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4.6cr Indians slipped into extreme poverty during pandemic, accounting for half of the global ‘new poor’ , but billionaires’ wealth rose: Oxfam

beijingwalker

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4.6cr Indians slipped into extreme poverty during pandemic, but billionaires’ wealth rose: Oxfam​

Ambika Pandit / TNN / Updated: Jan 17, 2022, 15:23 IST

NEW DELHI: A new report on rising inequality highlights that while 4.6 crore Indians are estimated to have fallen into extreme poverty in 2020, accounting for nearly half of the global ‘new poor’ according to the United Nations, the number of Indian billionaires grew from 102 to 143 during the pandemic period. The collective wealth of India’s 100 richest people hit a record high of Rs 57.3 lakh crore ($775 billion) in 2021.

The analysis is part of the statement released by Oxfam India, based on the ‘Inequality Kills Report: The Davos India Supplement’, that is part of the global report to be released at the World Economic Forum’s virtual event ‘The Davos Agenda’ on Monday.

In India, the wealth of billionaires during the pandemic (from March, 2020 to November 30, 2021) increased from Rs 23.1 lakh crore ($313 billion) to Rs 53.2 lakh crore ($719 billion). In contrast, the report cites the Consumer Pyramid Household Survey data collated by CMIE for 2021 to point that it is estimated that 84% of households in the country suffered a decline in their income in a year marked by unprecedented loss of life and livelihoods.

The data factsheets on wealth highlights that 142 Indian billionaires own more wealth ($719 billion) than 555 million people ($657 billion, bottom 40%). The richest 98 have the same wealth($657 billion) as the poorest 555 million people (bottom 40%). “If each of the 10 richest Indians billionaires were to spend $1 million daily, it would take them 84 years to exhaust their current wealth. Indians billionaires have seen their combined fortunes more than double during the pandemic. Their number shot up by 39%,” the Oxfam statement said.

Oxfam India CEO Amitabh Behar said, “It has never been so important to start righting the wrongs of this obscene inequality by targeting extreme wealth through taxation and getting that money back into the real economy to save lives.” He also highlighted that the pandemic has set gender parity back from 99 years to 135 years now. Women collectively lost Rs 59.1 lakh crore ($800 billion) in earnings in 2020, with 1.3 crore fewer women in work now than in 2019.

The analysis also shows that allocation towards health in 2021-22 saw a decline of 10% from the previous year in the Union budget, while the allocation towards education in 2021-22 saw an increase of 10% over 2020-21. However, education spending as a percentage of GDP has remained low at 3% and increased only 0.07% over the last 18 years. Similarly health spending as a percentage of GDP has remained abysmally low at 1.2% to 1.6% and increased only 0.09% over the last 22 years.

It is further stated that with 93% of the nation’s workforce comprising workers who fall in the ambit of informal employment, there has been little success in bringing them under the ambit of formal employment. The report calls for focus on laying the legal groundwork for basic social protection for this sector.

Oxfam India recommends that it is important to “recognise inequality is real and agree to measure it” with a robust and transparent data collection mechanism to measure income and wealth inequality.


Democracy does miracles

 

Pandora

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Well at least India GDP is rising who care about people. Bottom feeders are merely slaves and they should just spend their money by getting buried under loans.
 

DrJekyll

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I am not surprised. Tech startups obsessed with killing the middle-man and armed with endless PE funds are causing more damage than is evident to most urban Indians. Someone interested in an alternative perspective should read the attached article. These startups and their billionaire founders are winning market share not because of some inherently better model, but simply by selling at a loss. Then they bundle tech features which were not needed in the first place to keep retailers hooked to the platform. There is no way small businesses can keep up with this kind of relentless 'innovation'.

 

beijingwalker

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Shady politicians got elected by the money from the rich will never protect the poor and the underprivileged.

poverty-and-women-channi-anand-AP-.jpg
 

MH.Yang

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In 2011, India's GDP $1.82 trillion.
In 2021, India's GDP $2.95 trillion.
India's economy has grown 62% in the past 10 years.

In 2011, China's GDP $7.55 trillion.
In 2021, China's GDP $17.72 trillion.
China's economy grew 134.7% in the past 10 years.

So COVID has nothing to do with India's low economic development rate.

BTW: India's Gini coefficient in 2011 was 74.7. India's Gini coefficient in 2021 is 84.3. In the past 10 years, the gap between the rich and the poor in India has worsened seriously. We can say that most of the poor in India have not received economic growth at all.
I would like to remind the Indian government. According to China's historical experience, if a country's economic growth cannot benefit most people, and wealth is over concentrated, the country is not far from collapse.
 

SD 10

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I am not surprised. Tech startups obsessed with killing the middle-man and armed with endless PE funds are causing more damage than is evident to most urban Indians. Someone interested in an alternative perspective should read the attached article. These startups and their billionaire founders are winning market share not because of some inherently better model, but simply by selling at a loss. Then they bundle tech features which were not needed in the first place to keep retailers hooked to the platform. There is no way small businesses can keep up with this kind of relentless 'innovation'.

you may be right but still middle man is not a good thing either
 

beijingwalker

ELITE MEMBER
Nov 4, 2011
46,359
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90,455
Country
China
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In 2011, India's GDP $1.82 trillion.
In 2021, India's GDP $2.95 trillion.
India's economy has grown 62% in the past 10 years.

In 2011, China's GDP $7.55 trillion.
In 2021, China's GDP $17.72 trillion.
China's economy grew 134.7% in the past 10 years.

So COVID has nothing to do with India's low economic development rate.

BTW: India's Gini coefficient in 2011 was 74.7. India's Gini coefficient in 2021 is 84.3. In the past 10 years, the gap between the rich and the poor in India has worsened seriously. We can say that most of the poor in India have not received economic growth at all.
I would like to remind the Indian government. According to China's historical experience, if a country's economic growth cannot benefit most people, and wealth is over concentrated, the country is not far from collapse.
Results report of Xi and Modi's incumbency terms.
 

MH.Yang

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Results report of Xi and Modi's incumbency terms.

If you swap Xi and Modi, the result will not change.
Because we have a great CCP and a great nation, not a great leader. The talent system of the CCP can make every generation of leaders great.
That is a powerful CCP that enables Xi to achieve such excellent results, not vice versa.
 
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