Without wading into the controversy over the rise in revenue and wealth inequality within the nation, the Finance Ministry on Friday asserted that India has skilled “inclusive growth” over the previous decade, citing “reassuring findings” of the Household Consumption Expenditure Survey of 2022-23.
“The rural-urban divide in MPCE [monthly per capita consumption expenditure] has declined considerably. Within rural and urban areas, the consumption of the lowest 5% of the MPCE population grew at a faster rate than the top 5%, pointing to a decline in economic inequality over the last decade,” the ministry stated in a evaluate of the economic system.
Juxtaposing the MPCE numbers with the per capita gross nationwide revenue, or PCI, reveals an inclusive pattern in financial progress, it stated. “The MPCE/PCI ratio has increased for all consumption classes except the top 5% in rural India and the top 10% in urban India. This progress occurred despite the once-in-a-century Covid-19 pandemic,” it harassed.
