Saturday, May 03, 2025

Matter of comparison.

The Global Flourishing Study (GFS) asks questions on "health, happiness, meaning, character, relationships and financial health" Out of 22 countries Indonesia came top. "Japan, Turkey and the United Kingdom are the least flourishing countries," while "India and Brazil show a sharp drop in rankings." Unlike other countries, in India, flourishing decreases with age, women flourish more than men, students more than the employed and those who have never been married flourish more than the married, wrote Abhishek Jha. According to a report by the World Bank, "India has lifted 171 million people out of extreme poverty," and "the proportion of people living on less than $2.15 a day,... fell sharply from 16.2% in 2011-12 to just 2.3% in 2022-23." pib.gov.in. However, even $3 per day which converts to Rs 253.65 per day (at Rs 84.55 to one dollar, xe.com) cannot provide three meals and other necessities of life. They cannot be flourishing. Inequality is extreme. "The richest 1% now own more than 40% of the country's total wealth, while the bottom 50% hold just 3%." "According to the World Bank, 93% of India's population lived on less than $10 per day, and 99% lived on less than $20 per day in 2021." wikipedia. Cannot flourish if wealth and income are both marginal. "As per the income tax data, middle class earnings have stagnated at around Rs 1.50 million per year for the last 10 years." Which means that "in real terms, middle-class incomes have effectively halved due to inflation." ET. "Between 2014 and 2024, India's GDP grew at an average of 6-7% annually." "But real wages, especially for India's informal and low-skilled workforce - accounting for nearly 90% of all workers - barely budged." ABP. "Using data from the Reserve Bank, Saurabh Mukherjea estimates that 5-10% of middle-class households are now stuck in a debt trap." "The distress is unfolding in predictable stages. First came defaults in microfinance." "Now, credit card delinquencies are rising and even two-wheeler financing is under pressure." India Today. However, "The inequality that bothers individuals the most is the one they experience within their social context." A villager in India "hardly cares if Mukesh Ambani adds another five billion to his wealth in a given year. But if her neighbor's wealth rises sharply while she struggles, she has sleepless nights," wrote Prof Arvind Panagariya. Recently, "An Indian man compared India's long working hours and lack of infrastructure unfavorably with Europe's flexible work culture, clean roads, and overall quality of life after a recent trip to the continent." HT. Perhaps, as long as we do not compare with others we will think we are flourishing. Proves that ignorance is bliss

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