The population of more than 80 crores of the country is still such that it is living on the basis of free grains after Kovid. Image Credit source: Apple
In a country like India where more than 80 crore population is living on the basis of free ration after Kovid. In the last 70 years, the government has brought many schemes to provide pucca houses to all, and in many villages the needs like electricity and water have now been fulfilled. According to you, what is the significance of opening just one shop of Apple company selling iPhones for more than Rs 1 lakh in that country?
This question is because, in the past, two Apple stores opened in India and they were the most discussed topic. At the same time, India became the most populous country in the world with 142 crore people. The figures tell a different story of what it needs as a country.
Growing gap between rich and poor
Recently, a news came in the media that the government is going to bring a big change in the income tax system, in which there is a plan to impose more capital gains tax on the rich. The reason for this is to reduce the gap between the rich and the poor in the country. However, the government’s refusal immediately came on this. He said that there is no such plan.
On the other hand, if we look at the figures of the gap between the rich and the poor, then the World Inequality Report 2022 states that India is one of the most unequal countries in the world. The top 10 percent of the country’s population has 57 percent of the wealth, while the very top creamy layer i.e. 1 percent of the population controls 22 percent of the country’s income.
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Recent estimates from World Bank to IMF show that India is the fastest growing economy in the world. Although none of them have said anything in their report about inequality, whereas it should be a matter of concern for India because India depends on 60 percent private consumption for its growth.
Roti-cloth-house, and luxury goods
India is the 5th largest economy in the world. Despite this, on the one hand where a population of more than 80 crores needs free food grains. At the same time, the purchase of luxury goods is increasing in the country. This is a direct proof of increasing inequality in the country.
India is among those 26 countries in the world whose per capita income is extremely low. Nevertheless, the retail store of the iPhone maker Apple is open there. Not only this, in 2022, the sale of luxury cars in the country has increased as compared to 2021. While the sale of Bajaj Auto, a 2-wheeler maker considered to be a utility vehicle, has declined by 10 percent. India is also one of the biggest markets for the luxury car company Mercedes-Benz.
In contrast, if we look at PwC’s Global Consumer Insight Pulse Survey 2023, more than 63 percent of consumers in India are reducing their non-essential expenditure. At the same time, 74 percent people are worried about their future finances.
Recently, the government has also announced to increase the prices of medicines in the country. Since April 1 this year, painkillers, antibiotics and even essential medicines have become costlier by up to 12 per cent in the country. While crores of people of the country have to struggle for better and free treatment in government hospitals.