Fiinovation Says India Is A Rich Country With Poor People-avbox

Business India might be the 10th richest country in terms of wealth, but approximately 90 percent of the adult population falls at the bottom of the wealth pyramid. In a recent report on Global Wealth suggested that India accounts for 3 percent of the global middle class with 23.6 million and around 664 million people belong to the middle class globally. Fiinovation reviews that in order to fall in the category of middle class an adult must have an annual wealth of $13,662 (Rs 737,748 or Rs 61,480 per month). This means that India which is creating all the buzz around the world to become a permanent member of the UN Security Council is a rich country with poor people. Fiinovation reviews that the Indian middle class holds almost a quarter of the countrys wealth at $780 billion (Rs 5,070,000 crore). However, Fiinovation reviews that there is no definition of middle class in the country but this new calculation based on global standards significantly lowers the number of people who fall in the middle income category. Previously, another study in 2005 suggested there are 50 million Indians who are middle class looking at the income bracket of 2,00,000 to 1,00,00,000. Apart from this even the World Bank in 2005 estimated the middle class in India are 264 million, using the median poverty line in 70 countries at the lower extreme ($2 per day) and the United States poverty line ($13 per day) as an upper extreme. Looking at this Fiinovation believes this India needs to increase its efforts towards increasing income levels of people and also modify labour laws to ensure there is no exploitation and underpayment of labour. Once called the land of Maharajas, India cannot let its citizens renumerated on cheap labour. Rather, ensure they get their due earning as their counter parts in other countries. In the last 15 years India only added 6.7 million adults to the middle-class as wealth rose by $1.2 trillion. In the next 15 years, the target should be to help 50 million more Indians in the middle class. Fiinovation comprehends that investments are pouring in India and it will ensure India becomes the global factory with manufacturing sector getting a boost. However, we must not forget the farmers as they are the backbone of the nation and it should be pledged to hold their hands for their better living opportunities. Surely it will give the required jump to the India’s purchasing power with a rapid pace. By Rahul Choudhury Media and Communications, Fiinovation About the Author: 相关的主题文章:

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