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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

Assam makes Muslim marriage registration compulsory under new rules

Assam has approved rules for compulsory registration of Muslim marriages, with couples able to register through government marriage registrars.

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The Assam Cabinet has approved the Assam Muslim Marriage Registration (Compulsory) Rules, 2026, establishing the procedure for mandatory registration of Muslim marriages in the state.

The rules operationalise the Assam Compulsory Registration of Muslim Marriages and Divorces Act, 2024, which replaced the earlier Assam Muslim Marriages and Divorces Registration Act, 1935.

Who will register Muslim marriages in Assam?

Chief Minister Himanta Biswa Sarma said Muslim couples will now be able to register their marriages with government marriage registrars.

The government had earlier decided that kazis would not register Muslim marriages under the new system, but there was uncertainty over who would carry out the registration. The newly approved rules establish the registration mechanism through marriage registrars.

Sarma said that if the number of applications becomes large, the government could give marriage-registration powers to officers at the panchayat level so that applicants do not face difficulties.

What does the 2024 law say?

The 2024 Act made the registration of Muslim marriages and divorces with the government mandatory. It also prohibits registration of marriages that do not meet the legally prescribed minimum age requirements.

The law specifies the minimum marriage age as 18 years for females and 21 years for males.

The legislation was introduced by the Assam government with the stated objective of curbing child marriage and ending the earlier kazi-based registration system.

Under the previous 1935 law, marriage registration was conducted through kazis and was not compulsory. The earlier system also allowed registration involving minors in certain circumstances, while the new law does not permit such registration.

Registration timeline and penalties

The 2024 legislation provides that Muslim marriages should be registered within 30 days of the marriage. It also provides for registration of divorces within one month of their occurrence.

The law also contains penalties for violations. Producing fake or forged certificates can attract imprisonment of up to two years, a fine of up to Rs. 10,000, or both, along with action under relevant provisions of the Bharatiya Nyaya Sanhita, 2023.

Registering a marriage in violation of the law can attract imprisonment of up to one year and a fine of up to Rs. 50,000.

The Assam Cabinet’s approval of the 2026 rules provides the administrative framework for implementing the compulsory registration system.

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Trump-Xi Summit: Trade, Taiwan and AI among key takeaways

Trade, Taiwan, artificial intelligence and strategic rivalry were among the key issues highlighted during Donald Trump’s summit with Xi Jinping in Washington.

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Trump-Xi Summit

US President Donald Trump and Chinese President Xi Jinping met at the White House amid discussions on trade, artificial intelligence and the broader strategic relationship between the United States and China.

The summit came as Washington and Beijing continued to navigate disagreements over tariffs, Chinese purchases, rare-earth supplies, technology restrictions and Taiwan.

Here are five key takeaways from the Trump-Xi summit.

Trade truce gets an extension

The United States and China agreed to extend their trade truce by two months, giving both sides additional time for negotiations.

US Treasury Secretary Scott Bessent said the extension would provide Washington and Beijing more time to work on economic issues. However, several major questions remain part of the negotiations, including tariffs, Chinese purchases, rare-earth supplies and technology restrictions.

Bessent said China was meeting its earlier commitment to buy 25 million tonnes of US soybeans but was behind its pledge to purchase $17 billion worth of other agricultural goods.

US officials have also said that Chinese rare-earth deliveries were falling short.

Taiwan remains a major point of tension

Taiwan was another important issue during the discussions.

Xi Jinping pressed Trump on Taiwan and urged the United States to handle the issue with “prudence”, according to China’s official news agency. Its English-language service also said Xi hoped Washington would oppose Taiwanese independence.

The report noted that the US has traditionally said it does not support Taiwanese independence, while avoiding an explicit statement that it opposes it.

There was no immediate White House readout of the exchange on Taiwan.

Trump and Xi differ on AI

Artificial intelligence was another area where the two leaders expressed different positions.

Trump has said he wants to avoid new AI guardrails and instead rely on the US Department of Justice. He has also maintained that China shares this approach.

Xi, however, said the United States and China have both the capability and responsibility to develop and manage AI for good.

He said AI development should remain under human control and serve people’s well-being.

The contrasting positions underline the importance of AI and technology in the broader US-China relationship.

Strategic rivalry remains a concern

Xi also referred to the “Thucydides Trap”, a theory associated with the risk of conflict between a rising power and an established one.

He argued that competition between the United States and China should be about catching up rather than a contest in which one side must defeat the other.

Xi said the risks could be overcome and called for regular military dialogue and stronger mechanisms to prevent crises.

Trump, meanwhile, highlighted areas where the two countries could cooperate, referring to their shared wartime history and common interests.

Summit also featured elaborate ceremony

The White House visit was accompanied by an elaborate display of ceremony.

The programme included military performances, fighter jets and bombers flying overhead, as well as the recently redesigned South Lawn and a large helipad bearing the presidential seal.

The highly publicised setting contrasted with the unresolved differences between Washington and Beijing on trade, Taiwan, technology and strategic issues.

The summit therefore highlighted both the effort to maintain dialogue between the two powers and the significant issues that remain unresolved.

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 Akhilesh Yadav launches SP’s 2027 UP poll campaign from Rahul Gandhi’s seat

Akhilesh Yadav launched the Samajwadi Party’s 2027 Uttar Pradesh Assembly election campaign from Rae Bareli, represented by Rahul Gandhi in the Lok Sabha.

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Akhilesh Yadav

Samajwadi Party chief Akhilesh Yadav has formally begun the party’s campaign for the 2027 Uttar Pradesh Assembly elections, launching the outreach from Rae Bareli, the Lok Sabha constituency represented by Congress leader Rahul Gandhi.

Yadav travelled through the area on the party’s newly launched PDA Rath before addressing a public meeting. The campaign vehicle carries the Samajwadi Party’s PDA messaging, referring to its focus on backward classes, Dalits and minorities.

Akhilesh Yadav discusses alliance with Congress

During his Rae Bareli visit, Yadav said the Samajwadi Party would contest the 2027 election as part of an alliance and indicated that seat-sharing would be decided on the basis of winnability.

He said the party would give a seat to whichever alliance partner is considered capable of winning it. The remarks come against the backdrop of the SP and Congress having contested the 2024 Lok Sabha election together in Uttar Pradesh.

Rae Bareli has particular political significance for the Congress as Rahul Gandhi is its sitting Lok Sabha MP. Yadav’s decision to begin the campaign from the constituency therefore placed the SP’s alliance with the Congress in focus.

PDA Rath becomes centrepiece of campaign

The PDA Rath was rolled out as part of the SP’s mobilisation ahead of the 2027 Assembly election. The vehicle prominently carries the party’s PDA messaging, with PDA standing for Pichhde, Dalit and Alpsankhyak.

The campaign is aimed at taking the SP’s social-justice messaging to voters across Uttar Pradesh as the party prepares for the Assembly election.

During the programme, Yadav also attacked the BJP and raised issues including the Election Commission and what he described as the alleged misuse of election machinery. These are political allegations made by the SP chief and should be understood as such.

BJP reacts to Akhilesh Yadav’s campaign

The launch of the PDA Rath comes as political activity intensifies in Uttar Pradesh ahead of the 2027 Assembly election.

The BJP has responded to Yadav’s campaign and his political messaging, while the SP has continued to focus its outreach on the PDA social coalition and its alliance strategy with the Congress.

The 2027 contest is still ahead, with parties using the period before the election to strengthen their organisational networks, public outreach and alliance arrangements.

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