INDIA IS NOT POOR, ITS PEOPLE ARE!
Moneylife, December 26, 2013
India is not poor though its people are!
This is with regard to “High top management compensation hints at ever-increasing inequality between the rich and the poor” by Nagesh Kini. This well-researched article puts together food for thought, if only the people, whose thoughts matter, are willing to think.
The rich and the powerful in India (politicians who manage government, corporates and religious bodies) have cornered most of the country’s resources and our dilemma is not comparable with the problems of developed countries like US.
Revelations like those made by RBI deputy governor—about write-offs in favour of wealthy by banks and annual waiver of taxes payable by corporates (that could be several multiples of one trillion, if the figures during the past 10 years are added up)—will give a rough picture of how the rich are becoming richer. Maybe the government, or any national organisation, should compile this information and create an inventory of estimated domestic stock of gold and other precious tradable resources.
Bringing transparency in these areas will prove to the world that India is not poor, though its people are.