Less inequality can push growth, poverty alleviation in India

The income share of India's top 10 per cent population should be 30-40 per cent, not the 55-60 per cent seen at present, says French economist THOMAS PIKETTY, known for his groundbreaking research on economic inequality, wealth distribution, and the dynamics of capitalism. A professor at the Paris School of Economics, where he also co-founded the World Inequality Lab (WIL) and the World Inequality Database (WID), Piketty has sparked global debates with his research, becoming a central figure in contemporary discussions on economic equity and public policy. In an interview with Ruchika Chitravanshi and Asit Ranjan Mishra in New Delhi during his India visit, Piketty advocated a wealth tax on Indian billionaires to finance social infrastructure. Edited excerpts:

- THOMAS PIKETTY

Earlier this year, the WIL said India's income inequality was now worse than during the British rule. So, does that mean the poor in India are now worse off than they were during the colonial era?

No, it does not mean that. Average income and average wealth in India have increased a lot since the colonial period. All I am saying is, we could do a lot better with less inequality. I think the level of inequality India has today is excessive. This kind of inequality is not necessary for pushing growth. India can have more growth and faster poverty reduction with less inequality.