The sad picture of financial inequality in India has come up again and again. That information has emerged in various statistics. India’s highest financial wealth is held by 3 percent of the country’s population. This information is given by several statistics. Recently Oxfam gave another information about this. According to that statistic, 1 percent of the country owns 40 percent of the financial assets of the entire Indian economy. Also, the poorest class of people own 3 percent of financial assets.
Oxfam International presented this report on the first day of the annual conference of the World Economic Forum. They said that even if 5 percent tax is imposed on the income of the country’s 10 richest people, then the entire cost of schooling of the children will come up. The report is titled ‘Survival of the Richest’.
40 thousand 423 crore rupees will be raised if the wealth of India’s richest people is taxed at the rate of 2 percent just once. This can help cover the cost of various nutrition campaigns for malnourished children for the next three years. That is what the report said. Also, a 5 percent tax on the assets of India’s top 10 billionaires would raise Rs 1.37 lakh crore.
Which is one and a half times more than the budget of Ministry of Health and Ministry of AYUSH in the financial year 2022-23. Incidentally, the budget of the Ministry of Health in the financial year 2022-23 was 86 thousand 200 crores. Besides, the budget of the Ministry of AYUSH was Rs 3,500 crore. According to Oxfam, it has adopted multiple research methods to produce this report on financial inequality in India.
The report also stated that gender inequality still prevails in India. Female workers earn much less than male workers. This disparity is reported to be more in case of scheduled castes and rural workers. According to Oxfam, billionaires have made massive gains since the start of the Corona situation. From the beginning of the Corona situation to November 2022, the assets of the billionaires have increased by 121 percent. That is, their property has increased by 3 thousand 608 crores every day.