Union finance minister Nirmala Sitharaman on Monday told Parliament that Indias economic growth over the past decade has been broad-based with the consumption gap between the rich and the poor in both urban and rural areas shrinking rapidly. She noted that India is the worlds fastest-growing major economy, Sitharaman said the country is growing at 8.2 per cent, far ahead of the global growth rate of 3.2 per cent. The finance minister said actual household consumption shows that the bottom 40 per cent (B40) of the population is acquiring wealth and assets at a significantly faster pace than the top 20 per cent (T20). Inequality in asset ownership has declined sharply.
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