Inequality | Indian Economy

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⇒ Economic inequality comprises all disparities in the distribution of economic assets and income.

 ⇒ The term typically refers to inequality among individuals, group within society and among countries.

 ⇒ There are some indices which are used for measurement of income inequality like Gini Index, Robin Hood Index, Hoover Index and Theil Index.

 ⇒ Gini's Index introduces by Italian statistian Corrado Gini (1912) is the most commonly used inequality metrics.

 ⇒ A Lorenz Curve is drawn and area between this curve and hypothetical line of absolute equality is taken as Gini Index in percentage form.

 ⇒ According to HDR (Human Development Report) 2011, inequality in India for the period 2000-2011 in terms of the income Gini Coefficient was 36.8.

 ⇒ India’s Gini Index was more favourable than those of comparable countries like South Africa (57.8), Brazil (53.9), Thailand (53.6), Turkey (39.7), China (41.5), Sri Lanka (40.31), Malaysia (46.2), Vietnam (37.6), even the USA (40.8), Hong Kong (43.4), Argentina (45.81), Israel (39.2) and Bulgaria (45.3) which are ranked very high in Human Development Index (HDI).

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