Economic disparity in India
"An imbalance between rich and poor is the oldest and most fatal ailment of all republics", once said a great Greek historian Plutarch. Being a resource rich country, many parts of India still suffers from malnutrition, poverty and many other concerning problems, with the rich are getting richer and poor getting poorer.
New Delhi: "An imbalance between rich and poor is the oldest and most fatal ailment of all republics", once said a great Greek historian Plutarch. Being a resource rich country, many parts of India still suffers from malnutrition, poverty and many other concerning problems, with the rich are getting richer and poor getting poorer.
The difference in the spending and earning among the rich and poor sector, clearly depicts the condition of economic disparity in India. According to the survey on consumption expenditure by the National Sample Survey Organization, spending and consumption by the richest 5%, zoomed up by over 60% between 2000 and 2012 in rural areas, while the poorest 5% saw an increase of just 30%. In urban areas, the richest segment`s spending increased by 63% while the poorest saw an increase of 33%. There is a big debate behind these data as some experts argue that income of the uppermost 5% is not completely reflected in NSSO surveys because people doing surveys hardly manage to meet and fill out questionnaires of the super-rich households. Or say, the incomes of the super-rich are probably more than what is reflected in this data.
The health sector of India is too glooming. The Forbes list of billionaires featured 55 Indians in 2013. Strikingly, when the HDI (Human Development Index) is adjusted for inequality and every second malnourished child in the world is also an Indian. These touching data`s give birth to the fear of insecurity among the people of our country. What could be the future of a country where the health of people is kept at stake and where not more than 3.3% of the total GDP is spent on health of world`s second largest population?
As per available data, a little more than 50 per cent of India`s population continues to be engaged in agriculture which barely accounts for 14 per cent of GDP, while less than 30 per cent of the population works in the service sector, which accounts for more than 67 per cent of GDP.
India`s education index loses more than 40 per cent of its value once adjusted for inequality in HRD 2013. The most significant link between growth and poverty reduction is employment generation. And in past decades India has gone through tough recession periods, which results in less jobs and the outcome; increased unemployment.
There are many likewise data`s and examples which shows the failure of our system and poor government policies. A firm and immediate action is required to control this economic disparity in our country.