Why in the news
The data released by the Bloomberg Billionaire Index reveals statistics about the rise of inequality in India.
What is the data shows ?
- It showed that the top 20 industrialists in India added a staggering $50 billion to their combined wealth in the first seven months this year,
- Taking their total valuation to $200 billion roughly 10 percent of India’s $2 trillion economy.
- Oxfam report released this year revealed that 57 billionaires in India own as much as the bottom 70 percent of the population.
- The richest one percent holds 58 percent of the country’s total wealth higher than the global average of 50 percent.
Concern on equality
Therefore, inequality is no longer a first-world phenomenon. It is very much at our shores, but the moot question remains if the trend is undesirable at all. Shows the redistributive means needs improvement.
Source : The Hindu
GS III : Inclusive growth and issues arising from it