Oxfam Report: India’s richest 1% people’s Wealth is 4 times of 70% of population

  • Rights group OxfamInternational released a report titled ‘Time to Care:Unpaid and underpaid care work and the global inequality crisis’. As per the report, India’s richest 1% of the population has more than 4 times of wealth held by 953 million people making up for the bottom 70% of the country’s population. 2,153 of total billionaires globally in 2019 had more wealth than the 4.6 billion people who make up 60% of the planet’s population. The report in detail are as follows:

Report on India:

  • Indian billionaires’ wealth: Total combined wealth of 63 Indian billionairesis higher than the country’s total Union Budget for the fiscal year 2018-19 which stood at Rs 24,42,200 crore.
  • Unpaid care work of Indian females: Women and girls put in 3.26 billion hours of unpaid care work every day which marks a contribution to the Indian economy of at least Rs 19 lakh crore a year.
  • Inequality will be reduced if the richest 1% pay 0.5% etc wealth tax in the next 10 years. This would generate 117 million jobs in elderly, childcare, education and health sectors.

About Oxfam International:

Fact- Oxfam is a confederation of 19 independent charitable organizations focusing on the alleviation of global poverty.
Headquarters- Nairobi, Kenya.
Founded- 1942.

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