According to the recent report released by the World Inequality Lab, India has appeared as both a poor and “very unequal” nation. The report written by senior economists including France’s Thomas Piketty declared that the base or the bottom half owns “almost nothing” of the country’s treasury.

The report brought out how global inequalities of income and wealth continued and were made worse by the COVID-19 pandemic.

Contents hide
1. What do the Senior Economists Mention?
2. Facts in the Report
3. Gender Inequalities
4. The Aim of the Report
5. Suggestions of the Authors

What do the Senior Economists Mention?

“The COVID crisis has exacerbated inequalities between the very wealthy and the rest of the population. Yet, in rich countries, government intervention prevented a massive rise in poverty, this was not the case in poor countries. This shows the importance of social status in the fight against poverty,” the top author of the World Inequality Report 2022 Lucas Chancel said. Other authors of the report include Thomas Piketty, Emmanuel Saez, and Gabriel Zucman.

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Facts in the Report

The report mentioned that the average national income of the adults in the Indian population is Rs 204,200. Where 50 percent of the bottom’s population earns Rs 53,610. And shockingly, the top 10 percent earns more than 20 times the bottom 50 percent which is Rs 1,166,520.

As stated in the report, the average household wealth in India stands at Rs 9,83,010.

The report claimed that with a rich nobility, India sticks out as a poor and very unequal country.

The report observed that the isolationism and liberalization policies executed since the mid-1980s have guided to “one of the most extreme increases in income and wealth inequality observed in the world”.

Gender Inequalities

“Gender inequalities in India are very high,” stated the World Inequality Lab, mentioning that the female’s employment income share is equal to 18 percent, which is slightly lower than the average in Asia, which is 21 percent.

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The Aim of the Report

Collecting the most latest inequality data from around the world is the primary target of the World Inequality Report 2022. Publishing the report is a much difficult task, as some countries, like India, have made it hard to get access to the most honest and actual data. “Over the past three years, the quality of inequality data released by the [Indian] government has seriously deteriorated, making it particularly difficult to assess recent inequality changes,” the report mentioned.

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Suggestions of the Authors

The researchers and authors of the report are to update the property tax systems broadly so that the tax expands to all forms of wealth and not just real estate. Adding, the authors stated that such tax rates should be developing rather than flat, which means the richer will pay tax at a higher rate.