According to a research paper by renowned economist Thomas Pikettyand Lucas Chancel, income inequality in India is at its highest level since 1922, the year the Income Tax Act was passed.
Key Findings
The share of national income accruing to the top 1% income earners is now at its highest level since the creation of the Indian Income Tax [Act] in 1922.
The top 1% of earners captured less than 21% of total income in the late 1930s, before dropping to 6% in the early 1980s and rising to 22% today.
Over the 1951-1980 period, the bottom 50% group captured ....
