Economic Equality a Distant Dream?
A sign of rising income inequality, India’s richest 1 per cent now hold a huge 58 per cent of the country’s total wealth — higher than the global figure of about 50 per cent, a new study showed few days back.
Is it not a failure from government? Is democracy used a pretext to mismanage? The state suppose to take care of social justice and keep societal harmony. Unfortunately not many care about the phenomena.
Was wondering why it has happened, how it is continuing and how it can be avoided. Let us look at what makes someone to become rich and someone not.
Wealth creation constituents:
Talent, Access to Capital, Network, Risk appetite, Hard work, Access to vital information, Access to power circles, political associations, Health, Economy, Financial system, Family, Friends, Geographical advantage etc.
What suppose to happen?
The state suppose to provide equal opportunities to learn(Education) and acquire talent. Across the countries the successive governments miserably failed in providing quality education to masses. The financial system should ensure capital availability for productive purposes and act as an impartial agent. Unfortunately, access to power circles ensured to gain priority access to financing system. Ex: Mallaya, Kingfisher Airlines
Rather just push efforts to strengthen GDP, counties have to look deeper on providing universal education, guaranteeing health, provide equal access to opportunities. Why cannot all govt institutions procure required inputs from cooperatives than going with first class contractors, why cannot all public servants put thier children in govt schools, why cannot they just use govt hospitals?
Urgent efforts require to the way banking system amassed capital from public and the way it finance big players. Favoritism is rampant across political and financial circles. Until we break it there will never be a day to have equality.
Indian constitution guarantees Equality and if not explicitly the economic equality is part of social equality. The so called torch bearers of constitution has to answer why they could not make dent than continue to see inequality?
There is a correlation between wealth moving towards very few and social unrest. It can be a wise reminder for us to be conscious about repercussions and ensure for collective good.
Jai Hind.