Asset Gap Narrows As Poorest 40% Gain Faster Than Richest 20%: FM Sitharaman

Finance Minister Nirmala Sitharaman has said that India is witnessing a sharp decline in inequality, with the Bottom 40 per cent of the population acquiring wealth and assets at a significantly faster pace than the Top 20 per cent. Citing household consumption data, she noted that asset ownership among the rural poor has surged between 2011–12 and 2023–24, with motor vehicle ownership rising seven-fold and refrigerator ownership increasing nearly eight-fold. Mobile phone ownership has become near-universal. In urban India, the consumption gap has narrowed dramatically, with the Bottom 40 per cent now owning more televisions than the Top 20 per cent for the first time. The Finance Minister added that “asset poverty” has been nearly eliminated, falling sharply among rural households, reflecting a major shift in purchasing power and living standards.