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India’s next big challenge: inequality

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India’s next big challenge: inequality Empty India’s next big challenge: inequality

Post by confuzzled dude Tue Oct 20, 2015 6:28 am

Last week, a report released by Credit Suisse revealed that the richest 1% Indians owned 53% of the country’s wealth, while the share of the top 10% was 76.30%. To put it differently, in a manner that conveys the political economy of this stunning statistic, 90% of India own less than a quarter of the country’s wealth.

If there were any doubts on whether India is up against the piquant challenge of growing inequality, they has been put to rest by the Credit Suisse report. It is not that there was no evidence of this pernicious trend previously. Just that it had never been so starkly spelt out.

The urgency is that much more, given that the trend in inequality has accelerated since the turn of the millennium. According to Credit Suisse, in 2000, the share of the richest 1% in national wealth was 36.80% and that of the top 10% was 65.9%.
“In the context of the economic growth and per capita income, the committee is concerned to note the emerging ever-widening gap between the rich and poor and the increasingly disproportionate distribution of assets in our country. It is being observed that the purchasing power is getting concentrated in the hands of a few, whereas the majority is stuck below the expenditure curve,” the parliamentary committee said.
http://www.livemint.com/Opinion/lJIQmqwIltTJSqruSaVsAO/Indias-next-big-challenge-inequality.html

confuzzled dude

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