Between growth haves, have-nots, mind the lag

There are several markers of a dramatic explosion in the income and wealth of a small cohort in India over the last few years. For instance, according to the finance ministry’s reply to a question in the Lok Sabha, the number of individuals earning more than a billion rupees — those with reported gross total incomes of Rs 100 crore or more — has grown from 142 in 2021-22 (assessment year) to 576 in 2025-26. The number of dollar millionaires in the country has been pegged at 9,44,000 as per the UBS Global Wealth Report 2026, putting India in the same league as Switzerland, and only slightly lower than Spain. Yet, alongside the vaulting fortunes of a few is the continuing struggle of the vast majority to make ends meet.

In 2025, the average salary/wage of regular employees (in the preceding month) was pegged at Rs 22,699 per month or Rs 2.7 lakh for the full year, as per the Periodic Labour Force Survey. In 2022, it stood at Rs 2.31 lakh. In the case of casual wage labour, the average daily wage was just Rs 453 in 2025. Sluggish employment and wage growth for a sizeable section, alongside the rapid income expansion at the top, has meant that the overall consumption base isn’t expanding fast enough, just the top segment is. This is reconfiguring consumption dynamics. It is telling that, as per a report from Kotak Mutual Fund, Apple India’s revenue is “nearly catching up with legacy giants like Hindustan Unilever Limited despite serving a much smaller base”.

Pathways for upward mobility appear to be shrinking. The Indian IT sector — which has traditionally provided millions an opportunity to move up the ladder — is now facing the AI threat. And unlike in the development trajectory of China and other East Asian economies, manufacturing is not generating employment on the scale needed to absorb the millions entering the labour force. In recent years, some of the fastest-growing job avenues have been in low-productivity segments such as delivery riders and security guards. For instance, the total number of riders on the Zomato and Blinkit platforms has risen to 10 lakh. In the case of Zepto, they have gone up to 2.21 lakh in 2026, from 49,278 in 2024. The recent protests over exam leaks, agitations against the Railway recruitment process in the past, and the sheer numbers of those applying for government jobs every year reflect the underlying anxieties of millions over access to quality education and jobs. This comes at a time when India is in a unique demographic window. The government needs to facilitate the creation of more education and employment opportunities urgently.

Overall Analysis

The editorial examines the widening gap between India’s rapidly growing wealthy class and the economic struggles of the majority of its population. The central argument is that while India’s economy is producing more billionaires and millionaires, this growth is not translating into broad-based prosperity. The author presents economic data to show that wealth creation is becoming increasingly concentrated, whereas employment opportunities and wage growth remain inadequate for the average citizen.

The editorial begins by highlighting the sharp rise in the number of ultra-rich individuals in India. By comparing the growth of billionaires and millionaires with the financial condition of ordinary workers, the author immediately establishes the theme of economic inequality. The language is factual and data-driven, relying on official government statistics and international reports to make the argument credible rather than emotional.

The discussion then shifts to the condition of regular employees and casual labourers. Despite economic growth, wages have increased only marginally, limiting the purchasing power of a large section of society. The author argues that this uneven income distribution is changing India’s consumption pattern, where premium brands are growing rapidly while mass-market demand remains weak. The example of Apple India competing with established consumer goods companies effectively illustrates how economic growth is benefiting a relatively small, affluent segment.

The editorial further explores the shrinking opportunities for upward social mobility. Traditionally, sectors like Information Technology enabled millions of Indians to enter the middle class, but the emergence of Artificial Intelligence is threatening this pathway. At the same time, manufacturing has failed to generate sufficient employment, unlike the experience of countries such as China. As a result, many workers are entering low-productivity jobs such as delivery services and private security, which provide employment but limited long-term economic advancement.

In the concluding section, the author connects these economic realities with growing social anxiety. The increasing number of applicants for government jobs, protests over examination leaks, and recruitment-related agitations are presented as symptoms of deeper concerns about education, employment, and economic security. The editorial ends with a policy recommendation, emphasizing that India must take advantage of its demographic dividend by investing urgently in quality education, skill development, and employment generation. The overall writing is analytical, evidence-based, and solution-oriented, encouraging policymakers to focus on inclusive rather than exclusive growth.

Important Vocabulary (5)

1. Vaulting – rising rapidly or reaching great heights.
2. Reconfiguring – changing the structure or pattern of something.
3. Upward Mobility – the ability to improve one’s economic or social status.
4. Demographic Dividend – the economic advantage arising from a large working-age population.
5. Absorb – to provide employment or accommodate workers within an economy.

Conclusion & Tone

The editorial argues that India’s impressive economic growth masks a widening divide between the affluent and the rest of society. Sustainable development cannot depend solely on rising wealth at the top; it must generate quality jobs, better wages, and opportunities for upward mobility for the broader population. The author urges policymakers to prioritize employment, education, and inclusive growth before the demographic opportunity is lost.

Tone: Analytical, evidence-based, cautionary, and policy-oriented.