TDN World: Besides social discrimination, economical discrimination in India is a major concern. A newly found report reveals the concentration of more than half of the country’s wealth into the hands of 1% richest.
This report was published by Oxford University Press and released by former prime minister Dr Manmohan Singh on Monday. According to the findings of the report, the richest 1 per cent of Indians own 58.4 per cent of the country’s total wealth, and this wealth inequality has increased six times between 2000 and 2017.
The report said 10 per cent of richest Indians own 80.7 per cent of the country’s total wealth. Another report published by Oxfam earlier this year revealed that India’s top 10% of the population holds 77.4% of national wealth. So, comparing to Oxfam, it is obvious that wealth inequality is increasing in India day by day.
Council of Social Development (CSD), a research institute which has its base in Delhi and Hyderabad prepared this report under the title: India Social Report.
While speaking over the numerous challenges posed by the growing wealth inequality in the country, Dr. Manmohan Singh, the former Prime Minister who is also an eminent economist, said as quoted by Print “Equity is complementary to the pursuit of long-term prosperity… and we need a level-playing field where all members of society have a similar chance of becoming economically productive, socially active and politically influential.”