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Billionaires increased in Corona period, can fund every child’s higher education for 25 years

Wealth Inequality Rises in India: When lakhs of people lost their lives due to Corona epidemic in the country. Due to loss of jobs, people became unemployed and went into poverty. In the same Corona period, the wealth of the country’s billionaires has increased wildly. The wealth of these billionaires has doubled during the Corona period. At the same time, the number of billionaires has increased by 39 percent, reaching 142.

Inequality increased in Corona period
The Annual Inequality Survey was released on the first day of the meeting of the World Economic Forum being held in Davos. In which it was said that the wealth of the ten richest people of India can be used to fund the school and higher education of children for the next 25 years. It was said in this report that if only one percent additional tax is imposed on the 10 percent of the richest of these countries, then through this the supply of 17.7 lakh additional oxygen cylinders can be ensured and if the 98 richest have the same wealth tax. If applied, the world’s largest health insurance scheme Ayushman Bharat can be funded.

142 billionaires have assets worth 53 lakh crores
In the report issued on the inequality in wealth of Oxfam, it has been said that 142 billionaires of the country have assets of $ 719 billion i.e. 53 lakh crores. Health crisis has arisen due to Corona epidemic but due to this financial crisis has also arisen. The richest 10 percent of the people own 45 percent of the country’s wealth, while the bottom 50 percent of the population has only 6 percent of the wealth.

Government reduced expenditure on education health
Oxfam has said in its report that as the privatization of health and education in the country has increased, the expenditure on health, education and social security by the government has been decreasing, due to which there is a complete exit from Corona for common human beings. It has become very difficult to get.

Advice on imposing wealth tax on the rich
The survey has advised the government to re-examine the primary source of revenue generation and reform the tax system that allows the rich to build so much wealth. In its report, Oxfam has advised the government to spend a large part of its revenue on health, education and social security so that inequality can be reduced. Also, in its report, one percent health education surcharge or wealth tax should be spent on the country super-rich for the time being so that the money received can be spent on providing better health education in the coming future.

Women’s income decreased in Corona period
Oxfam has said on the condition of women during the Corona period that during the Corona epidemic, 28 percent of the jobs were lost by women and two-thirds of their earnings were also lost during this period. In its report, Oxfam has put an additional 2 percent on those earning Rs 10 crore annually, then the budget of the Ministry of Women and Child Development can be increased by 121 percent.

10 percent occupied on 57 percent of the country’s income
Earlier, the World Inequality Report 2022 came out in December. It was also said in this report that the country’s top-10 percent people are occupied on 57 percent of India’s income, while one percent people are occupied on 22 percent of the country’s income. At the same time, the share of income of the bottom 50 percent of the people in the country has come down to 13 percent. According to (World Inequality Report 2022), the average income of the adult population of the country is Rs 2,04,000 (Rs two lakh four thousand). On the other hand, the average income of the bottom 50 percent of the adult population is only Rs 53,610. Whereas the average income of the top 10 percent people is 20 times more than the bottom at Rs 11,66,520.

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Shivam Bangwal

Shivam Bangwal is an Indian based entrepreneur who is a tech, travel and coding enthusiast with a post graduation degree on Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Hitchhike TV, Branding Panther and many more.

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