Table of Contents

Economic Inequality

(Relevant for Economics section of General Studies Paper Prelims/Mains)

Economic disparity signifies the uneven distribution of both income and opportunities among various segments within a society.

Reasons for disparities

Historical Underpinnings: The persistent discrimination faced by specific social segments since historical epochs has hindered their access to education, employment, and healthcare. Despite the implementation of measures like Reservations post-Independence, their impact has been primarily limited to economic and political spheres and has not significantly addressed social advancement.
Gender Disparities: Women have traditionally been subjected to subordination, rendering them with fewer choices in life. The notion that educating girls is a financial burden on families has restricted their access to education, while limited employment options further compound their inequality.
Pervasive Informal Labor: An overwhelming 80% of India’s labor force operates within the informal sector. This form of employment lacks stability, regular remuneration, and social safety nets, thereby exacerbating the wage differential between the formal and informal sectors.
Agriculture Predicament: Despite a substantial segment of the population still relying on agriculture, the sector’s contribution to the overall GDP is diminishing.
Disparities Across States: Economic growth has exhibited disparities across sectors and geographic regions. For instance, while the Green Revolution yielded unequal benefits, with Western and Southern India profiting more than their Eastern counterparts.
Globalization’s Influence: The effects of globalization, including trade liberalization through platforms like the WTO, have amplified economic inequality, disproportionately favoring the affluent and negatively affecting local investors and producers.
Thomas Piketty’s Perspective: According to economist Thomas Piketty’s research, there has been a gradual reduction in tax progressivity, a tool that can help curb the rise in inequality. Additionally, privatization measures have led to increased wage inequality as government-set pay scales, which were less unequal, were removed.
Skill Gap and Jobless Expansion: Inadequate emphasis on skill development and the phenomenon of jobless growth have further widened the gap between different economic strata.

What can be done to reduce inequality

Governments can take steps to diminish inequality by rejecting the dominance of market fundamentalism, opposing the vested interests of powerful elites, and reforming the regulations and systems that have contributed to the existing disparities. These actions must encompass implementing measures that restructure wealth and authority to level the playing field.
There are primarily two crucial domains where policy changes could enhance economic equity: taxation and social expenditure. The significance of progressive taxation, which requires corporations and the wealthiest individuals to contribute more to the state to redistribute resources across society, cannot be understated. This role of taxation in lessening inequality has been well-documented across OECD and developing countries. The impact of tax can either be progressive or regressive, contingent on the government’s policy preferences.
Social spending on vital public services like education, healthcare, and social protection also plays a pivotal role. Comprehensive evidence spanning more than three decades and encompassing over 150 countries, both affluent and impoverished, underscores that investments in public services and social safeguards can effectively combat inequality. Oxfam has been a long-standing advocate for universal, cost-free public services.
Efforts should be directed towards liberating women from the countless unpaid hours they devote to family and household duties each day. Enhancing public services such as water, electricity, and childcare, which can diminish the time required for this unpaid labor, is essential. These services should be tailored to accommodate those who have limited time at their disposal.
Amplifying employment opportunities is critical, along with ensuring free access to high school education and expanding the availability of functional health facilities.
The concept of Universal Income Support should be embraced, as recommended by the Economic Survey 2016-17, suggesting that universal basic income should supplant, rather than supplement, existing social welfare programs.
Investments in human capital and public resources yield substantial positive impacts on private-sector productivity, with estimated returns ranging from 15% to over 45%. Enhanced human productivity not only bolsters labor productivity but also stimulates innovation and enhances the capacity to adopt novel technologies.
Measures ought to be adopted to bridge the immense wealth disparity that persists across different societal strata. A one-time windfall tax of 99% on the wealth gains of the top 10 richest individuals during the Covid-19 pandemic alone could generate $812 billion.
Implementing a wealth tax ranging from 1% for wealth exceeding $1 million to 3% for global billionaires could generate 1.6% of global income.
Efforts to combat wealth disparity in unequal societies should include eradicating caste discrimination.
Policymakers should prioritize making technology more affordable and widespread.
Investment in women is crucial. According to the IMF, if women’s participation in the workforce matched that of men, Japan’s growth could reach 9% per annum, while India’s could soar to 27%. It is imperative to focus on genuine solutions rather than indulging in a blame game.
Addressing asset inequality can be achieved through redistributive land reforms and inheritance taxes, while also curbing monopolies over water, forests, mineral resources, and financial power.
Supporting agriculture is essential, given that the World Bank asserts that agriculture can uplift 80% of the global poor residing in rural areas.
Creating opportunities for disadvantaged communities and youth should be a priority.
Domestic resource mobilization must be encouraged, and initiatives to foster development in both the public and private sectors should be undertaken.
Promoting sectoral training, apprenticeships, and earn-while-you-learn programs can contribute to skills development.
Raising the minimum wage and linking it to inflation is a vital measure.

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