Key Points
Indias economic growth is not unequal and commentators making such arguments are missing a great migration at the bottom of the pyramid, according to a report released on Monday by Soumya Kanti Ghosh, chief economist of the State Bank of India, the countrys largest lender.s...
The report, released two days after the first advance estimates of Indias 2023-24 GDP gave a higher-than-expected growth of 7.3%, cited multiple arguments in favour of the economic prowess of the economy that shows inequality has declined, and households and firms at the bottom of the pyramid are showing increasing income and consumption..
The report has estimated Gini coefficient, a widely used indicator of inequality where zero indicates perfect equality and one perfect inequality, by using income-tax returns (ITR) data of taxable income of individuals..
The report claimed that 36.3% of individual ITR filers belonging to the income group of less than 3.5 lakh in AY2015 have left the lowest income group and shifted upwards..
. Zomato has a market share of more than 50% in Indian food delivery market (it caters to more than 750 cities currently) and hence a perfect example of case study to refute the claim that people are facing distress, the report says..
