Inequality on the rise in India: Top 1% hold 40% of the wealth
Inequality is on the rise in India with Top 1% holding 40% of the wealth. India won its independence in 1947 from Britain opening its markets to foreign investment in 1992. As a result, number of billionaires has surged.
Critics of the Modi Government say his last two terms in office have been characterised by a widening gap between rich and the rural poor as India’s economy grew at 8.4%, its fastest in one-and-half years, in the final three months of 2023.
Main opposition party Congress has raised the issue of Modi’s government’s closeness to billionaires in rallies ahead of national polls starting from April 16.
According to the World Inequality Lab, factors including a lack of education has trapped some people in low-paid jobs and depressed the growth of the bottom 50% and middle 40% of Indians.
The wealth concentrated in the richest 1% of India’s population is at its highest in six decades and the percentage share of income exceeds that of countries including Brazil and the United States, the World Inequality Lab found.
