Rich vs Poor: The gap widens

Among the claims of India being on its way to beeoming the world’s third-largest economy and one of the fastest-growing nations comes a harrowing reality: the top 1%, the richest in India, hold 40.1% of the nation’s wealth, whereas the bottom 50% own just 6.4%.

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According to a new report commissioned by the South African Presidency of the G20 on global inequality, a study conducted by Nobel Laureate Joseph Stiglitz has revealed that it has reached “emergency” levels globally. The term “emergency level” is no exaggeration because inequality, in essence, has a severe negative impact socially, economically, politically, and environmentally, something that we see happening around us the world over—a growth in armed conflicts, a surge in crime linked to racial discrimination, and an increase in the frequency and severity of natural disasters. In India, the study further reveals, the richest have added to their wealth by 62% between 2000 and 2023, as compared to China, where it is 54%, The Indian story needs a closer look. Finance Minister Nirmala Sitharaman's some