Bharat and its billionaires
Several times a year, one money-minded organisation or another publishes a ‘rich list’. On this list are the names of the extraordinarily wealthy, the billionaires. Such a list is compiled by Forbes magazine. In this year’s list of billionaires, there are 90 Indians.
Perhaps it is the largest contingent of Indians on this list ever, perhaps their wealth is greater, singly and together, than ever before, perhaps the space below them (the almost-billionaires) is more crowded than ever. What must be of concern to us is the inequality that such a list represents. In the first two, perhaps three, Five Year Plans, cautions were expressed that the income (or wealth) multiple between the farmer and the labourer on the one hand and the entrepreneur or skilled manager on the other should not exceed 1 to 10.
In practice it was quite different, but the differences of the early 1990s – which is when economic liberalisation took hold in India – are microscopic compared to those of today. What’s more, the astronomically large differences in income/wealth of 2015 are actually celebrated as being evidence of India’s economic superpowerdom.
The current per capita national income is 88,533 rupees and it will take, as my disturbing panel of comparisons shows, the combined incomes of 677,713 such earners to equal the wealth of the 90th on the Forbes list of Indian billionaires. Likewise, there are six on the list of 90 with median incomes, and a median income is Rs 11.616 crore, which is equal to the entire Central Government budget outlay for agriculture (and allied activities) for 2015-16.