Individual income inequality has significantly declined during FY14-FY22!
Economy Business
Individual income inequality has significantly declined during FY14-FY22 because of a “great migration” at the bottom of the pyramid, even as individual’s weighted mean income has risen from ₹3.1 lakh to ₹11.6 lakh during FY14-FY21, according to SBI’s economic research department (ERD).Gini coefficient estimated using ITR (Income Tax Return) data of taxable income of individuals show that individual income inequality has significantly declined from 0.472 to 0.402 during FY14-FY22, per a ERD report.
This co-efficient measures inequality on a scale from 0 to 1, with higher values indicating higher inequality.
About ERD (Entity relationship Diagram):
ERD is a graphical representation that depicts relationships among people, objects, places, concepts or events within an information technology (IT) system.
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