India’s income and wealth inequality have surged to historic levels, with the top 1% now owning 22.6% of income and 40.1% of wealth. The trend, highlighted by the World Inequality Database, reveals a stark contrast to the socialist policies of the 1950s, which aimed to reduce inequality. However, since the 1980s and subsequent economic reforms, inequality has risen consistently. The top 10% now commands nearly 60% of national income. Factors contributing to this disparity include limited access to quality education for the masses and a significant concentration of wealth among the richest individuals. Economic inequality has widened across states and between urban and rural areas, posing significant challenges for India’s development.