New Delhi / Davos: Indian billionaires see their combined wealth more than doubled during Covid-19 pandemic, and their counts jumped 39 percent to 142, while ten richest wealth was enough to fund children and higher education children in this country 25 years, a new study showed on Monday.
In the annual inequality survey released on the first day of Summit Davos Agenda Davos Davos World Forum, Oxfam India further said that one additional tax percent at 10 percent was richest able to provide the country with almost 17.7 extra oxygen cylinders, while similar wealth tax on 98 families The richest billionaire will finance Ayushman Bharat, the largest health insurance scheme in the world, for more than seven years.
Pandemic Covid-19 looked in a big rush for oxygen cylinders and insurance claims during the second wave last year.
Inequality in wealth, the Oxfam report further said that 142 Indian billionaires collectively have a wealth of USD 719 billion (more than Rs 53 lakh Crore), while the richest 98 of them now have the same wealth as the poorest people below 40 percent below 40 percent (USD 657 billion or nearly Rs 49 lakh crore).
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If each of the 10 billionaire richest billionaires is to spend a million every day, only need 84 years to spend their current wealth, while the annual wealth tax applied to multi-millionaires and billionaires will increase USD 78.3 billion per year enough Increasing a government health budget by 271 percent or eliminating the health budget outside the household bag and leaving USD 30.5 billion.
Noting that Covid-19 may have begun as a health crisis but has become the current economy, Oxfam said the richest 10 percent had collected 45 percent of national wealth while the bottom of 50 percent of the population was only 6 percent.
Furthermore, said that inadequate government spending on health, education and social security has run by hand with an increase in health and education privatization, so that the recovery of Covid-19 is full and safely beyond the reach of common citizens.
This study urged the government to review the main sources of its income generation, adopt a more progressive tax method and assess its structural problems that allow the accumulation of these wealth by rich.
In addition, the government must also direct income on health, education and social security, treat them as universal rights and as a way to reduce inequality, thus avoiding the privatization model for these sectors, Oxfam said.
“We called the government to distribute Indian wealth from super-rich to produce resources for the majority by re-introducing wealth tax and to generate income to invest in the next generation education and health by imposing a temporary one-percent additional cost for health and education, “He said.
In gender inequality, Oxfam India said women contributed 28 percent of all lost work and lost two-thirds of their income during a pandemic.
Furthermore, said the 2021 Indian budget allocation for the ministry of women and the development of children less than half of the total accumulation of wealth of ten of the Indian billionaire list and only 2 percent tax in individuals with more than 10 crore income could increase the ministry budget with astonishing 121 percent.
If the 100 billionaire wealth is first accumulated, they can fund the mission scheme of national rural livelihoods, responsible for creating independent groups for women, for the next 365 years.
In health inequality, the report said that a 4 percent wealth tax on 98 richest families in India will finance the Ministry of Health and family welfare for more than 2 years and note that their combined wealth is 41 percent more than the Indian Workers’ Union budget.
Regarding educational inequality, this study said 1 percent of the tax on the wealth of 98 billionaires in India could fund the total annual expenditure of the Ministry of Education and Literacy of the School under the Ministry of Education, while 4 percent of the tax on their wealth can take care of the 17-year-old Central Flour program or Samagra Sikshya Abhiyan for 6 years.
Likewise, a 4 percent tax on the wealth of 98 billionaires will be enough to fund Mission Mosthan 2.0, which includes the Airfed Service, Poshan Abhiyan, a scheme for teenage girls, and national creche schemes, for 10 years.