English हिन्दी
Connect with us

India News

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

Published

6 years ago

on

[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]

Related Topics:
Continue Reading

Bihar news

BPSC 70th prelims result 2024 out: Here’s direct link to check

The BPSC has also released the cutoff marks for the CCE, providing candidates with valuable insight into the performance benchmarks. The cut-off scores vary across different categories, reflecting the commission’s commitment to inclusivity and equal opportunity. 

Published

10 hours ago

on

January 23, 2025

By

The Bihar Public Service Commission (BPSC) released the results for the 70th Preliminary Examination on January 23, 2025. Candidates can view their results on the official BPSC website, bpsc.bih.nic.in. The results include those for the Combined Competitive Examination (CCE), Finance Administrative Officer, and Child Development Project Officer positions.

This year’s examination covered a wide range of posts, including those under the Combined Competitive Examination (CCE), Finance Administrative Officer (FAO), and Child Development Project Officer (CDPO). The release of these results marks a significant step forward for thousands of candidates pursuing careers in public service within Bihar.

The BPSC 70th Preliminary Examination, conducted on December 13th and January 4th, 2025, witnessed a massive turnout of 328,990 candidates. This substantial number underscores the immense competition and the high stakes involved in securing a government position in Bihar. The results, however, reveal a more selective outcome.

A total of 21,581 candidates successfully cleared the preliminary round for the CCE, demonstrating their competence and readiness to progress to the subsequent stages of the recruitment process. For the specialized roles of FAO and CDPO, a considerably smaller, yet still significant number of candidates qualified. 61 individuals successfully passed the preliminary examination for FAO positions, while 144 candidates qualified for CDPO posts.

The BPSC has also released the cutoff marks for the CCE, providing candidates with valuable insight into the performance benchmarks. The cut-off scores vary across different categories, reflecting the commission’s commitment to inclusivity and equal opportunity. 

Cut-off Marks:

  • Unreserved: 91
  • Unreserved Female: 81
  • EWS: 83
  • EWS Female: 73
  • SC: 70
  • SC Female: 55
  • ST/ST Female: 65

How to Check Your Results:

  1. Go to bpsc.bih.nic.in.
  2. Locate and click the “BPSC 70th Prelims Result 2024” link.
  3. A PDF containing the results will open. Download and save a copy for your records.

Examination Results: The Bihar prelims exam, held on December 13th and January 4th, 2025, saw 328,990 candidates. The following number passed:

  • Combined Competitive Examination: 21,581
  • Finance Administrative Officer: 61
  • Child Development Project Officer: 144

Continue Reading

India News

Har Jarurat Hogi Puri: Congress releases campaign song ahead of Delhi elections

Congress leaders, including Delhi Chief Devendra Yadav and national spokesperson Pawan Khera, expressed confidence in the anthem’s impact, emphasising its ability to capture the public mood and convey the party’s commitment to resolving Delhi’s pressing issues.

Published

11 hours ago

on

January 23, 2025

By

The Congress party launched its campaign anthem, “Har Jarurat Hogi Puri, Dilli Mein Congress Hai Jaruri” (“Every Need Will Be Fulfilled, Congress is Essential in Delhi”), on Thursday, marking a significant step in its strategy for the upcoming Delhi Assembly elections.

The 2-minute 48-second song serves as a potent weapon in the party’s arsenal, aiming to capture the attention of Delhi’s electorate and sway their votes in its favour.

The anthem’s lyrics directly confront the ruling Aam Aadmi Party (AAP) and the opposition Bharatiya Janata Party (BJP), highlighting the prevalent disillusionment among Delhi’s residents regarding the current governance.

It boldly addresses critical local issues, painting a vivid picture of the city’s shortcomings under AAP’s rule. The polluted Yamuna River and the subpar quality of drinking water serve as central themes, with the powerful line “Yamuna Saaf Nahi, Pani Na Saaf Hai” (The Yamuna is not clean, the water is not clean) encapsulating the public’s growing discontent.

Beyond highlighting the existing problems, the Congress anthem meticulously outlines its own vision for Delhi, presenting a compelling alternative to the incumbent AAP government. The party pledges free electricity for households consuming up to 300 units, a promise designed to resonate with the city’s residents struggling with rising energy costs.

The ambitious “Pyari Didi Yojana,” promising a monthly allowance of Rs 2,500 to women from low-income families, aims to further strengthen the Congress’ appeal among the electorate.

Addressing the widespread concern about women’s safety in the city, the anthem criticizes the AAP government’s perceived lack of focus on this crucial issue, arguing that despite promises, women continue to feel unsafe. This pointed critique underscores the Congress’ commitment to addressing this critical aspect of governance, distinguishing its approach from its rivals.

The release of the anthem is strategically timed, closely following the BJP’s launch of its campaign song, “Jo Ram Ko Lekar Aaye Unka Raj Hoga Dilli Mein” (“Those who carry Ram will rule Delhi”). The timing underscores the intensity of the upcoming electoral battle, with both the Congress and BJP vying for the support of Delhi’s voters.

Congress leaders, including Delhi Chief Devendra Yadav and national spokesperson Pawan Khera, expressed confidence in the anthem’s impact, emphasising its ability to capture the public mood and convey the party’s commitment to resolving Delhi’s pressing issues.

The anthem’s release signifies the Congress party’s full-fledged entry into the electoral fray, setting the stage for a closely contested election on February 5th, with results due on February 8th. Over 1.5 crore voters will play a crucial role in deciding the fate of the 70-member Delhi Assembly.

Continue Reading

India News

ChatGPT outage affects thousands of users globally, OpenAI reacts

OpenAI swiftly acknowledged the outage, publishing updates on their dedicated status page. This transparency, while offering little in the way of immediate solutions, served to reassure users that the company was actively addressing the situation.

Published

12 hours ago

on

January 23, 2025

By

On January 23, OpenAI’s popular AI chatbot, ChatGPT, suffered a significant global outage, leaving millions of users unable to access the service. The disruption affected multiple access points, including the web interface, the mobile application, and even integrations on social media platforms like X (formerly Twitter). This widespread failure quickly drew significant attention, with reports flooding in from users worldwide.

The outage tracking website, Downdetector, registered a surge in user reports, exceeding a thousand complaints within a short period. This volume underscored the scale of the disruption and the significant impact on ChatGPT’s user base.

The majority of these reports indicated a complete inability to use the chatbot, highlighting the severity of the problem. A smaller percentage of users reported encountering difficulties with the website or API, suggesting a less comprehensive but still noticeable impact.

OpenAI swiftly acknowledged the outage, publishing updates on their dedicated status page. This transparency, while offering little in the way of immediate solutions, served to reassure users that the company was actively addressing the situation.

The official statements consistently described the problem as “degraded performance” and “elevated error rates” within the API, hinting at underlying technical issues that required investigation. However, specific details regarding the root cause remained undisclosed, pending a more thorough examination.

According to reports, the outage commenced around 5 PM IST and persisted for several hours. The lack of a definitive timeline and the ongoing nature of the disruption underlined the complexity of the problem and the challenges faced by OpenAI’s engineering teams in resolving the issue.

As of the latest updates, the exact cause of the outage remains under investigation by OpenAI. The company is actively working to restore full functionality and provide a more comprehensive explanation once the underlying problem has been identified and rectified.

Continue Reading

Trending

© Copyright 2022 APNLIVE.com