A synonym for the word "upliftment"?

Although there is nothing wrong with raising itself, as used in the question, I think an even more suitable word to use elevate:

[Merriam-Webster]
2 : to raise in rank or status
    // was elevated to chairman
3 : to improve morally, intellectually, or culturally
    // great books that both entertain and elevate their readers

It can also be used in the context of economic status.

As such:

They elevated the economic and educational status of the underprivileged and marginalized communities.

The noun is elevation and the adjective (as well as present participle) is elevating.

I would suggest the word empowerment in the context of 'raising the economic and education status of the underprivileged or marginalised'.

The problem for such people is not, actually, the lack of the thing they lack. The problem is the lack of power needed to obtain such things for themselves.

Thus the 'upliftment' is not the act of giving them things.

It is the act of giving them power.

Empowerment :

the act or action of empowering someone or something : the granting of the power, right, or authority to perform various acts or duties

Merriam Webster

The state or fact of being empowered; the action or an act of empowering; (now) esp. the fact or action of acquiring more control over one's life or circumstances through increased civil rights, independence, self-esteem, etc.

Oxford English Dictonary

HP woman beats disability on road to empowerment.

A Himachal village woman, who has come to limelight for selling handmade pine- needle ‘rakhis’, has traversed a long journey towards self empowerment.

The Statesman - 4th August 2020