Survival of the Richest Report: The India Story - The Hindu - 17/01/23
According to the Oxfam’s Report “Survival of the Richest: The India story”, the richest 1% in India now own more than 40% of the country’s total wealth, while the bottom half of the population together share just 3% of wealth between 2012 and 2021.
->Findings of the Report:
i. Gender Inequality: The report also highlighted gender inequality in India, stating that female workers earned only 63 paise for every 1 rupee earned by male workers.
ii. Social Inequality: Oxfam India stated that the country's marginalized communities such as Dalits, Adivasis, Muslims, Women, and informal sector workers are continuing to suffer in a system that prioritizes the survival of the richest.
iii. Suggested Measures to Combat Inequality: To implement inheritance, property and land taxes, as well as net wealth taxes, in order to reduce inequality and generate revenue for social programs. To enhance the budgetary allocation of the health sector to 2.5% of GDP by 2025, as envisaged in the National Health Policy.
iv. Sources for Data: The report is based on data from multiple sources, including Forbes and Credit Suisse for information on wealth inequality and billionaire wealth in the country. Additionally, government sources like the National Sample Survey (NSS), Union budget documents, and parliamentary questions have been used to corroborate the arguments made throughout the report.
Windfall taxes are taxes imposed on unexpected or extraordinary profits, such as those made during times of economic crisis, war, or natural disasters.
Governments typically levy a one-off tax retrospectively over and above the normal rates of tax on such profits, called windfall tax.
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