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Sunday, July 24, 2016

Re: [mukto-mona] Indian Millionaires Now Worth $1.5 Trillion And Rising



Society should make best of the abilities of the horse.  He should never
be criticized for having abilities which other animals will not have
(that is inequality) nor his abilities be brought to the level of others
in the name of equality which will deprive the society of its benefits. 
So we should be proud of people having above average abilities not 
be ashamed.  

Also, inequality remains only on paper.  I may have Rs. 100/- crore
bank balance, but my ability to consume is restricted.  Money stashed
in my cupboard is only a promissory note by the Governor of the bank.
It makes difference only if it comes in to circulation affecting prices.
But then Central Bank always considers total money in circulation while
formulating their policies.  Inequality is thus psychological and does not
have real effect on poor.

Sanjeev



From: "Jiten Roy jnrsr53@yahoo.com [mukto-mona]" <mukto-mona@yahoogroups.com>
To: "mukto-mona@yahoogroups.com" <mukto-mona@yahoogroups.com>
Sent: Sunday, 24 July 2016 11:51 PM
Subject: Re: [mukto-mona] Indian Millionaires Now Worth $1.5 Trillion And Rising

 
I agree with you about everything you said about ideal capitalism, which works best when it's free from all constraints. Unfettered capitalism is like a wild horse. If you want to use a wild horse to do some specific works for the society,  you need to modify its behavior; even though it's not ideal, it's necessary for the greater good. That's what we are talking about.  
Jiten Roy


From: "sanjeev kulkarni jeevkulkarni@yahoo.com [mukto-mona]" <mukto-mona@yahoogroups.com>
To: mukto-mona@yahoogroups.com
Sent: Sunday, July 24, 2016 12:29 AM
Subject: Re: [mukto-mona] Indian Millionaires Now Worth $1.5 Trillion And Rising

 
 why equality is always tom tommed as ideal ?    Wealth of the rich increases
because they plough back their income, whereas poor people use it for
consumption which does not generate wealth or cash-flow.  You are rich or
poor depends on what you do with your resources and talents.  Since they
will never be equal, equality is a mirage not worth chasing.  

Also, prosperity is not a zero sum game.  Beauty of capitalism is that the
society benefits from the greed and selfishness of the rich.  Virtually all
the poor who do not pay taxes live off the efforts and resources of the rich
who pay taxes.  Rich people employ their resources for generating prosperity,
income and employment.  Their wealth is thus distributed in the society.
 Wealth is only ability to consume not actual consumption.  0.02% of the
rich will not consume 1.5 trillion dollar worth of resources.  That ability 
remains only on paper if not exercised.  

Sanjeev


From: "ANISUR RAHMAN anisur.rahman1@btinternet.com [mukto-mona]" <mukto-mona@yahoogroups.com>
To: mukto-mona@yahoogroups.com
Sent: Sunday, 24 July 2016 1:47 AM
Subject: Re: [mukto-mona] Indian Millionaires Now Worth $1.5 Trillion And Rising

 
One may cite the above statistic with a sense of pride that, whereas in the rest of the world the net worth of millionaires had come down or increased very slightly, in India it had gone up by more than 60% and the number of millionaires had gone up by 55%. It is a matter of total shame for India. It only shows how unequal the Indian society is. Millionaires comprising 0.02% live in super luxury, whereas nearly 35% of the population live below the poverty line. If just 10% of the millionaires wealth ($1.7 trillion) is taken from them in the form of tax, then the Indian government can do tremendous amount of development work with this $170 billion to alleviate poverty, national reconstruction etc. Prof. Amartya Sen had repeatedly pointed out for a long time that Indian society is disgracefully unequal.

- AR  


On Saturday, 23 July 2016, 19:01, "Jiten Roy jnrsr53@yahoo.com [mukto-mona]" <mukto-mona@yahoogroups.com> wrote:


 
 
http://www.forbes.com/sites/ranisingh/2016/07/22/indian-millionaires-worth-1-5-trillion-numbers-up-55-in-less-than-a-decade/3/#6f07482d4e02   

Indian Millionaires Now Worth $1.5 Trillion And Rising

Forbes Fri, Jul 22 7:12 AM PDT
  • Like
  •  A new study found that Indian High Net Worth numbers increased by 55% from 152,000 in 2007 to 236,000 High Net Worth Individuals in 2015. Their combined wealth rose by 67%, from $0.9 trillion in 2007 to $1.5 trillion in 2015. New World Wealth, a regular source of data and insight for these columns, has just come up with new research conducted over eight years. It started in 2007, just before the global financial crisis, and finished in 2015, when most countries were experiencing negative or negligible growth. "Millionaires" or "HNWIs," High Net Worth Individuals" refer to individuals with net assets of a million or more dollars. The study found that growth was positively impacted by local construction, ...










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Posted by: sanjeev kulkarni <jeevkulkarni@yahoo.com>


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