Neocolonial Raj.

A working paper titled "Income and Wealth Inequality in India, 1922-2023: The Rise of the Billionaire Raj" by Lucas Chancel, Thomas Piketty, and Anmol Somanchi of the World Inequality Lab analyzes income inequality in India from 1951 to 2022. The paper reveals that inequality in India has been increasing since the 1990s, with the top 1% earning 23 times the average income of an Indian in 2022-23. The number of billionaires in India has also been rising, with their total net wealth reaching 25% of India's net national income in 2022. The authors attribute the decline in inequality during India's first three decades to socialist policies pursued by the government until the 1980s. [Extracted from the article]