India's economic growth masks deepening income inequality & sectoral disparities

India’s robust GDP growth of 8% for FY24, highlighting macroeconomic stability and significant foreign capital inflows. However, it points out the stark income inequality, with the top 20% of the population accumulating 92% of the country’s savings. While the wealthiest experience rapid income growth, the bottom 80% sees much slower progress. The article attributes this disparity to both structural changes in the global economy and cyclical factors, such as the lingering effects of COVID-19. It suggests targeted rural programs and capital spending on the knowledge economy as potential solutions to address these inequalities.