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The report "Income and Wealth Inequality in India, 1922-2023: The Rise of the Billionaire Raj" by Thomas Piketty and colleagues highlights several important aspects of inequality in India. By 2022-23, the top 1% of the population controlled 22.6% of the national income and 40.1% of the nation's wealth, marking historically unprecedented levels.
The standard of living in India varies from state to state. In 2021, extreme poverty was reduced to 0.8% [1] and India is no longer the nation with the largest population living in poverty. [2] There is significant income inequality within India, as it is simultaneously home to some of the world's richest people. [3]
Income ratios include the pre-tax national income share held by the top 10% of the population and the ratio of the upper bound value of the ninth decile (i.e., the 10% of people with the highest income) to that of the upper bound value of the first decile (the ratio of the average income of the richest 10% to the poorest 10%).
But the authors of the World Inequality Lab study reached this conclusion by tracking how much of India’s total income, as well as wealth, is held by the country’s top 1%.
The liberalisation of the Indian economy was followed by a large increase in inequality with the income share of the top 10% of the population increasing from 35% in 1991 to 57.1% in 2014. Likewise, the income share of the bottom 50% decreased from 20.1% in 1991 to 13.1% in 2014. [89]
India faces high unemployment, rising income inequality, and a drop in aggregate demand. [115] [116] According to the World Bank, 93% of India's population lived on less than $10 per day, and 99% lived on less than $20 per day in 2021. [117]
The share of the urban–rural income gap in total income inequality increased by 10 per cent over the period 1995–2007, rising from 38 to 48%. [59] In China, constraints on migration limit the extent to which rural residents can move to urban areas in search of higher incomes and thereby reduce the urban–rural income gap.
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