Should India reverse economic reforms to reduce widening inequalities?
- Last week, the World Inequality Report (WIR) 2022 was released and it created quite a stir. That’s because the report claimed that: “Contemporary global inequalities are close to early 20th century levels, at the peak of Western imperialism”.
- “Income and wealth inequalities have been on the rise nearly everywhere since the 1980s, following a series of deregulation and liberalization programs which took different forms in different countries,” states the report.
- It further goes on to say: “The rise (in inequality) has not been uniform: certain countries have experienced spectacular increases in inequality (including the US, Russia and India) while others (European countries and China) have experienced relatively smaller rises.”