Income Inequality Declined in India During Covid-19, Nation Managed Shocks Well: SBI Report
2 years, 5 months ago

Income Inequality Declined in India During Covid-19, Nation Managed Shocks Well: SBI Report

News 18  

Inequality of Income in India has declined significantly since FY17, while inequality has also declined during the pandemic, according to the latest SBI Ecowrap research report. The decline in income inequality has been significant since FY17, the year of big bang formalisation that started with demonetisation, RERA reforms and GST reform in FY18, said the report authored by Soumya Kanti Ghosh, group chief economic adviser, State Bank of India. As per the SBI Ecowrap report, India’s poverty ratio has also declined to 17.9 per cent in 2020-21 from 21.9 per cent in 2011-12. India has thus done quite well during pandemic in terms of navigating income shocks across deciles of population,” said the report published by India’s largest public sector lender’s research wing.

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History of this topic

Indian economy's outlook bright, FY25 growth expected at 6.5-7%: Economic Survey
5 months ago

Indian economy's outlook bright, FY25 growth expected at 6.5-7%: Economic Survey

India Today  

The Economic Survey 2023-24 that was released by the Ministry of Finance on Monday projected a real GDP growth of 6.5-7% for the financial year 2024-25. "The Survey conservatively projects a real GDP growth of 6.5–7 per cent, with risks evenly balanced, cognisant of the fact that the market expectations are on the higher side," said the Economic Survey 2023-24. …

India logs fall in inequality between 2011-12 and 2022-23, says govt report
6 months, 2 weeks ago

India logs fall in inequality between 2011-12 and 2022-23, says govt report

Hindustan Times  

Inequality in both rural and urban areas of India fell between 2011-12 and 2022-23, according to a full report on Household Consumption Expenditure released on Friday by the National Sample Survey Office. The full report released Friday shows a fall in the Gini coefficient, a commonly used measure of inequality, for both rural and urban spending between 2011-12 and 2022-23 …

Is today’s India more unequal than under British rule?
7 months, 3 weeks ago

Is today’s India more unequal than under British rule?

Al Jazeera  

India’s top 1 percent holds more income today than it did under the British, new research shows. “So 90 percent of the population is not even making the GDP per capita of India,” Kumar said. Looking back at the BJP’s 2014 poll promises, Bharti said that “what we are actually observing 10 years later in terms of inequality is exactly …

Poverty and inequality debate resurfaces in election season
7 months, 3 weeks ago

Poverty and inequality debate resurfaces in election season

Hindustan Times  

As Indians heads to the poll this season, a new chapter is being written in a very old debate about poverty and inequality in India. This debate has been stirred up by the release of new data from a government- The economist Maitreesh Ghatak spoke about the resurgent debate over poverty and inequality on last week’s episode of Grand Tamasha, …

Towards a less poor and more equal country
8 months ago

Towards a less poor and more equal country

The Hindu  

In March, World Inequality Lab, a global research centre focused on inequality and public policies, published a working paper titled, ‘Income and Wealth Inequality in India, 1922-2023: The Rise of the Billionaire Raj’. It states that “the ‘Billionaire Raj’ headed by India’s modern bourgeoisie is now more unequal than the British Raj headed by the colonialist forces.” Inequality undermines both …

Inequality, unemployment, inflation in India are at all time high, says Parakala Prabhakar
8 months, 1 week ago

Inequality, unemployment, inflation in India are at all time high, says Parakala Prabhakar

The Hindu  

Inequality, unemployment among youth, inflation of various commodities and household debt are at an all-time high in the country, said political economist Parakala Prabhakar, in Chennai on April 16. Speaking at a national colloquium on the present political situation titled “The values at stake,” organised by Chennai Thinker’s Forum, Mr. Prabhakar, who is also the author of the book The …

Data on what Indians earn does have plenty to reveal of poverty in India
8 months, 2 weeks ago

Data on what Indians earn does have plenty to reveal of poverty in India

Live Mint  

Even though the fact-sheet on the Consumption Expenditure Survey has been officially released, the debate on poverty is far from over. For all of India, it would imply a poverty line of ₹445 per day, slightly higher than the government notified minimum wages. This was only ₹310 per day in case of agricultural workers, lower than the estimate reported by …

Patralekha Chatterjee | Why isn’t rising inequality turning into a poll issue?
8 months, 3 weeks ago

Patralekha Chatterjee | Why isn’t rising inequality turning into a poll issue?

Deccan Chronicle  

The view from the penthouse and the pavement is staggeringly different. By 2022-23, the top one per cent income and wealth shares are at their highest historical levels; India’s top one per cent income share is among the very highest in the world, higher than even South Africa, Brazil, and the United States, notes the paper, titled “Income and Wealth …

Inequality rising since 2000s, top one per cent in India holds 40 per cent wealth: study
9 months ago

Inequality rising since 2000s, top one per cent in India holds 40 per cent wealth: study

The Hindu  

Published : Mar 23, 2024 13:17 IST - 5 MINS READ Inequality in India has skyrocketed since the early 2000s, with the income and wealth share of the top one per cent of the population rising to 22.6 per cent and 40.1 per cent, respectively, in 2022-23, according to a working paper. The paper authored by Thomas Piketty, Lucas Chancel, …

Top 1% Indians’ income share is higher now than under British-rule: Data
9 months ago

Top 1% Indians’ income share is higher now than under British-rule: Data

The Hindu  

March 23, 2024 08:28 am | Updated 05:23 pm IST In 2022, 22.6% of the national income went to the top 1% of Indians. Chart 2 | The chart shows the year-wise share of national income for the top 10%, the bottom 50% and the middle 40% of the population To start with, in the 1950s and 60s, the income …

Inequality report renews question on growth model
9 months ago

Inequality report renews question on growth model

New Indian Express  

India’s income and wealth inequality has touched historic peaks, making it one of the world’s most unequal countries, according to the World Inequality Lab’s new working paper. Authored by renowned economists including Nobel laureate Thomas Piketty, the report estimates the richest citizens, or the top 1 percent, own 40.1 percent of the country’s wealth and 22.6 percent of the total …

Inequality worsening in India with share of top 1% in total income at new high, says new paper co-authored by Piketty
9 months ago

Inequality worsening in India with share of top 1% in total income at new high, says new paper co-authored by Piketty

Hindustan Times  

The share of the top 1% of Indians in total income and wealth is expected to have reached its highest ever level in 2022-23, according to a working paper published by the World Inequality Lab at the Paris School of Economics. The working paper by four economics researchers – Nitin Kumar Bharti, Lucas Chancel, Thomas Piketty, and Anmol Somanchi – …

Has poverty really dropped to 5% in India?
9 months, 1 week ago

Has poverty really dropped to 5% in India?

The Hindu  

Subrahmanyam recently claimed that less than 5% of Indians now live below the poverty line. Mr. Subrahmanyam argued that the average consumption expenditure in the bottom 5% of India’s population, as estimated by the survey, is about the same as the poverty line in India, suggesting that the poverty rate in India is somewhere in the range of 0 to …

Has poverty really dropped to 5% in India?
9 months, 1 week ago

Has poverty really dropped to 5% in India?

The Hindu  

Subrahmanyam recently claimed that less than 5% of Indians now live below the poverty line. Mr. Subrahmanyam argued that the average consumption expenditure in the bottom 5% of India’s population, as estimated by the survey, is about the same as the poverty line in India, suggesting that the poverty rate in India is somewhere in the range of 0 to …

SBI Research backs NSSO report, credits Modi govt for decline in India's consumption inequality
9 months, 3 weeks ago

SBI Research backs NSSO report, credits Modi govt for decline in India's consumption inequality

Op India  

On Tuesday, a research report published by the State Bank of India corroborated the findings of the Household Consumption Expenditure Survey, which was conducted by the National Sample Survey Office. Decadal changes in MPCE show decline in consumption inequality, graphic via SBI Research “Rural Poverty has thus staged a significant 440-basis point decline since 2018-19 and Urban Poverty a 170-basis …

Budget 2024: Average real income 50 per cent higher, inflation moderated, says Nirmala Sitharaman
10 months, 3 weeks ago

Budget 2024: Average real income 50 per cent higher, inflation moderated, says Nirmala Sitharaman

India TV News  

Union Finance Minister Nirmala Sitharaman said that the average real income of Indians has increased by 50 per cent and people's earnings have improved, leading to a better quality of life and increased aspirations for the future. Sitharaman attributed moderated inflation levels to good macroeconomic stability and robust investments. "There is macroeconomic stability, investments are robust, the economy is doing …

Naysayers Have It Wrong, Incomes in India Are Rising
1 year ago

Naysayers Have It Wrong, Incomes in India Are Rising

News 18  

The state of income in India has suddenly become a topic of raging discussion after former RBI Governor Raghuram Rajan and economist Rohit Lamba suggested that the country cannot escape the lower-middle income trap by 2047. India’s gross direct tax collections in the ongoing financial year, until November 9, have increased almost 18 per cent to Rs 12.37 lakh crore. …

Multidimensional Poverty Index reduction under the NDA is flawed
1 year ago

Multidimensional Poverty Index reduction under the NDA is flawed

The Hindu  

Samuel Johnson, a profound literary critic and essayist, wrote, “Poverty is a great enemy to human happiness; it certainly destroys liberty, and it makes some virtues impracticable, and others extremely difficult.” In sharp contrast, conventional measures of poverty in terms of income are limited and narrowly focused on scarcity of resources to eke out a bare subsistence. The MPI story …

India among top countries with high income, wealth inequality: UNDP report
1 year, 1 month ago

India among top countries with high income, wealth inequality: UNDP report

Live Mint  

India has emerged among top countries with high income and wealth inequality but the share of the population living in multidimensional poverty fell from 25 to 15 per cent between 2015-16 and 2019-21, the UNDP said in a new report. Despite these successes, poverty remains persistently concentrated in states that are home to 45 per cent of the country's population …

Congress attacks government on issue of income inequality
1 year, 2 months ago

Congress attacks government on issue of income inequality

The Hindu  

The Congress on October 23 charged that the gap between the ultra-rich and the middle class in the country is widening under the Modi government. Congress general secretary Jairam Ramesh said an analysis of the publicly available data on income tax returns for the period 2013-14 to 2021-22 confirms one of the essential themes of the Bharat Jodo Yatra — …

PM Modi says 13.5 crore Indians rose above poverty line in last 5 years
1 year, 4 months ago

PM Modi says 13.5 crore Indians rose above poverty line in last 5 years

Live Mint  

New Delhi: A staggering 13.50 crore Indians have risen above the poverty line in the past five years, Prime Minister Narendra Modi said on Monday quoting a recent NITI Aayog report. Speaking at the Madhya Pradesh Rozgar Mela, the prime minister said, “When decisions are made with positive thinking, right intention, and full integrity, the whole environment gets filled with …

Claims of spike in poverty in India during COVID-19 patently false, says paper co-authored by Arvind Panagariya
1 year, 9 months ago

Claims of spike in poverty in India during COVID-19 patently false, says paper co-authored by Arvind Panagariya

The Hindu  

Claims of a spike in poverty and inequality in India during the COVID-19 pandemic are patently false as such claims are based on uncomparable different surveys, according to a paper co-authored by eminent economist Arvind Panagariya. Mr. Panagariya, Columbia University Professor and former Vice-Chairman of NITI Aayog and Vishal More of Intelink Advisors, New Delhi have co-authored a detailed paper …

India's Per Capita Income Doubles Since 2014-15
1 year, 9 months ago

India's Per Capita Income Doubles Since 2014-15

News 18  

India’s per capita income in nominal terms doubled to Rs 1,72,000 since 2014-15 when the Narendra Modi-led NDA came to power but uneven income distribution remains a challenge. “You are looking at GDP in current prices, but if you account for inflation, the increase is much less,” said noted development economist Jayati Ghosh on doubling of per capita income in …

Addressing gender inequalities: India needs bold steps
1 year, 10 months ago

Addressing gender inequalities: India needs bold steps

Hindustan Times  

India, which assumed presidency of G20 this year, has stated that it will prioritise inclusive growth and development, with women empowerment and representation at the forefront of its G20 discussions. This indeed is a desirable objective, given the large gender inequalities that exist in several G20 member countries, especially in India, which also gets reflected in its overall human development …

We’ve made significant progress on poverty reduction
2 years, 1 month ago

We’ve made significant progress on poverty reduction

Live Mint  

Some great news and some not so good news. Titled Unpacking Deprivation Bundles to Reduce Multidimensional Poverty, the report is based on robust household survey data from 111 underlying developing countries and covers 6.1 billion people. As India’s population has quadrupled in the 75 years since Independence, India’s progress on poverty reduction has been steady, particularly in the last 30 …

Poverty, unemployment are demons in today’s world: RSS
2 years, 2 months ago

Poverty, unemployment are demons in today’s world: RSS

The Hindu  

Poverty and unemployment are demons in today’s world, said general secretary of Rashtriya Swayamsevak Sangh Dattatreya Hosabale on Sunday. Unemployment rate is also very distressing as the current rate is 7.6%,” said Mr. Hosabale who also quoted a United Nations Human Development Index report. Livelihood is also a big problem as per the UN report which also stated that conflicts …

Can India break into high-income league by 2047?
2 years, 3 months ago

Can India break into high-income league by 2047?

Live Mint  

NEW DELHI : For many of us, Singapore is a developed nation. The United Nations classifies them as merely “developing", along with 123 other countries, including India, which currently has a GNI per capita of $2,170. In Adani's NDTV bid hangs a cautionary tale Centre mulls cutting tax rates in new income tax regime Why rising interest rates don't make …

The inequality challenge for India@75
2 years, 4 months ago

The inequality challenge for India@75

Live Mint  

During the period 1950-51 to 2019-20, for which evidence is available, in real terms, growth in GDP was 4.9% per annum while growth in GDP per capita was 2.9% per annum. This provides a sharp contrast with the period 1900-01 to 1946-47 during the colonial era, when national income growth was 1% per annum and per capita income growth was …

How Modi’s India Has Succeeded in Bringing Down Poverty in Rural Areas
2 years, 5 months ago

How Modi’s India Has Succeeded in Bringing Down Poverty in Rural Areas

News 18  

“If you can’t measure it, you can’t improve it.” This oft-cited quote is attributed to Lord Kelvin or William Thomson, who also theorised a completely new temperature scale. The poverty line has been disaggregated state-wise and separately for rural and urban areas. In one of the most cited essays on poverty, Lipton and Ravallion note: “The highest incidence and severity …

India eradicates ‘extreme poverty’ via PMGKY: IMF paper
2 years, 8 months ago

India eradicates ‘extreme poverty’ via PMGKY: IMF paper

The Hindu  

A new IMF paper released on Tuesday, titled ‘Pandemic, Poverty, and Inequality: Evidence from India’ says that ‘extreme poverty was maintained below 1% in 2020 due to Pradhan Mantri Garib Kalyan Ann Yojana. Dismissing the NSS 2017-18 consumer expenditure survey as 'ill-fated', this paper claims food subsidies have reduced poverty on a consistent basis since the enactment of the Food …

How has India's consumption inequality come down to a four-decade low?
2 years, 8 months ago

How has India's consumption inequality come down to a four-decade low?

Business Standard  

A recently published IMF working paper said that the effect of the subsidy adjustments on poverty is striking. The report claimed that consumption inequality during the Covid-affected 2020-21 in India fell to near the lowest level in the last 40 years, primarily because of free food supply to 800 million people among other factors, the working paper said. However, the …

Ending extreme poverty in India
2 years, 8 months ago

Ending extreme poverty in India

Hindustan Times  

Two recent working papers, one by economists Sutirtha Sinha Roy and Roy van der Weide, at the World Bank, and another co-authored by Surjit Bhalla, an executive director at the IMF along with Arvind Virmani and Karan Bhasin have given alternative estimates for poverty in India for the period after 2011. Bhalla and his co-authors argue that extreme poverty has …

India averted rise in extreme poverty through Modi govt's food security scheme: IMF report
2 years, 8 months ago

India averted rise in extreme poverty through Modi govt's food security scheme: IMF report

India TV News  

Highlights A new IMF paper found that extreme poverty in India is less than 1 per cent in 2019 The extreme poverty in India remained at that level even during the pandemic year 2020, it stated PMGKAY was critical in preventing any increase in extreme poverty levels in India, the report said India has averted the rise in extreme poverty …

Number Theory: How rich are India’s richest – and how poor are the rest?
2 years, 9 months ago

Number Theory: How rich are India’s richest – and how poor are the rest?

Hindustan Times  

The scourge of wealth inequality is a global phenomenon. In a recently released working paper “The sky and the stratosphere: concentrated wealth in India during the lost decade”, we studied the changes in the household wealth distribution between 2012 and 2018. Official data suggests that the Gini coefficient of per adult household wealth in India fell from 0.718 in 2012 …

What should the government do to address deepening inequality?
2 years, 10 months ago

What should the government do to address deepening inequality?

Business Standard  

As the Budget season comes around, we’re again hearing a lot about India’s inequality problem. In the latest round of the ICE 360 Survey 2022, conducted by the People Research on India’s Consumer Economy, it was found that the annual income of the poorest 20% of Indian households -- which was constantly rising since 1995-- plunged 53% in the pandemic …

The cold truth about India’s income inequality
2 years, 11 months ago

The cold truth about India’s income inequality

The Hindu  

The latest edition of the World Inequality Report has confirmed that the world continues to sprint down the path of inequality. “Global multimillionaires have captured a disproportionate share of global wealth growth over the past several decades: the top 1% took 38% of all additional wealth accumulated since the mid-1990s, whereas the bottom 50% captured just 2% of it.” India’s …

Global (and Indian) trends in inequality
3 years ago

Global (and Indian) trends in inequality

The Hindu  

The story so far: The World Inequality Lab, a research centre at the Paris School of Economics, released the 2022 World Inequality Report on December 7, 2021. The report has found India to be one of the world’s most unequal countries, with the top 1% getting 21.7% of the national income. The report reveals that income inequality in India today …

India Among Most Unequal Nations; Top 1% Hold 22% Of National Income: Inequality Report
3 years ago

India Among Most Unequal Nations; Top 1% Hold 22% Of National Income: Inequality Report

ABP News  

New Delhi: India is now among the most unequal countries in the world, according to the findings of the latest report titled 'World Inequality Report 2022'. Stating India's position as a ‘poor and very unequal country, with an affluent elite’, the report said the top 1 percent of the population holds more than one-fifth of the total national income in …

India among most unequal nations; top 1% of population holds 22% of national income: report
3 years ago

India among most unequal nations; top 1% of population holds 22% of national income: report

The Hindu  

India stands out as a poor and very unequal country, with the top 1% of the population holding more than one-fifth of the total national income in 2021 and the bottom half just 13%, according to a report. The world map of inequalities reveals that national average income levels are poor predictors of inequality — among high-income countries, some are …

Asset ownership data a stark reminder of inequality
3 years, 3 months ago

Asset ownership data a stark reminder of inequality

New Indian Express  

A National Sample Survey report on ownership of assets has revealed that about 10% of Indians own over 50% of the total assets, with the skew greater in urban areas. This government survey falls more or less in line with reports prepared by NGOs and other agencies, which have stressed that while poverty is declining and growth opportunities have increased, …

Poverty in India is on the rise again
3 years, 4 months ago

Poverty in India is on the rise again

The Hindu  

India has not released its Consumption Expenditure Survey data since 2011-12. Based on the Tendulkar poverty line, the poverty estimates for 2004-05 and 2011-12 are to be found in the Planning Commission’s own estimates using the CES of those years. Hence, we have extended the 2011-12 poverty line for each State and used the consumption expenditure reported by the PLFS …

State of working India 2021: The pandemic’s impact on the economy in India
3 years, 5 months ago

State of working India 2021: The pandemic’s impact on the economy in India

Hindustan Times  

This report documents the impact of one year of Covid-19 in India, on jobs, incomes, inequality, and poverty. On top of this, there were legacy problems such as a slow rate of job creation and lack of political commitment to improving working conditions which trapped a large section of the workforce without access to any employment security or social protection. …

The state of India’s poor must be acknowledged
3 years, 6 months ago

The state of India’s poor must be acknowledged

The Hindu  

The son of a corn merchant-turned sociologist, Charles Booth had little patience for Charles Dickens and others in his time, who used lyrical prose to describe the desperation of the poor in working class London. The first being, the fall in the monthly per capita consumption expenditure of 2017-18 for the first time since 1972-73, which the Government withheld citing …

Indian economy, hit by COVID-19, shrinks by 7.3% in 2020-21
3 years, 6 months ago

Indian economy, hit by COVID-19, shrinks by 7.3% in 2020-21

Associated Press  

NEW DELHI — India’s economy, pummeled by the coronavirus pandemic, contracted by 7.3% in the 2020-21 financial year, just before the country was hit by another catastrophic surge in infections. Daily new cases set global records, spurring many states to announce widespread restrictions and lockdowns. In January, a government survey estimated the economy -- previously one of the fastest growing …

Covid-19 and the disease of inequality
3 years, 6 months ago

Covid-19 and the disease of inequality

Hindustan Times  

Abandoned by the State that insisted on locking down, refusing to recognise the damage done to their livelihoods, India’s workers asserted their rights and made themselves heard by walking home in March 2020. Ironically, the scale of the health crisis has rendered invisible the deepening livelihood crisis that India confronts, drowning out the voices that fought a callous State and …

In Covid-hit India, 23 crore people earn less than Rs 375 per day: Study
3 years, 7 months ago

In Covid-hit India, 23 crore people earn less than Rs 375 per day: Study

India Today  

India's economy staged an impressive recovery after the first wave of the Covid-19 pandemic, but the alarming rise in poverty tells a different story about the country’s future economic outlook. “An alarming 90 per cent of respondents in the Azim Premji University CLIPS reported that households had suffered a reduction in food intake as a result of the lockdown” the …

Covid has pushed too many Indians back into poverty
3 years, 8 months ago

Covid has pushed too many Indians back into poverty

Live Mint  

As the world continues to be ravaged by the covid pandemic, more than a year on, it is becoming increasingly evident that the greatest burden has fallen on the global poor. By contrast, for India, a staggering 75 million people were pushed back into poverty by the covid crisis—this is almost 60% of the global total increase in poverty caused …

Coronavirus | Pandemic may have doubled poverty in India, says Pew study
3 years, 9 months ago

Coronavirus | Pandemic may have doubled poverty in India, says Pew study

The Hindu  

March 19, 2021 08:07 pm | Updated March 20, 2021 10:59 am IST - NEW DELHI India’s middle class may have shrunk by a third due to 2020’s pandemic-driven recession, while the number of poor people — earning less than ₹150 per day — more than doubled, according to an analysis by the Pew Research Center. “The middle class in …

Pandemic pushes 32 mn Indians out of middle class: Pew Research
3 years, 9 months ago

Pandemic pushes 32 mn Indians out of middle class: Pew Research

Live Mint  

Financial woes brought by last year's coronavirus pandemic have pushed about 32 million Indians out of the middle class, undoing years of economic gains, a report showed on Thursday, while job losses pushed millions into poverty. The number of Indians in the middle class, or those earning between $10 and $20 a day, shrunk by about 32 million, compared with …

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