UNEQUAL DIS­TRI­BU­TION OF RICHES

THE RICH­EST 0.1% OF THE WORLD’S POP­U­LA­TION HAVE IN­CREASED THEIR COM­BINED WEALTH BY AS MUCH AS THE POOR­EST 50% — OR 3.8 BIL­LION PEO­PLE — SINCE 1980, AC­CORD­ING TO A RE­PORT DE­TAIL­ING THE WIDEN­ING IN­EQUAL­ITY BE­TWEEN THE UL­TRA RICH AND THE POOR.

Deccan Chronicle - - BUSINESS -

The World In­equal­ity Re­port warned that in­equal­ity had bal­looned to “ex­treme lev­els” in few coun­tries and said the prob­lem would only get worse un­less gov­ern­ments took co­or­di­nated ac­tion In­equal­ity in In­dia too has risen sub­stan­tially since 1980s fol­low­ing pro­found trans­for­ma­tions in an econ­omy that cen­tred on the im­ple­men­ta­tion of dereg­u­la­tion and open­ing-up re­forms. In 2014, the share of in­come cap­tured by top 1% of earn­ers was 22%, while the share of the top 10% of earn­ers was around 56%.

The ris­ing in­equal­ity con­trasts to the 30 years fol­low­ing In­dia’s in­de­pen­dence, when in­come in­equal­ity was widely re­duced and the in­comes of the bot­tom 50% grew faster than the av­er­age.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.