India Among Most Unequal Nations, Says Report
New Delhi: India is among the most “poor and very unequal” nation with the population’s top 1 per cent holding more than 20 per cent (one-fifth) of the total national income in 2021. The bottom 50 per cent accounts for just 13 per cent, revealed a report.
Co-director of the World Inequality Lab, Lucas Chancel authored the report, titled “World Inequality Report 2022”. The report has been coordinated by several experts, including French economist Thomas Piketty, reported news agency PTI.
The report further said that India is now among the world’s most unequal countries.
According to the report, the average national income of the Indian adult population is ₹ 204,200. While the bottom 50 per cent earns ₹ 53,610, the top 10 per cent earns more than 20 times (Rs 1,166,520).
“While the top 10 per cent and top 1 per cent hold respectively 57 per cent and 22 per cent of total national income, the bottom 50 per cent share has gone down to 13 per cent.
“India stands out as a poor and very unequal country, with an affluent elite,” the report said.
The report says average household wealth stands at ₹ 9,83,010 in India.
The report observed that the deregulation and liberalisation policies implemented since the mid-1980s have led to “one of the most extreme increases in income and wealth inequality observed in the world”.
The gender inequalities in India are also high. “The female labor income share is equal to 18 per cent. This is significantly lower than the average in Asia (21 per cent, excluding China),” according to the report
The value is one of the lowest in the world, and slightly higher than the average share in the Middle East (15 per cent).