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

Written by :

Edited by :

Related Stories

India’s Inequality: Country’s Richest 1% Grew Their Wealth By 39% In 2018, Says Oxfam Report

World Human Rights Day

Never Settle As The Fight Against Inequality Has Just Begun

Rajiv Malhotra Appointed AT JNU

New Honorary Visiting Professor At JNU Claims That He Can Transfer Wealth To Billionaire’s Next Life

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

Sasikala

Income Tax Raids Against Sasikala & Kin Reveals Rs 1430 Crore Worth Benami Wealth

Latest on The Logical Indian

News

Delhi: How Fire Safe Are Government Buildings?

News

Bharti Airtel To Become Foreign Entity, Govt Policies Responsible?

News

‘State Government Withdrew My Security Because I Criticised It’: Retd Kerala High Court Judge

News

Why Onion Prices Continue To Sky Rocket Even When Farmers Are Selling At Low Cost

Exclusive

Explained: How New Citizenship Bill Will Pave Way For ‘Hindutva Version Of Pakistan’ In India

News

UP Govt To Set Up ‘Cow Safaris’ To Promote ‘Tourism’, Upkeep Of Cattle

x

Stories that deserve attention, delivered to your inbox!

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