Sajith Pai Unpacks the 2024 Indus Valley Annual Report and the Changing Indian Consumer
Ideas of India
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Wealth Concentration Drives Inequality
A significant portion of India's remittances, specifically 20%, originates from the US, reflecting the financial contributions of its 4.5 million Indian diaspora. Despite the economic growth supported by remittances, a deepening divide in asset ownership is evident, primarily among the Indian elite who own most capital assets leading to increased financial inequality. Currently, a stark contrast exists within India's economy, as only 10% of its approximately 550-600 million workforce is part of the formal economy, with the IT sector alone contributing to 30% of the burgeoning middle class. This reliance on a few industries highlights systemic disparities in wealth distribution, suggesting the need for broader economic reforms.
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