The Causes Of Economic Inequality In India
Causes of Economic Inequality:
Inequality in earnings has increased two times in India over the last twenty years, making it the worst performer in this regard of all emerging economies. The top 10% of wage earners now make 12 times more than the bottom 10%, up from a ratio of six in the 1990s.
Moreover, wages are not evenly distributed throughout the labour class. The top 10% of earners make almost five times more than the median 10%, but this median 10% makes just 0.4 times more than the bottom 10%.
What then explains the rise in economic inequality? The main drivers can be classified as given below:
i) Highly Unequal Asset Distribution: People in India have two main sources of income mainly, they are assets like land, cattle, shares, etc., and labour. A very less amount of people own a large amount of income – earning assets. Some others, who do not own, or own a part of the assets they operate, organise finances through banks, cooperatives, etc, and acquire/hire productive assets. These inequalities permit very few to earn in the form of rent, interest and profit. As these assets cumulates and is moved on from generation to generation, the earning capacity of these increases in a recurring way. As for rural areas, the ownership pattern of the most significant asset, namely, land, is highly unequal and unbalanced. The smaller households with holdings less than 1 hectare, which account for as many as 72 per cent of the rural households own very little about 17 per cent
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