Upper Castes Posses Major Share Of Wealth: Report Says!

For a very long time, we have been hearing that economic inequalities have been increasing in India. There is an opinion that wealth is possessed by only a few people leading to economic inequalities. Adding fuel to the opinion the World Inequality Lab released a report and said that the wealth is possessed by the upper castes only.

The World Inequality Report said that the economic disparities increased massively in India. Around 90 percent of the country's billionaire wealth is among the upper castes. The report also highlighted the issues related to the distribution of the funds.

The data said that around 88.4 percent of the billionaire wealth is concentrated among the upper castes and there are no people from the ST community among the wealthy Indians. As per the 2018-19 All India Debt and Investment survey, the share of upper castes in the national wealth was around 55 percent.

Experts say that the disparities started to grow in the 1980s. It went up massively in 2000 and from 2014-15 to 2022-23 the disparities mounted largely, says the data.

The data said that the top 1 percent of billionaires control around 40 percent of total wealth in the country. This was just 12.5 percent in 1980.