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Growing inequality gap in India, got richer and richer in Corona era

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World Inequality Report 2022: Due to increasing poverty and increasing number of elite people in the country, India has joined the category of Most Unequal Countries of the world. These things have come to the fore in the World Inequality Report 2022.

10 percent occupied on 57 percent of the country’s income

According to this report, the country’s top-10 percent people are occupied on 57 percent of India’s income, while one percent people are occupied on 22 percent of the country’s income. At the same time, the share of income of the bottom 50 percent of the people in the country has come down to 13 percent. According to (World Inequality Report 2022), the average income of the adult population of the country is Rs 2,04,000 (two lakh four thousand rupees). On the other hand, the average income of the bottom 50 percent of the adult population is only Rs 53,610. Whereas the average income of the top 10 percent people is 20 times more than the bottom at Rs 11,66,520.

According to the World Inequality Report 2022, the quality of inequality data released by the government has declined greatly in the last three years, due to which there is a great difficulty in understanding the changes in inequality. This report has been written by noted economist Lucas Chancel, along with economists such as Thomas Piketty, Emmanuel Saez and Gabriel Zucman.

decrease in public property

According to the report, there has been a decrease in the wealth of people around the world for the last several decades. Public assets including schools, universities, hospitals, public buildings and other public services have declined. During the Corona period, there has been a decrease in public wealth, while there has been an increase in private wealth. Especially in countries like India and China, there has been a faster jump in private assets than in rich countries. There has been a 560 percent jump in private wealth in 2020 as compared to 290 percent in 1980.

Big advantage of economic reforms to the rich

According to the World Inequality Report 2022 report, inequality was high in India between 1858 and 1947 during the British rule. Then 10 percent of the people had possession of 50 percent of the country’s income. After independence, it came down to 35 to 40 percent due to five year plans. However, after the decision of deregulation and economic reforms, there has been a tremendous increase in the income of the people, as well as due to this inequality has also increased. According to the report, one percent of the people of the country have benefited the most from these policies. While the improvement in the condition of low and middle income groups has been very slow and poverty still exists among them.

One percent of the rich have 33 percent of the wealth

The average income in India is Rs 9,83,010. Whereas the income of the bottom 10 per cent is only Rs 66,280 i.e. 6 per cent of the national average. The average income of India’s middle class is Rs 7,23,930. The country’s 10 percent of the richest people own 65 percent of the assets, with an average of Rs 63,54,070. Whereas 1 percent of the richest people of the country have 33 percent of the assets i.e. 3,24,49,360 rupees (three crore twenty four lakh ninety three hundred and sixty rupees) on an average.

Governments became poor

The World Inequality Report 2022 also says that countries have become richer in the last 40 years but the governments there have become poorer.

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