What are the diversity in the Indian economy?

Question

Answer

India is a land of diversity. Even in the economic sphere we find diversity and variation.All people do not have uniform income and economic standard. Over 65% of people in India are suffering from poverty who do not even get two square meals a day. There are middle classes who work hard and save money for future generation. A new economic class has evolved who work in Multinational Companies and earn huge income. Finally, we can also find wealthy and rich people who have traditionally owned industries and land. They also enter politics and gain power.Thus, economic diversity in India has different shades with people of diverse incomes.

1.) Majority Indians – These are the 65% of the country (or more), who under the new definitions of the government (Rs. 62 in expenses per day in cities, Rs. 50 in villages) are considered in poverty. In US dollars, that is surviving on spending $1 per day. In this category, we’ve made the unfortunate, but conceptually necessary move of lumping together the urban poor and villagers, although their lives can be extremely different. Upon Majority Indians’ backs, India has been built, fed, and housed.

2.) Classic Indians – If an Indian ever tells you they came from a “middle class” family, this is what they are talking about. Father was a government worker/bank employee. Mother was a school teacher/homemaker. They save most of their money, live in joint families, and try to send their son to study engineering. They can be auto rickshaw drivers all the way to mid-level managers in family owned Indian companies.

3.) New Indians – This is a phenomenon and a class that has emerged over the last 20-30 years. They work for multinationals or started their own companies in the tech boom of the 1990s. Their purchasing power has drastically increased compared to their families. They move around India where their work takes them, but also may have other aspirations of really making it big and working abroad. These people have family and cousins living and working in Europe, the Gulf, or the US, and can reasonably save up for a visit every few years

4.) Wealthy Indians – These are families who have owned companies and land for generations and have been the barons of their cities and industries for decades. They can afford to spend as much as they wish and travel frequently. They buy one of the nearly one hundred Rolls Royces sold every year in India or might settle for one of the 10,000 Audis sold in a year. They make up their own class because these people have earned not only wealth, but also power and can mostly do what they please. Politicians, land-owners, heads of companies, their names are well-known and they travel in large and well-defined social circles.

Top Courses for Humanities/ArtsView all

Chapter Notes for Humanities

NCERT Books & Solutions for Humanities

Online MCQ Tests for Humanities

Short & Long Question Answers for Humanities

Geography Class 11

Top Courses for Humanities/Arts

Top Courses for Humanities/Arts

Related Content

Humanities Courses

Other Courses

How To Prepare?

Other Exams

Company