Rising inequality is a concern: Manmohan Singh
Former prime minister Manmohan Singh said on Monday rising inequality was a concern and the country cannot allow extreme poverty or economic disparity as it is a welfare state. The former prime minister said India was one of the fastest-growing economies in the world today, but the high rate of economic growth had also been associated with rising inequality, including economic, social, regional and rural-urban inequalities. It noted that the country's top one per cent of the population share nearly 22 per cent of the national income in 2015, an increase from six per cent in the early 1980s. "India's richest 10 per cent own as much as 80.7 per cent of the country's total wealth, while 90 per cent own only 19.3 per cent of its total wealth," it said, adding that one per cent of the country's richest own 58.4 per cent of the total wealth.
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