CURRENT AFFAIRS

Detailed explanation-1: -In particular, after 1990, the share of the national income of the top 10% and top 1% has consistently increased while the share of the national income of the bottom 50% has consistently declined. (See Ghatak (2021) for a review of this evidence based on the data provided by the World Inequality Database (WID).)

Detailed explanation-2: -Income inequality rose from 1913 to peaks in 1926 (1928 Gini 48.9, 1936 Gini 45.5) and 1941 (Gini 43.1), after which war-time measures of the Roosevelt administration began to equalize the income distribution. Social Security was enacted in 1935.

Detailed explanation-3: -The top 10% of the Indian population holds 77% of the total national wealth. 73% of the wealth generated in 2017 went to the richest 1%, while *670 million Indians who comprise the poorest half of the population saw only a 1% increase in their wealth. There are 119 billionaires in India.

Detailed explanation-4: -India improves its ranks to 123 on the Commitment to Reducing Inequality Index 2022. India has improved its ranking by 6 places in the recently released Commitment to Reducing Inequality Index (CRII) 2022. It has been ranked 123th in the world out of 161 countries.