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Rich get richer, poor get poor
Fri, 1 Jul Pre-Open

The rich keep getting richer no matter what. The opposite holds true for the poor. As you have seen the case of India, despite the rapid economic growth in the last couple of decades, a large section of society still remains untouched by any benefits of the economic boom. In fact, for many, the situation has only become worse. It wouldn't be too much of an exaggeration to say that much of the boom has found its way only to the bank accounts of big industrialists, big corporates and big politicians.

This situation is not just unique to India alone but is a universal phenomenon. If only you're 'big', no matter what happens in your economy or the rest of the world, you will continue to prosper. And if things don't go too well, someone will surely come and salvage you. All the bailouts and the stimulus packages that came by the truckloads after the financial crisis of 2008 and continue even till date are testimony to that fact.

We may curse our politicians for all the corruption and scams. And why not! But the economic crimes that the governments and central banks of the developed world have committed are just as appalling.

Talking further about the developed world, the larger sections of people in those economies will have to pay for the sins of their 'big' brothers. We already know that unlike emerging economies like India and China which are growing at a rapid pace, the developed world is witnessing a slowdown in economic activity. Apart from the high unemployment rates, wages of the majority public in these economies have stagnated and will continue to do so. At the same time, the real rate of inflation in countries such as the US remains much higher than the official numbers suggest. Effectively, the income disparities between the rich and the poor will only widen further. All of this means that the world is heading towards some major mayhem on every front-political, economic and social.

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Feb 20, 2018 11:13 AM