One of the most worrying impacts of the covid pandemic, which will take many years of determined government policies to resolve, is the huge increase in inequality in income and wealth, not just in India, but the world over. During this pandemic period, of just about 15 months so far, while on the one hand, the wealth of billionaires has gone up multifold and many new billionaires have been minted in the shortest possible time, on the other, there has been a record rise in global poverty, most of it in India. During this period, as per a recent Pews Report, one third of India’s middle class has slid into poverty, consumption and incomes have fallen so sharply, that about 10 MN MSME units have closed down and 230 MN Indians today earn less than the average minimum wage of Rs 375 per day. The steep increase in joblessness has further added to the rising inequality of income and wealth in India. In this episode of the Business Tit-Bits, our Business Editor Mr Akhilesh Bhargava shares his take on the matter.
#TaxingRich #IncomeInequality #MiddleClass
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