Studies have shown that in many countries the income gap between the rich and poor is ever increasing. What problems can arise from this situation and what could be done to address this situation?

Economic disparity is one of the common problems faced by developing nations, not only affecting the lives of the people, but

also

, hindering the overall economic development of a nation. In my essay, I would discuss the difficulties arising from

this

situation and the measures to be taken to address the same.

Firstly

, the society’s growing income gap has made quality education inaccessible to the poor. Unable to afford the same, they are under-qualified for well-paid jobs and resort to crimes to sustain themselves.

Secondly

, social inequality has resulted in high inflation in the nation. Overindulgence of the rich, has spiked the cost of living, impelling their counterparts to live in inhuman conditions.

For instance

, the UN has in one of its reports stated that the world’s largest slum in Mumbai is a consequence of the region’s social inequality.

Although

these issues are critical, there are solutions to the situation. Primarily, the government should introduce schemes and provide scholarships, which will help people, from the deprived sections, to afford a quality education.

This

will give them a fair chance to compete with the affluent.

Similarly

, an equitable taxation system should be adopted, wherein, residents are taxed in accordance with their personal income. Application of these collections in schooling and health care for the needy, would narrow the income gap substantially.

For instance

, the additional cess charged for the luxury items by government, can be utilized to improve the living conditions of the impoverished. To conclude, it is evident that unequal distribution of wealth has given rise to many anomalies,

however

, if the government exercises equal right to education and unbiased fiscal policy, it would help achieve social parity in the nation.