India suffers from a grave wealth distribution issue. While the rich keep making more and more profits, the poor keep getting poorer.
A new study by Oxfam has made some shocking revelations. According to the study, the country’s richest 1% has 4 times more wealth as compared to 953 million Indians who form the bottom 70% of the population.
The study, ‘Time to Care’ revealed that the 2153 billionaires of the world possess more wealth than the 4.6 billion people who form 60% of the world’s population.
It found that the total wealth of 63 billionaires in India is more than its annual Union Budget (Rs. 24,42,200 crore).
According to Amitabh Behar, the CEO of Oxfam India “The gap between rich and poor can’t be resolved without deliberate inequality-busting policies, and too few governments are committed to these. Our broken economies are lining the pockets of billionaires and big business at the expense of ordinary men and women.”
The report also mentioned that women contribute as many as 3.26 billion hours of unpaid care work daily, making their per year contribution to the Indian economy Rs 19 lakh crore. This amount is 20 times the entire education budget of the country in 2019 (Rs 93,000crore).
The total wealth possessed by all the women in Africa is lesser than the wealth of the 22 richest men in the world.
This study is another proof that an effective wealth redistribution strategy needs to be adopted at a global level.