The inequality conundrum: Universal basic income to have huge fiscal cost; tax on top 1% a more effective tool

The inequality conundrum: Universal basic income to have huge fiscal cost; tax on top 1% a more effective tool

The World Inequality Report said in last December that the top 10% of the Indian population had 57% of the country’s total national income in 2021, while the top 1% held 22%. The report commissioned by the Prime Minister’s Economic Advisory Council (EAC-PM) did not spring any surprise on the abysmal level of multi-dimensional deprivations in the country. Income inequality in India is not only wide and stark, but also an oddity among the comity of nations for the almost philosophical acceptance of it by the society at large. The official line is to understate the issue. As noted […]

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