Bloomberg Billionaire Index reveals the rise of inequality in India

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.

Other report

  • 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


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