Narendra Modi – The Robbing Hood of India
India's Wealth Share
Under Modi’s reign, the share of top 1% in India’s wealth increased from 49% to 58.4%.
In 10 years of UPA, the share increased from 42% to 49%. The growth of top 1% share is much more rapid under Modi. Within two years, it went from 49% to 58.4%. At this rate, by the end of his term, it is estimated that 73% of the country's wealth will be owned by top 1%.
Mukesh Ambani alone owns more wealth than bottom 30% of the population i.e. 390 million Indians. His wealth share is 0.73%, while the wealth share of bottom 30% is zero.
Forbes 100 richest Indians together own more wealth (12.3%) than the bottom 80% of the population.
For the first time, the bottom 10 percent’s share actually turned negative in India. Its share was 0.2% in 2015 and now it is -0.7%. This means that the poorest (126 million people) have no assets, and are also heavily indebted. It means that an average family of 5 members in the bottom 10% has a debt of Rs. 63,000 on its head.
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