August 01, 2010

Billionaires VS Poverty in India

Indian economy is growing steadily with the annual growth rate of more than 8%.India is one among few other countries which overcame the global economic recession more faster without more difficulty. The economy of India is the eleventh largest economy in the world by nominal GDP and the fourth largest by purchasing power parity (PPP).India ranks 4th in the country wise in dollar billionaire list with 49 billionaire’s. India has the most number of billionaires after the US, China, Russia and Germany. India’s 49 billionaires have a combined wealth of $222.1 billion —about 17% of India’s GDP. Two of the top 10 billionaires are from India. More ever India is proud to have approximately about 1, 00,000 millionaires.
Despite of rapid economic growth the other side of indicators about Indian economy is not pleasing. In contrast to India’s steady growth rate indicators suggests that 41.6 percent of population in India is living in below poverty line. One quarter of nation’s population earns less than 20 rupees per day. According to the World Bank report by 2015 as estimated 53 million people will live under extreme poverty and 23.6% of population will still live under the income dollar 1.25 per day. This number is expected to reduce to 20.3% people by 2020. A study by the Oxford Poverty and Human Development Initiative using a Multi-dimensional Poverty Index (MPI) found that there were 421 million poor living under the MPI in 8 north Indian states of Bihar, Chattisgarh, Jharkand, Madhya Pradesh, Orissa, Rajasthan, Uttar Pradesh and West Bengal. This number is higher than the 410 million poor living in the 26 poorest African nations.
As economists suggests, soon India will be among the leading economies of the world but still there is a long way to reach that landmark.
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