Indian Indices Continue Momentum; Metal Sector Up 2.4%

Fri, 15 Dec 11:30 am

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After opening the day in the green, stock markets in India have continued their momentum and are presently trading on a positive note. Sectoral indices are trading on a positive note with stocks in the metal sector and capital goods sector witnessing maximum buying interest.

The BSE Sensex is trading up 285 points (up 0.9%) and the NSE Nifty is trading up 96 points (up 0.9%). The BSE Mid Cap index is trading up by 0.9%, while the BSE Small Cap index is trading up by 1.2%. The rupee is trading at 64.26 to the US dollar.

The World Inequality Lab in its World Inequality Report 2018 released yesterday stated that deregulation and opening-up of reforms in India since 1980s have led to substantial increase in inequality so much that top 0.1% of earners has continued to capture more growth than all those in the bottom 50% combined.

As per the report, in 2014, the share of national income captured by India's top 1% of earners was 22%, while share of top 10% of earners was around 56%.

This trend has remained the same with top 0.1% of earners continuing to capture more growth than all those in the bottom 50% combined.

The bottom 50% presently has about 15% share in the total income.

Note that there also is a significant wealth disparity in India. As the chart below highlights, the richest 10% households in India, both rural as well as urban, have significantly higher wealth than the remaining 90% combined. While the data is dated and is of the year 2012, things wouldn't be much different today.

Just to put the above figures in perspective, while the average urban household in the richest 10% group has wealth a whopping 50,000 times greater than the poorest 10%, the same ratio for the rural households stands at a lot less but still significant 227 times.

The Big Rich Poor Divide in India

How do we bring this gaping ratio down? Extract a higher income tax from the rich? Could be. However, our colleague Vivek Kaul doesn't quite agree. Here's what he wrote in one of the editions of Vivek Kaul's Diary:

• A higher income tax rate is clearly not a solution to reduce income inequality in India. The solution is to bring more and more Indians who should be paying income tax, but do not, under the tax bracket. This means simplifying the income tax system. It also means making the income tax department more efficient through the use of information technology. And finally, it means reducing corruption in the department.

In the news from macroeconomic front, as per a leading financial daily, inflation based on the wholesale price index (WPI) accelerated to an eight-month high of 3.9% in November. This was against the WPI of 3.6% in October.

Retail inflation unexpectedly jumped to a 15-month high of 4.9% in November, and industrial production slowed to 2.2% in October.

According to data released by the commerce ministry, the rise in WPI inflation was seen mainly on account of a sharp increase in fuel and food prices.

While fuel price index rose by 8.8%, food prices index rose 6.1%. The increase in food prices was led by the sharp increase in vegetable prices that rose by 60% mainly due to soaring onion prices.

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