Swapnil Chaturvedi and Anoop Jain are among the finalists for the Waislitz Global Citizen award which is presented to an individual who meets the criteria of global citizenship, impact, innovation and potential.
The winner will be announced at the Global Citizen Festival on September 27, set to be attended by Modi along with a dozen other global leaders such as UN Secretary General Ban Ki-moon, Bangladesh Prime Minister Sheikh Hasina, World Bank President Jim Yong Kim, Prime Minister of Norway Erna Solberg and Nepal's Prime Minister Sushil Koirala.
Chaturvedi and Jain have been shortlisted for their efforts to improve sanitation facilities and increase access to toilets in India.
Chaturvedi is the founder of 'Samagra Sanitation' which focuses on providing "awesome sanitation services to the urban poor" in India.
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He believes the solution to open defecation in India must focus on changing the behaviour about toilets and not just providing them, organisers of the festival said.
Since March 2013, 'Samagra' has been implementing its sanitation engagement platform called 'LooRewards' in two urban slums of Pune.
He believes building toilets addresses the underlying causes of poverty, which affect broader health, social, and economic change desperately needed in India.
'Humanure Power' opened its pilot community sanitation facility on July 2014, and has already seen over 17,000 users, while hygienically disposing of 8 tons of human excreta.
This award would honour an individual who embodies and exemplifies the values and practices of a global citizen, has substantial record of making lasting changes and opportunities for the world's poor and brings new thinking to overcome the challenge of ending poverty.
The festival will be hosted by Hollywood actors Hugh Jackman, Jessica Alba and Katie Holmes and will have performances by American rapper Jay Z and singer Carrie Underwood.