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Several reports in the last few months have sounded the alarm about growing income and wealth inequality in India. The statistics cited are not wrong, but they are incomplete. And they have produced sensational, but misleading, news stories.
Several reports in the past few months have sounded the alarm about growing income and wealth inequality in India. The statistics cited are not wrong, but they are incomplete — and they have produced sensational, but misleading, news stories. For example, an article based on Oxfam’s recent “Inequality Kills” report notes: “India has the third-highest number of billionaires in the world.” The story points out that India has 142 billionaires, but ignores that India has 1.4 billion people. Only one in 10 million Indians is a billionaire, whereas such “billionaire density” is eight...
Although India’s poorest half holds a small percentage of the country’s total wealth, its members are still better off than their peers in most countries
India is now one of the most unequal countries for both income and wealth inequality — and has shown the most rapid increases in inequality.