{"id":223110,"date":"2023-01-19T19:24:30","date_gmt":"2023-01-19T13:54:30","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=223110"},"modified":"2023-02-25T12:28:42","modified_gmt":"2023-02-25T06:58:42","slug":"survival-of-the-richest-the-india-story-indias-richest-1-own-more-than-40-of-total-wealth-oxfam","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/survival-of-the-richest-the-india-story-indias-richest-1-own-more-than-40-of-total-wealth-oxfam\/","title":{"rendered":"Survival of the Richest: The India story – India’s richest 1% own more than 40% of total wealth: Oxfam"},"content":{"rendered":"\n

Source: <\/b>The post is based on the article <\/span>\u201cIndia’s richest 1% own more than 40% of total wealth: Oxfam\u201d<\/b> published in <\/span>The Hindu <\/b>on 18th January 2023.<\/b><\/p>\n

What is the News?<\/b><\/h2>\n

Oxfam has released a report\u00a0 titled \u201cSurvival of the Richest: The India story\u201d.<\/span><\/p>\n

What are the key findings of the Survival of the Richest: The India story?<\/b><\/h2>\n

Wealth Inequality:<\/b> The richest 1% in India now own more than 40% of the country’s total wealth, while the bottom half of the population together share just 3% of the wealth.<\/span><\/p>\n

\u2013 The combined wealth of India’s 100 richest has touched USD 660 billion (Rs 54.12 lakh crore) — an amount that could fund the entire Union Budget for more than 18 months.<\/span><\/p>\n

Gender and social inequality:<\/b> F<\/span>emale workers earned only 63 paise for every 1 rupee earned by male workers.<\/span><\/p>\n

\u2013 The situation is even worse for Scheduled Castes and rural workers, as they earned 55% and half of what the advantaged social groups earned respectively, between 2018 and 2019.<\/span><\/p>\n

GST:<\/b> A<\/span>pproximately 64% of the total Rs 14.83 lakh crore in Goods and Services Tax (GST) came from the bottom 50% of the population in 2021-22, with only 3% of GST coming from the top 10%.<\/span><\/p>\n

What are the suggestions given by the report to combat inequality?<\/b><\/h2>\n

Implement inheritance, property and land taxes, as well as net wealth taxes, in order to reduce inequality and generate revenue for social programs.<\/span><\/p>\n

\u2013 For instance, t<\/span>axing India’s ten-richest at 5% can fetch entire money to bring children back to school or if India’s billionaires are taxed once at 2% on their entire wealth, it would support the requirement of Rs 40,423 crore for the nutrition of malnourished in the country for the next three years.\u00a0<\/span><\/p>\n

Enhance the budgetary allocation of the health sector to 2.5% of GDP by 2025, as envisaged in the National Health Policy.<\/span><\/p>\n

Enhance the budgetary allocation for education to the global benchmark of 6% of GDP.<\/span><\/p>\n

Impose a windfall tax<\/a><\/strong> on food companies that are making large profits as inflation has surged.<\/span><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Source: The post is based on the article \u201cIndia’s richest 1% own more than 40% of total wealth: Oxfam\u201d published in The Hindu on 18th January 2023. What is the News? Oxfam has released a report\u00a0 titled \u201cSurvival of the Richest: The India story\u201d. What are the key findings of the Survival of the Richest:… Continue reading Survival of the Richest: The India story – India’s richest 1% own more than 40% of total wealth: Oxfam<\/span><\/a><\/p>\n","protected":false},"author":10317,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,3127,1305,9],"tags":[10498],"class_list":["post-223110","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-economy","category-index-reports-bodies","category-public","tag-the-hindu","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/223110","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10317"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=223110"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/223110\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=223110"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=223110"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=223110"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}