Oxfam Report: 1% of The Rich Hold More Than 40% of The Country’s Wealth, 50% of The Population Have Only 3% of The Wealth – Economy News

Oxfam Report

Oxfam International Report in World Economic Forum, Davos: More than 40 percent of India’s total wealth is occupied by just one percent of the country’s richest people, while 50 percent of the population has only three percent of the country’s total wealth. This information has been given in a recent report by the social organization Oxfam International. In this report presented on the first day of the annual meeting of the World Economic Forum (WEF) being held in Davos, Switzerland, Oxfam has also demanded measures in the budget to reduce economic inequality.

The Wealth of Billionaires Increased By 121% During The Epidemic

It has been told in the Oxfam report that since the beginning of the Corona epidemic in the country, during November 2022, the wealth of the country’s billionaires has increased by 121 percent. In real terms, his wealth has increased by Rs 3,608 crore every day. According to Oxfam, the total number of billionaires in the country was 102 in 2020, which has increased more than one and a half times to 166 in 2022. According to the report, the total wealth of the 100 richest people of India has increased to US$ 660 billion i.e. about Rs 54.12 lakh crore. This amount is enough to fund the entire budget of the Government of India for more than a year and a half.

Very Little Contribution of Billions In Tax Collection

According to Oxfam, despite the increase in the number of rich people in the country and their wealth, their contribution to tax is very less. According to the report, in the Rs 14.83 lakh crore collected through Goods and Services Tax (GST) during 2021-22, the contribution of the richest 10 percent of the country was just 3 percent, while about 64 percent was contributed by those who In terms of economic status, the country’s weakest 50 percent come in the section.

Rich People Should Contribute Appropriately To Tax Collection: Oxfam

Presenting the report, Oxfam India CEO Amitabh Behar said, “Marginalized Dalits, Adivasis, Muslims, women and people working in the unorganized sector in the country continue to suffer because of a system that , which is tilted in favor of the richest people. Poor people are paying more tax than their income and they have to spend more on essential things and services as compared to the rich. Now the time has come to tax the rich in such a way that they pay their fair share of the total tax.”

Finance Minister Should Implement Wealth Tax And Inheritance Tax

Behar has urged the Union Finance Minister to implement progressive taxes such as wealth tax and inheritance tax, as these taxes have historically proved effective in reducing economic inequality. Oxfam has said that a nationwide survey has shown that more than 80 percent of the people of India are in favor of taxing the rich and the companies making record profits during the Kovid 19 epidemic. In this survey conducted by FIA India, more than 90 percent people have also demanded provision in the budget to reduce inequality.

Adani Can Get 1.79 Lakh Crore From Tax: Report

Oxfam report says that even if 5% tax is imposed on the 10 richest people of India, then this amount can be found, which will be enough to re-link all the school dropouts in the country. . Discussing the issue of taxing the rich in the report, the example of the country’s richest industrialist Gautam Adani has also been given. It has been said in the report, “The increase in the wealth of only one billionaire of the country, Gautam Adani, during 2017 to 2021, if a lump sum tax is imposed on it, Rs 1.79 lakh crore can be collected. This amount is enough to pay one year’s salary to more than 50 lakh primary school teachers in the country.

Advice For 2% One-Time Tax On The Wealth Of Billionaires

In this report prepared under the name Survival of the Richest, it has been said that even if only 2 per cent one-time tax is imposed on the total wealth of India’s billionaires, even then the people suffering from malnutrition in the country will have enough food for three years. Rs 40,423 crore required for nutrition can be raised. According to the report, if a one-time tax of 5 per cent is imposed on the 10 richest billionaires of the country, Rs 1.37 lakh crore can be collected. This amount is more than one and a half times the total budget of the Ministry of Health and Family Welfare and Ministry of AYUSH, Government of India for the financial year 2022-23.

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