| Syllabus: GS-III, Subject: Economy, Topic: Growth and Development, Inclusion, Issue: Inequality |
Context: A new working paper “Income and Wealth Inequality in India, 1922-2023: The Rise of the Billionaire Raj”released by the World Inequality Lab.
Key findings:
- In 2022-23,6% of national income went to the top 1%, highest since 1922.
- India’s top 1% income share ranks among the highest globally.
- Wealth inequality is also alarming, with the top 1% holding 40.1% of wealth.
Suggestions:
Super taxes on billionaires and restructuring tax schedules.
