The world is about to get a bit brighter as India, the largest economy in the world, gets a new set of guidelines to deal with the issue of wealth inequality.
As per the National Policy on Wealth Management, the government will make it mandatory for all individuals, companies and trusts to submit a wealth report and the data will be kept in a central repository.
In order to qualify for the scheme, individuals, firms and trusts must invest more than Rs 50,000 in assets.
The government has also set up a task force to review the policy.
In the past, it has been a tradition for the government to set up special task forces to review policies in a particular area to find out whether they are effective and have the potential to be implemented effectively.
The task force has been set up to monitor the implementation of the new rules and also take stock of its progress in implementation.
The government has not yet given a deadline for the task force’s report.
The Indian government has set a target of achieving 100 percent financial inclusion within five years.
In 2019, the total population of India is expected to be about 1.4 billion.
The country has a population of over 6.2 billion and the population is expected increase by 50 million people every year.