income equality – Bharat Pulse News

India has been ranked the fourth most equal society in the world by the World Bank, based on its latest Gini index data. With a score of 25.5, India now ranks ahead of all G7 and G20 nations, showcasing its strides in reducing income disparity and pushing inclusive development. Gini Index Reflects Narrowing Income Gap The Gini coefficient, a statistical measure of income inequality where 0 indicates perfect equality and 100 extreme inequality, placed India behind only the Slovak Republic (24.1), Slovenia (24.3), and Belarus (24.4). India’s score has steadily improved from 28.8 in 2011 to 25.5 in 2022, underscoring a decade-long trend of economic leveling. Massive Reduction in Poverty India’s equality surge has been powered by the country’s successful poverty alleviation efforts. Between 2011 and 2023, over 171 million people were lifted out of extreme poverty, defined as living on less than $2.15 per day. By 2022-23, only 2.3% of the population remained in this bracket. Even under the $3/day benchmark, the poverty rate dropped to 5.3%. Welfare Programs Drive Inclusivity Several flagship welfare schemes have significantly contributed to this transformation. Initiatives like Jan Dhan Yojana, Aadhaar, Ayushman Bharat, and direct benefit transfers have ensured better targeting of subsidies, financial inclusion, and access to healthcare. These programs have had an outsized impact on rural and lower-income households. Global Comparison Highlights India’s Progress India’s low Gini index contrasts sharply with other large economies: the United States stands at 41.8, China at 35.7, and many G7 nations well above 30. This positions India not just as a fast-growing economy but also as a rare case of equitable growth on a large scale. Looking Ahead: Sustaining Equity While income equality has improved, challenges remain in addressing wealth inequality, gender disparities, and access to higher education and jobs. Continued investment in social infrastructure and inclusive policies will be critical to sustain the current momentum and ensure that growth remains broad-based. India’s achievement is not just a statistical milestone—it signals a shift in the development narrative, proving that rapid economic expansion and social justice can go hand in hand.

India Ranked World’s 4th Most Equal Society: World Bank

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