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.
Sikkim is set to become the first state in India to launch Universal Basic Income (UBI). The idea of universal basic income has gained popularity in the western nations due to the threat of automation-induced job losses. In India, the idea gained ground due to the chronic poverty & inequality and the government’s failure to provide subsidies effectively to poor people. Moreover, the persistent farm distress and poor wage growth across occupations also highlight the need for an income support scheme in India.
Currently, the world is facing many threats like climate change, isolationism, global conflicts, unemployment, poverty, and inequality. Simultaneously, with the advent of the Industrial revolution 4.0, the world is also facing exciting changes like the emergence of self-driving cars, 5G networks, etc. However, the Industrial Revolution 4.0 has its downside. It is argued that, if the change is not addressed properly there will be negative implications like a further increase in unemployment and poverty crisis. The concept of Globalization 4.0 seeks to address these issues and promote inclusive and sustainable growth.
The recent occurrence of coronavirus pandemic has brought the issue of social security in India at the forefront. Large scale movement of migrant workers from the various cities of India was a great lesson for all the stakeholders. It made people realise the need for social security for all the members in the society and thus, there needs to be a great deal of discussion on this issue at all the levels.
Recently, the union government has introduced 124th Constitution Amendment Bill (10% Quota Bill) in the Parliament to provide for 10% reservation for economically weaker sections (EWS) among the general category candidates in higher education and government employment.