: According to a report of Oxfam international , India’s richest now hold 58% of country’s wealth. 57 billionaires in the country have the same wealth as that of the bottom 70% population, Wealth inequality is a serious issue. The reasons for wealth inequality are:
- Growing incidence of Tax avoidance and Tax evasion
- Existence of black economy. Most of the real estate business take place through black money only.
- Major chunk of the population working in low pay sectors , unremunerative agriculture.
- Crony capitalism is also one of the reason . Policies are tailor made to serve the needs of few corporate houses only.
Widening inequality has serious repercussions:
- Lower tax/gdp ratio. Less money for social sector expenditure. Low rate of social capital formation.
- Continuing socio- economic backwardness and demand from other section to be included in backward category status.
- Exploitation of the poor and the vulnerable.
- Increasing corruption, crime and insecurity in the society.
- Free market envt is not available for small businesses. Growth of MSME sector get hampered.
- Demographic dividend may turn into liability.
- Farmer suicides are increasing.
Final Destination for Kerala PSC Notes and Tests, Exclusive coverage of KPSC Prelims and Mains Syllabus, Dedicated Staff and guidence for KPSC Kerala PSC Notes brings Prelims and Mains programs for Kerala PSC Prelims and Kerala PSC Mains Exam preparation. Various Programs initiated by Kerala PSC Notes are as follows:-
- Kerala PSC Mains Tests and Notes Program
- Kerala PSC Prelims Exam 2020- Test Series and Notes Program
- Kerala PSC Prelims and Mains Tests Series and Notes Program
- Kerala PSC Detailed Complete Prelims Notes