India currently is poor and very unequal in terms of its exquisite elite class. Income inequality in the country is soaring high on a daily basis. If the rich people are getting richer then on the contrary poor people are still falling into poverty.
According to the recently published global inequality report, only one-fifth of the 2021 national income will be close to one percent. Also, a recent detailed report by the World Inequality Lab has revealed that massive income inequality is on the rise in India.
As per the findings of the report, the exclusive richest one per cent of the total national income in 2021 will be Indians with a massive 22 per cent of the total wealth. Also, the top 10 percent of those on the rich list have around 57 percent of the total income in their pockets.
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In a detailed study, it is mentioned in the report that the average per capita income in India is Rs 2,04,200 per year. The report also mentioned that the inequalities in wealth are also very severe and serious that requires immediate attention and action.
In terms of real wealth, the bottom 50 percent of households have practically no real wealth at all.
The middle-class data revealed that they have somewhere about 29.5 percent wealth approximately. In a shocking yet factual revelation, it was found that the top 10 percent have 65 percent wealth and the top 1 percent have 33 percent of the total wealth.
As of now, the middle class reportedly is said to have an average wealth of Rs 7,23,930. The top 10 per cent possess an average wealth of Rs 63,54,070 and the top 10 per cent have a whopping net worth of Rs 3,24,49,360.
About Gender inequalities
The report also mentioned that the Global economic reforms since 1985 have exacerbated income and wealth inequalities. Particularly the top one per cent are said to have benefited greatly from the mentioned economic reforms.
But the mentioned growth is quite relative between low- and middle-income groups. The report also says that poverty has been on a sharp rise since 1985.
Also, currently, gender inequalities in the country are also very high with the present share of female labour income being just around 18 percent. The total share of female labour income in Asia is less than 21 percent, excluding China.
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