Key Points
The wealth concentrated in the richest 1% of India's population is at its highest in six decades and the percentage share of income exceeds that of countries including Brazil and the United States, research group the World Inequality Lab found...
"The 'Billionaire Raj' headed by India's modern bourgeoisie is now more unequal than the British Raj headed by the colonialist forces," the authors said...
By the end of 2023, India's richest citizens owned 40.1% of the country's wealth, the highest since 1961, and their share of total income was 22.6%, the most since 1922, the study, whose four authors included Nitin Kumar Bharti and Thomas Piketty, found...
Main opposition party Congress has raised the issue of Modi's government's closeness to billionaires in rallies ahead of national polls starting from April 16.. The World Inequality Lab said factors, including a lack of education has trapped some people in low-paid jobs and depressed the growth of the bottom 50% and middle 40% of Indians...
In December, the Indian government's chief economic adviser said subsidised grain distribution, spending on education and health, and direct cash transfers via a rural jobs scheme have helped to distribute income more equally..
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