Income Inequality under Modi Government Shrinks by Small Margin

Mr. Modi has been claiming all the time that his government is working for the poor by reducing income inequality but as per the opposition, only small changes can be seen on the ground among poor. The poor, has seen very small benefit over the years. Lets see the true picture.

Income Inequality: Dirty Picture

The bottom 60% of the population is continuing to struggle despite the change in government which took place almost 5 years ago. The latest Oxfam report shows a sign of worry for the government as majority of Indians who own only 4.8% of the total wealth see only 3% of growth in their wealth in contrast to the top 1%.

The top 1% of the population saw a growth in wealth by 39% and their wealth swelled by Rs 2200 a day which is in itself massive given the condition of majority. The top 10% Indians own 77.4% of the wealth in India and to your surprise the 1% of top Indians own 51.3% of the national wealth.

The bottom 10% of the population which is around 13.6 crore remains in debt since 2004 and is doing the worst.

Transforming India Slowly

In the last report on income inequality, where the 67% of the population saw only 1% growth in their wealth last year. This year the scene has improved and now the growth rate is 3% which is commendable.

Secondly, the top 1% who owned 58% of the total national wealth last year have to lose their wealth which is now narrowed to 51.3%. The figures are certainly not impressive but yet convincing that the Modi government has done few changes.

PM Modi in his tenure has focused on MSMEs which will raise the standards of living by creating small businesses. The advantage here is that these small businesses will not only earn well but it employ people.

Some more facts that will blow your mind about India are as follows:

• Between 2018-2022, India will produce 70 new millionaires on every day basis.
• There are now 101 billionaires in India after adding 17 more last year.
• In only 18 years, the number of billionaires who were 9 in 2001 have now increased to 101 which shows how inequality has seen a huge rise in last 2 decades

We have already seen the income inequality pattern in the country and how it can impact the stability of the country which is suffering from huge population and unemployment. PM Modi has always been accused of being close to such billionaires. This report will impact his political campaign for 2019 LS Elections.