‘Inequality Kills’: Income of 84% of households in India declined in 2021, number of billionaires grew to 142. While 84 percent of households in the country suffered a decline in their income in 2021. The year was marked by the tremendous loss of life and livelihoods, according to nonprofit Oxfam India’s latest report.
‘Inequality Kills’ Report by OXFAM
The wealth of the world’s 10 richest men has doubled since the pandemic began. The incomes of 99% of humanity are worse off because of COVID-19. Widening economic, gender, and racial inequalities—as well as the inequality that exists between countries—are tearing our world apart.
This is not by chance, but choice: “economic violence” is perpetrated when structural policy choices are made for the richest and most powerful people. This causes direct harm to us all, and to the poorest people, women, girls, and racialized groups most. Inequality contributes to the death of at least one person every four seconds.
Key findings of report
- Report states that, 84 per cent of Indian households witnessed an income decline amid covid-19 pandemic.
- Richest 98 Indians own the same wealth as bottom 552 million people.
- Number of Indian billionaires increased from 102 to 142, during 2021.
- Wealth of the top 100 families is Rs 57.3 trillion.
How inequality can be reduced?
- According to report, inequality in India can be reduced by taxing higher on richest 10 per cent of the Indian population, to help in funding measures of reducing inequality. This fund could cover schemes for health care, education, and social security.
- Oxfam further recommends to conduct at least two surveys every 10 years for measuring inequality and better social security for informal workers.
- As per Oxfam, 4 per cent tax on wealth of 98 billionaires can fund the mid-day meal programme for 17 years.
- 1 per cent wealth tax of them will be enough to take care of total expend.
