India’s Inequality: Richest 1% Own 53% Of India’s Wealth

The Logical Indian

October 20th, 2015 / 9:52 AM

Image Source: rippleeffectimages

A credit suisse report has revealed richest 1% Indians owns 53% of country’s wealth while the top 10% owns 76.30% of the country’s wealth.

For long activists and many intellects had appealed to reduce inequality in India, but we are reaching slowly but surely to a point where it is too late to do anything about it. Research says reducing inequality could prolong economic growth spell’s than any economic impetus (for ex -Free Trade Agreement) would do.

When mankind wanted to reach the moon, it did it. There is nothing that mankind is not capable of, its only a matter of having the will to do it. If inequality persists, it is not because it is out of our control, it is because none had the will and vision to work towards a equal society.

Some potential consequences of Inequality
1.) High inequality stifles economic growth besides pushing vast population into poverty.
2.) High incidence of poverty results in lack of access to basic amenities and most importantly opportunities
3.) The small wealthy population will have an unhealthy control over the policy makers.
4.) The Judicial system skews in favor of the people who could afford the best lawyers
5.) Tax structures will eventually favor the creamy 1% burdening the vast “others”
6.) Vast economic differences will result in poor not getting credit facilities and endangering them to enter into predatory market practices like a debt trap.
7.) Investment dries up, as fewer individuals have money to invest in.
8.) Higher incidence of poverty is closely to related to the higher crime rates and other social evils
9.) Class divide’s becomes visible, as rich neighborhoods springs up everywhere and seclusion becomes the new norm
10.) Participation in the political process diminishes for the vast majority coupled with poor access to quality health care and education.


Contributors

Edited by :

Share your thoughts..

Related Stories

World Human Rights Day

Never Settle As The Fight Against Inequality Has Just Begun

Adani’s Wealth Rises By 109% In 1 Yr, India Ranks 3rd In The Number Of Billionaires: Report

Inequaility

Revealing India’s Income Inequality, Survey Says Richest 1% Pocket 73% Of Nation’s Wealth

Paradise Papers

Paradise Papers: How 714 Indians Hid Wealth In Offshore Tax Haven, India Ranks 19th Among 180 Countries

[Watch/Read] This Is How The Richest Civic Body Of Our Country Treats Sewage Cleaners

India Now Suffers From The Highest Inequality In Almost 100 Years: Report

Latest on The Logical Indian

News

Statue Of Unity: Tribals Lock Engineer Office In Protest For Jobs And Rehabilitation Facilities

News

Udupi: Krishna Temple Bans ‘Ede Snana’, The Practice Of Rolling Over Food Offered To Deity

Awareness

“They Have Turned Village Into Coal Dumping Yard” Jharkhand Villagers Accuse NTPC Of Forcibly Acquiring Land

News

After Six Years Of Imprisonment In Pakistan, Hamid Ansari Returns To India

Awareness

Johnson & Johnson Knew About Presence Of Cancerous Asbestos In Their Baby Powder

Awareness

Cabinet Approves Amendment To Make Aadhaar Optional For Banking, Phone Connections

x

Stories that deserve attention, delivered to your inbox!

Handpicked, newsworthy stories which deserve the attention of a rational generation.