Oxfam released the report on this disparity in wealth distribution ahead of the start of the annual meeting of the World Economic Forum.
Davos: Inequality in India's wealth distribution has come to the fore again. Only the richest 1 percent of Indians own more than 40 percent of the country's wealth. On the other hand, half of the country's population owns only 3 percent of the country's total wealth. This is what Oxfam's new survey report said on Monday.
According to news agency sources, Oxfam's survey report 'Survival of the Richest' says that only 8 millionaires currently have the amount of wealth that half of the world's population, i.e. about 3.6 billion people, have. The international human rights organization released the report on this disparity in wealth distribution ahead of the start of the annual meeting of the World Economic Forum (WEF) in early 2023.
Oxfam report mentions 84 richest people in India. These 84 people own 24 thousand 8 billion dollars. Reliance Group chief Mukesh Ambani is on the first place. Oxfam also said that a mere 5 percent tax on India's 10 richest people would completely cover the money needed to send out-of-school students back to school.
The report specifies, “Taxing only the profits made by billionaire Gautam Adani between 2017 and 2021 would generate Rs 1.79 lakh crore. And, that is enough to employ more than 50 lakh primary school teachers in a year.” The report also says that if India's billionaires pay just 2 percent tax on their entire wealth, it will meet the nutritional needs of undernourished people in India by Rs 40,423 crore over the next three years. Gender inequality in terms of earnings is also highlighted in Oxfam's report. It has been said that female workers earn only 63 paise as compared to 1 rupee of a male worker. And in the case of scheduled castes and tribes, that income is even lower.
Various economic watchdog organizations and human rights organizations have already claimed several times that economic inequality has become more pronounced in the world, especially in developing countries like India, during the corona virus. According to Oxfam's report today, the wealth of billionaires in India has increased by 121 percent since the start of the pandemic till November 2022. In other words, assets increased by an average of 3 thousand 608 crore rupees per day. On the other hand, in the financial year 2021-22, only 3 percent of the country's Goods and Services Tax (GST) came from the 10 richest businessmen. Whereas, 64 percent of GST came from the total 50 percent of people. Not only this, the number of billionaires has increased even amid the extreme covid-19 crisis in the country. According to the report, the number of billionaires in India increased to 166 in 2022. Whereas in 2020 this number was 102.
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