Smartphones, Internet bridge the gap of inequality

There is a deep gulf between the rich and the poor in the world. There is also a huge gap between educated and illiterates. Similarly, information and knowledge were not accessible to everyone, but the reach and availability of the Internet has started to bridge such a gap. Social media using on the wheels of the Internet and the wings of smartphones is now reaching the hands of the poor as well. In India, instead of ‘roti, kapada aur makaan’, people have started saying ‘roti, kapda aur mobile’. Earlier a smartjphone was considered a luxury, but now it has become a necessity and also it has empowered everybody in the society. Most of the videos that go viral on social media are often made and uploaded by laborers, students, passers-by or common people. Wherever they are, they make  and upload the videos from then and there, which are later used by National TV and big media houses. A common man has got this power only through the use of a mobile, internet and social media.
The Internet may be playing its role in reducing economic inequality and empowering common citizens, but the gap between poverty and wealth is a matter of concern, because this gap is increasing continuously in the world. If we talk about the Covid 19 era, in the current financial year, 10% of the people of the world had 76% capital and 52% income. These figures are from the 2022 Global Inequality Report. According to the report, this year 50% of the world’s population had only two percent capital and eight percent income. The report also reveals that the high-income groups are most at risk of climate change. The high-income 10% of people emit 50% of the Carbon, while the low-income 50% emit only 12% of the Carbon. That is, people with more income live more luxurious life and they are also responsible for harming the earth and the environment.
The Global Inequality Report shows that while the number of poor is increasing in India on the one hand, on the other hand the rich class is becoming more and more resourceful. The annual average national income of adults in the country is Rs 2.05 lakh. 50% of the country’s people barely earn Rs 53,000 per annum. The top 10% people earn 20 times more than them, that is, about 12 lakh rupees every year. The income of these 10% of the rich is 57% of the total income of the country. According to the report, during the British rule, the gap between rich and poor in India was higher than this. Then 10% of the people had 50% of the total income of the country. The association of finance and technology is also proving useful in taking everyone along. A new type of revolution is taking shape in the country due to the influence of FinTech i.e. Finance and Technology. Due to Fintech, there is a pleasant change in the life of everyone, poor and rich. Money transactions have started getting faster and easier. The middlemen are getting eliminated and the common man is also able to take advantage of the facilities of Fintech.