands.’
• Degradation of environment: Resources are used incessantly, without any concern for the environment. This degradation impacts the future generation as well as the lower section of society of the present generation.
• Disproportionate impact: The unequal distribution of resources, degradation of environment and climate change, all of them put together has the worst impact on the lower sections of society.
• Free market principle: measures taken under the narrative of social justice for intra-generational equity interferes with the free market principle.

Conclusion:

The concept of inclusive growth and sustainable development are the key pillars of the global welfare narrative, which can be prompted by ensuring intra-generational and intergenerational equity. Moreover, in a developing country like India, intra-generational & inter-generational equity is more important as more resources are required for ensuring the development of all, including the future generation.