Brief by Shorts91 Newsdesk / 06:36am on 21 Mar 2024,Thursday India
A new study led by economist Thomas Piketty finds India's wealthiest 1% now hold a staggering 22.6% of the country's income and 40.1% of its wealth, the highest levels ever recorded. The report highlights a widening wealth gap and calls for urgent government action, including tax reforms and increased social spending. While the Congress party criticizes Prime Minister Narendra Modi's administration, the BJP defends its poverty alleviation efforts. The study, spanning back to 1922 for income and 1961 for wealth, sheds light on India's soaring inequality, surpassing even the United States, Brazil, and South Africa in income concentration.
