Capitalism is not sustainable unless the super-rich elite pay their fair share in taxes. With the rise of billionaires in India, the level of inequality also has gone up to become one of the most unequal countries in the world.
India for all its growth has slipped behind a country like Bangladesh in terms of human development index, ranging from child nutrition to women empowerment.
Two Indian economists are known for their opposing views. Jagdish Bhagwati and Amartya Sen. Bhagwati is closer to Prime Minister Narendra Modi and focuses more on growth than on distribution. Whereas Amartya is critical of Modi and focused on the conditions of the people at the bottom.
Recent research has shown the depths of India's social divided. According to an economist at the World Bank, India had higher income inequality than America, Brazil and Russia. It is just next to South Africa, a country known for its jarring divide.
References
India has more billionaires today, but also more inequality. Is there a connection?
PREVIOUS POSTS
Crop failure? Tell the farmers to chant Vedic hymns for better crop yields
Right and Wrong: Religiously, Politically, Economically, and Socially.