COVID Impact on Inequality – UPSC GS3

By /
  • Rising incidence of poverty during pandemic: Recent estimates from the World Bank suggest that 88 to 115 million people could slide into poverty in 2020.
  • Credit Suisse Report
    • The Covid-19 pandemic has left the Indian adults poorer by 6.1% in 2020.
    • Wealth per Indian adult in 2020 has dropped to $14,252 by 2020-end compared to pre-pandemic levels. On a cumulative basis, the drop in the wealth of Indian adults at $594 billion.
    • The drop in the wealth of Indian adults in 2020 was amplified by exchange rate depreciation: at fixed exchange rates.
    • Average wealth level in India in 2020 was at a level seen in the United States 70 years ago.
    • India’s Wealthiest:
      • India’s wealthiest has seen their share in the country’s wealth rise in 2020 even though overall wealth in India declined.
      • The wealth share of the top 1% went up from 39.5% in 2019 to 40.5% at the end of 2020.
Scroll to Top