India's top 1% grew its wealth by 62% since 2000: G20 report
New Delhi (PTI): India's richest 1 per cent expanded its wealth by 62 per cent between 2000 to 2023, according to a report commissioned by the South African Presidency of the G20.
The study, led by Nobel laureate Joseph Stiglitz, warns that global inequality has reached "emergency" levels, threatening democracy, economic stability, and climate progress.
The G20 Extraordinary Committee of Independent Experts on Global Inequality, which includes economists Jayati Ghosh, Winnie Byanyima, and Imraan Valodia, found that the top 1 per cent globally captured 41 per cent of all new wealth created between 2000 and 2024, while the bottom half of humanity received just 1 per cent.
The report said the intercountry inequality, broadly measured, appears to have reduced because of the rise in per capita incomes in some very populous countries like China and India, which brought down the share of high-income countries in global GDP somewhat.
The report said that between 2000 and 2023, the richest 1 per cent increased their share of the wealth in over half of all countries, which contain 74 per cent of the global.
"In India, the top 1% have grown their share of wealth by 62% over this period (2000-2023); this figure is 54% in China," the report said.
"Extreme inequality is a choice. It is not inevitable and can be reversed with political will. This can be greatly facilitated by global coordination, and in this regard, the G20 has a critical role," it said.
The report proposes the creation of an International Panel on Inequality (IPI), modelled on the Intergovernmental Panel on Climate Change (IPCC), to monitor global trends and guide policymaking.
The body, to be launched under the South African G20 Presidency, would provide governments with "authoritative and accessible" data on inequality and its drivers.
Countries with high inequality are seven times more likely to experience democratic decline than more equal countries, the report said.
"Since 2020, global poverty reduction has slowed almost to a halt and reversed in some regions. 2.3 billion people face moderate or severe food insecurity, up by 335 million since 2019.26 and half the world's population is still not covered by essential health services, with 1.3 billion people impoverished by out-of-pocket health spending," the report said.
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Min. Priyank Kharge to expresses concern over implementation of VB-G Ram G
Bengaluru: Rural Development and Panchayati Raj Minister Priyank Kharge has expressed concern over the uncertainty surrounding the implementation of the proposed VB-G Ram G scheme, stating that the MNREGA programme, which has been a lifeline for rural India for nearly two decades, appears to be facing an uncertain future.
Speaking to media, Kharge said that as March 31 draws to a close, there is no clarity on the rollout of the new scheme from April 1. He pointed out that the central government has not yet issued the necessary guidelines for implementing the scheme for rural workers and villages.
He criticised the Centre for its lack of preparedness, stating that there is no clarity on fund allocation, no final parameters for classifying gram panchayats, and key processes such as social audits have not been defined.
Kharge said the situation comes at a critical time, as summer marks a peak period for rural employment demand, when many people depend heavily on wage employment for their livelihood.
He added that reports have emerged of delays in approvals and families not receiving work despite demand.
He further alleged that the Centre’s move to shift from a statutory employment guarantee to a rule-based allocation system is already showing negative consequences.
Kharge also raised concerns over provisions such as a mandatory 60-day halt during agricultural seasons, which he said would further limit employment opportunities for rural workers.
The BJP-led central government had claimed that the new scheme would transform rural India, but in reality it is turning out to be detrimental to people’s livelihoods, he said.
“The crisis in rural India due to the stalling of MNREGA is beginning to unfold. Given the Centre’s past record in handling such situations, there is growing concern over the impact on rural livelihoods,” Kharge said.
