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India’s 9 richest have wealth equal to 50% of population, richest 1% have 51% of wealth

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[vc_row][vc_column][vc_column_text]Wealth of Indian billionaires swelled by Rs 2,200 crore a day last year, with the top 1 per cent of the country’s richest getting richer by 39 per cent while the bottom half of the population gained just 3 per cent increase in wealth, said an Oxfam study today (Monday, Jan 21).

Rising wealth inequality threatens the social fabric of the nation,” says the Oxfam Inequality Report 2019.

The report details shocking levels of wealth inequality in the country, adding that wealth is being further concentrated in the hands of the richest while the poor are pushed deeper into deprivation. “High levels of wealth disparity subverts democracy,” the report says.

Globally, billionaires’ fortunes rose by 12 per cent or US $2.5 billion a day in 2018, whereas the poorest half of the world’s population saw their wealth decline by 11 per cent.

Warning against the growing rich-poor divide, the international rights group said this increasing inequality is undermining the fight against poverty, damaging economies and fuelling public anger across the globe.

In its annual study released before the start of the five-day World Economic Forum (WEF) Annual Meeting in the Swiss ski resort town of Davos, Oxfam asked the political and business leaders who have gathered in Davos for the annual jamboree of the rich and powerful of the world to take urgent steps to tackle the issue.

About India, Oxfam International Executive Director Winnie Byanyima, one of the key participants at the WEF summit, said it is “morally outrageous” that a few wealthy individuals are amassing a growing share of India’s wealth, while the poor are struggling to eat their next meal or pay for their child’s medicines.

Oxfam further said that 13.6 crore Indians, who make up the poorest 10 per cent of the country, continued to remain in debt since 2004.

“If this obscene inequality between the top 1 per cent and the rest of India continues then it will lead to a complete collapse of the social and democratic structure of this country,” Byanyima added.

Noting that wealth is becoming even more concentrated, Oxfam said 26 people now own the same as the 3.8 billion people who make up the poorest half of humanity, down from 44 people last year.

The world’s richest man Jeff Bezos, founder of Amazon, saw his fortune increase to US $112 billion and just 1 per cent of his fortune is equivalent to the whole health budget for Ethiopia, a country of 115 million people.

“India’s top 10 per cent of the population holds 77.4 per cent of the total national wealth. The contrast is even sharper for the top 1 per cent that holds 51.53 per cent of the national wealth.

“The bottom 60 per cent, the majority of the population, own merely 4.8 per cent of the national wealth. Wealth of top 9 billionaires is equivalent to the wealth of the bottom 50 per cent of the population,” Oxfam said while noting that high level of wealth disparity subverts democracy.

Between 2018 and 2022, India is estimated to produce 70 new dollar millionaires every day, Oxfam said.

“It (the survey) reveals how governments are exacerbating inequality by underfunding public services, such as healthcare and education, on the one hand, while under taxing corporations and the wealthy, and failing to clamp down on tax dodging on the other,” Oxfam India CEO Amitabh Behar said.

The survey also shows that women and girls are hardest hit by rising economic inequality, he added.

“The size of one’s bank account should not dictate how many years your children spend in school, or how long you live -? yet this is the reality in too many countries across the globe. While corporations and the super-rich enjoy low tax bills, millions of girls are denied a decent education and women are dying for lack of maternity care,”Byanyima said.

According to the Oxfam report, India added 18 new billionaires last year, raising the total number of billionaires to 119, while their wealth crossed the USD 400 billion (Rs 28 lakh crore) mark for the first time.

It rose from US $325.5 billion in 2017 to US $440.1 billion in 2018, making it the single largest annual increase since the 2008 global financial crisis.

Oxfam further said getting India’s richest 1 per cent pay just 0.5 per cent extra tax on their wealth could raise enough money enough to increase the government spending on health by 50 per cent.

It said the combined revenue and capital expenditure of the Centre and states for medical, public health, sanitation and water supply is Rs 2,08,166 crore, which is less than the country’ richest man Mukesh Ambani’s wealth of Rs 2.8 lakh crore.

Globally, Oxfam said the tax rates for wealthy individuals and corporations have been cut dramatically.

While billionaire wealth soars, public services are suffering from chronic underfunding or being outsourced to private companies that exclude the poorest people, Oxfam said.

The rights group said in many countries including India, a decent education or quality healthcare has become a luxury only the rich can afford.

Highlighting the shortage of health specialists in rural areas, the report compares India’s 0.7 doctors per 1,000 people to the UK’s 2.8. It further states that “most insurance schemes (including the new Ayushman Bharat) fail to cover outpatient costs that account for 68% of expenses.” While India boasts of “world class health services at low cost” and ranks 5th on the Medical Tourism Index, in terms of quality and accessibility of healthcare to its own citizen, it ranks 145th among 195 countries.

“Children from poor families in India are three times more likely to die before their first birthday than children from rich families,” it added.

The dropping enrolment ratio in government schools, particularly for girls, while private schools see an uptick in admission, points to the state’s neglect, the report suggests. It further says that private players in health and education are often unregulated or under-regulated, leading to exorbitant profit margins and hence, exclusion.

Oxfam said its calculations are based on the latest comprehensive data sources available publicly, including from the Credit Suisse Wealth Databook and the annual Forbes Billionaires List.[/vc_column_text][/vc_column][/vc_row]

India News

Canada fact checks own media, rejects report claiming PM Modi knew of Nijjar murder plot

The clarification comes after a Canadian newspaper cited an unnamed national security official, claiming the alleged plot to murder Nijjar was orchestrated by Union Home Minister Amit Shah.

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Canada fact checks own media, rejects report claiming PM Modi knew of Nijjar murder plot

The Canadian government clarified that there is no evidence to connect Prime Minister Narendra Modi or his top officials to any criminal activity in Canada, including the killing of Khalistani terrorist Hardeep Singh Nijjar.

The clarification comes after a Canadian newspaper cited an unnamed national security official, claiming the alleged plot to murder Nijjar was orchestrated by Union Home Minister Amit Shah. The media report further alleged that PM Modi, External Affairs Minister S Jaishankar, and National Security Adviser Ajit Doval were informed about the plan.

Nonetheless, the same report acknowledged that the Canadian government had no direct evidence to support these claims against PM Modi. Issuing a statement, the Canadian government distanced itself from these allegations, mentioning that there was no substantiating evidence.

The statement underlined that on October 14th, because of a significant and ongoing threat to public safety, the RCMP and officials took the extraordinary step of making public accusations of serious criminal activity in Canada perpetrated by agents of the government of India.

It added that the government of Canada has not stated, nor is it aware of evidence, linking Prime Minister Modi, Minister Jaishankar, or NSA Doval to the serious criminal activity within Canada. It remarked that any suggestion to the contrary is both speculative and inaccurate.

Earlier, India furiously rejected the Canadian daily’s report as ludicrous, terming it detrimental to diplomatic ties that have been frosty since Canadian Prime Minister Justin Trudeau first accused India of involvement in Nijjar’s killing last year.

Ministry of External Affairs spokesperson Randhir Jaiswal said that they do not normally comment on media reports, but such ludicrous statements made to a newspaper purportedly by a Canadian government source should be dismissed with the contempt they deserve. He added that smear campaigns like this only further damage our already strained ties.

Diplomatic ties between India and Canada weakened when the Royal Canadian Mounted Police (RCMP) accused Indian government agents of involvement in criminal activities on Canadian soil, including murder, extortion, and intimidation. As the diplomatic rift intensified, both the countries expelled top envoys in response.

Hardeep Singh Nijjar was gunned down outside a gurdwara in Surrey, British Columbia, in June 2023. Earlier in 2024, Canadian authorities arrested and charged four Indian nationals for the murder.

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India News

Parliament winter session: Government lists 15 bills, including Waqf bill

The session will kick off on November 25 and conclude on December 20.

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The government has listed five new ones and one to amend the contentious Waqf law out of 15 bills for the winter session of Parliament. The session will kick off on November 25 and conclude on December 20.

The government has introduced five new bills, including the Coastal Shipping Bill, 2024, which aims to promote coasting trade and increase the participation of Indian-flagged vessels owned and operated by Indian citizens for both national security and commercial purposes.

Another significant legislation that will be introduced by the government is the Indian Ports Bill, 2024. This bill is designed to implement measures for the conservation of ports, enhance security, and manage pollution, ensuring compliance with India’s international obligations and statutory requirements.

Additionally, the government plans to introduce the Merchant Shipping Bill, 2024, which aims to meet India’s obligations under maritime treaties and support the development of Indian shipping while ensuring the efficient operation of the Indian mercantile marine in a way that serves national interests.

Pending legislation includes the Waqf (Amendment) Bill, which is awaiting consideration and passage after the joint committee of both Houses submits its report to the Lok Sabha. The committee is expected to report by the end of the first week of the winter session.

Currently, there are eight bills, including the Waqf (Amendment) Bill and the Mussalman Wakf (Repeal) Bill, pending in the Lok Sabha, while two additional bills are in the Rajya Sabha.

Furthermore, the government has also listed the Punjab Courts (Amendment) Bill for introduction, consideration, and passage, which seeks to increase the pecuniary appellate jurisdiction of Delhi district courts from Rs 3 lakh to Rs 20 lakh.

The Merchant Shipping Bill, along with the Coastal Shipping Bill and the Indian Ports Bill, is slated for introduction and eventual passage.

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International Criminal Court issues arrest warrant against Israel PM Benjamin Netanyahu over war crimes

The court accused Prime Minister Netanyahu and Defence Minister Gallant of crimes against humanity, including murder, persecution, inhumane acts, and the war crime of starvation as a method of warfare.

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International Criminal Court issues arrest warrant against Israel PM Benjamin Netanyahu over war crimes

The International Criminal Court (ICC) today issued arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former Defence Minister Yoav Gallant over alleged war crimes and crimes against humanity.

The court accused Prime Minister Netanyahu and Defence Minister Gallant of crimes against humanity, including murder, persecution, inhumane acts, and the war crime of starvation as a method of warfare. The leaders allegedly restricted essential supplies such as food, water, and medical aid to civilians in Gaza, resulting in severe humanitarian crises and deaths, including among children.

Last year in October, Israel had launched attacks on Gaza in retaliation for the surprise attack by Hamas. The Israel-Hamas war has led to the death of thousands of civilians, while lakhs have been displaced. The major infrastructures in Gaza, including hospitals and schools, were also destroyed as Israel vowed to wipe out Hamas.

The International Criminal Court stated that it found reasonable grounds to believe the accused intentionally targeted civilians and limited medical supplies, forcing unsafe medical procedures, which caused immense suffering. This ruling was based on the findings from at least October 8, 2023 until at least May 20, 2024.

The court remarked that it has assessed that there are reasonable grounds to believe that PM Netanyahu and Defence Minister Gallant bear criminal responsibility as civilian superiors for the war crime of intentionally directing attacks against the civilian population of Gaza.

Furthermore, it also noted that the lack of food, water, electricity and fuel, and medical supplies created conditions of life calculated to bring about the destruction of part of the civilian population in Gaza, leading to death of civilians, including children due to malnutrition and dehydration.

Additionally, the International Criminal Court dismissed two challenges by Israel against its jurisdiction in the situation in the State of Palestine.

Notably, Israel had contested the ICC’s jurisdiction, claiming it could not be exercised without Israel’s consent. Nonetheless, the Chamber ruled that the Court has jurisdiction based on Palestine’s territorial scope, including Gaza, the West Bank, and East Jerusalem. It further noted that Israel’s objections were premature, as jurisdictional challenges under the Rome Statute can only be made after an arrest warrant is issued.

Reportedly, Israel had also requested a fresh notification regarding the investigation, started in 2021. Denying the request, the court stated that Israel had earlier declined to request a deferral, making additional notifications unnecessary.

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