The evolution of income in India from 2014–19 is analysed, and it is found that the lower end of the income distribution has experienced significant losses the bottom ventile shows not only a decline in income share of ~41% but also a negative real average income growth of -5.5% per annum. Further investigating the composition of this part of the distribution using rural and
Investigation of Shaheed Mohtarma Benazir Bhutto assassination % Fourteen years have passed and PPP workers are still waiting for justice in the Shaheed Mohtarma
Moneycontrol Pro Weekender | Where are you on India’s wealth ladder? Moneycontrol 7 hours ago
Dear Reader,
Credit Suisse has for the last decade brought out a Global Wealth Databook, which estimates the total wealth of nations, how it is divided, how many millionaires and billionaires we have and other such data. This year’s edition tells us that the richest 1 percent of Indians own 40.5 percent of the nation’s wealth, the top 5 percent own 61.7 per cent and the top 10 percent have 72.5 percent. Putting it differently, the top 5 percent own more than the other 95 percent combined.
Where do you stand on the rich list? Credit Suisse has helpfully told us what it takes to get on it. It estimates that the minimum wealth for an adult to be part of the richest 1 per cent in India is $150,902. At current rates of around Rs 74.5 to a dollar, that would be around Rs 1.12 crore. Note that this is wealth per adult and not per household.
Branko Milanovic
In 2006, the World Bank set up a blue-ribbon Commission on Growth and Development to understand why some countries achieve growth miracles and others fail. Reflecting on the findings, Michael Spence, who chaired the Commission, wrote that “perhaps the most important lesson was that growth patterns that lack inclusiveness and fuel inequality generally fail” (Spence 2018). Since the Commission’s work, India has joined the list of growth miracles, bearing out – and narrowly beating out – the forecast by Rodrik and Subramanian (2004) that India would grow at 7% per year annually for the next 20 years. The four-fold increase in average incomes since 1990 has lowered the share of the population living in absolute poverty from 45% to 20%, improving the lot of 130 million people.