Construction Industry News
The number of Indian billionaires grew from 102 to 142, while 84 percent of the country's households experienced a drop in income in 2021. latest report published Monday.
The report 'Inequality Kills' comes ahead of the World Economic Forum's Davos Agenda.
It indicates that the collective wealth of India's 100 richest people reached a record high of Rs 57.3 trillion in 2021.
In India, during the pandemic (from March 2020 to 30 November 2021), billionaire wealth rose from Rs 23.14 trillion to Rs 53.16 trillion.
Meanwhile, it is estimated that more than 46 million Indians will fall into extreme poverty by 2020 (nearly half of the global new poor according to the United Nations).
India's wide disparity in wealth is the result of an economic system rigged in favor of the super-rich over the poor and marginalized, the report said.
It calls for a one percent surcharge on the richest 10 percent of India's population to fund inequality-fighting measures such as increased investment in school education, universal health care and social security benefits such as maternity leave, paid leave and retirement for all Indians.
“The 'Inequality Kills' briefing shows how deeply unequal our economic system is and how it fuels not only inequality but also poverty. We urge the Government of India to commit to an economic system that is more an equal and sustainable nation," Amitabh Behar, CEO of Oxfam India, said in a statement.
Furthermore, Behar said Oxfam's global briefing highlights the stark reality of inequality that contributes to the death of at least 21,000 people every day, or one person every four seconds.
In addition, the pandemic has reduced gender equality from 99 years to now 135 years. Women collectively lost 59.11 trillion rupees in income in 2020, while there are now 13 million fewer women in work than in 2019, the report found.
"India can show the world that democratic systems are capable of wealth redistribution and inclusive growth where no one is left behind. India's fight against inequality and poverty must be supported by the billionaires who have made record profits in the country during the pandemic," he suggested.
