Do you agree that in post independent india we have not properly tackeled the problem of for whom to produce or the problem of distribution of income and wealth ? If so, why?
Akanksha,
Yes, I agree that in post independent period, we have not tackled the problem for whom to produce or the problem of distribution of income and wealth. It is because the inequalities between rich and poor people are rising. The gap between rich and poor is getting widened. Rich people are becoming more richer and poor are becoming more poorer. In 1980s, the 10% rich people's average disposable income was 7 times more than 10% poor people's average disposable income. Since the gap is rising so today it is 9.5 times more. In the year 1994, top 10% of population of India and lower 40% of India's population controlled the equal portion of wealth of India- approximately 25%. By the year 2010, inequalities rise and top 10% of people controlled approximately 30% of wealth of India whereas the bottom 40% control share falls to 21%.
(Source: A report by World Economic Forum and Oxfam for India)
Yes, I agree that in post independent period, we have not tackled the problem for whom to produce or the problem of distribution of income and wealth. It is because the inequalities between rich and poor people are rising. The gap between rich and poor is getting widened. Rich people are becoming more richer and poor are becoming more poorer. In 1980s, the 10% rich people's average disposable income was 7 times more than 10% poor people's average disposable income. Since the gap is rising so today it is 9.5 times more. In the year 1994, top 10% of population of India and lower 40% of India's population controlled the equal portion of wealth of India- approximately 25%. By the year 2010, inequalities rise and top 10% of people controlled approximately 30% of wealth of India whereas the bottom 40% control share falls to 21%.
(Source: A report by World Economic Forum and Oxfam for India)