Indian Billionaires' Wealth Grew Daily By INR 2,200 Cr. Last Year— Oxfam - Eastern Mirror
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Indian billionaires’ wealth grew daily by INR 2,200 cr. last year— Oxfam

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By Mirror Desk Updated: Jan 21, 2019 10:55 pm

Eastern Mirror Desk

Dimapur, Jan. 21: The fortunes of Indian billionaires grew by an astronomical 35% per day last year, which is INR 2,200 cr. daily; while the poorest 10% of the country continued to remain in debt since 2004, according to an Oxfam report ‘Public Good or Private Wealth’ released on Monday.

The report was released ahead of the gathering of political and business leaders at the World Economic Forum in Davos. It stated that ‘while billionaire fortunes globally increased by 12% last year at $2.5 billion a day, 3.8 billion people who make up the poorest half of humanity saw their wealth decline by 11%.’ It also states that “almost half of the world’s population – 3.4 billion people – live on less than $5.50 a day.”

Oxfam is a confederation of 20 independent charitable organisations focusing on the alleviation of global poverty, founded in 1942 and led by Oxfam International. It is a major non-profit group with an extensive collection of operations.

Describing the Indian situation as “morally outrageous,” 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 or pay for their child’s medicines. If this obscene inequality between the top 1% and the rest of India continues then it will lead to a complete collapse of the social and democratic structure of this country.”

According to Oxfam, top 10% of India’s population holds 77.4% of the total national wealth.

“The contrast is even sharper for the top 1% that holds 51.53% of the national wealth. The bottom 60%, the majority of the population, own merely 4.8% of the national wealth. Wealth of top 9 billionaires is equivalent to the wealth of the bottom 50% of the population,” the global rights group said.

The report reveals that India added 18 new billionaires last year raising the total number of billionaires to 119, and their wealth crossed the $400 billion mark for the first time. It rose from $325.5 billion in 2017 to $440.1 billion in 2018.

“This is the single largest annual increase since the 2008 global financial crisis,” Oxfam said.

“India’s combined revenue and capital expenditure of the centre and state for medical and public health, sanitation and water supply is INR 2,08,166 cr., less than the wealth of India’s richest billionaire Mukesh Ambani at INR 2,80,700 cr.,” it added.

Mukesh Ambani ranks 19th in the Forbes 2018 billionaire list. He is the richest Indian. His residence in Mumbai, a towering 570-foot building, is worth $1 billion and is the most expensive private house in the world.

Oxfam stated that the increasing inequality across the globe is undermining the fight against poverty, damaging economies, and fuelling public anger. “The gap between rich and poor is pulling us apart. It stops us from beating poverty and achieving equality between women and men. Yet most of our political leaders are failing to reduce this dangerous divide. It does not have to be this way. Inequality is not inevitable – it is a political choice,” it read.

“The survey reveals how governments are exacerbating inequality by underfunding public services, such as healthcare and education, on the one hand, while under taxing corporations and the wealthy, and failing to clamp down on tax dodging, on the other,” Oxfam India CEO Amitabh Behar said in a statement.

The report said the tax rates for wealthy individuals and corporations globally have been cut dramatically. It found that while the top rate of personal income tax in rich countries fell from 62% in 1970 to just 38% in 2013, the average rate in poor countries is just 28%.

The survey also found that women and girls are hardest hit by rising economic inequality.

“Cutting taxes on wealth predominantly benefits men who own 50% more wealth than women globally, and control over 86% of corporations. Conversely, when public services are neglected poor women and girls suffer most,” it said.

“Economic inequality plagued by caste, class, gender and religion need to be tackled on a war-footing. Government must now deliver real change by ensuring that the super-rich and corporations pay their fair share of tax and invest this money to strengthen public healthcare and education,” Behar said.

(Inputs from IANS)

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By Mirror Desk Updated: Jan 21, 2019 10:55:07 pm
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