Sunday, July 24, 2016

India's Inequality

Though India's economy has grown rapidly in recent years, the benefits have gone largely to the rich. 

The top 1% that owned a little more than a third of India's wealth in 2000, now own more than half the wealth in the country. In this same period, the share of 99% of India's population went down from almost two-third to less than half.

In the last decade and a half, India's wealth has increased by more than 3 times – from 75 trillion rupees to 224 trillion rupees. More than 60% of this increase, or 90 trillion rupees, has gone only to the top 1%. As a result, the top 1%’s share in India's wealth has increased from 36.8% in 2000 to 53% by 2015. India's wealth distribution is even more skewed as a result.

India’s share in world’s hungry people has gone up from 1/5th in 1991 to 1/4th in 2015. Similarly, India's share in world illiteracy has also increased in this period. Child undernourishment in India is worse than those of countries designated Least Developed Countries (LDC). The per capita income of these LDC is less than half that of India.

India has one of the most privatized health care systems in the world. Every year, 40 million Indians are pushed into poverty because of the burden of health-related out of pocket expenditures.

All these problems persist despite the fact that we now have the resources to deal with them.

The World Socialist Party (India): 257 Baghajatin ‘E’ Block (East), Kolkata – 700086,
Tel: 2425-0208,