Thread by @IshanTanna1

Income inequality in India

We know that -- India is one the fastest growing economy in thw world.

But do you know who in India is reaping the benefits of such growth?

The already rich. Let's take a look 👇

#ithread

1. India is the second most unequal country in the world after Russia.

The top 1% own 58% of the wealth today.

During British time, top 1% owned 20%.

2. For all the GDP growth that’s happening, in 2018 the bottom 50% of population saw their wealth rise by 3%.

While the top 1% got richer by 39%.

Now who is this 8% GDP growth benefiting?

3. According to the World Inequality Report 2022, the top 10 per cent of Indians had about 96 times more income on average than the bottom 50 per cent. Similarly, Oxfam International claimed that in 2021 India’s top 1 per cent owned about 77 per cent of the country’s wealth.

4. Here’s a stat which if doesn’t blow your mind, I don’t know what will.

Wealth of India's top 9 billionaires is equivalent to the wealth of the bottom 50% of the population.

Read it again: 9 Indians = 600,000,000 Indians.

5. 941 year - It would take 941 years for a minimum wage worker in rural India to earn what the top paid executive at a leading Indian garment company earns in a year.

6. Now if our government talks about chopping trees and commissioning new plants / infra for the sake of development, you should know who benefits from it most.

The country has fucked up priorities. No wonder we rank 140 out of 156 countries in happiness

7. In India, the unpaid work done by women looking after their homes and children is worth 3.1% of the country's GDP. Globally, this amounts to a staggering $10 trillion a year, which is 43 times the annual turnover of the world's biggest company, Apple.

8. Why -- Here are the some reasons.

1) Unemployment
2) Inflation
3) Gender, race, and culture
4) Govt policies
5) technological change

and many..

9. Way forward for India

Evidence suggests that expenditure on healthcare, education, and social safety reduces inequality.

10. Another some solutions that can help to reduce income inequality -
(1) investing in women ; (2) investing in agricultur; and (3) reforming workplace laws; (4) Upliftment of the Rural Poor; (5) Taxation

11. That's it.

That’s it.

Comment your views and thoughts.

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