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Oxfam Report: the Great Indian Divide of Wealth: Survival of the Richest

  • Posted on January 17, 2023
  • News
  • By Akta Yadav
Oxfam Report:-
Oxfam India is a non- governmental organization that has recently published a report titled, “Survival of the Richest: The India Supplement”. The Oxfam report has not only dealt with the issue of wealth imbalance in the Indian population but also with the problems in the taxation regime which catalyze inequality. Oxfam Report Here are Glaring Issues Raised by this Oxfam Report-2023 The Oxfam report shows a comparative shift in the wealth concentration in the country:
2021 2022 Rise
Wealth of Top 10 Rich Indians 20.72 lakh 27.52 lakh 32.8%
Number of Indian Billionaires 142 166 16.9%
A few other disturbing findings in the report are listed as follows:
  1. More than 40% of India’s total wealth is owned by only 1% of the population.
  2. 22.89 crore people in India live in poverty.
  3. The 50% of the population in the lower economic bar spends 6.7% of their earnings on taxes.
  4. The difference between the payouts for the two genders has also been highlighted by the Oxfam Report. In 2018- 19, while a female earns 0.63 Rupees, a male earns 1 Rupee for the same work.
The Oxfam Report very rightly points out, “The country’s marginalized – Dalits, Adivasis, Muslims, Women, and informal sector workers – are continuing to suffer in a system which ensures the survival of the richest”. Problems in the Taxation Regime pointed out by the Oxfam Report While income tax is differently levied upon different people depending upon the amount of income, indirect taxes such as the VAT (Value Added Tax) are levied on the whole population irrespective of individual income. This leads to the result that the poorer sections pay much higher taxes in total compared to their overall earnings. The Oxfam report has found while the concentration of wealth is so high for the top 1% of the population, a whopping 64.3% of taxes levied on food and non-food items (indirect tax) comes from 50% of the population in the lower economic bar. Oxfam Report Creative Suggestions by the Oxfam Report
  1. If only the top 10 billionaires are taxed for once at a rate of 5%, it can fund the functions of the AYUSH program for a period of 1.5 years.
  2. Levying a 3% tax upon Indian billionaires can fund the Central government’s National Health Mission for a period of 5 years.
  3. Levying a 2% tax upon Indian billionaires can help provide nutrition to the malnourished for a period of 3 years.
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Akta Yadav

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