Income Inequality in India – Causes, Impacts & Solutions

According to the Asia-Pacific wealth report, Japan’s richest persons have the largest wealth accumulation in the Asia-Pacific region, however, Chinese millionaires are also catching up to them. Meanwhile, Indian millionaires are adding wealth at the fastest in the region, which India can take pride in it. But the reality is that the bottom 60%, the majority of the population, owns less than 5% of the country’s wealth. This growing inequality threatens to destroy the fabric of Indian democracy.

What is income inequality?

• Income inequality is the unequal distribution of household or individual income across different participants in the economy.
• Gini Coefficient is the most popular measure of income inequality. The Gini Co