Only top 2% Will Gain From Economic Recovery
The top five million households in India are likely to see a jump in their earnings thanks to the massive fund flows into IT & ITES companies -- startups, e-commerce, fintech, edutech and others. One estimate says that nearly three lakh new white-collar job positions opened up in September 2021 for tech and finance professionals. This will boost demand right at the top, especially for new kinds of services. The top 1-2% of Indians will gain directly, and another 8-9% will have a positive multiplier effect. But the new 'boom' will make no difference to the economic hardships that 90% of Indians face.
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