India is suddenly in the news for all the wrong reasons. It is now hitting the headlines as one of the most unequal countries in the world, whether one measures inequality on the basis of income or wealth.
So how unequal is India? As the economist Branko Milanovic says: “The question is simple, the answer is not.” Based on the new India Human Development Survey (IHDS), which provides data on income inequality for the first time, India scores a level of income equality lower than Russia, the United States, China and Brazil, and more egalitarian than only South Africa.
According to a report by the Johannesburg-based company New World Wealth, India is the second-most unequal country globally, with millionaires controlling 54% of its wealth. With a total individual wealth of $5,600 billion, it’s among the 10 richest countries in the world – and yet the average Indian is relatively poor.
Compare this with Japan, the most equal country in the world, where according to the report millionaires control only 22% of total wealth.
In India, the richest 1% own 53% of the country’s wealth, according to the latest data from Credit Suisse. The richest 5% own 68.6%, while the top 10% have 76.3%. At the other end of the pyramid, the poorer half jostles for a mere 4.1% of national wealth.
What’s more, things are getting better for the rich. The Credit Suisse data shows that India’s richest 1% owned just 36.8% of the country’s wealth in 2000, while the share of the top 10% was 65.9%. Since then they have steadily increased their share of the pie. The share of the top 1% now exceeds 50%.
This is far ahead of the United States, where the richest 1% own 37.3% of total wealth. But India’s finest still have a long way to go before they match Russia, where the top 1% own a stupendous 70.3% of the country’s wealth.
Answer:
Factors including poverty, neglect, low self-esteem, alcohol and drug abuse.
Violence can cause physical injury as well as psychological harm.
You can also go to jail for violence.
<span>a. famine</span><span>
Industrialisation affected the poor in a way that they, as manual labors, were replaced by machinery in order to do the tasks or jobs that were usually done manually. During industrialisation, agricultural society was replaced to a manufacturing one. Because of this, there was a lower demand for workers as many lost their jobs because of machinations. Due to the higher demand for jobs by these people, many of the poor people accepted jobs with low wages to compete for those others who are also in need of jobs. </span>
Answer:
The relationship between the individual and state in a communist nation is that they work in practice and that the government controls every economic decision.
