Wealth of 10 richest people in India, money for school, higher education for every child for 25 years: Study

Indian billionaires have seen their combined fortunes more than double during the COVID-19 pandemic, and their count rises 39 percent to 142, while the wealth of the ten richest people in the country is enough to support 25 of the children’s schooling and higher education . year, a new study showed on Monday.

In its annual inequality survey released on the first day of the World Economic Forum’s online Davos Agenda summit, Oxfam India further said that an additional tax of one per cent on the richest 10 per cent could provide the country with around 17.7 lakh additional oxygen cylinders, while the 98 most A uniform wealth tax on wealthy billionaire families will finance Ayushman Bharat, the world’s largest health insurance scheme, for over seven years.

The COVID-19 pandemic saw huge rush for oxygen cylinders and insurance claims during the second wave last year. On wealth inequality, the Oxfam report further states that 142 Indian billionaires collectively have a net worth of USD 719 billion (over Rs 53 lakh crore), while the richest 98 of them now have the same wealth. , as the poorest 555 million people have less than 40 percent. (657 billion dollars or about Rs 49 lakh crore).

If each of the 10 richest Indian billionaires were to spend USD one million a day, it would take them 84 years to exhaust their current wealth, compared to the 78.3 billion per year annual wealth tax that applies to multi-millionaires and billionaires. Will raise USD. Enough to increase the government health budget by 271 percent or eliminate households’ health budgets and leave $30.5 billion. Noting that COVID-19 may have started as a health crisis but has now become an economic one, Oxfam said the wealthiest 10 per cent amassed 45 per cent of the national wealth, while the bottom constitutes 50 percent of the population. Only 6 percent.

It further said that inadequate government spending on health, education and social security has gone along with the increase in privatization of health and education, thus making full and safe COVID-19 recovery out of the reach of the common citizen. , The study urged the government to rethink its primary sources of revenue generation, adopt more progressive methods of taxation and assess its structural issues that allow such accumulation of wealth by the wealthy.

Additionally, the government should redirect revenue toward health, education and social security, treating them as universal rights and as a means to reduce inequality, thereby avoiding privatization models for these sectors. Yes, Oxfam said. “We ask the government to generate revenue for the majority by reintroducing the wealth tax, to redistribute India’s wealth from the super-rich and to invest in the education and health of future generations by imposing a temporary one percent surcharge. Let’s call for prosperity for health and education,” it said.

On gender inequality, Oxfam India said women account for 28 per cent of all job losses and have lost two-thirds of their income during the pandemic. It further said that India’s 2021 budget allocation to the Ministry of Women and Child Development is less than half of the total accumulated wealth of the bottom ten people in India’s list of billionaires and only 2 per cent tax on individuals with income above Rs 100 crore. may increase. An astonishing 121 percent of the budget of the ministry.

If the wealth of the first 100 billionaires accumulates, they can finance the National Rural Livelihoods Mission scheme responsible for creating self-help groups for women for the next 365 years. On health disparity, the report said a 4 per cent wealth tax on India’s 98 richest families would finance the Ministry of Health and Family Welfare for more than 2 years and noted that their combined wealth is 41 per cent more than the Union budget . India.

On education disparity, the study said that a 1 percent tax on the wealth of 98 billionaires in India could cover the total annual expenditure of the Department of School Education and Literacy under the Ministry of Education, while a 4 percent tax on their wealth. Can run the country’s mid-day meal program for 17 years or Samagra Shiksha Abhiyan for 6 years. Similarly, a 4 percent tax on the wealth of 98 billionaires would be enough to fund Mission POSHAN 2.0, which includes Anganwadi services, POSHAN Abhiyaan, Scheme for Adolescent Girls and the National Child Home Scheme.

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