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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

CBSE denies OSM portal data breach, terms online allegations misleading

CBSE has strongly dismissed social media allegations of a security breach in its On-Screen Marking (OSM) portal, clarifying that the exposed URL is a mere testing site containing no actual student data or exam marks.

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CBSE

The Central Board of Secondary Education (CBSE) has refuted viral claims circulating on social media regarding a security breach in its On-Screen Marking (OSM) portal. In an official statement, the national education board dismissed the allegations, labeling them completely false and highly misleading.

The clarification comes after social media posts suggested that sensitive student records and internal assessment systems had been compromised by unauthorised actors. Media reports indicate that the board has categorically denied any leak of actual student marks or examination-related details.

Testing site hosted no real student details

According to the statement released by the board, the web address highlighted in the viral allegations belongs strictly to a testing environment. The board clarified that this URL is utilized purely for internal evaluations, data sampling, and platform reviews during development phases.

The board firmly reiterated that no live student details, official scoreboards, or active examination data are stored on this testing site. Authorities have advised stakeholders and students to refrain from panic and avoid circulating unverified rumors that challenge the integrity of the examination system.

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India News

Congress Dismisses Karnataka Leadership Transition Rumors After Six-Hour Delhi Meet

The Congress party has rejected ongoing rumors regarding a leadership change or a rotating Chief Minister formula in Karnataka, stating that a recent six-hour meeting in Delhi focused strictly on the upcoming Rajya Sabha and MLC elections.

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The Congress party has strongly downplayed the intense political buzz surrounding a potential leadership transition or a change in the Chief Minister’s post in Karnataka. Following a marathon six-hour meeting with the state’s top leadership in New Delhi, the party explicitly rejected the ongoing speculation, labeling it as having “no reality.”

A brief statement issued to the media after the high-level meeting advised against spreading rumors, clarifying that the discussions were entirely centered on upcoming electoral strategies rather than structural changes within the state government. The party stated that the deliberations solely revolved around the state’s three vacant Rajya Sabha seats and the upcoming Member of Legislative Council (MLC) elections.

Rajya Sabha and MLC Polls Take Center Stage

The high-stakes meeting was attended by Congress President Mallikarjun Kharge, senior leader Rahul Gandhi, and party General Secretary KC Venugopal, alongside Karnataka Chief Minister Siddaramaiah and Deputy Chief Minister DK Shivakumar.

Briefing the media post-meeting, KC Venugopal stated that conversations were strictly confined to the Rajya Sabha and MLC elections, emphasizing that there is no truth to any other political speculation. Chief Minister Siddaramaiah also confirmed that the agenda of a potential cabinet expansion or a leadership shift did not come up during the six-hour-long discussion.

Background of the Power Struggle

The question of leadership in Karnataka has remained a recurring theme for over a year. Supporters of Deputy Chief Minister DK Shivakumar have consistently maintained that the central leadership promised a rotating Chief Ministership arrangement when the government was formed after the 2023 assembly elections.

Speculation had intensified recently as the ruling government faced local anti-incumbency pressures alongside renewed political activity from the opposition bench. Some internal reports had even indicated a push from within certain sections of the high command, including Priyanka Gandhi Vadra, for a leadership revamp.

Balancing Caste Equations and Party Structure

The central leadership has navigated the situation cautiously to maintain political stability. Chief Minister Siddaramaiah, 80, commands a powerful “Ahinda” support base—a coalition comprising minority communities, backward classes, and Dalits. This social alliance was crucial in helping the party navigate the traditional Vokkaliga and Lingayat caste dynamics during the 2023 elections.

Although the rotation issue had previously gained significant momentum when the government completed two years in office, the party high command had chosen to maintain the status quo to avoid any adverse electoral impact in neighboring assembly elections, such as in Tamil Nadu. With those elections concluded, supporters of the 64-year-old Deputy Chief Minister had expressed optimism for a transition. Shivakumar currently holds the dual responsibility of being the Deputy Chief Minister as well as the state Congress chief, signaling his critical organizational value to the party. However, for the time being, the party high command has firmly signaled that the current leadership structure will remain unchanged.

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Cricket news

Bowlers may hold the key in high-stakes IPL 2026 Qualifier 1 at Dharamsala

Although the media build-up centers on the batting heavyweight clash between Virat Kohli and Shubman Gill, the IPL 2026 Qualifier 1 in Dharamsala is set to be decided by the bowling consistency of Bhuvneshwar Kumar and Mohammed Siraj.

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Flat pitches, towering sixes, and relentless run-scoring have defined the Indian Premier League (IPL) 2026 so far. However, when Gujarat Titans (GT) and Royal Challengers Bengaluru (RCB) lock horns in Qualifier 1 at the Himachal Pradesh Cricket Association (HPCA) Stadium in Dharamsala, the contest could ultimately hinge on the bowlers.

The HPCA Stadium has proved to be unforgiving for bowlers due to its short boundaries. A teaser of what could unfold was evident during recent net sessions, where Gujarat Titans’ Jos Buttler and Royal Challengers Bengaluru’s Tim David regularly launched monstrous hits out of the stadium. In the three matches played at this venue this season, teams crossed the 200-run mark five times, with the lowest score being 199/8. An average of nearly 25 maximums per match has been hit here, promising another potential run-fest.

Moving past the Kohli vs Gill narrative

While media attention focuses on the iconic battle between the ‘King’ Virat Kohli and the ‘Prince’ Shubman Gill—hailed as the heir to Indian cricket’s batting legacy—the true deciding factor might lie elsewhere. Both batters look in pristine touch. Gill occupies the second spot in the Orange Cap race with 616 runs from 13 matches, trailing behind his opening partner Sai Sudharsan. Meanwhile, Kohli has bounced back from a brief mid-tournament slump by smashing a sparkling century, taking his tally to 557 runs this season.

Despite the incredible batting firepower on display, the bowling units are expected to dictate which team blinks last. Media interactions with team managements highlighted that consistency and self-belief within the respective bowling departments have been the defining traits of both squads this season.

Powerplay battles to decide the finalist

For RCB, veteran pacer Bhuvneshwar Kumar leads the charge alongside Kagiso Rabada for GT, with both spearheads locked as the joint-highest wicket-takers across the two sides at 24 wickets each. Bhuvneshwar holds a slight edge due to a superior economy rate. Close behind them is GT’s Mohammed Siraj, who has taken 17 wickets so far. With supporting acts like Josh Hazlewood, Jason Holder, Prasidh Krishna, Rasikh Salam Dar, and spinners Rashid Khan and Krunal Pandya in the mix, the match promises an intriguing tactical battle.

Gujarat Titans’ assistant coach Vijay Dahiya acknowledged that negotiating Bhuvneshwar Kumar in the powerplay will be a massive task, but reminded that GT possesses equal firepower in Siraj and Rabada. “If you talk about the powerplay, our numbers are among the best in this tournament,” Dahiya stated.

RCB captain Rajat Patidar echoed similar views, placing immense faith in his bowling attack to stop GT’s prolific opening duo of Gill and Sudharsan. “Our strength is bowling. The way we bowl in the powerplay will be very crucial. We’ll look for early wickets and that is what we have done throughout the tournament,” Patidar remarked.

In a tournament dominated by towering batting displays, the team whose bowling unit holds its nerve under the Dharamsala lights will seal a direct spot in the IPL final.

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