India: Further widening of the gap between rich and poor

According to a recent report, more than half of India's wealth is owned by 10% rich people while half of the population lives on only 13%. According to the report, India's richest people have made a historic increase in their wealth this year.

According to the 2021 Global Inequality Report, India is a poor and unequal country with a lot of wealth in the hands of the rich and the poor are falling further behind in this race. According to the latest report, the gap has widened.

What does the report say?

 According to a recent report by the World Inequality Lab, an international organization on inequality, 57% of India's national wealth is held by only 10% of the richest Indians, while 50% of the country's population spends only 13% of its total wealth.

According to the report, the richest citizens have made a historic increase in their wealth this year, which has made a significant difference in the wealth ratio between rich and poor. The report also highlights that the income of women workers in India is much lower than that of other women workers in the world.

The report also highlights the decline in global income during 2020. According to him, about half of the decline in income was in rich countries, while the rest was in low-income and emerging economies. The decline has been attributed primarily to "the impact on South and Southeast Asian countries, and India in particular."

The World in Equality Lab report states, "India's richest class has 22% of the country's gross national income, while the richest 10% have the remaining 57% of the country's wealth." The remaining 50% of the population has only 13% wealth left. India stands as a poor and extremely unequal country, with a rich elite. "

According to the report, India's middle class is also relatively poor with an average wealth of about Rs 800,000 or 29.5 percent of total national income. By comparison, the top 10 percent and the top 1 percent own 65 percent of the wealth, much higher than the middle class.

Nati Ayog, an Indian government agency, also recently released the index. According to him, one out of every four people in India suffers from some form of poverty. Bihar has the highest proportion of people in this list. Jharkhand is second and Uttar Pradesh is third, with more than 40% of the population living in poverty.

What are the reasons?

New Delhi-based journalist Sanjay Kapoor has a keen eye on India's economic policies. He says the current government's economic policies are responsible for this situation. According to him, "poor welfare institutions are being abolished. Every sector is being privatized. These factors are a major cause of inequality. The poor are getting poorer, while the rich are getting richer.

According to Sanjay Kapoor, unemployment in India has risen sharply in the last five years. According to him, India, South Africa and Brazil are the three BRICS countries at the bottom of the list of inequalities. However, "India is the worst of them all."

 However, it has nothing to do with the development of this class. And the free distribution of rations means that the situation It is so bad that a large section of the population is deprived of food. "

According to the World in Equality Labs, global inequality is as high today as it was in the early 20th century. It states that the poorest half of the world's population "barely owns any wealth" with only 2% of total wealth, while the world's richest 10% have 76% of all wealth.