Rising Inequality: Modi Raj Mirrors Colonial Era
Congress claims economic inequality in Modi's India surpasses colonial levels, citing monopolization and stagnant wages. A Capgemini report highlights rising wealth among HNWIs and the increasing number of millionaires in India. Congress stresses the impact on growth and the threat of wealth concentration leaving the country.
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- India
On Tuesday, the Congress accused the Modi administration of allowing economic inequality in India to exceed levels seen during the British colonial era, citing monopolization in vital sectors and stagnant wages for the common citizen.
Jairam Ramesh, Congress general secretary in-charge of communications, referenced a Capgemini Research Institute report revealing the creation of over 33,000 new millionaires in India by 2024, despite widespread economic gloom for ordinary Indians. Ramesh emphasized that inequality has worsened over the past eleven years under Modi's leadership, causing significant price increases due to monopolization.
Amid this disparity, India's collective wealth among high net worth individuals (HNWI) increased by 8.8%, further concentrating wealth among the elite. Ramesh warned that the trend is unsustainable and threatens growth, with next-generation HNWIs planning to diversify assets offshore by 2030, signaling a worrying drain on India's economy.
(With inputs from agencies.)
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- HNWIs
- Capgemini
- millionaires
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