Towards a less poor and more equal country
7 months, 4 weeks 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 growth and reduction of poverty. The dynamics of income and wealth inequality are interwoven with the dynamics of economic growth and human development. Here, we would like to emphasise that the twin objectives of high economic growth and reduction of inequality can only be achieved with improvements in human development and poverty reduction.

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History of this topic

‘India must impose more taxes on super-rich’: Economist Thomas Piketty as top 1% hold over 40% of nation’s wealth
1 week, 2 days ago

‘India must impose more taxes on super-rich’: Economist Thomas Piketty as top 1% hold over 40% of nation’s wealth

Live Mint  

NEW DELHI - India should do more to tax its super-rich given its high levels of inequality, French economist and author Thomas Piketty said on Friday. "India should be active in taxing the rich," Piketty said at an event organised by Delhi-based think tank Research and Information System for Developing Countries and the Delhi School of Economics. He said India …

India's inclusive growth applauded by International community: IMF Executive Director Subramanian
2 weeks, 2 days ago

India's inclusive growth applauded by International community: IMF Executive Director Subramanian

The Hindu  

The world is bullish on India, the country's top economist, currently Executive Director of the International Monetary Fund has said, noting that India’s public digital infrastructure and inclusive growth is not only being talked about but also applauded by the International community. Apart from that, the kind of inclusive growth that India has pursued over the last decade is also …

Former IAS Anil Swarup publishes flawed analysis comparing GDP per capita with personal wealth, Sucheta Dalal amplifies the same, deletes post after backlash
2 weeks, 4 days ago

Former IAS Anil Swarup publishes flawed analysis comparing GDP per capita with personal wealth, Sucheta Dalal amplifies the same, deletes post after backlash

Op India  

On the 3rd of December, Anil Swarup, a former IAS officer and Founder Chairman of Nexus of Good wrote a social media post that stirred criticism for its inaccurate depiction of wealth distribution in India. Wealth and income conflation, pointless wealth exclusions, sensationalised wealth inequality and fallacious wealth distribution argument: Anil Swarup’s analysis Anil Swarup’s analysis confused GDP per capita, …

India to contribute 20 pc of global workforce growth between 2023-2050, China share to decline: Report
1 month ago

India to contribute 20 pc of global workforce growth between 2023-2050, China share to decline: Report

Live Mint  

New Delhi, : India is set to play a pivotal role in global workforce growth, contributing 20 per cent of it between 2023 and 2050, according to a report by Angel One Wealth. It said "By 2030 high-income households are expected to triple, while middle-income households will nearly double making India the fastest-growing nation in terms of per capita income". …

India to contribute 20 pc of global workforce growth between 2023-50, China share to decline: Report
1 month ago

India to contribute 20 pc of global workforce growth between 2023-50, China share to decline: Report

New Indian Express  

NEW DELHI: India is set to play a pivotal role in global workforce growth, contributing 20 per cent of it between 2023 and 2050, according to a report by Angel One Wealth. It said, "By 2030 high-income households are expected to triple, while middle-income households will nearly double making India the fastest-growing nation in terms of per capita income". The …

India's population projected to reach 1.53 billion by 2100: How can it leverage this growth?
1 month ago

India's population projected to reach 1.53 billion by 2100: How can it leverage this growth?

New Indian Express  

India, which became the most populous country in the world in 2023, surpassing China, is projected to have a total population of 1.53 billion by 2100, according to estimates from the United Nations. The UN's population growth estimate projects the total world population to reach 10.4 billion by 2100, based on factors such as fertility rates, increasing life expectancy, and …

India’s Economic Inequality Crisis: How Elite Development Models Failed the Nation
1 month, 2 weeks ago

India’s Economic Inequality Crisis: How Elite Development Models Failed the Nation

The Hindu  

Published : Nov 09, 2024 19:05 IST - 30 MINS READ On June 4, 2005, the venerated business house of the Tatas signed an agreement to set up a steel plant in Bastar, Chhattisgarh. “The major beneficiaries of the government’s largesse”, the Press Trust of India reported at the time, were “big corporate entities like Reliance Industries, Essar Steel and …

World Development Report 2024: India must focus on inclusive growth to escape ‘middle-income trap’
4 months, 2 weeks ago

World Development Report 2024: India must focus on inclusive growth to escape ‘middle-income trap’

Firstpost  

India may be a lower-middle-income economy, but quality development of human resources, proper skilling of youth, and support for research and development can help India ensure a better life for its people The report released on August 1 suggests that at the current pace, China could take more than 10 years, Indonesia could take 70 years, and India could take …

‘Further reforms needed for India to reach developed country status by 2047’
4 months, 3 weeks ago

‘Further reforms needed for India to reach developed country status by 2047’

The Hindu  

Member of Fourteenth Finance Commission M. Govinda Rao has said that to achieve the status of a developed country by 2047, India has to increase its per capita income from the current $2,600 to $14,205. Delivering the Dr. D.C. Pavate Foundation Memorial Lecture at Karnatak University in Dharwad on Friday, Prof. Rao said that to achieve this goal, the country …

NITI Aayog Envisions India as $30 Trillion Economy by 2047
4 months, 3 weeks ago

NITI Aayog Envisions India as $30 Trillion Economy by 2047

Deccan Chronicle  

New Delhi: India's policy think-tank NITI Aayog said that the country needs to strive to be a $30 trillion economy — almost nine times from today's $3.36 trillion, with a per capita income of $18,000 per annum by 2047, according to its approach paper for vision for Vikshit Bharat in 2047. “The gross domestic product or GDP would have to …

Economic Survey 2023-24: Tax policies to have major role in tackling income inequality
5 months ago

Economic Survey 2023-24: Tax policies to have major role in tackling income inequality

New Indian Express  

NEW DELHI: Tax policies will have a major role to play in tackling income inequality in the coming years as deployment of technology, like AI, can have a more deleterious impact on employment and income, the Economic Survey said on Monday. The 2022 State of Inequality in India report observed that in India, the top 1 per cent accounts for …

India as the world’s population billionaire
5 months ago

India as the world’s population billionaire

Hindustan Times  

Anxieties over population size and the Earth’s carrying capacity have died down, given the signs of the global population tending towards stability. The rest of the world, consisting of 126 countries, is likely to experience population growth till it attains national peaks only by the end of this century. India could help sustain populations in many other countries through immigration …

Demography and its discontents
5 months, 1 week ago

Demography and its discontents

Hindustan Times  

India does not have an official population number after 2011. India is believed to have become the world’s most populous country sometime between January and July 2023 / AFP PHOTO / ARUN SANKAR A country’s demographics, of course, do not wait for official data. The World Population Prospects report released by the United Nations — it is the most authoritative …

IMF says India's GDP growth to moderate to 7% in 2024 and 6.5% in 2025
6 months ago

IMF says India's GDP growth to moderate to 7% in 2024 and 6.5% in 2025

Times of India  

NEW DELHI: The International Monetary Fund has forecast that India's GDP is likely to grow to moderate from 8.2% in 2023 to 7% in 2024 and 6.5% in 2025. "In India, the outlook is for GDP growth to moderate from 8.2% in 2023 to 7% in 2024 and 6.5% in 2025, because pent-up demand accumulated during the pandemic has been …

Giving primacy to human development
7 months, 2 weeks ago

Giving primacy to human development

The Hindu  

The promise of development has emerged as a rallying point for political parties for the elections. First, the Human Development Report 2023-24, published by the United Nations Development Programme, takes a comparative perspective and maps the achievements in the area of human development. India ranked 134 out of 193 countries in the UN Human Development Index in 2022, which was …

Make the poor richer without making the rich poorer
7 months, 2 weeks ago

Make the poor richer without making the rich poorer

The Hindu  

Since the Congress party released its election manifesto on April 5, the word ‘redistribution’ has dominated the election discourse. Prime Minister Narendra Modi alleges that the Congress’ manifesto promises to ‘redistribute’ wealth by taking away people’s gold, mangalsutras, imposing new taxes and giving it to poor minorities. ‘Fix the system’ The idea of a wealth tax to extract from the …

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, …

Mint Primer | Redistribution: Can it benefit India’s poor?
7 months, 3 weeks ago

Mint Primer | Redistribution: Can it benefit India’s poor?

Live Mint  

Theoretically, redistribution of wealth is a good way to bring down economic inequality. Bharatiya Janata Party has portrayed this idea as an attempt by the Congress Party to grab people’s wealth and redistribute it, especially to minorities. According to a study published by The World Inequality Lab, richest 1% of Indians now own as much as 40% of the country’s …

Trivialising the equality debate
7 months, 3 weeks ago

Trivialising the equality debate

Hindustan Times  

That India is among the rare exceptions in the Global South which has embraced privatisation and globalisation without a major economic crisis is a fact often not appreciated enough. Rising capital intensity in most high value sectors has made generating better paying jobs outside farms more difficult today. The BJP, which is clearly aware of the generalised economic discontent over …

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 …

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 …

Mint Primer | Mind the income gap: Is India becoming a plutocracy?
9 months ago

Mint Primer | Mind the income gap: Is India becoming a plutocracy?

Live Mint  

Income and wealth inequality in India are at a historical peak with the share of the richest 1% higher than in countries like China and Brazil, finds a new study by the World Inequality Lab. Inequality in India declined post-independence till early-1980s, after which it began rising and skyrocketed beginning 2000s, shows the report titled ‘Income and Wealth Inequality in …

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 – …

A cap on capitalism: Is it time for India to debate one?
9 months ago

A cap on capitalism: Is it time for India to debate one?

Live Mint  

Growing income disparity in an economy like India, with over 800 million people deemed in need of free food from the government, does not augur well for its developmental ambitions. An income cap could possibly curb excessive wealth accumulation among the ultra-rich and address extreme income disparity. Any drastic measure like the 2016 demonetization to cap income or wealth could …

What should India do to become a wealthy nation by 2047?
10 months, 3 weeks ago

What should India do to become a wealthy nation by 2047?

The Hindu  

In the first session of The Hindu Lit Fest 2024, N. Ravi, Chairman of Kasturi and Sons Limited; Jayati Ghosh, Professor of Economics at the University of Massachusetts Amherst; Montek Singh Ahluwalia, former Deputy Chairman of the Planning Commission; Sanjay Kaul, development policy analyst and former IAS officer; and T.N. Along with inclusive growth, you also need the development of …

Book Review | India almost middle-income, yet needs to become ‘thinking nation’
11 months ago

Book Review | India almost middle-income, yet needs to become ‘thinking nation’

Deccan Chronicle  

India might have become the fifth largest economy in the world and is perhaps on its way to becoming the third largest. Therefore, the gains from labour arbitrage will not pay for other deficiencies.” The authors explain why countries like Vietnam have a distinct advantage over India. In fact, the share of global value chain-related manufacturing output for India rose …

Rich India: Will India become a wealthy nation by 2047?
11 months, 1 week ago

Rich India: Will India become a wealthy nation by 2047?

The Hindu  

Rich India: Will India become a wealthy nation by 2047? She has served as a member of several international boards and commissions, including the UN High-Level Advisory Board on Economic and Social Affairs, the WHO Council on the Economics of Health for All, and the UN Secretary General’s High-Level Advisory Board on Effective Multilateralism. She is the recipient of several …

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. …

India Needs to Address Issues Like Malnutrition to Become Developed Country: Rajan
1 year ago

India Needs to Address Issues Like Malnutrition to Become Developed Country: Rajan

Deccan Chronicle  

Hyderabad: India needs to address problems like malnutrition to become a developed nation and also focus on its most important asset of human capital, former RBI governor Raghuram Rajan said on Sunday. Speaking at an interactive session on a book co-authored by him at the Indian School of Business, he asked how the country could become a developed one when …

A $5 trillion economy, but for whom?
1 year ago

A $5 trillion economy, but for whom?

The Hindu  

Last week, at an election rally in Chhattisgarh, Prime Minister Narendra Modi announced that he is extending the Pradhan Mantri Garib Kalyan Ann Yojna, a scheme providing 5 kg of foodgrains free every month to beneficiaries of the National Food Security Act, by five years because he does not want any citizen to sleep hungry. This is the year the …

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 …

Data | Measuring India’s relative progress in the past 76 years
1 year, 4 months ago

Data | Measuring India’s relative progress in the past 76 years

The Hindu  

India observed its 77th Independence Day this year. This analysis measures India’s relative performance in the past 76 years compared to other countries across four parameters — GDP per capita, Human Development Index, Infant Mortality Rate and women’s participation in Parliament. Click to remove AMP mode India’s GDP per capita ranking of 24 out of 26 nations analysed remained unchanged …

India’s per capita income to jump 70% by 2030, reach $4,000: Report
1 year, 4 months ago

India’s per capita income to jump 70% by 2030, reach $4,000: Report

Live Mint  

The per capita income of India is likely to grow around 70% by 2030 and is expected to reach $4,000 from current levels of $2,450, a research report by Standard Chartered Bank said. Telangana on top among states Telangana currently takes the top spot in the per capita income rankings with ₹2,75,443. However, the StanC report foresees a shift in …

'GDP growth exemplifies tenacity of people amid global challenges': PM Modi lauds India's outstanding economic progress
1 year, 6 months ago

'GDP growth exemplifies tenacity of people amid global challenges': PM Modi lauds India's outstanding economic progress

Firstpost  

According to data released by the National Statistical Office, India’s economy will see an overall growth of 7.2 per cent in FY23. The country has witnessed steady growth among some of the fastest-growing economies including China and the US Lauding the Indian economy’s exceptional growth in Q4 FY23, Prime Minister Narendra Modi said that the latest figures by National Statistical …

India’s GDP expanded 6.1% in 2022-23’s last quarter
1 year, 6 months ago

India’s GDP expanded 6.1% in 2022-23’s last quarter

The Hindu  

India’s GDP growth accelerated to 6.1% in the January to March 2023 quarter, lifting the economy’s uptick in 2022-23 to 7.2% from the 7% estimated earlier, according to the provisional national income data released by the National Statistical Office on Wednesday. The higher-than-expected GDP growth last year could also temper growth expectations for this year, which the government and central …

Indian Economy Expected To Grow 6.7% In 2024, Country Remains A Bright Spot: UN
1 year, 7 months ago

Indian Economy Expected To Grow 6.7% In 2024, Country Remains A Bright Spot: UN

News 18  

India’s economy is expected to grow by 6.7 per cent in the calendar year 2024, supported by resilient domestic demand, according to a UN report which said higher interest rates and weaker external demand will continue to weigh on investment and exports this year for the country. The World Economic Situation and Prospects as of mid-2023 released on Tuesday said …

India’s post-pandemic potential growth could be pushed higher
1 year, 8 months ago

India’s post-pandemic potential growth could be pushed higher

Live Mint  

Three years have now passed since the pandemic brought the world to a standstill. The World Bank has this week released a large database with estimates of potential growth over the years for various countries. First, the World Bank estimates Indian potential growth at 7% a year. Second, Indian potential growth is higher than that of most emerging economies it …

The wide disparities in human development
1 year, 9 months ago

The wide disparities in human development

The Hindu  

India is now one of the fastest-growing economies globally. The HDI is a composite statistical measure created by the United Nations Development Programme to evaluate and compare the level of human development in different regions around the world. Delhi and Goa have HDI scores above 0.799, which makes them equivalent to countries in Eastern Europe with a very high level …

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 …

Explained | India now has 1.4 billion people. What does it mean for their health?
1 year, 9 months ago

Explained | India now has 1.4 billion people. What does it mean for their health?

The Hindu  

Published : Mar 03, 2023 15:01 IST India’s population reached 1.4 billion people at the end of last year, according to estimates from the World Population Review. The US-based Institute for Health Metrics and Evaluation has predicted that India’s population could fall back to around one billion by the end of the century. And population growth is not going to …

India remains a ‘bright spot’, to contribute 15% of global growth in 2023: IMF MD
1 year, 10 months ago

India remains a ‘bright spot’, to contribute 15% of global growth in 2023: IMF MD

The Hindu  

India continues to remain a relative "bright spot" in the world economy, and will alone contribute 15% of the global growth in 2023, International Monetary Fund Managing Director Kristalina Georgieva said. And in that way, India is providing about 15% of global growth in 2023," Ms. Georgieva told PTI in an interview. India remains a bright spot at a time …

Why are India’s poorest people being left behind?
1 year, 10 months ago

Why are India’s poorest people being left behind?

Al Jazeera  

On Tuesday, February 7 at 19:30 GMT: India’s BJP-led government says its final budget before a general election in 2024 will spur economic growth, but opposition politicians are among critics who say it fails to address ever-deepening income and wealth inequality highlighted by anti-poverty groups. But it does not include the re-introduction of a wealth tax on the rich that …

Income tax cuts, factory perks: What to watch for in Budget 2023
1 year, 10 months ago

Income tax cuts, factory perks: What to watch for in Budget 2023

Live Mint  

India’s budget on Wednesday will test the government’s resolve to stay fiscally prudent as expectations of lower taxes, wider social security net and further boost to production gather steam before national elections. Finance Minister Nirmala Sitharaman may tweak income-tax slabs to provide relief to the nation’s vast middle class and increase spend on the poor through programs such as rural …

Economic Survey 2022-23 | Economy on stronger wicket than pre-COVID times, to grow 6.5% in 2023-24
1 year, 10 months ago

Economic Survey 2022-23 | Economy on stronger wicket than pre-COVID times, to grow 6.5% in 2023-24

The Hindu  

Painting an exuberant picture of the Indian economy’s prospects thanks to “New Age” reforms undertaken since 2014, the Economic Survey tabled by Finance Minister Nirmala Sitharaman in Parliament on Tuesday asserted that not only are the pandemic-induced blues over, but the outlook for the years ahead is also rosier than in the pre-COVID years. Though global uncertainties are rife and …

Budget 2023: Tax Cuts To Factory Incentives. Here's What To Watch For In Modi Govt's Final Full-Year Budget
1 year, 10 months ago

Budget 2023: Tax Cuts To Factory Incentives. Here's What To Watch For In Modi Govt's Final Full-Year Budget

ABP News  

The Union Budget, which will be tabled on Wednesday, will test the government’s resolve to stay fiscally prudent as expectations of lower taxes, wider social security net, and further boost to production gain steam before general elections in 2024. According to Bloomberg, Finance Minister Nirmala Sitharaman may tweak income-tax slabs to provide relief to the nation’s vast middle class and …

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