INEQUALITY DIPPED OVER THE PAST DECADE’
Why in the news?
Finance Ministry asserts India’s inclusive growth based on Household Consumption Expenditure Survey findings, highlighting decline in rural-urban divide.
source:IE
About Decline in Rural-Urban Divide:
- The survey indicates a considerable decline in the rural-urban divide in Monthly Per Capita Consumption Expenditure (MPCE).
- Consumption among the lowest 5% of the population grew faster than the top 5%, signalling reduced inequality.
- This trend suggests a positive shift towards inclusivity in economic growth.
Key facts from the Household Consumption Survey:
- The Finance Ministry highlights findings from the Household Consumption Expenditure Survey of 2022-23.
- It asserts that India has experienced inclusive growth over the past decade.
- The Ministry avoids direct engagement in the debate over rising income and wealth inequality.
About the National Sample Survey Office (NSSO).
● Formed in 2019 by merging the Central Statistical Office (CSO) and National Sample Survey Office (NSSO). ● Established based on C. Rangarajan Committee’s recommendation. ● Operates under the Ministry of Statistics and Programme Implementation (MoSPI). ● Collects, compiles, and disseminates reliable statistical data. |