India’s Economic Growth is Unequitable
India accounts for a substantial portion of global poverty, with the UN’s Global Multidimensional Poverty Index indicating that around 234 million people live in poverty in India, making it the country with the highest number of poor individuals globally.
India’s GDP grew by 8.2% in the fiscal year 2024 (FY24), marking a significant increase from 7.0% in FY23. This positions India as the fastest-growing major economy globally. For the fiscal year 2025 (FY25), India’s GDP is expected to grow between 6.5% and 7.2%, according to various economic forecasts from agencies like Fitch, ADB, and the IMF.
So, where is the actual growth taking place in India? The wealth held by the top 10% of Indians accounts for about 64.7% of the total wealth, while the bottom half possesses only 5.9%. This stark contrast illustrates how economic benefits have disproportionately favoured the wealthy, reinforcing the notion of inequitable growth.
Reports indicate that around 129 million people live in extreme poverty, which challenges the narrative that economic growth translates into improved living standards for all. Although some initiatives for poverty alleviation have been announced, they do not reach the target population in most places, and are countered by capitalistic economic measures.