Oxfam Report on income and wealth inequality in India.
- The income shares of the top 1% have consistently increased.
- The income share of the bottom 50% has consistently declined.
- The top 5% of Indians own more than 60% of the country’s wealth.
About Economic Inequality in India
- Wealth Inequality: India is one of the most unequal countries. Rich are getting richer at a much faster pace while the poor are still struggling to earn a minimum wage (Oxfam report).
- Income Inequality: 22.6% of the national income went to the top 1% (World Inequality database, 2022-23). It is among the very highest in the world, higher than even the US.
- Rural-Urban Divide: Average Monthly Per Capita Consumption Expenditure is Rs. 3,773 in rural and Rs. 6,459 in urban India (Household Consumption Expenditure Survey 2022-23).
- Gender Pay Gap: In India, men earn 82 % of the labour income, whereas women earn 18 % of it (World Inequality Report 2022).