INDIA GROWED BY 40 BILLIONAIRES LAST YEAR, BUT THE NUMBER OF POOR MORE THAN DOUBLED: OXFAM

By -


According to the global Oxfam Davos report of 2022, India's wealthiest have more than doubled their fortunes during the Covid-19 crisis that has wrecked the country and deepened poverty, and the government should reconsider its measures to redistribute wealth.

Last year, a second wave of diseases overwhelmed the country's health infrastructure, causing crematoriums and burial cemeteries to overflow. The country now has 142 millionaires. In a report on rising inequality released Monday, the group said that they have a combined worth of about $720 billion, which is more than the lowest 40% of the population.

During the pandemic, the value of everything from stock prices to cryptocurrency and commodities has risen, resulting in a global wealth increase. According to the Bloomberg Billionaires Index, the world's 500 wealthiest persons increased their net worth by more than $1 trillion last year. According to Oxfam, India now has more millionaires than France, Sweden, and Switzerland combined, despite urban unemployment reaching 15% in May and food insecurity worsening.

The abolition of a wealth tax in 2016, steep cuts in corporate levies, and an increase in indirect taxation are among the factors that have helped the rich get richer, according to the India supplement of the global report, while the national minimum wage has remained at 178 rupees ($2.4) per day since 2020. Reduced federal financing for local governments, combined with increased privatisation of the health and education sectors, has exacerbated inequality. According to Oxfam, a quarter of the world's undernourished people live in the country, according to the World Food Programme.

"Unfortunately, not only has the Indian government's taxation policy been pro-rich, but it has also denied India's States of crucial fiscal resources — both of which are extremely devastating in the context of the Covid-19 problem," according to the paper.

Oxfam is advocating that the government levy a 1% surcharge on the wealthiest 10% of the population to fund health and education. It states that the fortunes of India's ten wealthiest billionaires would be sufficient to support the country's children's school and higher education for more than 25 years.

India, like Sub-Saharan Africa, saw the biggest increase in poverty during the outset of the epidemic, with 84 percent of households experiencing a decrease in income. According to Oxfam, the population of impoverished in the south Asian country will have doubled to 134 million by 2020, far more than a Pew study predicted. According to official crime data, daily wage employees, the self-employed, and the jobless committed the most suicides.

According to the article, the leaked Pandora Papers — a collection of 11.9 million papers showing 29,000 offshore companies and private trusts constructed for tax fraud around the world — revealed that more than 380 Indians have unreported foreign and domestic assets totaling 200 billion rupees.

According to the Bloomberg Billionaires Index, Gautam Adani had the largest wealth increase in India last year and the fifth largest in the world. He increased his fortune by $42.7 billion, bringing it to about $90 billion. In 2021, Mukesh Ambani's net wealth increased by $13.3 billion, putting him at $97 billion.


 


 

Comments

Post a Comment

Popular posts from this blog

RAHUL BAJAJ, AN INDUSTRIALIST, DIED AT THE AGE OF 83

By -
Image
  Rahul Bajaj, an industrialist and former chairman of the Bajaj Group, died on February 12th. He was 83 years old when he died. "I am writing to notify you that Shri Rahul Bajaj, husband of the late Rupa Bajaj and father of Rajiv/Deepa, Sanjiv/Shefali, and Sunaina/Manish, has passed away. In the presence of his closest family members, he died on the afternoon of February 12th, 2022 "The Bajaj Group issued a statement. Rahul Bajaj had pneumonia as well as a heart condition. Dr. Purvez Grant, the managing trustee at Ruby Hall Clinic, said he had been admitted to the hospital for the past month. Rahul Bajaj passed away at 2.30 p.m. today. Rahul Bajaj, who was born on June 10, 1938, was the chairman of the Bajaj Group for more than 40 years. Rahul Bajaj stepped down as chairman of Bajaj Auto in April of last year and is now Chairman Emeritus of the company. In 2001, Rahul Bajaj received the Padma Bhushan, the third highest civilian honour. Bajaj was also a member of th...
Read more

SPACE AGENCY SAYS CHANDRAYAAN-2 ORBITER DETECTS SOLAR PROTON EVENTS ISRO

By -
Image
  Mumbai: The Indian Space Research Organisation (ISRO) announced on Wednesday that the Large Area Soft X-ray Spectrometer (CLASS), a payload on board the Chandrayaan-2 Orbiter, had discovered solar proton events (SPEs), which considerably increase radiation exposure to humans in space. Coronal mass ejections (CMEs), a tremendous torrent of ionised material and magnetic fields that reach Earth a few days later, causing geomagnetic storms and lighting up the polar sky with auroras, were also observed by the sensor on January 18. According to the ISRO, such multi-point measurements helps in the understanding of propagation and its impact on various planetary systems. Solar flares are dramatic explosions that occasionally spew out energetic particles (called Solar Proton Events or SPEs) into interplanetary space when the Sun is active. The majority of these are high-energy protons that have an influence on space systems and increase radiation exposure to astronauts. According ...
Read more

Sourav Ganguly Tests Positive For Covid, Admitted To Hospital: Report

By -
Image
  BCCI president and previous India captain Sourav Ganguly has been conceded to a city clinic in the wake of testing positive for COVID-19, the cricket board sources said on Tuesday. Ganguly is two immunized and has been voyaging broadly, participating in every expert movement. The 49-year-old was hurried to a medical clinic late on Monday night as a prudent step later his RT-PCR test brought positive back. "He was taken to Woodlands Nursing Home final evening. He has been given medicine and is as of now steady," a BCCI source, who is monitoring Ganguly's wellbeing, told PTI. Ganguly was conceded to clinic two times recently and went through crisis angioplasty subsequent to having some heart issues. His senior sibling Snehasish Ganguly had additionally tried positive for COVID early this year.
Read more