Staggering rise of India's super rich

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https://www.theguardian.com/news/2018/jul/10/the-staggering-rise-of-indias-super-rich?CMP=twt_gu

India remains a poor country: in 2016, to be counted among its richest 1% required assets of just $32,892, according to research from Credit Suisse. Meanwhile, the top 10% of earners now take around 55% of all national income – the highest rate for any large country in the world.

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merit at its glorious best.

India the place to be, if you wanna get rich, all you stupid schmucks stuck in the US

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In spring 2017, I met Mallya at his London home, a Grade I-listed town house a short walk from Baker Street tube station. A variety of Rolls-Royces and Bentleys were parked along the mews at the rear, alongside a fat silver Maybach with the number plate VJM 1, which idled outside Mallya’s back door. Inside, he sheltered behind a grand wooden table, a gold lighter and two mobile phones lined up in front of him. At one point I asked to be excused to visit the toilet. A flunky ushered me into a golden bathroom, with a shiny gold seat to match its golden taps and loo-roll holder. The fluffy hand towels were white, but each one came embossed with the letters “VJM” in gold thread.

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This nexus between business and politics lies at the heart of the third problem of India’s billionaire Raj, namely the boom-and-bust cycle of its industrial economy. In recent decades, China went on the largest infrastructure building spree in history, but almost all of it was delivered by state-backed companies. By contrast, India’s mid-2000s boom was dominated almost exclusively by its private-sector tycoons, giving the industrialists and the conglomerates they run a position of outsized importance in India’s economic development.

Bollygarchs borrowed huge sums from state-backed banks and invested with gleeful abandon, in one of the largest deployments of private capital since America built its railroad network 150 years earlier. But when India’s good times came to an end after the global financial crisis, the tycoons’ hubris was exposed, leaving their businesses over-stretched and struggling to repay their debts. In 2017, 10 years on from the crisis, India’s banks were still left holding at least $150bn of bad assets.

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Many experts believe India needs to act. “The main danger with extreme inequality is that if you don’t solve this through peaceful and democratic institutions then it will be solved in other ways … and that’s extremely frightening,” as French economist Thomas Piketty has said of India’s future, pointing to likely rising future tensions between the wealthy and the rest.

[Biskot]

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ante ippudu modi dhi thappa, leka fraud chesinavalladhi thappa... 

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1 minute ago, Biskot said:

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ante ippudu modi dhi thappa, leka fraud chesinavalladhi thappa... 

I'm not a one-note chinchak boi. I have multiplicity of opinions, some of them contradicting each other, overlapping and evolving based on info I come into contact with.

Now reask your question. FYI, I've never blamed Modi for India's economic problems. He's the face of rise in India's stark social distrust though. Economics is one way he's achieved it.

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6 minutes ago, Biskot said:

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ante ippudu modi dhi thappa, leka fraud chesinavalladhi thappa... 

Liberalisation of economy was the biggest mistake India made, without educating its people, and achieving caste parity.

Rest is bullshit.

No, I don't blame Narasimha Rao, but Rajiv Gandhi for it. and perhaps Indira Gandhi for having moved the needle too much on the authoritarian side for Rajiv to overcompensate by pretending to be the great liberator.

Narasimha Rao was simply a man in the wrong place at the wrong time, to sound the death knell to India.

[Biskot]

ok.

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15 minutes ago, Biskot said:

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ante ippudu modi dhi thappa, leka fraud chesinavalladhi thappa... 

On the economic side, Modi has shown to be a weak ass PM, without any balls to take on those who indulge in crony capitalism. and with dumbfcuks around him, who have no idea how to revive the economy.

so no, he's not responsible for this, but he's too dumb and a bit of a coward to handle this and reverse the trend, instead he simply followed all neoliberal policies that the previous govt followed. His bravery is only in giving counters to Rahul, and dog whistles at Sanghi people to murder muslims.

[Banana]

31 minutes ago, uttermost said:

https://www.theguardian.com/news/2018/jul/10/the-staggering-rise-of-indias-super-rich?CMP=twt_gu

India remains a poor country: in 2016, to be counted among its richest 1% required assets of just $32,892, according to research from Credit Suisse. Meanwhile, the top 10% of earners now take around 55% of all national income – the highest rate for any large country in the world.

Thank U 

[Biskot]

1 minute ago, uttermost said:

On the economic side, Modi has shown to be a weak ass PM, without any balls to take on those who indulge in crony capitalism. and with dumbfcuks around him, who have no idea how to revive the economy.

so no, he's not responsible for this, but he's too dumb and a bit of a coward to handle it. His bravery is only in giving counters to Rahul, and dog whistles at Sanghi people to murder muslims.

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party fund kavali ga mari , next elections ke...

[Biskot]

1 minute ago, Banana said:

Thank U 

@AbhiRama nuvve adhaina chesi , mana economy penchali...

[Banana]

Just now, Biskot said:

@AbhiRama nuvve adhaina chesi , mana economy penchali...

What can I do ? Already bought one floor in Burji. Now Indian Ocean, what else can I do ?

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Just now, Banana said:

What can I do ? Already bought one floor in Burji. Now Indian Ocean, what else can I do ?

you can buy 10 bajjis from 10 bajji shops every evening, and put it into a food bank that feeds others.. hehe..