India's most affluent hold 40% wealth of the economy
India's most affluent hold 40% wealth of the economy
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Oxfam's international latest study has revealed that India’s richest 1% own more than 40.5% of total wealth in 2021, whereas the bottom 50% of the population have 3% of the total wealth only.

Since the pandemic has hitted the nations worldwide, billionaires in India have seen their wealth surging by 121% or by Rs 3608 crore per day, as the report states. This data came out as the annual inequality report of rights group Oxfam International on the first day of the World Economic Forum Annual meeting in the city of Davos, Switzerland.

 “A one-off tax on unrealized gains from 2017-2021 on just one billionaire, Gautam Adani, could have raised Rs 1.79 lakh crore, enough to employ more than five million Indian primary school teachers for a year,” says the report.

The report is also focused upon the title ‘Survival of the Richest’ where it says that if the billionaires are taxed once at 2 % of their entire wealth, this will support the malnourishment in the country for the next three years by providing support of Rs 40,423 crore.

The richest person in India has seen a surge of 46% in their wealth in the year 2022. The report also says that taxing India’s ten richest will bring children back to school through 5% of their entire money. “A one-time tax of 5% on the richest billionaires in the country (Rs 1.37 lakh crore) is more than 1.5 times the funds estimated by the Health and Family Welfare Ministry (Rs 86,200 crore) and the Ministry of Ayush (Rs 3,050 crore) for the year 2022-23”.

The total number of billionaires has also increased from 102 in 2020 to 166 in 2022. The combined wealth of India’s 100 richest has equaled to the amount of $660 billion which is estimated to be Rs 54.12 lakh crore, the amount which can fund the entire Union Budget for more than 18 months.

Oxfam has also urged the Union Finance Minister Nirmala Sitharaman to end this obscene inequality and implement progressive tax measures such as wealth tax in the upcoming Union Budget.

CEO of Oxfam India, Amitabh Behar said, “While the country suffers from multiple crises like hunger, unemployment, inflation and health calamities, India’s billionaires are doing extremely well for themselves. The poor meanwhile in India is unable to afford even basic necessities to survive.”

The report also focuses on the female worker's earnings and hence projects that only 63 paise has been earned for every 1 rupee a male worker earns.

“Strengthen Primary Health Centers (PHCs), Community Health Centers (CHCs), and government hospitals with an adequate number of doctors, nurses, paramedics, equipment, and other infrastructural requirements as per Indian Public Health Standard (IPHS) norms to make quality health service available within 3 Km radius of peoples’ residence or workplace”, suggested by the rights organisation.

They suggest that the budgetary allocation of the health sector to 2.5 % of GDP by 2025, as envisaged in the National Health Policy, to reinvigorate the public healthcare system, reduce OOP expenditure and strengthen health prevention and promotion.

Oxfam India CEO Amitabh Behar said, "The country’s marginalized - Dalits, Adivasis, Muslims, Women, and informal sector workers are continuing to suffer in a system which ensures the survival of the richest.

They also said that 64% of the total Rs 14.83 lakh crore in the Goods and service sector comes from the bottom 50% of the population in the year 2021-22, making it only 3% coming from the richest 10%.

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