{"id":2508,"date":"2020-01-27T16:14:35","date_gmt":"2020-01-27T10:44:35","guid":{"rendered":"https:\/\/www.classiciasacademy.com\/blog\/?p=2508"},"modified":"2024-06-06T15:40:36","modified_gmt":"2024-06-06T10:10:36","slug":"high-income-inequality-in-india","status":"publish","type":"post","link":"https:\/\/www.classiciasacademy.com\/blog\/high-income-inequality-in-india\/","title":{"rendered":"High Income Inequality in India"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">In News<\/h3>\n\n\n\n<p>A report released by Oxfam has shown that income\ninequality is high in the country with the top 1% of the population holding\nwealth four times more wealth than 70% of the population. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">In-Detail<\/h3>\n\n\n\n<ul>\n<li>Oxfam, the rights group had\nreleased a study titled <strong>\u201cTime to Care\u201d<\/strong> at the <strong>50th World Economic\nForum (WEF) Summit in Davos.<\/strong><\/li>\n\n\n\n<li>As per the study, 2,153\nbillionaires of the world have more wealth than the 4.6 billion people who make\n60% of the world\u2019s population. <\/li>\n\n\n\n<li>The report notes that global\ninequality is entrenched and vast. <\/li>\n\n\n\n<li>In the last decade, the number\nof billionaires has doubled despite their combined wealth being declined in the\nlast year. <\/li>\n\n\n\n<li>Oxfam argues for\ninequality-busting policies to resolve the rich-poor divide. <\/li>\n\n\n\n<li>But, it states that too few\ngovernments are committed to deploying such policies. <\/li>\n\n\n\n<li>At the WEF Summit, the <strong>Global\nRisk Report released by WEF<\/strong> also warned that the pressure on the global\neconomy due to macroeconomic fragilities and financial inequality continued to\nintensify in 2019.&nbsp; <\/li>\n\n\n\n<li>As per the report, the recent\nsocial unrest in almost all continents is due to inequality. Though the tipping\npoints may vary like corruption in some cases, constitutional breaches or rise\nin prices of basic services, etc. <\/li>\n\n\n\n<li>The report further notes that\nglobal inequality has declined in recent years, domestic inequality has risen\nin many countries. The trend is majorly in advanced economies where inequality\nhas risen to historic highs.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">India Scenario <\/h3>\n\n\n\n<ul>\n<li>As per Oxfam\u2019s study, the total\nwealth of 63 Indian billionaires is higher than the union budget of 2018-19\nwhich was Rs. 24,42,200\ncrore.<\/li>\n\n\n\n<li>In today\u2019s economic system of\nIndia, women and girls benefit the least. <\/li>\n\n\n\n<li>They are unpaid for their\nbillions of hours of work which includes cooking, cleaning and caring for the\nchildren, the elderly and the family.<\/li>\n\n\n\n<li>As per the report, women and\ngirls put 3.26 billion hours of work in such unpaid care. <\/li>\n\n\n\n<li>This is a contribution of Rs.\n19 lakh crore a year to the Indian economy. <\/li>\n\n\n\n<li>Oxfam notes that they are the\n\u2018hidden engine\u2019 that keeps the economy, businesses and societies moving. <\/li>\n\n\n\n<li>Women who have little\neducation, who do not have a say in society, who cannot earn a decent living\nare the ones who are trapped at the bottom of the economy. <\/li>\n\n\n\n<li>As such, Oxfam notes that\n\u201csexist\u201d economies are making inequality to flourish with elite accumulating\nmore while ordinary people and women and girls are pushed into poverty.<\/li>\n\n\n\n<li>As per the report, a domestic\nfemale worker takes 22,277 years to earn the same amount of money that a CEO of\na tech company makes in one year.<\/li>\n\n\n\n<li>A CEO makes Rs. 106 per second\nwhich means a domestic worker will take one year to earn that much amount that\na CEO takes 10 minutes to earn. <\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Under-Taxing<\/h3>\n\n\n\n<ul>\n<li>One of the major reasons for the rise in inequality the report sights is under-taxation. <\/li>\n\n\n\n<li>Governments across the world are massively under-taxing the wealthy individuals and corporations. <\/li>\n\n\n\n<li>Thus, governments are failing to collect revenue that will help uplift the lives of women and girls. <\/li>\n\n\n\n<li>As per the report, making the richest to pay 0.5% extra tax for the next 10 years will lead to the generation of 117 million jobs across sectors like elderly and childcare, health and education.<\/li>\n\n\n\n<li>Oxfam prepared the report based on the data from the Credit Suisse Research Institute\u2019s Global Wealth Databook 2019 and Forbes\u2019 2019 Billionaires List.<\/li>\n<\/ul>\n\n\n\n<p> <\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"mh-excerpt\"><p>In News A report released by Oxfam has shown that income inequality is high in the country with the top 1% of the population holding <a class=\"mh-excerpt-more\" href=\"https:\/\/www.classiciasacademy.com\/blog\/high-income-inequality-in-india\/\" title=\"High Income Inequality in India\">    [read more]<\/a><\/p>\n<\/div>","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[98],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.9 - 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