cogitoergosum
2010-06-23 23:17:37 UTC
India's Fabulously Rich and Famous-Few, Phew!: Sid Harth
http://navanavonmilita.wordpress.com/2010/06/23/indias-fabulously-rich-and-famous-few-phew-sid-harth/
India has 1,26,700 dollar millionaires
Nitin Shrivastava & Malvika Tegta / DNA
Thursday, June 24, 2010 0:07 IST
Mumbai: There’s no dearth of fat cats in India. The number of
millionaires in the country grew by more than 50% last year, the
second-fastest in the Asia-Pacific region, compared to 2008, according
to a study by Merrill Lynch Global Wealth Management and Capgemini.
Last year, India had 1,26,700 people with more than $1 million, or
Rs4.6 crore, net worth, compared to 84,000 in 2008. That’s about one
in 10,000 given India’s population of 120 crore. The number of
millionaires had plunged in 2008 (from 1,23,000 in 2007) following the
global meltdown.
Hong Kong was the fastest dollar-millionaire producer — people with
more than a million doubled (104.4% to be exact) in the former British
principality. The other nations that saw the rich getting richer fast
were China and Brazil.
The number of millionaires in Asia rose to three million, matching
Europe for the first time.
An analysis by DNA shows that the wealth of the top 10 billionaires in
India grew by 70.3% during the calendar year 2009 — from Rs 3,55,205
crore to Rs 6,05,077 crore. Among them, Mukesh Ambani’s wealth grew by
75% to Rs1,66,556 crore.
The two following him on the list — Wipro’s Azim Premji and the
Vedanta Group’s Anil Agrawal — saw their wealth grow by 192.7% and
247.2%, respectively.
“In the case of India, the strong rebound in the numbers of high net-
worth individuals is highly correlated to the strong recovery in stock
market prices and strong outlook for India’s underlying economy,” said
Pradeep Dokania, chairman, Merrill Lynch Global Wealth Management,
India.
Strong government stimulus and a revival in consumer sentiment as a
result of which industrial output rose by 10.4% also helped drive GDP
growth by 7.4% last fiscal.
The stock markets proffered more than 100% returns in 2009 following a
64.1% decline in 2008.
The Merrill Lynch-Capgemini study reveals the risk appetite, which
took a beating post 2007, has started to return among the rich.
“The fear which was there in 2008 has gone but the investors still
remain cautious. The cash levels are coming down and the investors are
again going back to equities and fixed income instruments” said
Dokania.
The study, which was conducted using data from IMF, World Bank and
other government sources, covered 71 countries that constitute 98% of
the world GDP. It showed the population of dollar millionaires world
over rose back to 10 million in 2009 and their combined finanical
wealth jumped 18.90% to $39 trillion.
The millionaires remain highly concetrated in the US, Japan and
Germany, which together account for 53.5% of them. As risk appetite
among the rich rises, money allocated by the rich to buy stocks will
also increase, said Atul Singh, head of wealth management at Merrill
Lynch Wealth Management India.
“We expect the proportion of asset allocation towards equity to
increase to 35% by 2011 and cash levels to drop further to 13%. The
global investors also seem to be looking for diversification outside
their home countries to avoid risks. They are looking for predictable
returns by investing in simpler products,” Singh said.
1 comments have been posted
(The views expressed here are those of our readers and do not
necessarily reflect the views of DNAindia.com)navanavonmilita from
EriePosted on: Thursday, June 24, 2010 3:53 ISTGood news travels fast.
NRIs all over the world are rejoicing the private company's
contribution to their pride in India's rich and famous few. Why bother
quoting the rate of poverty, which is 70% of the population, 7000 in
every 10,000? There are no poor NRIs. Only poor Indians, thank god for
small mercies.
"Daridrinarayana", god of the poor, is not smiling
... and I am Sid Harth
http://www.dnaindia.com/india/report_india-has-126700-dollar-millionaires_1400486
Rich People's Palaces in the air
http://en.wikipedia.org/wiki/List_of_tallest_buildings_in_India
Poverty in India
From Wikipedia, the free encyclopedia
Percent of population living under the poverty line, over the final
quarter of the 20th century.Poverty in India is widespread with the
nation estimated to have a third of the world's poor. According to a
2005 World Bank estimate, 42% of India falls below the international
poverty line of $1.25 a day (PPP, in nominal terms Rs. 21.6 a day in
urban areas and Rs 14.3 in rural areas); having reduced from 90% in
1980.[1] According to the criterion used by the Planning Commission of
India 27.5% of the population was living below the poverty line in
2004–2005, down from 51.3% in 1977–1978, and 36% in 1993-1994.[2]
Since the 1950s, the Indian government and non-governmental
organizations have initiated several programs to alleviate poverty,
including subsidizing food and other necessities, increased access to
loans, improving agricultural techniques and price supports, and
promoting education and family planning. These measures have helped
eliminate famines, cut absolute poverty levels by more than half, and
reduced illiteracy and malnutrition.[3]
Poverty estimates
The World Bank estimates that 456 million Indians (41.6 % of the total
Indian population) now live under the global poverty line of $1.25 per
day (PPP). This means that a third of the global poor now reside in
India. However, this also represents a significant decline in poverty
from the 60 percent level in 1981 to 42 percent in 2005, although the
rupee has decreased in value since then, while the official standard
of 538/356 rupees per month has remained the same.[4][5] Income
inequality in India (Gini coefficient: 32.5 in year 1999- 2000)[6] is
increasing. On the other hand, the Planning Commission of India uses
its own criteria and has estimated that 27.5% of the population was
living below the poverty line in 2004–2005, down from 51.3% in 1977–
1978, and 36% in 1993-1994[2]. The source for this was the 61st round
of the National Sample Survey (NSS) and the criterion used was monthly
per capita consumption expenditure below Rs. 356.35 for rural areas
and Rs. 538.60 for urban areas. 75% of the poor are in rural areas,
most of them are daily wagers, self-employed householders and landless
labourers.
Although the Indian economy has grown steadily over the last two
decades, its growth has been uneven when comparing different social
groups, economic groups, geographic regions, and rural and urban areas.
[3] Between 1999 and 2008, the annualized growth rates for Gujarat
(8.8%), Haryana (8.7%), or Delhi (7.4%) were much higher than for
Bihar (5.1%), Uttar Pradesh (4.4%), or Madhya Pradesh (3.5%).[7]
Poverty rates in rural Orissa (43%) and rural Bihar (41%) are among
the world's most extreme.[8]
Despite significant economic progress, one quarter of the nation's
population earns less than the government-specified poverty threshold
of 12 rupees per day (approximately USD $0.25). Official figures
estimate that 27.5%[9] of Indians lived below the national poverty
line in 2004-2005.[10] A 2007 report by the state-run National
Commission for Enterprises in the Unorganised Sector (NCEUS) found
that 77% of Indians, or 836 million people, lived on less than 20
rupees (approximately USD $0.50 nominal; $2 PPP) per day.[11]
According to a recently released World Bank report, India is on track
to meet its poverty reduction goals however, by 2015 an estimated 53
million people will still live in extreme poverty and 23.6% of the
population will still live under $1.25 per day. This number is
expected to reduce to 20.3% or 268 million people by 2020.[12]
However, at the same time, the effects of the worldwide recession in
2009 have plunged 100 million more Indians into poverty than there
were in 2004 increasing the effective poverty rate from 27.5% to 37.2%.
[13]
As per the 2001 census, 35.5% of Indian households availed of banking
services, 35.1% owned a radio or transistor, 31.6% a television, 9.1%
a phone, 43.7% a bicycle, 11.7% a scooter, motorcycle or a moped, and
2.5% a car, jeep or van; 34.5% of the households had none of these
assets. [14] According to Department of Telecommunications of India
the phone density has reached 33.23% by Dec 2008 and has an annual
growth of 40%. [15]
Causes of poverty in India
Caste system
Further information: Caste system in India
According to S. M. Michael, Dalits constitute the bulk of poor and
unemployed.[16]
According to William A. Haviland, casteism is widespread in rural
areas, and continues to segregate Dalits[17]. Others, however, have
noted the steady rise and empowerment of the Dalits through social
reforms and the implementation of reservations in employment and
benefits.[18][19]
Caste explanations of poverty fail to account for the urban/rural
divide. Using the UN definition of poverty 65% of rural forward castes
are below the poverty line.[20]
British era
The Mughal era ended at about 1760. Jawaharlal Nehru claimed "A
significant fact which stands out is that those parts of India which
have been longest under British rule are the poorest today."[9] The
Indian economy was purposely and severely deindustrialized (especially
in the areas of textiles and metal-working) through colonial
privatizations, regulations, tariffs on manufactured or refined Indian
goods, taxes, and direct seizures, as noted by linguist and
commentator Noam Chomsky.[21] However, according to economist Angus
Maddison, such explanation ignores the role of changes in demand and
technology.[22]
India's economic policies
A rural worker drying cow dung in Bihar.In 1947, the average annual
income in India was $439, compared with $619 for China, $770 for South
Korea, and $936 for Taiwan. By 1999, the numbers were $1,818; $3,259;
$13,317; and $15,720.[23] (numbers are in 1990 international Maddison
dollars) In other words, the average income in India was not much
different from South Korea in 1947, but South Korea became a developed
country by 2000s. At the same time, India was left as one of the
world's poorer countries.
Hindu rate of growth is an expression used to refer to the low annual
growth rate of the economy of India, which stagnated around 3.5% from
1950s to 1980s, while per capita income averaged 1.3%.[24] At the same
time, Pakistan grew by 5%, Indonesia by 6%, Thailand by 7%, Taiwan by
8%, and South Korea by 9% and .[25] The term was coined by Indian
economist Raj Kumar Krishna.
License Raj refers to the elaborate licenses, regulations and the
accompanying red tape that were required to set up and run business in
India between 1947 and 1990.[26] The License Raj was a result of
India's decision to have a planned economy, where all aspects of the
economy are controlled by the state and licenses were given to a
select few. Corruption flourished under this system.[27]
The labyrinthine bureaucracy often led to absurd restrictions - up to
80 agencies had to be satisfied before a firm could be granted a
licence to produce and the state would decide what was produced, how
much, at what price and what sources of capital were used.
—BBC[28]
India had started out in the 1950s with:[29]
high growth rates
openness to trade and investment
a promotional state
social expenditure awareness
macro stability
but ended the 1980s with:[29]
low growth rates (Hindu rate of growth)
closure to trade and investment
a license-obsessed, restrictive state (License Raj)
inability to sustain social expenditures
macro instability, indeed crisis.
Poverty has decreased significantly since reforms were started in the
1980s.[30][31]
Also:
Over-reliance on agriculture. There is a surplus of labour in
agriculture. Farmers are a large vote bank and use their votes to
resist reallocation of land for higher-income industrial projects.
While services and industry have grown at double digit figures,
agriculture growth rate has dropped from 4.8% to 2%. About 60% of the
population depends on agriculture whereas the contribution of
agriculture to the GDP is about 18%.[32]
High population growth rate, although demographers generally agree
that this is a symptom rather than cause of poverty.
Despite this, India currently adds 40 million people to its middle
class every year.[citation needed] Analysts such as the founder of
"Forecasting International", Marvin J. Cetron writes that an estimated
300 million Indians now belong to the middle class; one-third of them
have emerged from poverty in the last ten years. At the current rate
of growth, a majority of Indians will be middle-class by 2025.
Literacy rates have risen from 52 percent to 65 percent in the same
period.[33]
Neo-liberal policies and their effects
Other points of view hold that the economic reforms initiated in the
early 1990s are responsible for the collapse of rural economies and
the agrarian crisis currently underway. As journalist and the Rural
Affairs editor for The Hindu, P Sainath describes in his reports on
the rural economy in India, the level of inequality has risen to
extraordinary levels, when at the same time, hunger in India has
reached its highest level in decades. He also points out that rural
economies across India have collapsed, or on the verge of collapse due
to the neo-liberal policies of the government of India since the
1990s[34]. The human cost of the "liberalisation" has been very high.
The huge wave of farm suicides in Indian rural population from 1997 to
2007 totaled close to 200,000, according to official statistics[35].
That number remains disputed, with some saying the true number is much
higher. Commentators have faulted the policies pursued by the
government which, according to Sainath, resulted in a very high
portion of rural households getting into the debt cycle, resulting in
a very high number of farm suicides. As professor Utsa Patnaik,
India’s top economist on agriculture, has pointed out, the average
poor family in 2007 has about 100 kg less food per year than it did in
1997[36].
Government policies encouraging farmers to switch to cash crops, in
place of traditional food crops, has resulted in an extraordinary
increase in farm input costs, while market forces determined the price
of the cash crop[37]. Sainath points out that a disproportionately
large number of affected farm suicides have occurred with cash crops,
because with food crops such as rice, even if the price falls, there
is food left to survive on. He also points out that inequality has
reached one of the highest rates India has ever seen. In a report by
Chetan Ahya, Executive Director at Morgan Stanley, it is pointed out
that there has been a wealth increase of close to $1 Trillion in the
time frame of 2003-2007 in the Indian stock market, while only 4-7% of
the Indian population hold any equity[38]. During the time when Public
investment in agriculture shrank to 2% of the GDP, the nation suffered
the worst agrarian crisis in decades, the same time as India became
the nation of second highest number of dollar billionaires[39].
Sainath argues that
Farm incomes have collapsed. Hunger has grown very fast. Public
investment in agriculture shrank to nothing a long time ago.
Employment has collapsed. Non-farm employment has stagnated. (Only the
National Rural Employment Guarantee Act has brought some limited
relief in recent times.) Millions move towards towns and cities where,
too, there are few jobs to be found.
In one estimate, over 85 per cent of rural households are either
landless, sub-marginal, marginal or small farmers. Nothing has
happened in 15 years that has changed that situation for the better.
Much has happened to make it a lot worse.
Those who have taken their lives were deep in debt – peasant
households in debt doubled in the first decade of the neoliberal
“economic reforms,” from 26 per cent of farm households to 48.6 per
cent. Meanwhile, all along, India kept reducing investment in
agriculture (standard neoliberal procedure). Life was being made more
and more impossible for small farmers.
As of 2006, the government spends less than 0.2% of GDP on agriculture
and less than 3% of GDP on education[40]. However, some government
schemes such as the mid-day meal scheme, and the NREGA have been
partially successful in providing a lifeline for the rural economy and
curbing the further rise of poverty.
Efforts to alleviate poverty
Since the early 1950s, govt has initiated, sustained, and refined
various planning schemes to help the poor attain self sufficiency in
food production. Probably the most important initiative has been the
supply of basic commodities, particularly food at controlled prices,
available throughout the country as poor spend about 80 percent of
their income on food.
Outlook for poverty alleviation
Eradication of poverty in India is generally only considered to be a
long-term goal. Poverty alleviation is expected to make better
progress in the next 50 years than in the past, as a trickle-down
effect of the growing middle class. Increasing stress on education,
reservation of seats in government jobs and the increasing empowerment
of women and the economically weaker sections of society, are also
expected to contribute to the alleviation of poverty. It is incorrect
to say that all poverty reduction programmes have failed. The growth
of the middle class (which was virtually non-existent when India
became a free nation in August 1947) indicates that economic
prosperity has indeed been very impressive in India, but the
distribution of wealth is not at all even.
After the liberalization process and moving away from the socialist
model, India is adding 60 to 70 million people to its middle class
every year. Analysts such as the founder of "Forecasting
International", Marvin J. Cetron writes that an estimated 390 million
Indians now belong to the middle class; one-third of them have emerged
from poverty in the last ten years. At the current rate of growth, a
majority of Indians will be middle-class by 2025. Literacy rates have
risen from 52 percent to 65 percent during the initial decade of
liberalization (1991-2001).[citation needed]
Controversy over extent of poverty reduction
The definition of poverty in India has been called into question by
the UN World Food Programme. In its report on global hunger index, it
questioned the government of India's definition of poverty saying:
The fact that calorie deprivation is increasing during a period when
the proportion of rural population below the poverty line is said to
be declining rapidly, highlights the increasing disconnect between
official poverty estimates and calorie deprivation.[41]
While total overall poverty in India has declined, the extent of
poverty reduction is often debated. While there is a consensus that
there has not been increase in poverty between 1993-94 and 2004-05,
the picture is not so clear if one considers other non-pecuniary
dimensions (such as health, education, crime and access to
infrastructure). With the rapid economic growth that India is
experiencing, it is likely that a significant fraction of the rural
population will continue to migrate toward cities, making the issue of
urban poverty more significant in the long run [42].
Some, like journalist P Sainath, hold the view that while absolute
poverty may not have increased, India remains at a abysmal rank in the
UN Human Development Index. India is positioned at 132ond place in the
2007-08 UN HDI index. It is the lowest rank for the country in over 10
years. In 1992, India was at 122ond place in the same index. It can
even be argued that the situation has become worse on critical
indicators of overall well-being such as the number of people who are
undernourished (India has the highest number of malnourished people,
at 230 million, and is 94th of 119 in the world hunger index), and the
number of malnourished children (43% of India's children under 5 are
underweight (BMI<18.5), the highest in the world) as of 2008[43].
Economist Pravin Visaria has defended the validity of many of the
statistics that demonstrated the reduction in overall poverty in
India, as well as the declaration made by India's former Finance
Minister Yashwant Sinha that poverty in India has reduced
significantly. He insisted that the 1999-2000 survey was well designed
and supervised and felt that just because they did not appear to fit
preconceived notions about poverty in India, they should not be
dismissed outright[44]. Nicholas Stern, vice president of the World
Bank, has published defenses of the poverty reduction statistics. He
argues that increasing globalization and investment opportunities have
contributed significantly to the reduction of poverty in the country.
India, together with China, have shown the clearest trends of
globalization with the accelerated rise in per-capita income.[45].
A 2007 report by the state-run National Commission for Enterprises in
the Unorganised Sector (NCEUS) found that 77% of Indians, or 836
million people, lived on less than 20 rupees per day (USD 0.50
nominal, USD 2.0 in PPP), with most working in "informal labour sector
with no job or social security, living in abject poverty."[46][47]
However, a new report from the UN disputes this, finding that the
number of people living on $1.25 a day is expected to go down from 435
million or 51.3 percent in 1990 to 295 million or 23.6 percent by 2015
and 268 million or 20.3 percent by 2020. [48]
A study by the McKinsey Global Institute found that in 1985, 93% of
the Indian population lived on a household income of less than 90,000
rupees a year, or about a dollar per person per day; by 2005 that
proportion had been cut nearly in half, to 54%. More than 103 million
people have moved out of desperate poverty in the course of one
generation in urban and rural areas as well. They project that if
India can achieve 7.3% annual growth over the next 20 years, 465
million more people will be lifted out of poverty. Contrary to popular
perceptions, rural India has benefited from this growth: extreme rural
poverty has declined from 94% in 1985 to 61% in 2005, and they project
that it will drop to 26% by 2025. Report concludes that India's
economic reforms and the increased growth that has resulted have been
the most successful anti-poverty programmes in the country.[49][50]
[51]
Persistence of malnutrition among children
According to the New York Times, is estimated that about 42.5% of the
children in India suffer from malnutrition.[52] The World Bank, citing
estimates made by the World Health Organization, states "that about 49
per cent of the world's underweight children, 34 per cent of the
world's stunted children and 46 per cent of the world's wasted
children, live in India." The World Bank also noted that "[w]hile
poverty is often the underlying cause of malnutrition in children, the
superior economic growth experienced by South Asian countries compared
to those in Sub-Saharan Africa, has not translated into superior
nutritional status for the South Asian child."[53]
A special commission to the Indian Supreme court has noted that the
child malnutrition rate in India is twice as great as sub-Saharan
Africa [54]
See also
Family planning in India
http://en.wikipedia.org/wiki/Family_planning_in_India
Economy of India
http://en.wikipedia.org/wiki/Economy_of_India
Poverty by country
http://en.wikipedia.org/wiki/Poverty_by_country
Dharavi (Slum)
http://en.wikipedia.org/wiki/Dharavi
Pavement dwellers
http://en.wikipedia.org/wiki/Pavement_dwellers
Housing in India
http://en.wikipedia.org/wiki/Housing_in_India
Electricity sector in India
http://en.wikipedia.org/wiki/Electricity_sector_in_India
Water supply and sanitation in India
http://en.wikipedia.org/wiki/Water_supply_and_sanitation_in_India
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Further reading
Poverty in India, World Bank
http://web.worldbank.org/WBSITE/EXTERNAL/COUNTRIES/SOUTHASIAEXT/EXTSAREGTOPPOVRED/0,,contentMDK:20574067~menuPK:493447~pagePK:34004173~piPK:34003707~theSitePK:493441,00.html
"Can India eradicate poverty? Will India's economic boom help the
poor?"
http://newsforums.bbc.co.uk/nol/thread.jspa?messageID=2279464&start=1605&tstart=0&&edition=2&ttl=20070217165339
"World Hunger - India"
http://www.wfp.org/node/3485
George, Abraham, Wharton Business School Publications - Why the Fight
Against Poverty is Failing: A Contrarian View
http://knowledge.wharton.upenn.edu/india/article.cfm?articleid=4114&specialid=1&CFID=1824805&CFTOKEN=37907590
Poverty and riches in booming India
http://www.spiegel.de/international/world/0,1518,499166,00.html
External links
Rural poverty in India (IFAD) http://www.ruralpovertyportal.org/web/guest/home
Poverty in India 2 http://gamma.nic.fi/~otammile/povindia.htm
Categories:
Poverty in India | http://en.wikipedia.org/wiki/Category:Poverty_in_India
Economy of India | http://en.wikipedia.org/wiki/Category:Economy_of_India
Indian society | http://en.wikipedia.org/wiki/Category:Indian_society
This page was last modified on 17 June 2010 at 06:34.
http://en.wikipedia.org/wiki/Poverty_in_India
...and I am Sid Harth
http://navanavonmilita.wordpress.com/2010/06/23/indias-fabulously-rich-and-famous-few-phew-sid-harth/
India has 1,26,700 dollar millionaires
Nitin Shrivastava & Malvika Tegta / DNA
Thursday, June 24, 2010 0:07 IST
Mumbai: There’s no dearth of fat cats in India. The number of
millionaires in the country grew by more than 50% last year, the
second-fastest in the Asia-Pacific region, compared to 2008, according
to a study by Merrill Lynch Global Wealth Management and Capgemini.
Last year, India had 1,26,700 people with more than $1 million, or
Rs4.6 crore, net worth, compared to 84,000 in 2008. That’s about one
in 10,000 given India’s population of 120 crore. The number of
millionaires had plunged in 2008 (from 1,23,000 in 2007) following the
global meltdown.
Hong Kong was the fastest dollar-millionaire producer — people with
more than a million doubled (104.4% to be exact) in the former British
principality. The other nations that saw the rich getting richer fast
were China and Brazil.
The number of millionaires in Asia rose to three million, matching
Europe for the first time.
An analysis by DNA shows that the wealth of the top 10 billionaires in
India grew by 70.3% during the calendar year 2009 — from Rs 3,55,205
crore to Rs 6,05,077 crore. Among them, Mukesh Ambani’s wealth grew by
75% to Rs1,66,556 crore.
The two following him on the list — Wipro’s Azim Premji and the
Vedanta Group’s Anil Agrawal — saw their wealth grow by 192.7% and
247.2%, respectively.
“In the case of India, the strong rebound in the numbers of high net-
worth individuals is highly correlated to the strong recovery in stock
market prices and strong outlook for India’s underlying economy,” said
Pradeep Dokania, chairman, Merrill Lynch Global Wealth Management,
India.
Strong government stimulus and a revival in consumer sentiment as a
result of which industrial output rose by 10.4% also helped drive GDP
growth by 7.4% last fiscal.
The stock markets proffered more than 100% returns in 2009 following a
64.1% decline in 2008.
The Merrill Lynch-Capgemini study reveals the risk appetite, which
took a beating post 2007, has started to return among the rich.
“The fear which was there in 2008 has gone but the investors still
remain cautious. The cash levels are coming down and the investors are
again going back to equities and fixed income instruments” said
Dokania.
The study, which was conducted using data from IMF, World Bank and
other government sources, covered 71 countries that constitute 98% of
the world GDP. It showed the population of dollar millionaires world
over rose back to 10 million in 2009 and their combined finanical
wealth jumped 18.90% to $39 trillion.
The millionaires remain highly concetrated in the US, Japan and
Germany, which together account for 53.5% of them. As risk appetite
among the rich rises, money allocated by the rich to buy stocks will
also increase, said Atul Singh, head of wealth management at Merrill
Lynch Wealth Management India.
“We expect the proportion of asset allocation towards equity to
increase to 35% by 2011 and cash levels to drop further to 13%. The
global investors also seem to be looking for diversification outside
their home countries to avoid risks. They are looking for predictable
returns by investing in simpler products,” Singh said.
1 comments have been posted
(The views expressed here are those of our readers and do not
necessarily reflect the views of DNAindia.com)navanavonmilita from
EriePosted on: Thursday, June 24, 2010 3:53 ISTGood news travels fast.
NRIs all over the world are rejoicing the private company's
contribution to their pride in India's rich and famous few. Why bother
quoting the rate of poverty, which is 70% of the population, 7000 in
every 10,000? There are no poor NRIs. Only poor Indians, thank god for
small mercies.
"Daridrinarayana", god of the poor, is not smiling
... and I am Sid Harth
http://www.dnaindia.com/india/report_india-has-126700-dollar-millionaires_1400486
Rich People's Palaces in the air
http://en.wikipedia.org/wiki/List_of_tallest_buildings_in_India
Poverty in India
From Wikipedia, the free encyclopedia
Percent of population living under the poverty line, over the final
quarter of the 20th century.Poverty in India is widespread with the
nation estimated to have a third of the world's poor. According to a
2005 World Bank estimate, 42% of India falls below the international
poverty line of $1.25 a day (PPP, in nominal terms Rs. 21.6 a day in
urban areas and Rs 14.3 in rural areas); having reduced from 90% in
1980.[1] According to the criterion used by the Planning Commission of
India 27.5% of the population was living below the poverty line in
2004–2005, down from 51.3% in 1977–1978, and 36% in 1993-1994.[2]
Since the 1950s, the Indian government and non-governmental
organizations have initiated several programs to alleviate poverty,
including subsidizing food and other necessities, increased access to
loans, improving agricultural techniques and price supports, and
promoting education and family planning. These measures have helped
eliminate famines, cut absolute poverty levels by more than half, and
reduced illiteracy and malnutrition.[3]
Poverty estimates
The World Bank estimates that 456 million Indians (41.6 % of the total
Indian population) now live under the global poverty line of $1.25 per
day (PPP). This means that a third of the global poor now reside in
India. However, this also represents a significant decline in poverty
from the 60 percent level in 1981 to 42 percent in 2005, although the
rupee has decreased in value since then, while the official standard
of 538/356 rupees per month has remained the same.[4][5] Income
inequality in India (Gini coefficient: 32.5 in year 1999- 2000)[6] is
increasing. On the other hand, the Planning Commission of India uses
its own criteria and has estimated that 27.5% of the population was
living below the poverty line in 2004–2005, down from 51.3% in 1977–
1978, and 36% in 1993-1994[2]. The source for this was the 61st round
of the National Sample Survey (NSS) and the criterion used was monthly
per capita consumption expenditure below Rs. 356.35 for rural areas
and Rs. 538.60 for urban areas. 75% of the poor are in rural areas,
most of them are daily wagers, self-employed householders and landless
labourers.
Although the Indian economy has grown steadily over the last two
decades, its growth has been uneven when comparing different social
groups, economic groups, geographic regions, and rural and urban areas.
[3] Between 1999 and 2008, the annualized growth rates for Gujarat
(8.8%), Haryana (8.7%), or Delhi (7.4%) were much higher than for
Bihar (5.1%), Uttar Pradesh (4.4%), or Madhya Pradesh (3.5%).[7]
Poverty rates in rural Orissa (43%) and rural Bihar (41%) are among
the world's most extreme.[8]
Despite significant economic progress, one quarter of the nation's
population earns less than the government-specified poverty threshold
of 12 rupees per day (approximately USD $0.25). Official figures
estimate that 27.5%[9] of Indians lived below the national poverty
line in 2004-2005.[10] A 2007 report by the state-run National
Commission for Enterprises in the Unorganised Sector (NCEUS) found
that 77% of Indians, or 836 million people, lived on less than 20
rupees (approximately USD $0.50 nominal; $2 PPP) per day.[11]
According to a recently released World Bank report, India is on track
to meet its poverty reduction goals however, by 2015 an estimated 53
million people will still live in extreme poverty and 23.6% of the
population will still live under $1.25 per day. This number is
expected to reduce to 20.3% or 268 million people by 2020.[12]
However, at the same time, the effects of the worldwide recession in
2009 have plunged 100 million more Indians into poverty than there
were in 2004 increasing the effective poverty rate from 27.5% to 37.2%.
[13]
As per the 2001 census, 35.5% of Indian households availed of banking
services, 35.1% owned a radio or transistor, 31.6% a television, 9.1%
a phone, 43.7% a bicycle, 11.7% a scooter, motorcycle or a moped, and
2.5% a car, jeep or van; 34.5% of the households had none of these
assets. [14] According to Department of Telecommunications of India
the phone density has reached 33.23% by Dec 2008 and has an annual
growth of 40%. [15]
Causes of poverty in India
Caste system
Further information: Caste system in India
According to S. M. Michael, Dalits constitute the bulk of poor and
unemployed.[16]
According to William A. Haviland, casteism is widespread in rural
areas, and continues to segregate Dalits[17]. Others, however, have
noted the steady rise and empowerment of the Dalits through social
reforms and the implementation of reservations in employment and
benefits.[18][19]
Caste explanations of poverty fail to account for the urban/rural
divide. Using the UN definition of poverty 65% of rural forward castes
are below the poverty line.[20]
British era
The Mughal era ended at about 1760. Jawaharlal Nehru claimed "A
significant fact which stands out is that those parts of India which
have been longest under British rule are the poorest today."[9] The
Indian economy was purposely and severely deindustrialized (especially
in the areas of textiles and metal-working) through colonial
privatizations, regulations, tariffs on manufactured or refined Indian
goods, taxes, and direct seizures, as noted by linguist and
commentator Noam Chomsky.[21] However, according to economist Angus
Maddison, such explanation ignores the role of changes in demand and
technology.[22]
India's economic policies
A rural worker drying cow dung in Bihar.In 1947, the average annual
income in India was $439, compared with $619 for China, $770 for South
Korea, and $936 for Taiwan. By 1999, the numbers were $1,818; $3,259;
$13,317; and $15,720.[23] (numbers are in 1990 international Maddison
dollars) In other words, the average income in India was not much
different from South Korea in 1947, but South Korea became a developed
country by 2000s. At the same time, India was left as one of the
world's poorer countries.
Hindu rate of growth is an expression used to refer to the low annual
growth rate of the economy of India, which stagnated around 3.5% from
1950s to 1980s, while per capita income averaged 1.3%.[24] At the same
time, Pakistan grew by 5%, Indonesia by 6%, Thailand by 7%, Taiwan by
8%, and South Korea by 9% and .[25] The term was coined by Indian
economist Raj Kumar Krishna.
License Raj refers to the elaborate licenses, regulations and the
accompanying red tape that were required to set up and run business in
India between 1947 and 1990.[26] The License Raj was a result of
India's decision to have a planned economy, where all aspects of the
economy are controlled by the state and licenses were given to a
select few. Corruption flourished under this system.[27]
The labyrinthine bureaucracy often led to absurd restrictions - up to
80 agencies had to be satisfied before a firm could be granted a
licence to produce and the state would decide what was produced, how
much, at what price and what sources of capital were used.
—BBC[28]
India had started out in the 1950s with:[29]
high growth rates
openness to trade and investment
a promotional state
social expenditure awareness
macro stability
but ended the 1980s with:[29]
low growth rates (Hindu rate of growth)
closure to trade and investment
a license-obsessed, restrictive state (License Raj)
inability to sustain social expenditures
macro instability, indeed crisis.
Poverty has decreased significantly since reforms were started in the
1980s.[30][31]
Also:
Over-reliance on agriculture. There is a surplus of labour in
agriculture. Farmers are a large vote bank and use their votes to
resist reallocation of land for higher-income industrial projects.
While services and industry have grown at double digit figures,
agriculture growth rate has dropped from 4.8% to 2%. About 60% of the
population depends on agriculture whereas the contribution of
agriculture to the GDP is about 18%.[32]
High population growth rate, although demographers generally agree
that this is a symptom rather than cause of poverty.
Despite this, India currently adds 40 million people to its middle
class every year.[citation needed] Analysts such as the founder of
"Forecasting International", Marvin J. Cetron writes that an estimated
300 million Indians now belong to the middle class; one-third of them
have emerged from poverty in the last ten years. At the current rate
of growth, a majority of Indians will be middle-class by 2025.
Literacy rates have risen from 52 percent to 65 percent in the same
period.[33]
Neo-liberal policies and their effects
Other points of view hold that the economic reforms initiated in the
early 1990s are responsible for the collapse of rural economies and
the agrarian crisis currently underway. As journalist and the Rural
Affairs editor for The Hindu, P Sainath describes in his reports on
the rural economy in India, the level of inequality has risen to
extraordinary levels, when at the same time, hunger in India has
reached its highest level in decades. He also points out that rural
economies across India have collapsed, or on the verge of collapse due
to the neo-liberal policies of the government of India since the
1990s[34]. The human cost of the "liberalisation" has been very high.
The huge wave of farm suicides in Indian rural population from 1997 to
2007 totaled close to 200,000, according to official statistics[35].
That number remains disputed, with some saying the true number is much
higher. Commentators have faulted the policies pursued by the
government which, according to Sainath, resulted in a very high
portion of rural households getting into the debt cycle, resulting in
a very high number of farm suicides. As professor Utsa Patnaik,
India’s top economist on agriculture, has pointed out, the average
poor family in 2007 has about 100 kg less food per year than it did in
1997[36].
Government policies encouraging farmers to switch to cash crops, in
place of traditional food crops, has resulted in an extraordinary
increase in farm input costs, while market forces determined the price
of the cash crop[37]. Sainath points out that a disproportionately
large number of affected farm suicides have occurred with cash crops,
because with food crops such as rice, even if the price falls, there
is food left to survive on. He also points out that inequality has
reached one of the highest rates India has ever seen. In a report by
Chetan Ahya, Executive Director at Morgan Stanley, it is pointed out
that there has been a wealth increase of close to $1 Trillion in the
time frame of 2003-2007 in the Indian stock market, while only 4-7% of
the Indian population hold any equity[38]. During the time when Public
investment in agriculture shrank to 2% of the GDP, the nation suffered
the worst agrarian crisis in decades, the same time as India became
the nation of second highest number of dollar billionaires[39].
Sainath argues that
Farm incomes have collapsed. Hunger has grown very fast. Public
investment in agriculture shrank to nothing a long time ago.
Employment has collapsed. Non-farm employment has stagnated. (Only the
National Rural Employment Guarantee Act has brought some limited
relief in recent times.) Millions move towards towns and cities where,
too, there are few jobs to be found.
In one estimate, over 85 per cent of rural households are either
landless, sub-marginal, marginal or small farmers. Nothing has
happened in 15 years that has changed that situation for the better.
Much has happened to make it a lot worse.
Those who have taken their lives were deep in debt – peasant
households in debt doubled in the first decade of the neoliberal
“economic reforms,” from 26 per cent of farm households to 48.6 per
cent. Meanwhile, all along, India kept reducing investment in
agriculture (standard neoliberal procedure). Life was being made more
and more impossible for small farmers.
As of 2006, the government spends less than 0.2% of GDP on agriculture
and less than 3% of GDP on education[40]. However, some government
schemes such as the mid-day meal scheme, and the NREGA have been
partially successful in providing a lifeline for the rural economy and
curbing the further rise of poverty.
Efforts to alleviate poverty
Since the early 1950s, govt has initiated, sustained, and refined
various planning schemes to help the poor attain self sufficiency in
food production. Probably the most important initiative has been the
supply of basic commodities, particularly food at controlled prices,
available throughout the country as poor spend about 80 percent of
their income on food.
Outlook for poverty alleviation
Eradication of poverty in India is generally only considered to be a
long-term goal. Poverty alleviation is expected to make better
progress in the next 50 years than in the past, as a trickle-down
effect of the growing middle class. Increasing stress on education,
reservation of seats in government jobs and the increasing empowerment
of women and the economically weaker sections of society, are also
expected to contribute to the alleviation of poverty. It is incorrect
to say that all poverty reduction programmes have failed. The growth
of the middle class (which was virtually non-existent when India
became a free nation in August 1947) indicates that economic
prosperity has indeed been very impressive in India, but the
distribution of wealth is not at all even.
After the liberalization process and moving away from the socialist
model, India is adding 60 to 70 million people to its middle class
every year. Analysts such as the founder of "Forecasting
International", Marvin J. Cetron writes that an estimated 390 million
Indians now belong to the middle class; one-third of them have emerged
from poverty in the last ten years. At the current rate of growth, a
majority of Indians will be middle-class by 2025. Literacy rates have
risen from 52 percent to 65 percent during the initial decade of
liberalization (1991-2001).[citation needed]
Controversy over extent of poverty reduction
The definition of poverty in India has been called into question by
the UN World Food Programme. In its report on global hunger index, it
questioned the government of India's definition of poverty saying:
The fact that calorie deprivation is increasing during a period when
the proportion of rural population below the poverty line is said to
be declining rapidly, highlights the increasing disconnect between
official poverty estimates and calorie deprivation.[41]
While total overall poverty in India has declined, the extent of
poverty reduction is often debated. While there is a consensus that
there has not been increase in poverty between 1993-94 and 2004-05,
the picture is not so clear if one considers other non-pecuniary
dimensions (such as health, education, crime and access to
infrastructure). With the rapid economic growth that India is
experiencing, it is likely that a significant fraction of the rural
population will continue to migrate toward cities, making the issue of
urban poverty more significant in the long run [42].
Some, like journalist P Sainath, hold the view that while absolute
poverty may not have increased, India remains at a abysmal rank in the
UN Human Development Index. India is positioned at 132ond place in the
2007-08 UN HDI index. It is the lowest rank for the country in over 10
years. In 1992, India was at 122ond place in the same index. It can
even be argued that the situation has become worse on critical
indicators of overall well-being such as the number of people who are
undernourished (India has the highest number of malnourished people,
at 230 million, and is 94th of 119 in the world hunger index), and the
number of malnourished children (43% of India's children under 5 are
underweight (BMI<18.5), the highest in the world) as of 2008[43].
Economist Pravin Visaria has defended the validity of many of the
statistics that demonstrated the reduction in overall poverty in
India, as well as the declaration made by India's former Finance
Minister Yashwant Sinha that poverty in India has reduced
significantly. He insisted that the 1999-2000 survey was well designed
and supervised and felt that just because they did not appear to fit
preconceived notions about poverty in India, they should not be
dismissed outright[44]. Nicholas Stern, vice president of the World
Bank, has published defenses of the poverty reduction statistics. He
argues that increasing globalization and investment opportunities have
contributed significantly to the reduction of poverty in the country.
India, together with China, have shown the clearest trends of
globalization with the accelerated rise in per-capita income.[45].
A 2007 report by the state-run National Commission for Enterprises in
the Unorganised Sector (NCEUS) found that 77% of Indians, or 836
million people, lived on less than 20 rupees per day (USD 0.50
nominal, USD 2.0 in PPP), with most working in "informal labour sector
with no job or social security, living in abject poverty."[46][47]
However, a new report from the UN disputes this, finding that the
number of people living on $1.25 a day is expected to go down from 435
million or 51.3 percent in 1990 to 295 million or 23.6 percent by 2015
and 268 million or 20.3 percent by 2020. [48]
A study by the McKinsey Global Institute found that in 1985, 93% of
the Indian population lived on a household income of less than 90,000
rupees a year, or about a dollar per person per day; by 2005 that
proportion had been cut nearly in half, to 54%. More than 103 million
people have moved out of desperate poverty in the course of one
generation in urban and rural areas as well. They project that if
India can achieve 7.3% annual growth over the next 20 years, 465
million more people will be lifted out of poverty. Contrary to popular
perceptions, rural India has benefited from this growth: extreme rural
poverty has declined from 94% in 1985 to 61% in 2005, and they project
that it will drop to 26% by 2025. Report concludes that India's
economic reforms and the increased growth that has resulted have been
the most successful anti-poverty programmes in the country.[49][50]
[51]
Persistence of malnutrition among children
According to the New York Times, is estimated that about 42.5% of the
children in India suffer from malnutrition.[52] The World Bank, citing
estimates made by the World Health Organization, states "that about 49
per cent of the world's underweight children, 34 per cent of the
world's stunted children and 46 per cent of the world's wasted
children, live in India." The World Bank also noted that "[w]hile
poverty is often the underlying cause of malnutrition in children, the
superior economic growth experienced by South Asian countries compared
to those in Sub-Saharan Africa, has not translated into superior
nutritional status for the South Asian child."[53]
A special commission to the Indian Supreme court has noted that the
child malnutrition rate in India is twice as great as sub-Saharan
Africa [54]
See also
Family planning in India
http://en.wikipedia.org/wiki/Family_planning_in_India
Economy of India
http://en.wikipedia.org/wiki/Economy_of_India
Poverty by country
http://en.wikipedia.org/wiki/Poverty_by_country
Dharavi (Slum)
http://en.wikipedia.org/wiki/Dharavi
Pavement dwellers
http://en.wikipedia.org/wiki/Pavement_dwellers
Housing in India
http://en.wikipedia.org/wiki/Housing_in_India
Electricity sector in India
http://en.wikipedia.org/wiki/Electricity_sector_in_India
Water supply and sanitation in India
http://en.wikipedia.org/wiki/Water_supply_and_sanitation_in_India
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^ Lifting The Poverty Veil J. Ramesh, India Today
^ World Bank ICRIER
^ Nearly 80 pct of India lives on half dollar a day, Reuters, August
10, 2007. Accessed: August 15, 2007
^ "Report on Conditions of Work and Promotion of Livelihoods in the
Unorganised Sector" [6] ], National Commission for Enterprises in the
Unorganised Sector, Government of India, August, 2007. Accessed:
August 25, 2007.
^ [7], The Economic Times, April 23, 2010. Accessed: May 27, 2007]
^ [8]
^ India's middle class - Tracking the growth of India’s middle class -
Economic Studies - Country Reports - The McKinsey Quarterly
^ The Tribune, Chandigarh, India - Business
^ Sengupta, Somini (March 13, 2009). "As Indian Growth Soars, Child
Hunger Persists". The New York Times.
http://www.nytimes.com/2009/03/13/world/asia/13malnutrition.html?_r=1.
Retrieved May 22, 2010.
^ "'India has highest number of underweight children'". The Indian
Express. 2009-04-14. http://www.indianexpress.com/news/india-has-highest-number-of-underweight-children/446829/.
Retrieved 2009-04-28.
^ http://www.medindia.net/news/Malnutrition-Among-Indian-Children-Worse-Than-in-Sub-Saharan-Africa-30955-1.htm
Further reading
Poverty in India, World Bank
http://web.worldbank.org/WBSITE/EXTERNAL/COUNTRIES/SOUTHASIAEXT/EXTSAREGTOPPOVRED/0,,contentMDK:20574067~menuPK:493447~pagePK:34004173~piPK:34003707~theSitePK:493441,00.html
"Can India eradicate poverty? Will India's economic boom help the
poor?"
http://newsforums.bbc.co.uk/nol/thread.jspa?messageID=2279464&start=1605&tstart=0&&edition=2&ttl=20070217165339
"World Hunger - India"
http://www.wfp.org/node/3485
George, Abraham, Wharton Business School Publications - Why the Fight
Against Poverty is Failing: A Contrarian View
http://knowledge.wharton.upenn.edu/india/article.cfm?articleid=4114&specialid=1&CFID=1824805&CFTOKEN=37907590
Poverty and riches in booming India
http://www.spiegel.de/international/world/0,1518,499166,00.html
External links
Rural poverty in India (IFAD) http://www.ruralpovertyportal.org/web/guest/home
Poverty in India 2 http://gamma.nic.fi/~otammile/povindia.htm
Categories:
Poverty in India | http://en.wikipedia.org/wiki/Category:Poverty_in_India
Economy of India | http://en.wikipedia.org/wiki/Category:Economy_of_India
Indian society | http://en.wikipedia.org/wiki/Category:Indian_society
This page was last modified on 17 June 2010 at 06:34.
http://en.wikipedia.org/wiki/Poverty_in_India
...and I am Sid Harth