look news india
Inequality in India: The income and wealth of the richest one percent of the country is continuously increasing. These people have 40.1 percent of the total wealth of the country. Their share in total revenue is 22.6 percent. The incomes of the rich have continued to rise since the early 2000s, increasing economic inequality.
Economic inequality is increasing rapidly
According to the World Inequality Lab report released on Wednesday, there has been a rapid increase in the wealth of the rich from 2014-15 to 2022-23. Inequality in the country has also increased rapidly due to accumulation of wealth in a particular group. The report was prepared by Thomas Piketty (Paris School of Economics), Lucas Chancel (Harvard Kennedy School) and Nitin Kumar Bharti (New York University). According to the report, the share of the richest 1 percent in income and wealth has increased historically by 2022-23. The income share of India's top 1 percent is the highest in the world. This figure has gone above South Africa, Brazil and America.
Income tax system should be changed
The report said that a look at the wealth of these people shows that India's income tax system is weak. The quality of India's economic data is also very poor. Recently a decline has been seen in it. India should change its income tax system. Also, investment in health, education and nutrition should be increased. The report also advocates imposing a super tax of about 2 percent on 167 rich families.
Income of the rich increased after economic liberalization
According to the report, in 1922 the share of the top 1 percent of the richest people in the country was 13 percent. By 1982 this figure had fallen to 6.1 percent. The social policies of the then governments are held responsible for this. This figure has been continuously increasing since the beginning of economic liberalization in 1991. In the year 2022, it touched the highest figure of 22.6 percent.