Economic inequality in India is increasing, poor becoming more poorer: report

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Non-governmental organization Oxfam India has said in a report that property worth 101 billionaires in India is equal to 15 percent of GDP.

Oxfam India

New Delhi: In a report by non-government organization Oxfem, the economic inequality in India has been growing for the past three decades. Poor people are getting poorer and poorer.

According to the report, the condition is that 15 percent of the country’s gross domestic product (GDP) is in the account of Indian billionaires. Five years ago, the share of these billionaires was 10 percent.

This report, titled ‘The Widening Gaps: India Inequality Report 2018’ released on Thursday, states that India is among the world’s unequal states on the basis of income, consumption and wealth, and the unbalanced policies of governments for these conditions Has been told responsible.

It has been said that the wealthy people in India have acquired a large part of the wealth created in the country in ‘Intrigante Capitalism’ or ‘Money from their Parents’. At the same time, the share of income under the income pyramid is continuously decreasing.

Oxfam India CEO Nisha Agarwal said, “These inequalities are the result of reform packages adopted during the much publicized liberalization of 1991 and subsequently adopted policies.”

According to the report, the total property of Indian billionaires is equivalent to 15 percent of the country’s GDP. This was equivalent to 10 percent of GDP just five years ago.

According to this, there were 101 billionaires in India in 2017, whose capacity is 65 billion rupees or more.

Professor of this report. Himanshu says, “Economic inequality is more worrisome in the context of India, divided on the basis of caste, religion, regionalism and gender.”

It has been said in the report that in the growing development period, economic inequality can be stopped. Economic inequality is decreasing and decreasing in Latin America and East Asian countries. While India is in line with the countries where economic inequality has already increased and which is increasing rapidly.

It has been said in the report that it is not happening suddenly. The choice of policy to promote skilled labor rather than the specific policies that support the capital and the inefficient labor instead of labor, is responsible for this development in India.

CEO of Oxfam India, Nisha Agrawal said, “By implementing ‘Money and Legacy Tax’ this stream of development can be changed and that tax should be used on the health, education and nutrition of the poor. Keeping this in mind, especially in the development of poor children, this tax is to be spent.

Agrawal said that by doing so, it can be imagined to make a more equal opportunity country.

Just before the meeting of World Economic Forum in Davos in January, Oxfam India released another report. It said that 73% of the total wealth generated in India is in the hands of only one percent of rich people in 2017. In the survey, a worrisome picture of inequality in India’s income was presented.

In relation to India, it has been said that last year 2017 has become a new billionaire. With this, the number of billionaires has grown to 101. The property of 67 million Indians has increased only one percent.

According to the report, the wealth of the Indian wealthy has increased by Rs 4.89 lakh crore in 2017 to Rs 20.7 lakh crore. It is 85 percent of the 4.89 lakh crore education and health budget of many states.

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