Between growth haves, have-nots, mind the lag, Pg10

Key Highlights:

• The number of individuals earning over Rs 100 crore annually increased from 142 in 2021-22 to 576 in 2025-26, as per the Lok Sabha.
• India has 9,44,000 dollar millionaires, placing it similarly to Switzerland, according to the UBS Global Wealth Report 2026.
• The average monthly salary for regular employees was Rs 22,699 in 2025, while casual wage labor earned Rs 453 daily.
• Consumption growth is concentrated at the top, with Apple India's revenue nearing Hindustan Unilever Limited despite a smaller customer base.
• The gig economy is expanding rapidly, with Zomato and Blinkit platforms having 10 lakh riders, and Zepto reaching 2.21 lakh riders in 2026.

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Detailed Insights:

• The data highlights a significant increase in income and wealth for a small segment of the Indian population.
• This rapid income expansion at the top contrasts with sluggish employment and wage growth for the majority, leading to an uneven consumption base.
• Pathways for upward mobility are perceived to be shrinking, partly due to the AI threat in the IT sector.
• Unlike other developing economies, India's manufacturing sector is not generating sufficient employment to absorb the growing labor force.
• The rise of low-productivity jobs, such as delivery riders, indicates a shift in the nature of available employment opportunities.
• Public anxieties regarding access to quality education and jobs are reflected in protests over exam leaks and recruitment processes.
• India is currently experiencing a demographic window, making the urgent creation of education and employment opportunities crucial.
• The Periodic Labour Force Survey provides essential data on employment and wage trends, informing policy decisions.

Key Concepts Involved:

• Income Inequality: The unequal distribution of income among a population, where a small percentage holds a disproportionately large share.
• Gig Economy: A labor market characterized by short-term contracts or freelance work, often facilitated by digital platforms.
• Demographic Dividend: The economic growth potential that can result from shifts in a population’s age structure, particularly when the share of the working-age population is larger than the non-working-age share.
• Periodic Labour Force Survey (PLFS): A large-scale household survey conducted by the National Sample Survey Office (NSSO) to estimate key employment and unemployment indicators in India.