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India is among the most unequal countries, says World Inequality Report

The top 1% of India’s population earned more than one-fifth (21.7%) of the country’s total national income in 2021, while the bottom 50% made just 13.1% of the money, showed this year’s World Inequality Report released on Tuesday.

The top 10% of the population owned as much as 57% of the country’s national income in 2021, according to the report.

The report authored by Lucas Chancel, co-director of the World Inequality Lab, and coordinated by several experts, including French economist Thomas Piketty, said: “India stands out as a poor and very unequal country, with an affluent elite.”

In the preface of the report, Nobel laureate economists Abhijit Banerjee and Esther Duflo said that India was “among the most unequal countries” in the world.

The report said that the average national income of the the Indian adult population in 2021 was Rs 2,04,200 on purchasing power parity basis. However, the income inequality can be understood from the fact that the bottom 50% of the population earned Rs 53,610 during the year.

What is purchasing power parity?

According to the World Inequality Report, purchasing power parity is the standard way to deflate (or inflate) incomes earned in a given country by the cost of goods and services in that country relative to that of others….

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