The Nation is not progressed if there are the two sides of the coin. So with this short phrase, I would start elaborating here with the two sides of the coin which symbolise the one having so much and the other having so little. Income inequality stands for the unequal distribution of income throughout the population. As India is the rapidly growing economy among the world but also with the one amongst the top three most unequal countries. So now a question arises, what is the origin of this sharp increase in inequality? In the main comes the lack of education, as the authority blamed that now the technology is skill-based, as the various industries need experienced workers. The argument now comes with the experience of mechanisation which here demands the skilled workers. Is it only a statement or an irony! Has poverty in India become “hereditary”; as the rapid increase in the population of India due to the fall in the death rate and rise in the birth rate. As per the estimation, the count was 84.63 crores in 1991 and now 10.87 in 2002.
India as we know it is underdeveloped due to the low rate of growth. As the size of the population is inversely proportional to the Net National income, Low per capita decides the poverty in the country. Due to the unskilled labour or due to the deficiency of efficient entrepreneurs in the industry, our country is at greater risk. The abrupt increase in price affects the poor badly. Our economy is underdeveloped due to the low growth rate. The prime cause is less industrial development due to the lack of entrepreneurs. Unacceptable use of natural resources is another reason.
Wealth redistribution is the fundamental reason for the economic crisis. Let’s first clear what is wealth redistribution- it is the transmission of either income or wealth like physical property from one to another individual by the mode including welfare, taxation, public life, land ownership, financial policy, impounding, divorce, or illegal act. In brief, let’s conceptualize the basis for the poverty in India
- due to an abrupt increase in the population
- less education in India as in these days and age more proficient entrepreneurs are required
- underdeveloped economy
- due to the rise in price
- Agriculture economy is primitive, hence low income.
- lack of proper industrialization
- in India the social organisation is outdated.
- inappropriate use of natural resources like oil, coal, natural gas, metal, stone etc
- lack of proper development of the road, platforms, machinery, transport
- Lack of proper lighting in the industries
Income inequality in India is the leading problem in India. It is mainly due to the unequal distribution or outdated devices in India. As it should be also observed that it can make our country successful in socio-economic conditions.
Contributed By- Ritika Sinha, Content Writer Mitti Ke Rang
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