Headline: Wealth Inequality in India: A Growing Divide Between Rich and Poor

By Mangesh

As India’s economy continues to expand, a striking disparity in wealth distribution has become increasingly evident. Recent data highlights that the wealthiest 10% of the Indian population control an astonishing 77% of the nation’s total wealth. The situation is particularly stark for the richest 1%, who captured a staggering 73% of the wealth generated in 2017. In sharp contrast, the bottom half of the population—approximately 670 million Indians—experienced only a marginal 1% growth in their wealth during the same period.

The burgeoning wealth of India’s elite is underscored by the dramatic rise in the number of billionaires. From a mere 9 in the year 2000, the country now boasts 119 billionaires, a number that surged to 101 by 2017. Projections indicate that India will create 70 new millionaires every day from 2018 to 2022, highlighting the rapid accumulation of wealth at the top.

The concentration of wealth among billionaires has soared, with their collective fortunes increasing nearly tenfold over the past decade. This wealth now surpasses the entire Union budget of India for the fiscal year 2018-19, which stood at INR 24,422 billion.

While the affluent continue to amass wealth, millions of ordinary Indians struggle with access to essential services, particularly healthcare. An alarming 63 million Indians are pushed into poverty each year due to healthcare expenses, translating to almost two individuals every second. This staggering statistic underscores the challenges faced by the country’s lower-income population, who are often unable to afford basic medical care.

The income disparity is further highlighted by the wage gap between the highest-paid executives and the lowest-paid workers. For instance, it would take a rural minimum-wage worker 941 years to earn what the top executive of a leading Indian garment company makes in just one year.

These figures paint a stark picture of the growing economic divide in India, where the benefits of economic growth are disproportionately enjoyed by a small, wealthy elite, while a significant portion of the population continues to struggle with poverty and limited access to essential services. The situation calls for urgent attention and action to address the widening gap and ensure a more equitable distribution of wealth and resources in the country.

The Detailed report can be read at below reference:

Reference: India: extreme inequality in numbers | Oxfam International

Pic Credits: Oxfam – Wikipedia