India now has more rich than poor
The growing economy has spun a wheel of fortune for Indians, with high income households outnumbering those in the low category for the first time at the end of 2009-10, according to estimates made by think-tank NCAER.
India has 46.7 million high income households as compared to 41 million in the low income category, the National Council of Applied Economic Research (NCAER) estimates on earnings and spendings have revealed.
"For the first time, the number of high income households is set to exceed the number of poor households in 2009-10," the NCAER said, adding that the middle income class continued to grow.
Households earning less than Rs 40,000 per annum (at 2001-02 prices) are dubbed as low income, whereas those with earnings over Rs 1.80 lakh fall in the high income category.
Those earning between Rs 45,000-Rs 1.80 lakh per annum are considered middle income households, whose number surged to 140.7 million out of the total of 228.4 Indian million families at the end of 2009-10.
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I dont know if congress should be given any credit for it? it is people of india that is growing..these political parties only are doing one good job of taking away their hands and liberalising the businessess
Well not denying the fact that India has got more poor than Africa. But still we can't remains sadistic always. If we have an iota of chance to cheer about, then we should make use of it.
sajeetharan wrote:
[quote]Well not denying the fact that India has got more poor than Africa. But still we can't remains sadistic always. If we have an iota of chance to cheer about, then we should make use of it.[/quote]
Sajeetharan. I agree that we should be proud of our achievement and be happy whenever we find. As Induia has large population, every thing including rich class or poor class will be more than small countries. We cannot consider absolute numbers. We must see ratio or proportion. We cannot compare total number of poor in our country to that in Africa. We should see proportion of poor to total population instead.
Incidentally, Sreedharan has remarked- we cannot remain sadistic always. I feel he means 'masochistic'. Sadist is one who gets pleasure in torturing others. One who always takes pleasures in hurting himself or lamenting on own shortcoming is a masochist and not a sadist.
G. K. Ajmani Tax consultant http://gkajmani-mystraythoughts.blogspot.com/
