Elections in India reveal wealth disparity
The recent Indian general elections, held from April to June 2024, revealed the deep-seated socio-economic inequalities in the country. The election was a contest between two major alliances- the I.N.D.I.A (led by the Indian National Congress) and the BJP-led NDA. The incumbent BJP party, prematurely declared victory and presented optimistic exit poll numbers. This led to a surge in Indian stock prices by Indian investors. However, on Tuesday, 4 June, the stock market began to decline as it became clear that the BJP would not win by the margin they had initially projected.
How bad is the economic disparity in India?
Ultimately, this year’s election numbers contrast dramatically with the 2019 results when the BJP-led NDA won 353 seats, 303 of which were secured by the BJP alone. According to a report in Al Jazeera, "over the past decade under a majority BJP government, India has fallen on several democratic indices amid accusations of a crackdown on dissent, political opposition and media. Modi has not addressed any news conferences in the last decade as a prime minister".
Modi draws an official annual salary of INR 24,00,000, and businessman Mukesh Ambani, one of the richest men in Asia, earns INR 6,95,57,64,754.25 monthly. Modi's two-term reign has done wonders for wealthy businessmen and members of the urban rich. However, economic inequality is extremely high. Today, only 1% of Indians own 50% of all the wealth in the country.
How did economic disparity figure into the recent Indian election?
The opposing I.N.D.I.A has made huge gains in rural India since the last election. This is likely because Indian farmers have suffered the repercussions of Modi's many economic schemes. In 2021, farmers from the northern states of Punjab and Haryana protested for a year when Modi passed three new laws that repealed economic protections for farming communities, like the MSP (Minimum Support Price). Similarly, farmers in Maharashtra faced losses after Modi decided to ban the export of onions just as the price of onions began to increase. Compared to the hefty paychecks cashed in by members of the Indian elite, the average farm worker in India makes only INR 20,599 monthly, which might plummet when faced with challenges like the 2020 Farm Laws. Over 53,000 farmers died by suicide between 2018-2022.
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