According to a report released monday by Oxfam, the wealth of India's billionaires has more than doubled in 2021, even as a second wave of COVID-19 has hit the country's economy hard and exacerbated poverty.
The report shows that the number of billionaires in India increased by 40 to 142 in 2021, more than France, Sweden and Switzerland combined.
The combined wealth of these billionaires is nearly $720 billion, more than the wealth of India's poorest 40 percent combined.
Oxfam says India now has more billionaires than France, Sweden and Switzerland combined.
On the other hand, India's urban unemployment rate climbed to 15% in May last year, and the food safety situation further deteriorated. Citing data from the World Food Programme, Oxfam says India accounts for a quarter of the world's malnourished population.
Some of the policies implemented by the Indian government during the pandemic, including the abolition of the 2016 wealth tax, a sharp cut in corporate taxes and an increase in indirect taxes, have made the wealthy richer, while the national minimum wage has remained at 178 rupees (about $2.40) per day since 2020. The India Global Report added. In the context of the increasing privatization of the health and education sectors, reduced federal funding to local governments has further exacerbated inequalities. In the context of the increasing privatization of the health and education sectors, reduced federal funding to local governments has further exacerbated inequalities.
"Unfortunately, the Indian government's tax policies are not only pro-rich, but also deprive Indian states of vital financial resources – both of which have been particularly damaging in the context of the COVID-19 crisis," Oxfam reports. ”
Oxfam recommends that the government impose a 1% surcharge on the wealthiest 10% of the population to invest in health and education. The report notes that India's 10 richest billionaires have enough wealth to finance schools and higher education for the country's children for more than 25 years.
Source: Market News, Sina.com
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