Income Inequality In India : Half Of The National Wealth Is held By Only 1% Of INDIANS
By SK Kapoor.
According To International Rights Group ‘Globally , billionaire’s wealth increases by 12% or $2.5 Billion a day in 2018 . On the other hand , Poorest half of the world’s population had suffered a decline of 11%.’
An Oxfam study said , “ Indian billionares swell their fortune by RS. 2,200 Crores each day , with the Top 1 % of the country’s richest getting richer by 39 % increase in wealth “
Oxfam further elaborated that the 136 million Indians , who make up the poorest 10 % of the country , remained in debt since 2004.
Oxfam International Executive Director , Winnie Byanyima , said “ it is ‘Morally Outrageous’ that a few wealthy individuals are amassing a growing share of India’s Wealth , while the poor are struggling to eat their next meal .”
“if this obscene inequality between the Top 1% and the rest of the India continues then it will lead to a complete collapse of the social and Democratic Structure of India.”
India’s Top 10 Richest people
“India’s Top 10% of the population owns 77.4% of the Total National Wealth , to the contrary the Top 1% owns 51.53% of the national wealth .
The Bottom 60% , that is the majority of the population of India , owns merely 4.8 % of the National Wealth .”, as per Oxfam Report.
Oxfam Report shows a very interesting fact that ,”the wealth of the top 9 Billionaires is equivalent to the wealth of the Bottom 50%of the population .”
India is intended to generate 70 New Dollar Millionaires between 2018 and 2022, Oxfam said.
Oxfam Indian CEO Amitabh Behar presents his thoughts on the Indian Income Inequality Problem,
“ The survey reveals how Governments are exacerbating Inequality by underfunding the public services , on the one hand , while under taxing corporations and the Wealthy , and failing to Clamp down on Tax Dodging on the other”.
This OXFAM SURVEY REPORT shows that medium group , and women hit hard by rising INCOME INEQUALITY IN INDIA.
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