Inequality is still found in India Explain
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Answer:
Inequality affects every member of the society. r.We witness rampant poverty, illiteracy, huge urban-rural divide, gender-based discrimination and violence, regional disparities among other forms of deprivation. There are more than one unequal 'Indias' that live within the one Indian polity and society.The main reason for low level of income of the majority of Indian people is unemployment and underemployment and the consequent low productivity of labour. Low labour productivity implies low rate of economic growth which is the main cause of poverty and inequality of the large masses of people.
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Answer:
Economic inequality in India has been increasing. According to some sources, India’s top 1 per cent now holds almost 35-60 per cent of the nation’s wealth, while the top 10 per cent holds almost 70-80 per cent. To put this in context, the share of the top 1 per cent was only around 25-35 per cent 20 years ago while the share of the top 10 per cent was around 55-65 per cent. In fact, by many measures, India is among the top three most unequal countries in the world.
So what has caused a relatively sharp increase in inequality over the last 20 years? Several experts blame it on the increased penetration of technology and industrialization. The argument goes that technology is skill biased. Those who are able to use technology experience an increase in productivity and wages compared to their less-skilled counterparts. The increase in productivity leads to the proliferation of technology, which, in turn, creates a higher demand for skilled workers. This self-reinforcing cycle increases wealth and income inequality. Technology and industrialization also lead to frequent replacement of medium-skill jobs due to automation, increasing the wage gap further. Another argument is that technology is capital biased — a larger fraction of the returns from increased productivity from technology is delivered directly to the capital instead of labour since automation de-emphasizes labour in the capital-creation process. This unequal delivery of returns increases the wealth and income gap.