Inequality Financial News

ANI news agency quoted the Karnataka CM as saying on Monday. Siddaramaiah recalled that when he met the BJP leader 15 days earlier, they discussed politics, and V Srinivas did not seem pleased about it. While speaking to the reporters, the Karnataka CM stated, “A happy moment in politics are very rare.

Mint looks at the concept, the pros and cons of implementing it and the outcomes of past attempts. It is a process by which income and wealth is transferred from the rich to the poor through steps such as taxes, land reforms and welfare measures. This is done to bridge economic inequality in the system.

By Peter Shawn Taylor

Congress leader Rahul Gandhi's promise of wealth redistribution has kicked up a huge controversy. While the idea itself has been controversial — right from the bloody revolutions of the past century that promised the poor the wealth amassed by the rich to contemporary debates in economics on how to address inequality and poverty — a comment on Rahul's plan by Prime Minister Narendra Modi has brought the issue to the headlines. PM Modi alleged on Sunday that «Congress wanted to confiscate people's wealth and redistribute it to Muslims». Yesterday, adding that opposition parties had done nothing for Muslims, he reiterated his allegations, saying that the Congress was «looking to survey earnings and wealth of people, including their vehicles, property, and houses to redistribute it in line with a communist ideology that INDIA wanted to implement in the country». What did Rahul Gandhi say

In an interview with ANI, he noted that India, ever since the COVID-19 pandemic, has witnessed consistent growth at 7 per cent plus. He predicted that India will have 8 per cent growth in the fourth quarter and called it «good» growth considering the current global economic situation. Asked where India stands amid the current global economy, he responded, «I think India will continue to be the driver for global growth in the foreseeable future. The maximum sort of contributor to global growth. I expect growth in India to be consistently above 7 per cent in this decade. You would recall back in September 2021, when I was with the government as well. I predicted that India will emerge out of COVID with 7 per cent plus growth. So I continue to maintain that assessment.»

INDIA bloc has failed to gain much traction as its important allies JD(U) and RLD have walked out. He asserted that India needs greater empowerment for the underprivileged through better education, healthcare, and gender equity. “A cast census might be an exercise to consider.

India has lost much of its power due to disunity, Nobel laureate Amartya Sen said the Congress has many organisational problems that need remedying. In an interview with PTI, Sen said that a caste census might be an exercise to consider, but India needs greater empowerment for the underprivileged through better education, healthcare, and gender equity. The noted economist said he is «enormously proud» to be a citizen of a democratic country like India, but there is a need to «work harder to enhance the nation's democratic nature». Sen said the opposition bloc INDIA failed to gain much traction, with its important allies such as JD(U) and RLD walking out.

Artificial Intelligence (AI) in modern processes, including court proceedings, raises complex ethical, legal and practical considerations that demand a thorough examination, Chief Justice of India D Y Chandrachud said on Saturday. The CJI said AI represents the «next frontier of innovation» and its use in court adjudication presents both opportunities and challenges that warrant nuanced deliberation. Justice Chandrachud said while AI presents unprecedented opportunities, it also raises complex challenges, particularly concerning ethics, accountability and bias and addressing these challenges requires a concerted effort from stakeholders worldwide, transcending geographical and institutional boundaries. He was speaking at a two-day conference on technology and dialogue between the Supreme Courts of India and Singapore.

₹400 trillion in market capitalization, the sum of what all listed shares are worth. The impressive part is that participation has broadened vastly too. India boasts of over 150 million demat accounts, up from just 20 million or so a decade ago.

The World Inequality Lab (WIL) recently published a report, Income and Wealth Inequality in India 1922-2023: Rise of the Billionaire Raj. The subtitle is a nod to the name of a 2018 book by James Crabtree, then a Financial Times correspondent and considered an avid India watcher. The book described itself as a journey through India’s new gilded age and had the imprint of a journalist’s keen eye for detail and drama.

venture capital arm of Italy's Cassa Depositi e Prestiti (CDP) will invest 1 billion euros ($1.1 billion) over the next five years in artificial intelligence (AI) and cybersecurity, the state lender said on Monday. The government in March had announced its intention to set up an investment fund to promote projects in the AI sector, backed by CDP, as part of its broader push, as chair of the G7, to focus on the impact of AI on jobs and inequality.

Sonia Gandhi on Saturday accused Prime Minister Narendra Modi of tearing apart the country's dignity and democracy and claimed that various tactics were being used to force opposition leaders to join the BJP. Addressing an election event of the party here, the former Congress chief claimed that for the last 10 years, the country has been in the hands of a government that left no stone unturned to promote unemployment, inflation, economic crisis and inequality. «Today our country's democracy is in danger. Democratic institutions are being destroyed and a conspiracy is being hatched to change our Constitution,» she alleged, adding, «This is a dictatorship and we all will give a reply to this.» «Considering himself great, Modi ji is tearing apart the dignity of the country and its democracy,» Sonia Gandhi said.

Geoffrey G. Jones is the Isidor Straus Professor of Business History at Harvard Business School. Speaking to Srijana Mitra Das, he discusses the evolution of socially responsible companies: Q. In your book ‘Deeply Responsible Business’, what factors shaped values-driven leadership? A.

employment intensity of manufacturing is declining, and it will need to be buttressed by services, where India has an advantage over its East Asian neighbours. Services also have a bigger impact than manufacturing on reducing job market inequity such as gender, age and social bias.

Canadians are at risk of missing key financial milestones, particularly achieving the dream of homeownership — amid what Statistics Canada sees as a series of affordability challenges staring down the youngest generations.

India should be satisfied with the current growth rate unless the external environment improves, Member of Economic Advisory Council to the PM, Sanjeev Sanyal, said on Wednesday, terming economic expansion in the range of 7 per cent perfectly good. Sanyal further said it was necessary to protect the hard-earned macroeconomic stability. «Now look, it is possible for us to hit double-digit growth, but I would actually be rather careful about it. This whole game is about compounding growth,» Sanyal said while speaking at the Times Now Summit. India's economy grew at better-than-expected 8.4 per cent in the final three months of 2023, logging the fastest pace in the past one-and-a-half years.

Recently, a working paper titled ‘Income and Wealth Inequality in India, 1922-2023: The Rise of the Billionaire Raj,’ by Nitin Kumar Bharti, Lucas Chancel, Thomas Piketty and Anmol Somanchi was released. Sections of the Indian media lapped it up, forgetting that it is not a peer-reviewed paper; nor has it been published by any reputed journal. We present arguments here in the hope that it will leave readers better informed on inequality in India.

Income and wealth inequality in India are at a historical peak with the share of the richest 1% higher than in countries like China and Brazil, finds a new study by the World Inequality Lab. Left unattended, India could slide into a plutocracy, the authors warn. Mint takes a look.

A worrying trend has been identified, revealing that a palpable ideological chasm has emerged between young men and women. Research shows that while young women tend to be more liberal or progressive, young men as a group are becoming more conservative across the globe. Data reporter John Burn-Murdoch’s analysis of several surveys in Financial Times shows that in the US, UK and Germany, young women are at least 25 percentage points more liberal than young men, and a similar divide is seen in Poland, South Korea, China and Tunisia.

Congress attacked the government on Wednesday regarding a report that highlights income and wealth disparities in India spanning a century. Party general secretary for communications, Jairam Ramesh, stated that the report titled «Income and Wealth Inequality in India, 1922-2023: The Rise of the Billionaire Raj,» authored by renowned economists such as Thomas Piketty raises significant concerns. Ramesh claimed that under Prime Minister Narendra Modi's leadership, the wealth gap in India has surpassed that of the British colonial era, dubbing it "Narendra Modi's Billionaire Raj." «The bottom line is this: Narendra Modi's Billionaire Raj, nurtured by the Prime Minister to favour his friends and fund his party's campaigns, is now more unequal than even the British Raj,» he alleged.

Maharashtra and Rajasthan are among India’s large states in terms of population. The former is also among the most prosperous, with its economic growth driven by the services sector, primarily financial and IT services. The state accounted for over one-third of all direct tax collections in the country and around 15% of the GST mop-up last fiscal year.