Before revision:   We characterize these findings in the context of increasing informality of the workforce in the formal manufacturing and service sectors, as well as the possible evolution of negative net incomes of the agriculture workforce in India.
After revision:  Outcomes from the model suggest that income shares of the bottom decile (~1\%) and bottom percentile (~0.03\%) are at historic lows. We characterize these findings in the context of increasing informality of the workforce in the formal manufacturing and service sectors, as well as the possible evolution of negative net incomes of the agriculture workforce in India.