March 12 2021
If we don’t fight with income inequality today, the whole nation’s wealth will be held by the 1% rich. Income inequality is a severe threat to the economy. Though our nation is reputed for the fastest economic growth, inequality deteriorates us like a slow poison. Income inequality is sharply rising for three decades, where the rich will get huge wealth, and the poor will become the poorest. The unequal wealth distribution leads to a heavy imbalance in the whole system. We must address this issue during this stage to stop the abnormalities of its future outcomes.
Rich will become the richest very soon, and the poor will struggle for their livelihood and needful healthcare and quality education necessities. If this situation is pursued, then the poor will suffer to live in a dangerous condition where there is no access to minimum rights of food, healthcare, education, etc.
Income Inequality Stats:
Income inequality causes children and women to suffer more than compared adults. Following are the disruptive stats of the income inequality in India.
● 77% of the national wealth is held by the 10% population, during 2017–73% generated wealth went to 1% richest, whereas 67 million poorest Indians saw only a 1% wealth increase.
● India has 119 billionaires, and this number was 9 in 2000 and 101 in 2017. India can produce 70 brand new millionaires daily if income inequality is balanced.
● 10 Billionaires in India hold their income as more than the union budget during 2018–19, 24422 billion rupees.
● 63 Million ordinary people are dragged to poverty by spending on healthcare.
● We are 941 years back to balance the minimum wage in urban and rural areas.
Income Inequality effects:
Healthcare became a luxury for the poor as the public healthcare facilities are not impressive. Though India is a destination for medical tourism, our infant mortality rate is higher than lower economic African states. Poor are prone to lose their babies due to defective treatment in public clinics. Some of our hospitals lack incubators, which are mostly required for newborn survival.
Poor people can’t access the right healthcare due to the lack of health centers for everyone, and also the facilities are understaffed and ill-equipped. The poorest can’t afford quality private clinic services.
One more effect of income inequality is quality less education. It is quite normal for poor children to become child laborers to feed their families. When the kids don’t study, they can’t get a decent job or start any business. Finally, they live an utter poorer life than their parents as the costs of essential commodities increase in a year is not sufficient for their livelihood.
As the days pass by, costs for education, healthcare, commodities, services, and everything will rise except the poor’s earnings. To bring the change in the system, there is a need to increase the poor’s earning potential by introducing multiple
ISFH Involvement to reduce Income Inequality:
ISFH Foundation involves reducing the gap between the poor and the rich by encouraging poor people to earn. We support the poor to buy materials, rent a place, online selling, and backs until they grow and sustain up to a decent level.
ISFH means India Stands for Humanity. Hence we show our humanity to serve India by helping the poor people to do better. Support the ISFH income inequality mission to help someone to get a quality life. We focus on providing free services to the poor for their social upliftment and earning a fair amount. Join us at www.isfhfoundation.com