Economic Inequality In India
Introduction
As India’s economy continues to grow, the gap between the rich and the poor also continues to widen. India is the worlds’ biggest democracy, and with a population of over 1.25 billion it contains the world’s seventh largest economy. Economic reform introduced in the 1990’s has improved India’s economy, but the country still struggles with widespread poverty and economic inequality. A report published in 2011 by the Organisation for Economic and Organisational Development (OECD) stated that income inequality has doubled in India since the 1990’s (OECD.com). The report also stated that the wealthiest ten percent of Indians earn twelve times as much money as the poorest 10 percent.
‘There is something profoundly wrong when the top one-tenth of one percent owns almost as much wealth as the bottom 90 percent’ (Sanders, B. 2014)
This is a significant rise as in 1990 it was roughly six times. To put this lack of economic equality in perspective, Lars Osberg states that ‘The average per capita income in the United States is estimated to be 62 times greater than in India’ and that ‘The poorest people in India have incomes of no more than a quarter or a third of their extremely low national average’ (Osberg, L. 1991). This essay will look at economic inequality, what causes economic inequality and then impacts that economic inequality has in India.
Economic Inequality
Economic inequality is often described as financial disproportion within a society.
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