Rapid economic growth exacerbating rich-poor divide in India, Asia: ADBApr 11, 1:21 pm
London, Apr 11 (ANI): Asia's rapid economic growth may undermine stability because the gap between the rich and poor is widening in India and other Asia countries, the Asia Development Bank (ADB) has revealed in its annual report.In the report, the bank cited that a key inequality measure increased to an average reading of 38 in Asia which is on the climb, as opposed to the readings of Latin America and Africa, which are declining.India, China, and Indonesia are the major countries that have witnessed severe growth in inequality.ADB's Chief Economist, Changyong Rhee, explained that Asia may be seeing a long-term shift in the way the gap between rich and poor has been managed, the BBC reports."People are asking for more. Not only are they asking for bread, but they are asking for a more even distribution of bread," he said.In its report, the ADB said that the Gini coefficient, which is used to quantify the inequality gap, had increased to 37 from 33 in India, since the early 1990s to 2010. For China, the figure rose to 43 from 32 while in Indonesia, it jumped from 29 to 39."Inequality leads to a vicious circle, with unequal opportunities creating income disparities, that in turn lead to dramatic differences in future opportunities for families," Mr Rhee pointed out.However, the ADB has predicted that economic growth in developing Asia will keep growing steadily, coming in at 6.9% in 2012 and 7.3% in 2013. Inflationary pressures, which have been one of the biggest headaches over the past 12 months for the Asian economies, are reported to have been moderating."Another 240 million people could have been lifted out of poverty over the past 20 years if inequality had remained stable instead of increasing, as it has since the 1990s," Mr Rhee added. (ANI)
Indian Private Equity gathers highest pace, striking deals worth $14B in Jan-Sept 2015 Oct 8, 7:23 pm
New Delhi, Oct 8 (ANI): VCCEdge, the financial research platform of the VCCircle Network, India's released its quarterly deal report for the September ended quarter 2015. The report focuses on statistical and analytical overview of deals in the private equity, merger & acquisition and public offerings space.Full Story »
Tata Global Beverages announces launch of new corporate website Oct 8, 7:23 pm
New Delhi, Oct 8 (ANI): Tata Global Beverages (TGB) has launched its new corporate website www.tataglobalbeverages.comFull Story »
that will provide a refreshing experience to visitors through its user-friendly interface and clean navigation.
Real estate regulation bill likely to be tabled in Parliament's next session: FICCI Oct 8, 6:28 pm
New Delhi, Oct 8 (ANI): Speaking at FICCI's Smart Cities Summit, 2015 today, Minister of Urban Development, M. Venkaiah Naidu stated that Real Estate Regulation Bill will be tabled in the next session of Parliament.Full Story »
ASSOCHAM to organize national conference on sustainable roads and highways Oct 8, 6:02 pm
New Delhi, Oct. 8 (ANI): ASSOCHAM will be hosting a national conference on the issues of ROADTECH: Sustainable Roads and Highways at Hotel Le-Meridien on Friday, October 9.Full Story »
- Pesticides in India to reach alarming level by 2019: FICCI
- IMARA reinvents classic fairy tales with A/W 15 Collection
- Man Industries to get orders worth Rs 700 crore; surges 9%
- VoxWeb's 'Speaking Picture' app all set to reinvent photograph, goes live in India
- Jaitley calls for automatic exchange of information to prevent international tax evasion
- Tourism expo promotes Japan's culture and heritage sites
- India's ICIx named finalist in AWS city on 'Cloud Innovation Challenge'
- Kerala to avail Vodafone 4G services by December end
- GlobalSpace technologies launches India's first 3 in 1 tablet 'SOLT'
- Bridgestone India launches fuel-efficient and environment-friendly tyre Ecopia
TOP VIDEO STORIES