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World Bank Gini Index 2023
Context:
According to the World Bank’s latest inequality assessment (2023), India has witnessed a substantial decline in inequality and extreme poverty between 2011–12 and 2022–23. With a Gini Index score of 25.5, India is now ranked 4th most equal country globally, behind the Slovak Republic, Slovenia, and Belarus.
Gini Index – Concept and India’s Performance:
- The Gini Index (or Gini coefficient) measures income, wealth, or consumption inequality.
- It ranges from 0 (perfect equality) to 100 (perfect inequality).
- India’s Gini Index in 2022–23 is 25.5, placing it in the “moderately low inequality” category (Gini score between 25 and 30).
- India now ranks better than major economies like China (35.7) and the USA (41.8) in income equality.
Trends in Poverty Reduction:
- Extreme poverty in India has declined from 2% (2011–12) to 2.3% (2022–23).
- This improvement aligns with broader inclusive development efforts and targeted social welfare schemes.
Policy Attributions and Global Rankings:
- The Indian government attributes this progress to multiple flagship welfare schemes, including DBT (Direct Benefit Transfers), PM-GKY, PM-AwasYojana, Ujjwala, and Jan DhanYojana.
- The top three countries in equality according to the World Bank’s 2023 Gini Index:
- Slovak Republic
- Slovenia
- Belarus
- India
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