Børge Brende, the President of the World Economic Forum, recently praised India, foreseeing it as a future $10 trillion economy.
With a GDP of $1.9 trillion, the nation’s economy was reportedly the 10th largest a decade ago; now, it stands at $3.7 trillion, a considerable rise. By 2030, the Indian GDP is expected to reach $7.3 trillion, and by 2035, it is expected to reach $10 trillion ( Center for Economics and Business Research).
The Indian government has set an ambitious target of transforming India into a ‘developed country’ by 2047. However, not everyone is benefiting from this advancement, especially the marginalised, even as India’s economic standing continues to climb.
With the richest 10% of the population controlling 77% of the nation’s wealth, India is among the most unequal countries in the world.

Some of the measures to address this inequality-

First, implementing progressive taxation eg 1% wealth tax on Indian billionaires is enough to fund the National Health Mission, India’s largest healthcare scheme.
Second, foster inclusive governance by encouraging citizen participation, promoting transparency, and reducing corruption.
Third, encourage private companies to invest in social sectors and support community development projects eg CSR.
Fourth, building robust safety nets to cushion economic shocks eg , extending the coverage and benefits of employment guarantee schemes, both in rural and urban areas or Cash transfers to all women above the age of 20 years etc.
Fifth, correcting labour market policies (Implementing policies that promote fair wages, workers’ rights, and job security).
Sixth, promote gender equality in education, employment, and entrepreneurship to empower women economically and socially.
Seventh, increase the reach of basic necessities eg, allocating 2%-3% of GDP to healthcare.
Eighth, emphasizing the expansion of job opportunities and better wages. Investment in infrastructure including construction can create employment. Creating 7 to 8 million productive jobs per year.
Ninth, embrace technological advancements, innovation and R&D to create new opportunities for all.
Tenth, deepening democracy and decentralization can reduce inequalities. Resorting to fiscal federalism by reducing the inequalities between the Centre and States in finances.

India has the potential to transition towards a more equitable society. As reducing income inequalities will ultimately help us achieving UN Sustainable Development Goal 10.