New Delhi, March 26 -- In a recent talk at the Institute for Social and Economic Change, economist Sanjay Reddy noted a startling fact about India's growth process. According to the International Monetary Fund, in 2024, India ranked 142nd out of approximately 190 countries, with a nominal per capita GDP of around $2,700.

Yet, it is also home to one of the largest and fastest-growing populations of billionaires in the world. With 200 billionaires in 2024, according to Forbes magazine, India ranks third globally in its billionaire count, trailing only the US and China.

This anomaly-of a high number of billionaires co-existing with low average income-raises critical questions about wealth distribution, economic inequality and the nature of...