India’s income gap (which is the difference in wages earned between different demographic) comes alongside a worsening wealth divide too.
This report is from this week's CNBC's"Inside India" newsletter which brings you timely, insightful news and market commentary on the emerging powerhouse and the big businesses behind its meteoric rise. Like what you see? You can subscribeThe nation's ultra-wealthy population — or people with at least $30 million — rose to 13,263 people in 2023, a 6.1% jump from the year before,. This number is slated to surge 50.
The rise in India's income and wealth inequality is not a result of the poor getting poorer, Sumedha Dasgupta, senior analyst at the Economist Intelligence Unit flags. The first group, or India 1, as the firm calls it, captures the"consuming class." Around 30 million households, or 120 million individuals, who have the disposable income to invest and purchase goods and services beyond necessities come under this category. They account for $800 billion or 60% of India's total consumption.
Private schools — which is an option for children from households with a monthly income of around 30,000-50,000 Indian rupees — would typically offer a better quality of primary and secondary education.
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