Wealth inequality is quite stark worldwide. Even in India, wealth distribution is quite skewed. As seen in today's chart, Indian households having wealth of less than US$ 1 mn in 2014 owned 64% of the total private financial wealth of the country. Now being at the low end of the pyramid their proportion was always going to be higher. However, what is a bit discomforting is the fact that the wealth concentration of low income households is on a declining trend.
A closer look at the chart reveals that wealth distribution is not ideal. As seen in 2019, households that have wealth in excess of US$ 100 mn are expected to own 24% of the total private wealth of the country. If this indeed happens to be true then one fourth of the country's wealth will be concentrated in the hands of few millionaires!
Equitable wealth distribution has always been a matter of debate. There is one section of the society that believes philanthropy or higher taxes for the rich are amongst few alternatives to wipe off this skewness in wealth. However, there is another section that believes mandating philanthropy or taxing the rich at a higher rate may be discriminatory. The rich are rich because of their talent and hard work. And they are not undeserving. Thus, just because they are rich, it may not be just to ask them to contribute more towards societal welfare. Essentially that is the job of the government.
We do not know which school of thought you belong to but the fact of the matter is inequitable wealth concentration is a societal evil. And the focus should be on eliminating it. The super rich and the elite contributing to this noble cause without any compulsion would be a welcome move.
Instead of compulsory CSR it should be MSR ( My Social Responsibility ) as it has always been the case in the Indian Culture
A closer look at the chart reveals that wealth distribution is not ideal. As seen in 2019, households that have wealth in excess of US$ 100 mn are expected to own 24% of the total private wealth of the country. If this indeed happens to be true then one fourth of the country's wealth will be concentrated in the hands of few millionaires!
We do not know which school of thought you belong to but the fact of the matter is inequitable wealth concentration is a societal evil. And the focus should be on eliminating it. The super rich and the elite contributing to this noble cause without any compulsion would be a welcome move.
Instead of compulsory CSR it should be MSR ( My Social Responsibility ) as it has always been the case in the Indian Culture
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