Harsh Goenka's recent comment has stirred up a heated debate around wealth distribution in the country. The timing of the post also comes at a time when many people are currently facing a tough job market alongside toxic workplace environments.
In a social media post, where Goenka was talking about the power of small habits, he suggested that saving Rs 600 a day could deliver a massive corpus of Rs 2,19,000 a year. However, netizens, quite evidently didn't take it well. One user even advised him to take a look at the real situation on the ground before sharing such ideas.
Advertisement
"Majority of Indians are struggling to earn Rs. 600 per day and you are talking about saving Rs. 600? Majority of Indians spend more than 15 hours to earn just to sustain, when they will get time and calm mind to read 20 page and walk 10000 steps per day?" one of the users said.
"Sadly, your statement is feasible only for a certain portion of population," the user further added.
While the social media has always been a place for roaring opinions and conflicting debates, the industrialist's comments once again threw light on the wealth distribution in the country.
Advertisement
India's wealth in figures
According to a study by Home Credit India, released earlier this year, the average income of the lower-middle class group in India stands anywhere around Rs 33,000 on a monthly basis. The study surveyed around 2,500 people, aged between 18 and 55, with annual incomes ranging from Rs 2 lakh to Rs 5 lakh. However, it is worth pointing out that this study was conducted only across 17 cities from the tier-1 and tier-2 regions. The income levels in the lesser-developed regions of the country might even be lower.
If we go by India's per capita income, which currently stands at anywhere around Rs 2,400 (a little over Rs 2 lakh), saving Rs 600 every single day is not feasible. Plus the daily minimum wage in the country stands at a mere Rs 178. While the figure may vary from state to state and for skilled workers, Goenka's saving challenge raises some serious questions about the income distribution of the country.
As per a study titled, 'Income and Wealth Inequality in India, 1922-2023: The Rise of the Billionaire Raj', the top 1 per cent of the country owns nearly 22.6 per cent of the total income and 40.1 per cent of the country's wealth.
On average, India’s top 1 per cent holds a net wealth of Rs 5.4 crore, while those in the bottom 50 per cent have an average net worth of just Rs 1.7 lakh.
Besides the concerning income figures, the working class is also facing the issue of toxic workplaces. So, even if someone manages to hit the Rs 600-a-day savings target, there's another hurdle that India's corporate world needs to overcome.
Just one email a week