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Inequality of Income and Wealth in India

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We are living in a time when the demarcation between the economic systems for feeding fast and the question of distributive justice is becoming a business of none. The process of globalization has pushed the income inequality to a higher level, especially in developing countries. The National Wealth of India has increased steadily during the last 2 decades. Where the same time income inequality between rich and poor and the girls between rural and urban population has also increased by 6 in 32 per person as the line of the market share between rich and poor. The last UPA government tried to kill to forward to the single arrow, firstly painting getting richer image of India. And secondly, spending less for the people below the poverty line. Evidence of increase in income inequality due to globalization and open trade husband found, especially in developing countries including China and India. There is a positive relation between liberalization and equality among the poor countries.

Evidence of Income Inequality

The Indian Human Development Survey report of 2005 reveals the fact that Indian Indian income inequality is very high following the trend of many developing economies of the world.

The income inequality among the states has been quite prominent. We can take example of Odisha in North Eastern states together. The median income star respectively add rupees 9315 and 31,812 and it is quite obvious that the Average income of smallest states of North East have 3 times Higher than the states like the state Odisha.

Income inequality can be online on the basis of average income leaving about the people below the poverty line. The average income of the middle class family where is between rupees 6809 and rupees 25,235. But when we take the average income of affluent middle class. Turn that rupees 54,004 51 about 3 times of the lower middle class. This clearly indicates the growing income inequality in India.

Reasons of Income Inequality

Income inequality is the result of lower age of a large section of workforce in India due to globalization. The wage of skilled workforce increasing has increased rapidly for the growing global demand of the skill but the unskilled work-force is bound to take lower wage as there is less demand for unskilled workers.

Income inequality as a consequence of globalization can also be discussed on a different angle. Globalization has changed the character production of many goods and services. This new trend production is called Internationalization of production. This process of internationalization pushes the demand for skilled workforce there by greeting the equality of income between skill and unskilled workforce.

Conclusion

In conclusion, what are the consequence of increasing economic inequality? Economic inequality is the direct consequence of income inequality in a country like India. The economic inequality has a far reaching effect on the socio economic development of the country, the rising economic inequalities is the cause of anxiety. Basically for 2 reasons firstly, the rising economic inequality will create a social stability and elements of rotational gathers strength in our country. The link between different classes will be cut off in the country; will be situation of system wreckage. Thirdly economic inequality will directly feed the force of separatism. Socially, it will promote distance among different classes. Contributing to social tension and economically it will be conducted harmful for the interest of the both rich and poor in equal measure.

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Inequality of Income and Wealth in India. (2022, August 30). GradesFixer. Retrieved September 22, 2022, from https://gradesfixer.com/free-essay-examples/inequality-of-income-and-wealth-in-india/
“Inequality of Income and Wealth in India.” GradesFixer, 30 Aug. 2022, gradesfixer.com/free-essay-examples/inequality-of-income-and-wealth-in-india/
Inequality of Income and Wealth in India. [online]. Available at: <https://gradesfixer.com/free-essay-examples/inequality-of-income-and-wealth-in-india/> [Accessed 22 Sept. 2022].
Inequality of Income and Wealth in India [Internet]. GradesFixer. 2022 Aug 30 [cited 2022 Sept 22]. Available from: https://gradesfixer.com/free-essay-examples/inequality-of-income-and-wealth-in-india/
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