The decline of India’s economic growth has led to an enormous political clatter in the last couple of months, arguments flying thick and fast over the nature of the fall, some calling it transient and others, long-lasting. Growing unemployment, inflation and bad loans have added enough fuel to the still-smouldering political fire.

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On the flip side, the incessant fund inflow into the stock market and the resultant boom (Sensex has grown 19% this year), despite having no major incremental asset creation, has been attributed to the evergreen 'India story'. The credit offtake by India Inc continues to be abysmally low while stressed assets in the banking system rise to Rs 11.5 lakh crore (14% of total advances). Wealth creation is, of course, vital for a nation’s prosperity, but it is a matter concern when it is built on overleveraged companies and astronomical stock valuations.

At the last count, India stands at fourth place among countries having the highest number of billionaires, behind the US, China and Germany, as per Forbes. India, with 101 billionaires by net worth, is way ahead of the UK (54 billionaires), Brazil (43), Australia (33), Japan (33), Singapore (21) and UAE (5). The country has seen the wealth of its 100 top tycoons soar 26% to $479 billion (over Rs 31 lakh crore) in one year.

The unparalleled growth in the wealth in a few hands primarily stems from the market boom. For instance, the net worth of Mukesh Ambani, the richest Indian and one of Asia's top five, swelled a staggering 67% to $38 billion (nearly Rs 2.5 lakh crore). Gautam Adani, whose company operates country’s largest port at Mundra in Gujarat, has seen his fortunes leap 75% to $11 billion from $6.3 billion in 2016.

That is one part of India’s growth story.

The four-decade-old, Washington-based International Food Policy Research Institute recently counted India as 100th out of 119 countries on its Global Hunger Index (GHI). India slipped three rungs from the 97th position in last year’s rankings. (Any comparison with 2014 figure would brand this analysis politically-motivated and hence avoided.) That India’s 2017 GHI score (31.4) is at the high end of the ‘serious’ category, hunger being driven by high child malnutrition, should make us ponder over the widening gap between the rich and the underprivileged.

As per provisional estimates of Annual National Income 2016-17, India’s per capita income grew 9.7% to Rs 1.03 lakh in 2016-17 from Rs 94,130 a year ago. Per capita income is a simple indicator of the prosperity of a country. But imagine India’s per capita income without the share of the 101 billionaires who have generously helped bloat the number. As Jeremy Corbyn pointed out, one should judge the economy not by the presence of billionaires, but by the absence of poverty.

When a country runs the risk of growing the fiscal deficit, there is nothing wrong in seeking the help of billionaires. A higher tax on the super-rich can bridge the gap. Anyway, they are far away from the philanthropic tycoons of the West in their genuine efforts for uplifting the society. The corporate social responsibility (CSR) by most Indian tycoons is a farce too.

A higher wealth tax may force some billionaires to leave India for some tax havens. But should we care for such anti-national tycoons?

The writer is editor, DNA Money. He tweets @AntoJoseph