Inequality in India: 1 percent of India's population has accumulated 40 percent of the country's wealth. Since the year 2000, the wealth of the rich in the country has been continuously increasing. This has also led to a tremendous increase in economic inequality. A report says that in the year 2022-23, the share of the richest one percent of the country's population in income has increased to 22.6 percent and in wealth to 40.1 percent.
Rapidly increasing inequality in the country
According to a report released on Wednesday, the wealth of billionaires has increased rapidly from the year 2014-15 to 2022-23. Due to accumulation of money in a particular group, inequality in the country has also increased rapidly. This report has been prepared by Thomas Piketty (Paris School of Economics), Lucas Chancel (Harvard Kennedy School) and Nitin Kumar Bharti (New York University). According to the report, by the year 2022-23, the share of the richest 1 percent people in income and wealth has increased historically. The income share of the top 1 percent of India's people is the highest in the world. This figure has gone above South Africa, Brazil and America.
There should be changes in the income tax system
It was said in this report that if we look at the wealth of these people, it shows that India's income tax system is inadequate. The quality of India's economic data is also very poor. Recently a decline has been seen in it. India should make changes in its income tax system. Also, investment on health, education and nutrition should be increased. The report also advocates imposing super tax of about 2 percent on 167 wealthy families.
Income of the rich started increasing after 1991
According to the report, in 1922, the share of the country's top 1 percent rich in income was 13 percent. By 1982 this figure had fallen to 6.1 percent. The social policies of the then governments are considered responsible for this. After the beginning of economic liberalization in 1991, this figure has been continuously increasing. It had touched the highest figure of 22.6 percent in the year 2022.
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