As the economic structure of India has changed over the past 20 years there has also been a large increase in income inequality. The liberalization of the economy in India has allowed individuals to gain massive amounts of wealth and in turn the number of billionaires has increased. With this large increase in the amount of billionaires in India, the gap between the rich and the poor has grown exponentially. In comparing this disparity against other countries, we see how India has grown to be a leader in income inequality. This is a large change because the other countries that India was compared to have traditionally been the worst in terms of income inequality. Many of these billionaires have had unique opportunities and advantages that most of the population has not had. The close connection between business and government as well as the advantages of those in the professions has created an unequal disparity between rich and poor. These billionaires control a large portion of the wealth in India and in turn the massive majority of the population is suffering from poverty. The question has been posed if having a good amount of billionaires in the population is actually beneficial or harmful to the economy.
It is truly sad that income inequality is so prevalent around the world. This was especially exemplified in countries like India where the population is very large and in turn the good job opportunities are few and far between. This can relate back to our most recent discussion board about demographic problems because as India has a large population that is young it faces many issues such as poverty, poor health care, and inequality. There needs to be some sort action taken to improve this disparity whether it is income redistribution or a stimulus to improve economic opportunities.
Eric Spriegel 11/4/2012 8:38
http://india.blogs.nytimes.com/2012/10/30/indias-billionaire-wealth-sign-of-a-healthy-or-an-ailing-economy/
No comments:
Post a Comment