On 15th June , i wrote on my blog about the topic ' High GDP but low GDP per capita' is like growth without progress and prosperity . Well, i did not know that 11 days after the blog a report would come out that would validate my analysis . Here is the report
According to the 2009 Asia Pacific wealth report , by Capegemini and Merrill Lynch wealth management , India’s high net worth Individuals ( HWNI’s ) are 120,000 ( 0.01 % ) but their combined net worth is close to one third of the India’s GDP
At the peak of recession ,in 2008, India had 84000 HNWI’s with a combined net worth of $310 billion . To put that figure in perspective , it was just under a third of India’s market capitalization , that is, the total value of all companies listed on the Bombay Stock Exchange – as of end March 2008. The average worth of each HNWI was Rs.16.6 crore .
According to the firm's 2010 World Wealth Report , India now has 126,700 HNWI’s , an increase of over 50 % over the 2008 number . In 2009 alone , an estimated 13.6 million more people in India became poor or remained in poverty than would have been the case had the 2008 growth rates continued , according to the United Nations Department of Economic and Social Affairs ( UNDESA ). Also, an estimated 33.6 million more people in India became poor or remained in poverty over 2008 and 2009 than would have been poor has the pre-crisis (2004-7 ) growth rates been maintained .
I keep saying that recession or growth that we keep reading in the Times of India or The Economic Times, is only affecting people who read these newspapers. Rest all live under abject poverty .
Read the presentation that i made at the 6th India Innovation Summit on 18th June 2010 at Bangalore . You will see that our demographic dividend is fast becoming demographic disaster !! ( Download the presentation from www.rajendra.groupsite.com )
Rajendra Pratap Gupta
Email : office@rajendragupta.in
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1 comment:
I agreewith you and the data presented by you is well known to people like Mr Montek Ahluwalia and the cotrie around Dr Bamboo, however no concrete step has been taken to bridge the gap.I am sure the recent price hik in petroleum products will further make the life miserable for those very people whom Dr Bamboo"s party
callsAAM AADMI.But I presume no body is listening because our politician firmly belive that those people who air their opinion on such forums do not vote?
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