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Inequality is defined as the quality of being unequal or uneven. This term is known to man since long. In fact, the first use of the term inequality was as early as the 15th century.
Economic inequality is the unequal distribution of income & opportunity between different groups in society. Inequality is at the center step of economic policy debate across the globe especially in a developing country like India.
Inequality is measured by the Gini coefficient. The coefficient varies between 0 & 1, with 0 representing perfect equality & 1 perfect inequality.
In a growing economy like India, government must initiate effective measures to ensure te growth is even & inclusive, thus mitigating the risk of inequality. The first step is to ensure equality of opportunity for all groups, so that everyone competes on equal footing & becomes successful. For this government must invest in quality education not only in terms of funds but also fixing accountability for people tasked with managing the education sector. As an enhanced budget was allocated by both central & state governments, but still outcomes were very poor owing to lack of accountability. This has resulted in churning out millions of graduates every year who are unemployable. Subsequently, industry is not able to absorb the fresh graduates resulting in a peculiar phenomenon of jobless growth which has become a serious problem. This explains the rise in unemployment despite the growing economy. In fact, the latest GDP numbers show growth in consumption trailing GDP growth by more than half.
To sum up, Dr. D. Subba Rao, former RBI Governor put it aptly in his latest article: Deepening inequality is in part a corollary to rising unemployment.
Government must address this serious issue by ensuring decent quality education, adequate healthcare & improved infrastructure. This can be achieved by reforming the government departments offering these services.
These pieces are being published as they have been received – they have not been edited/fact-checked by ThePrint.