Microeconomics Discussion Forum 8.docx - 8 DISCUSSION FORUM...

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8. DISCUSSION FORUM: The GINI measures the extent of inequality the family income in a country. If a country has no inequality in income, then it will have a value of 0 while a country where there is perfect inequality of the income distribution will have an index of 100. The higher the value of the index, the higher is the inequality. I am from India, the world's second largest populous country and the world's largest democracy. As per the wikipedia, the gini value for India is 35.1 in the year 2011. India is the fastest growing and developing nation in the world. And per the value of the gini, it is clearly states that the income inequality is high in India. With only 10% of the richest owning the 80% of the country's wealth, a larger difference in the income inequality. But most of the people are low income families, the index
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Unformatted text preview: value suggesting the less income inequality in the country. Now the country prospering to the middle income countries, the gini value likely to increase in the future. Comparing with the other nations like China, Bangladesh, Sri Lanka, the gini value of India is low except from Bangladesh. With China having 46.5, Bangladesh at 32.1 and Sri Lanka at 49. China having more population than India has more income inequality and Sri Lanka which had witnessed civil wars in the early 2000's also has high income inequality. But Bangladesh is developing with more FDI's has a slightly less value than India. References: Principles of Economics ...
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