In the cacophony of India’s economic discourse, a familiar refrain echoes: private corporations, from Reliance to Tata, are the titans propelling the nation forward, while the "poor and common man" languish as mere bystanders. The media, enamoured of boardroom triumphs, often amplifies this tale. Yet the numbers—stubborn as they are—reveal a more egalitarian truth. India’s $3.94 trillion economy (2024-25, provisional) owes as much to its small farmers and street vendors as to its corporate giants. Far from a one-sided affair, this is a story of symbiosis.
The Toil of the Many
Consider the informal sector, the domain of the "common man"—a sprawling network of labourers, micro-entrepreneurs, and farmers. The Periodic Labour Force Survey of 2022-23, the latest comprehensive tally, puts over 90% of India’s 475 million workers in this category. By January 2025, the e-Shram portal had registered 285 million unorganised souls, with more joining daily. Their economic heft is staggering: roughly 50% of GDP, or $1.97 trillion, flows from informal activity, according to estimates from the International Labour Organization and the Ministry of Statistics and Programme Implementation.
Agriculture, the heartbeat of rural India, exemplifies this. Small and marginal farmers—86% of the total, tilling plots under two hectares—produce 70% of the country’s food grains, says the Ministry of Agriculture. In 2023-24, agriculture, forestry, and fishing contributed 18.4% to GDP ($657 billion then, adjusted to $725 billion for 2024-25 with 6.4% growth, per the Economic Survey). Beyond the fields, informal non-farm enterprises—think roadside stalls or construction crews—account for 29.2% of non-agricultural gross value added, per the National Sample Survey Office’s 2022-23 data. This is no trickle; it’s a torrent.
The Poor’s Burden and Boon
The poorest, pegged at 10% of India’s 1.4 billion people (140 million) by the World Bank’s 2024 update, seem marginal in raw GDP terms, their incomes too meagre to register loudly. Yet their labour is the economy’s silent scaffold. Of e-Shram’s 285 million registrants, 94% earn less than $120 a month; 52% toil in fields, 9% on building sites. These hands harvest crops and erect factories, keeping costs low for corporate supply chains. Historical studies suggest informal work boosts formal-sector output by over 20%—a figure likely enduring into 2025. The poor may not fill the exchequer directly, but they enable those who do.
The Corporate Vanguard
Private corporations, meanwhile, are no slouches. The Ministry of Corporate Affairs reckons they contribute 30% of GDP—$1.18 trillion in 2024-25. From steel to software, their imprint is indelible. Tax receipts tell a starker tale: in 2023-24, corporates accounted for 28.1% of revenue, with excise (11%) and customs (5.7%) pushing their share past 70%. Compare that with individual income tax, paid by a mere 3% of Indians (42 million), yielding 26.3%, per the Economic Survey 2024-25. The boardroom’s fiscal clout is undeniable.
Yet this prowess rests on a broader base. The resilience of small enterprises—up 4% in number since 2015-16, despite a 3.2% drop in hired-worker outfits (NSSO)—and the consumption of the bottom 50%, who pay 64% of GST while earning 13% of income (Oxfam 2024), knit the economy together. Corporates thrive not in isolation but atop this foundation.
A Tale of Two Indias
The media’s lens, dazzled by billion-dollar profits—Reliance alone raked in $10 billion in 2023—often blurs this reality. The Economic Survey 2024-25, tabled in January, forecasts 6.4% growth, buoyed by agriculture and services, sectors where the common man reigns. The narrative of corporate omnipotence is compelling but incomplete. India’s economy is dual-engined: half its value springs from the sweat of the many, half its sheen from the ambition of the few. To laud one while ignoring the other is to misread the ledger—and the nation.
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