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“Survival of the Richest” Report By Oxfam India

Context:

The report was released by rights group Oxfam International on the first day of the World Economic Forum Annual Meeting.

Relevance:

Facts for Prelims

Dimensions of the Article:

  1. Wealth Inequality
  2. Impact of Taxing the Rich
  3. Gender and Social Inequality
  4. Wealth Increase of Billionaires During the Pandemic
  5. Recommendations

Wealth Inequality

  • A new study shows that the richest 1% in India now own more than 40% of the country’s total wealth, while the bottom half of the population shares just 3% of wealth.
Impact of Taxing the Rich
  • Taxing India’s ten richest at 5% could raise enough money to bring children back to school.
  • A one-off tax on unrealized gains from 2017-2021 on just one billionaire, Gautam Adani, could have raised ₹1.79 lakh crore, enough to employ more than five million Indian primary school teachers for a year.
  • Taxing India’s billionaires once at 2% on their entire wealth could support the requirement of ₹40,423 crore for the nutrition of malnourished in the country for the next three years.
Gender and Social Inequality
  • Female workers earned only 63 paise for every 1 rupee a male worker earned.
  • Scheduled Castes and rural workers earned 55% and 50% respectively of what the advantaged social groups earned between 2018 and 2019.

Wealth Increase of Billionaires During the Pandemic

  • Since the pandemic began, billionaires in India have seen their wealth surge by 121% or ₹3,608 crore per day in real terms, according to Oxfam.
  • The total number of billionaires in India increased from 102 in 2020 to 166 in 2022.
  • The combined wealth of India’s 100 richest has touched USD 660 billion ( ₹54.12 lakh crore) – an amount that could fund the entire Union Budget for more than 18 months.
Recommendations
  • Oxfam recommends introducing one-off solidarity wealth taxes and windfall taxes to end crisis profite

-Source: Live mint


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