Are we a rich country?

Morgan Stanley is about to launch its prestigious Private Investment Club in India. It will only include individuals having a minimum investible surplus of $1billion. India is only the fifth country where Morgan Stanley is launching its club. Its existing only in US, UK, Hong Kong and Singapore. So should we feel privileged on behalf of the rich in the country? At first I did feel proud about the fact, but then I read a series of articles on the farmer suicides in Vidarbha.

According to Stats, a farmer in India commits suicide every 30 minutes(source: Rediff). Majority of these are in Vidarbha, which is part of one of the most prominent states of India. Relief packages have come and gone but nothing seems to end the woes of these farmers. We see a large number of articles in media on the fate of Vidarbha widows but do we see any action by the local politicians? Climate changes resulting in poor monsoons are resulting in failed crops, increasing the debt burden of the farmers, leaving them with no other option other than taking their own lives in hope of getting some compensation from the government for their kin.

So, next time we gloat over the increasing number of Indians in the prestigious lists of Forbes, Fortune, etc, lets spare a thought about the widening income gap between the rich and poor in India.