{"id":40196,"date":"2024-03-21T08:59:43","date_gmt":"2024-03-21T03:29:43","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=40196"},"modified":"2025-04-25T00:01:56","modified_gmt":"2025-04-24T18:31:56","slug":"world-inequality-lab-report","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/world-inequality-lab-report\/","title":{"rendered":"World Inequality Lab Report"},"content":{"rendered":"<h2>What\u2019s in Today\u2019s Article?<\/h2>\n<ul>\n<li>Why in the News?<\/li>\n<li>About World Inequality Lab<\/li>\n<li>Key Takeaways from the Working Paper Published by the WIL<\/li>\n<li>Key Suggestions in the Working Paper<\/li>\n<\/ul>\n<h2>Why in News?<\/h2>\n<p>According to a paper released by the World Inequality Lab, the shares of income and wealth of India\u2019s top 1% at 22.6% and 40.1% respectively is at their highest historical levels in 2022-23.<\/p>\n<h2>About World Inequality Lab<\/h2>\n<ul>\n<li>The World Inequality Lab (WIL) is a research center at the Paris School of Economics.<\/li>\n<li>The WIL aims to promote research on global inequality dynamics.<\/li>\n<li>It works in close coordination with a large international network of researchers (over one hundred researchers covering nearly seventy countries) contributing to the database.<\/li>\n<\/ul>\n<h2>Key Takeaways from the Working Paper Published by the WIL<\/h2>\n<ul>\n<li>The working paper by four economics researchers \u2013 Nitin Kumar Bharti, Lucas Chancel, Thomas Piketty, and Anmol Somanchi \u2013 has created time series data on income and wealth inequality in India.<\/li>\n<li>Naming the paper, the \u201cBillionaire Raj\u201d, the authors claimed that the country was now more unequal than even the British Raj.<\/li>\n<li>As per the report, in the year 2022-23, top 1% income and wealth shares were at their highest ever historical levels in India: 22.6% and 40.1%.<\/li>\n<li>India\u2019s top 1% income share is among the very highest in the world, higher than even South Africa, Brazil, and the US, the paper said.\n<ul>\n<li>The wealth share of the top 1% was lesser in India than in two of these countries: South Africa and Brazil.<\/li>\n<\/ul>\n<\/li>\n<li>The paper also highlights the levels of disparity among different income groups.<\/li>\n<li>According to the paper, the top 1% holds an average of Rs 5.4 crore in wealth, 40 times the average Indian.<\/li>\n<li>However, the bottom 50% and the middle 40% hold Rs 1.7 lakh (0.1 times national average) and Rs 9.6 lakh (0.7 times national average) respectively.<\/li>\n<li>At the very top of the distribution, the wealthiest \u223c 10,000 individuals out of 92 million Indian adults own an average of Rs 2,260 crore in wealth, 16,763 times the average Indian.<\/li>\n<\/ul>\n<h2>Key Suggestions in the Working Paper<\/h2>\n<ul>\n<li>The paper has used multiple sources to build its income and wealth inequality estimates.\n<ul>\n<li>India does not have official income estimates and survey based official statistics on wealth.<\/li>\n<\/ul>\n<\/li>\n<li>The paper recommends multiple policy measures to address the problem of inequality in India.<\/li>\n<li>They include <u>restructuring of the tax code to account for both income and wealth, and broad-based public investments in health, education and nutrition<\/u>.<\/li>\n<li>The report said a \u201csuper tax\u201d of 2% on the net wealth of the 167 wealthiest families in 2022-23 would yield 0.5% of national income in revenues.\n<ul>\n<li>It would also create valuable fiscal space to facilitate such investments, besides serving as a tool to fight inequality.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<hr \/>\n<h3>Q1) Who publishes the World Inequality Report?<\/h3>\n<p>The report is released by Paris-based World Inequality Lab, a global research initiative.<\/p>\n<h3>Q2) What do you mean by Income Inequality?<\/h3>\n<p>Income inequality refers to how unevenly income is distributed in a population. The less equal the distribution, the greater the income inequality.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The World Inequality Lab (WIL) is a research center at the Paris School of Economics.<\/p>\n","protected":false},"author":5,"featured_media":40197,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[18],"tags":[],"class_list":{"0":"post-40196","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-mains-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/40196","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=40196"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/40196\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/40197"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=40196"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=40196"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=40196"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}