Global Inequality Report 2022 Top UPSC Coaching

13 Dec 2021 Global Inequality Report 2022

Posted at 16:13h in Daily current-affairs by khyati khare 0 Comments

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The recent Global Inequality Report discusses the trends of inequality in India.

It has been said in the report that India is a poor and highly unequal country where the elite is dominant.
Only 10% of the people in India have 57% of the national income and only 1% of the people have 22% of the national income.
At the same time, the poorest 50% of the people have only 13% of the assets.
It has been told in the report that India’s middle class is relatively poor and its income is 29% of the national income.
The average annual income of an Indian is Rs 204000, whereas the poorest 50% of the people in India live on an annual income of only Rs 53610.
According to the recent Multidimensional Poverty Index, one in four people in India is multidimensionally poor.
Private income has increased by more than 200 percent in India from 1980 to 2020.

The report states that the world’s poorest 50% of the population receives only 8% of global income. Whereas 10% of the rich get 52% of the global income.
The Middle East and North Africa are among the most unequal regions of the world. Wherein Europe has the most equality.
The top 10% of the rich receive 36% of the national income in Europe, 58% in the Middle East and North America, 43% in East Asia and 55% in Latin America.
Global income in 2020 was around 510 trillion euros.
Economies like India and China are growing at a faster rate than the world’s wealthiest countries.
Economic inequalities between countries are much wider than internal economic inequalities within countries. In 2020, the top 10% of the world’s wealthiest countries have about 38 times more wealth than the world’s poorest 50%.
Global income and wealth inequality is relative to environmental inequality and climate change. The top 10% of the world’s emitters account for 50% of all emissions, while the poorest countries with the last 50% of the world’s emissions account for only 12%.

This report, made under the guidance of Global Inequality Lab, shows that the pandemic has had an impact on Indian income along with global income. But even before the pandemic, inequality was widely established.
Inequality gradually leads to class struggle and is the opposite of equality prevailing in democracy. Therefore, the government needs to create such an environment so that all people can get equal opportunity for economic growth and development.