India’s top 1% income and wealth shares have reached historical highs: World Inequality Lab
India’s top 1% income and wealth shares have reached historical highs: World Inequality Lab
Current Affairs Daily Articles & Editorials
La Excellence IAS Academy | March 21, 2024 | Current Affairs
Syllabus: GS-III; Subject:Current Affairs Topic: Indices and reports
Issue: Income inequality.
Context: “Income and Wealth Inequality in India: The Rise of the billionaire raj” paper released by World Inequality Lab.
Key points:
- Income distribution is highly skewed, with the top 1% earning significantly more than the average Indian.
- Trend shows declining inequality post-independence, followed by sharp surge post liberalisation reforms.
- Urgent need for policy interventions to reverse inequality trends and ensure equitable growth.
- Proposal for a “super tax” on the wealthiest families’ net wealth to fund public investments.
Source: Indian Express
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