New Delhi: New Report About Increasing inequality Highlights that while 4.6 India Crore is estimated to have fallen into extreme poverty by 2020, taking into account nearly half of the global ‘Poor’ according to the United Nations, the number of Indian billionaires grew from 102 to 143 during the pandemic period.
The collective wealth of 100 Indian richest people reached the highest record of Rs 57.3 Lakh Crore ($ 775 billion) in 2021.
This analysis was part of the statement released by Oxfam India, based on ‘KILLS inequality Report: The Davos India supplements’, it is Part of the global report to be released at the Virtual World Economic Forum ‘The Davos Agenda’ event on Monday.
In India, billionaire wealth during the pandemic (from March, 2020 to 30 November 2021) increased from RS 23.1 lakh Crore ($ 313 billion) to Rs 53.2 lakh crore ($ 719 billion).
On the contrary, the report cited the consumer pyramid household survey data collected by CMIE for 2021 to point that an estimated 84% of households in the country suffered a decline in their income in a year marked by loss of life and an unprecedented livelihood.
The data fact sheet about Wealth highlights that Indian 142 billionaires have more wealth ($ 719 billion) of 555 million people ($ 657 billion, below 40%).
The richest 98 has the same wealth ($ 657 billion) as 555 million poorest people (40% below).
“If each of the 10 richest Indians, billionaires must spend $ 1 million every day, it will take 84 years to spend their current wealth.
Bereroner India has seen their combined wealth more than double during a pandemic.
Their numbers are soaring 39%, “Oxfam’s statement said.
Oxfam India CEO Amitabh Behar also highlights that the pandemic has set a gender parity back from 99 years to 135 years now.
Women collectively lost Rs 59.1 lakh crore ($ 800 billion) in revenue in 2020, with 1.3 crore fewer women in work now than in 2019.