Inequality: A Problem for the Indian Economy
Published: June 2022
The economic slow-down and COVID-19 pandemic have highlighted India’s extreme crisis inequality. India is an unequal country: 84% of household sector income declined in 2021, at the same time that the number of billionaires went up from 102 to 142. According to the World Inequality Report, the income of the top 10% of the population is 20 times that of the bottom 50% and this group holds 64.6% of the wealth. In this research, I have used multiple inequality and poverty reports and methods to analyse the inequality in India. Furthermore, this research uses a regression analysis method to find correlations between inequality and other related factors directly affecting inequality. Moreover, the Gini coefficient (and Lorenz curve) is 0.710, showing high inequality, using different parameters to calculate inequality. Other parameters, such as the Palma, quintile and Kuznets ratios also show increasing inequality.