AS CAMPAIGNING FOR the General Elections continues, discussions over the distribution of wealth and the possibility of an inheritance tax have been raging in public forums, social media, and dining rooms, bringing back memories of India’s flirtation with socialism.
At the heart of the issue lies the vast inequality of incomes in India, highlighted in several reports recently, but experts prescribe a focus on economic growth and human development as policy panaceas.
A working paper titled ‘Income and Wealth Inequality in India, 19222023: The Rise of the Billionaire Raj’ authored by economists Nitin Kumar Bharti, Lucas Chancel, Thomas Piketty, and Anmol Somanchi in March highlighted the increase in inequality in India from the 1980s onwards, which has seen a significant surge since the early 2000s. “Between 2014-15 and 2022-23, the rise of top-end inequality has been particularly pronounced in terms of wealth concentration,” the paper said, adding that by 2022-23, the top 1% income and wealth shares (22.6% and 40.1%) are at their highest historical levels, and India’s top 1% income share is among the very highest in the world.
This story is from the May 26, 2024 edition of Business Today India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the May 26, 2024 edition of Business Today India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
The EV Craze
The country’s growing luxury car market is seeing a shift with environmentally-conscious consumers betting on electric vehicles as a sustainable travel option. Though just 6%, the share of EVs in the luxury segment is rising rapidly
The Storage Boom
Data centres are being built at a frenetic pace in india as companies scramble to meet the ballooning demand from mobile phone users and firms adopting al. Can the country’s energy infrastructure keep up?
India Beckons
Owing to rising incomes in India and overall wealth expansion, luxury brands are wooing the country like never before
The Pearls of The Sea
Caviar, that rare food, is considered the epitome of fine dining. Here is everything that you need to know about it
66.Brand persona should define the core"
I’d say this was a strategic pivot. We had an iconic brand, but had, over time, evolved into diversified lines of businesses that could no longer be represented within the confines of our ‘name’.
Unwind in Style
Here is acomprehensive list of top tech picks that help you unwind by blending perfection in performance with luxury
A Lifelong Affair with Inspiration
In my art journey, the diversity of my acquisitions mirrored the expanding horizons of my understanding of art
Make it Bubbly
Champagne is much more than just a symbol of celebration and success. Know about its nuances beyond the bubbles
Palatial Splendour
Buoyed by renewed demand, sales of the glitzy mansions of the ultra-rich are surging like never before. Real estate majors are looking to capitalise on this by launching luxury offerings in record numbers
Of Beaches and Cream
GianChand Single Malt Whisky
