Yes. It definitely is. One of the primary objectives of the economic policies of most countries in the world has been economic equality – “equal pay for equal work”. However, many countries, both developed and developing, have struggled over the years to achieve this objective. Do you think economic bias exists in our society? Isn’t the distribution of assets in our country becoming increasingly disproportionate when it should have been the other way round?
India has always witnessed a wide gap between the rich and the poor. This disparity has only increased over the years. The rich have become richer and the poor, well, poorer. Yes, there’s been great economic development and industrialization; but it has served to benefit only the entrepreneurs. The salaried employed have not been able to rise above the middle class.
There’s been improvement in the standard of living, too. But that’s done nothing to end the distinction between the rich and the poor. The markets are flooded with luxury commodities that cater to the fancies of the privileged class. The middle class seemingly cannot think beyond the satisfaction of the basic necessities.
The pay scales among employees of different industries vary by large amounts. The software industry generally pays better than the manufacturing companies. These pay structures have further created distinctions like “upper middle class” and “lower middle class”.
Economic development is unheard of in rural India. Problems like illiteracy and low life expectancy continue to hinder the rural population. Most farmers make as little as 33 cents a day! (Source: International Relations Center)
Are developed nations plagued by this too?
Certainly. Even a developed nation like the United States of America is burdened by the increasing gap between the rich and the poor. According to the latest tax data available, the top 300,000 American tax payers earned an aggregate income equal to the bottom 150 million people in the year 2005. (Source: New York Times)
If we consider the world population, the income of the richest 1% of people is the same as that of the poorest 60%. (Source: BBC)
Why do you think the gap between rich and poor is increasing? What corrective measures should be taken to rectify this problem? Do give us your opinion.