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World Inequality Report 2022
The latest news and also the latest report have come up about world inequality and the rank of India in world inequality report has shown that the country is having one of most poverty percentages. The report is simply highlighted as top 1% and top 10% in the Indian nation holding 22% and 57% of the income respectively. The report was given by the economist named Lucas chancel and he was coordinated by the other economists Emmanuel Saez, Thomas Piketty and Gabriel Zucman. The percentage here has shown a big difference between the low earning people and high earning people.
What does the data Report have to say?
The data report is saying that Indian adults are having an average national income of Rs 204200. But when the rank of India in the world inequality report showed up it came as the bottom 50% are earning Rs 53160 and the top 10% are earning Rs. 1166520 which shows that it is already 20 times more than the current earning top 50% of adults. The income has been reduced to 13% for the bottom 50%. Now the World Inequality Report India rank says that India is in the top position.
Over the past three years, the inequality has increased and the data that is released by the Indian government is not that clear and this made the analysis more difficult to manage. The rank of India in the world inequality report not just talks about India but also about the countries as well. For the last many decades there has been a complete decline in the wealth of countries.
In other countries
Most of the wealth includes public assets which include public services such as public buildings, schools, housing administrations, universities, pharmacy centres, and hospitals. There is a secular decline in the wealth of the public and there is a rise in the wealth of the private sector after the covid pandemic. World Inequality Report India rank and China’s rank are both similar, here the report is completely indicating that there is a rise in the wealth of the private sector in comparison to the wealthy countries. In India, private sector wealth went 560% from 290% the year 1980 to 2020.
What does history Have to say?
World Inequality Lab says if you look at the last report when there was inequality in the income of India under the British rule from 1858 to 1947 and the rating was very high. At that time top, 10% were having the 50% of the income share. But after independence, this share reduced to 35 to 40%.
India had a very poor economy post-Independence and they had a complete loss of control over the liberalisation policies. But after so many years still after so much development, the rank of India in the world inequality report is on top which is a big question for the authorities as well. These liberalisation policies had a big impact on the income of the top 1%. There was a complete rise in income for them and this created the inequality in wealth observed by the world.
Inequality in wealth
The reason why the rank of India in the world inequality report says India is on top is because of the numbers which were showing middle-class people are going towards poor conditions. Right now the household wealth is Rs. 983000 whereas the bottom 50% is indicating they have nothing with an average wealth of Rs. 66280. And right now in India the top 10% are holding 65% of the wealth and the top 1% are holding 33% wealth in it.
Conclusion
Here the complete indication is that the country is surely facing an economic rise due to the top 1% to top10% people who are having 65% of the total wealth of the whole country. The rank of India in the world inequality report has shown clear data which the Indian government wasn’t able to show and this will make things more clear to the people. India is now in the need of equality not just in wealth but also in other sectors where they need gender equality and racial equality.
