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Richest 1% Indians own more than half of country's total wealth, says report -Achyut Mishra

-ThePrint.in

The report, prepared by Council of Social Development, says wealth inequality in India has seen a six-fold increase between 2000 and 2017.

New Delhi:
The richest 1 per cent of Indians own 58.4 per cent of the country’s total wealth, and this wealth inequality has increased six times between 2000 and 2017, said a new report published by Oxford University Press and released by former prime minister Dr Manmohan Singh Monday.

Titled India Social Report: Rising Inequalities, the report has been prepared by Council of Social Development (CSD), a research institute with centres in Delhi and Hyderabad.

The report said 10 per cent of richest Indians own 80.7 per cent of the country’s total wealth. The share of the richest 1 per cent in national income stood at 22 per cent in 2015, as opposed to just 6 per cent in the early 1980s, it stated.

Speaking on the challenges posed by rising wealth inequality, Singh, who is also an eminent economist, said, “Equity is complementary to the pursuit of long-term prosperity… and we need a level-playing field where all members of society have a similar chance of becoming economically productive, socially active and politically influential.”

While accepting that a fast-growing economy gives rise to inequalities, the former PM said the process of reducing inequality should not be seen as different from the process of economic growth.

“Meaningful solutions to problems of poverty can only be found within the framework of a rapidly growing economy,” he said.

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