 Thank you very much. I guess my goal here is to give a very brief description of some of the aspects of inequality as they are currently understood in the case of India. This is work that's drawing almost entirely on work with my colleague Himanshu as well. I've done a little bit of work on this personally myself directly as well. But it's something that we want to develop and explore as part of this project that François has outlined. So let's try to get a more solid and substantive picture of what's been going on in India as well. I guess I pointed to a few elements of the questions around inequality in India in my earlier presentation this morning, which is looking at the village of Palampur. And in this case, what we're doing here now is looking at the all India level. And I'm going to make just a few remarks in terms of some emerging, some initial impressions that we have about aspects of inequality based on consumption inequality trends. It's important to emphasize that in India, unlike many other countries of the world, the sort of workhorse of analysis of income distribution and poverty and so on in India is the National Sample Survey Organization data. These are well respected, highly regarded surveys. The whole infrastructure of National Sample Survey data collection was introduced by Mahalanobis decades back. It's a very highly regarded survey instrument that collects very detailed information from very large samples. And that's really where we get most of our information on income distribution or distribution of living standards and on poverty. And then I'll say a few words about income inequality. There's a question mark there because those data are just not as readily available. In response in some sense to the lack of good income data, there is an interest possibly of exploring some of these factor markets more specifically, looking at trends there and looking at what's happening there to try to get a sense, if not a really precise quantitative sense, at least an overall sense of what's going on in the country in terms of the forces that are shaping the distribution of income. And then there is some interesting work and some potential, I think, also on looking at wealth and India's billionaires to get a sort of sense of what might be happening at that top end of the distribution. So just as a quick background, income in GDP growth in India has been very impressive during the past 20, 30 years or so averaging at around 5% growth during since the mid 1980s. There was an interval during the 2000s when growth was really picking up dramatically. And that seems to have fallen back somewhat in the more recent years. But that's basically the overall growth picture. And that's been complemented by I think as well known fairly impressive declines in poverty in India as well. Again, the most recent data that I've seen between 2008, 2009 and 2011, 2012 suggests a poverty decline in over a short period of time of about eight or nine percentage points. And it's a really dramatic poverty reduction has been taking place in India in recent years. This is what's been happening in terms of consumption inequality. If we go back from 1993 through to 2009-10, we see that rural inequality is the blue line here has been rising. And that's the left axis that we should be looking for the rural Gini coefficient is rising from somewhere just below 22.26 to somewhere above 0.28. It's between 1993 and 2009-10. And in urban areas, it's been higher starting at a Gini of around 0.32 and rising to just somewhat above 0.38 over that time period. So rural inequalities is sort of 0.26 to 0.28 and urban inequality has been rising from 0.32 to 0.38. So there has been a rise in inequality. I think there's been a lot of debate in India as to whether that's telling a fully compelling picture because there certainly seems to be impressionistic evidence and anecdotal discussion around inequality that would suggest a much greater rate of increase of inequality than what we're seeing in these data. But as I said earlier today, there is controversy around inequality estimates in India based on consumption. Does it make sense to be measuring inequality on the basis of consumption? Should we be looking at income inequality? Do these anecdotal debates around inequality? Do they depend more on an absolute notion of inequality as opposed to a relative notion of inequality, which is what we're capturing here? So there's reasons to think and discuss how these trends should be interpreted. If we look at income inequality, there is no official large-scale national survey sort of administered by the statistical organization in India on income, on sort of full income, but there is the Human Development Survey that's sort of administered out of by the National Council for Applied Economic Research, NCAR and the University of Maryland that has been collecting income data over the years, the most recent round that's currently available is from 2004-2005, and that suggests a Gini coefficient at the all India level of 0.52, relative to and then with a rural and urban breakdown both very near the 0.5 level as well. So in terms of income inequality based on these data, the picture is very different from what we're getting from consumption. We have a much higher level of income inequality based on these data. Now there is a new round of IHDS survey data coming. It's not currently available, but presumably in the next half year or so those data will become available and it will be interesting to see what kind of trends we see from those data. There's also work to be done to gauge and probe and assess how reliable these income data are, how good a picture they give of inequality. It should be noted that the National Sample Survey organization does not collect income data in terms of full income, it's particularly self-employment income that are not collected, but earnings data are available. There are data sort of on wage and employment income, so there are prospects for at least some investigation of income inequality in terms of earnings inequality for those who are not self-employed. And of course in India that is a big group, the self-employed including most farming households and so on. So the National Sample Survey data do not give us a good handle on the income inequality that's derised to those households. So let me say a few words. I'll try and go quickly about regional inequality within the country. There has been a rising trend of divergence between states in terms of average GDP per capita income by states. So if you think about breaking down the question that François has posed about global inequality in countries and countries feeding into the global picture, a similar story can be asked about India and say the states underpinning India or as I was suggesting earlier today going all the way down to the village and quite possibly seeing quite dramatic rising inequality at the village level and that's being masked with a declining or stable inequality at the aggregate level because of between village or between district or between block differences diminishing over time. This is an area I think that's well worth pursuing with further investigation as well. Now just looking at some of the factor shares and looking at sort of different components of the economy and trying to get a sense of what might be happening to inequality based on those, we basically have the private non-farm sector has increased its share of national income over time. Both agriculture and the public sector have declined in terms of the overall pie in India over the years. Employment shares show no growth in the organized employment sector and a sharp decline in agricultural wage employment. So there's been a big decline in agricultural wage employment that's been reflected then as I also suggested earlier today in rising agricultural wage rates which we'll come back to. There's been an acceleration in GDP growth which I pointed to earlier and that has coincided with a very low employment growth in India over recent decades. There's been very little additional employment created during the growth process that's been taking place. The slowdown has been driven by two factors. There's been mainly a falling employment among women possibly associated with rising education levels amongst women and also a general tendency for women to become less inclined to join the enter the labor force as incomes rise. But also a falling employment in agriculture there's just been declining employment in the agricultural sector. Within the organized sector there's been a growing gap between the organized sector salaries and the self-employment wages that this has started in the 1990s and has been growing. So there's kind of growing divergence between the the wage sector and self-employed sector and those who are earning salaried incomes in the in the formal sector. And within the organized sector it's the growth rate of income to managers that has been really rising and a big gap growing gap between managerial incomes and workers wages within the organized sector. Now I pointed to this already this morning the the non-farm sector has been a big part of the story in rural India and there's been a really dramatic increase in non-farm employment in India and it's been the fastest rates of growth in recent history. That's been a really dramatic process. But much of the new non-farm jobs are shifts out of the farm sector which we saw was declining into the non-farm sector so it's not really necessarily a net increase in employment. And most of the rural non-farm employment is in the casual sector relatively little growth in the sort of salaried formal sector over these years. Major part of the major driver of non-farm sector employment is the construction sector as opposed to manufacturing. So it's not been a sort of industrialization led growth process at least as far as we can discern so far. There's been a shift in the relative terms of trade towards agricultural commodities with food prices rising quite rapidly relative to manufactured goods. And we've seen a very dramatic acceleration of agricultural wage rates in rural areas and this is probably what's been lying behind this very dramatic and impressive rate of poverty reduction in rural India over this time period. Now just a few words about India's billionaires because this is quite an interesting story and we're drawing here on sort of evidence that's been presented in various publications by forums. In 2010 there were 69 billionaires and this was up from 13 billionaires in 2004 so a dramatic increase in the number of billionaires in India. And an exercise that Himanshu carried out here which I think is quite interesting is he tried to break down in a somewhat arbitrary way of course but tried to break down who these billionaires are by looking very carefully at their activities then trying to allocate them to either a rent-thick sector or a more sort of knowledge-intensive sector where the knowledge-intensive sector is primarily IT and pharmaceutical sector and the rent-thick sector are these sectors like mining, metals, construction, land, real estate, telecoms and so on where there's some kind of dependence on a relationship with the political class that might have been important. And what we see is that in India a very important fraction of all the billionaires are linked to this rent-thick sector. The IT and pharmaceutical sector do have generated a number of billionaires but it's essentially been disproportionately from these rent-thick sectors. If we were to compare this to say the US where we see that in the US of the top 20 billionaires in the US, eight are from the IT sector, three are from finance, five are from retail and one is from the media and of the remaining three two are from engineering and only one is from the real estate sector. It seems as though there the rent-thick sector is not that big a part of the story but in India of the top 20 billionaires nine are in these rent-thick sectors. So there seems to be something going on there as to how these billionaires have come to where they are. So quickly just a few words about going forward what we hope to do with this work on inequality in India is we would like to probe further the whole consumption inequality story. That's really the bedrock on which we can rest with our standard household survey data and I think there is much more to do including for example looking at alternative inequality measures with some recent interesting proposals by Professor Subramanian along those lines. Also to try to explore to what extent can we correct for under-reporting. I do agree with François that it requires heroic efforts and I'm not sure that I have the courage to do it but perhaps somebody else can be encouraged to participate in that part of the exercise. We want to look at some trends in the income inequality with these new IHDS data. I think there's scope for doing wealth analysis, wealth distribution analysis. I had a few words with Jim Davies in Copenhagen in early June and he was pointing to the data being available in India that do lend themselves to some analysis of wealth inequality so it'll be useful to look at trends and wealth inequality and see to what extent they're consistent with what we know from other sources of data. I think personally I feel that the subnational inequality story is an important one as well. We would do want to pursue that as well to see to what extent we see a similar process underway within India as what François has been pointed to at the global level. I think we will have to pursue and continue working with these factor shares simply because of the lack of very good large scale income data. We do also want to look at non-income dimensions of well-being as well and try to look at some trends in inequality along those dimensions as well and ultimately it would be nice also to pursue further analysis and the line in the direction of mobility and there might be some methods and techniques available to us for that purpose as well. So I'll stop there. Thank you.