The Unequal Growth

Over last many decades’ world has moved to a trajectory of faster economic growth, but so-called higher economic growth cannot solve the persisting problem of inequality among the marginalized, poor, scheduled caste and scheduled tribes in the rural parts of the second largest populated country in the world. We have witnessed the case of third world countries like India cloaking higher economic growth in the last couple years.However, the scenario of income inequality is widening without any respite. A country of 1.2 billion population has seen the most inequitable growth, but on the other hand the number of millionaires has grown at a rapid pace in our country, In 2016 India had 202 millionaires and in the very next year no of millionaires went up by 245 and the projected nos of millionaires would touch 372 by 2022 . Now lets the take the case of Total wealth in USD it was $4,536 billion in 2016 and moved to $ 4,987 in 2017. So the below two figures clearly indicates the accumulation of wealth in the hands of few and very fewer benefits received by the majority, The figures of credit Suisse wealth report 2017 shows that Percentage change in wealth from 2016 to 2017 was approximately 10 %.

  Number of Millionaires (thousand)
Country 2016 2017 2022
India                  202                  245                  372

 

Region Total wealth Change in total wealth
2017 USD bn 2016-2017 USD bn 2016-2017%
Africa 2,499 22 0.9
Asia Pacific 55,052 396 0.7
China 29,000 1,718 6.3
Europe 79,639 4,757 6.4
India 4,987 451 9.9
Latin America 8,107 302 3.9
North America 101,005 9,097 9.9
World 280,289 16,744 6.4

The irony is that though wealth has been rising at a rate of 10 %, not everyone has been shared in the growth. The resulting unequal wealth creation is primarily due to the skewed economic policies favouring corporates by offering them so many sops in terms of tax holidays, special economic zones and many more interesting moves to protect the interest of few at the cost of the majority who are reeling under intense poverty. The unrelenting pursual of neo-liberal economic policies has seen them coming hard on common people by seeing that how can they reduce the existing welfare measures, which itself is inadequate to tackle the existing social & economic problems. So in nutshell, we debate about the growth rate of 6 %, 7 % or higher, but the situation on the ground still continues unabated.

Where we stand now?

poverty.jpg

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