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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

Heavy rain disrupts flights, triggers flood alerts as monsoon intensifies across India

Heavy monsoon rainfall disrupted flights in Mumbai, prompted an orange alert in Delhi and led the IMD to issue heavy rain warnings for several states as a Bay of Bengal depression intensified.

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Monsoon

Heavy monsoon rainfall continued to affect several parts of the country on Sunday and Monday, disrupting air travel, inundating roads and prompting weather alerts in multiple states. The India Meteorological Department (IMD) has warned that a depression over the Bay of Bengal is likely to bring widespread heavy to very heavy rainfall across eastern India over the next 24 hours.

Mumbai bears the brunt of heavy rainfall

Mumbai experienced one of the most severe impacts of the ongoing monsoon spell after heavy overnight rain and strong winds temporarily halted runway operations at Chhatrapati Shivaji Maharaj International Airport for around an hour.

The disruption led to the cancellation of four IndiGo flights, while 13 incoming flights were diverted before operations gradually returned to normal. Flight tracking data also showed significant delays, with nearly 90 per cent of departing flights delayed by more than an hour on average and almost half of arriving flights running behind schedule.

The IMD maintained a red alert for Mumbai after several areas recorded more than 200 mm of rainfall within 24 hours, with some locations receiving close to 300 mm.

IMD forecasts widespread heavy rainfall

According to the IMD, a well-marked low-pressure area over the Bay of Bengal has intensified into a depression and is expected to cross the north Odisha coast within the next 24 hours.

The weather system is expected to bring widespread heavy to very heavy rainfall across eastern India, while several other regions continue to remain under rainfall alerts due to active monsoon conditions.

Delhi under orange alert after hottest July day in two years

The IMD has issued an orange alert for Delhi, forecasting a generally cloudy sky with moderate rainfall across the national capital.

The alert comes after Delhi recorded its hottest July day in two years on Sunday, with the maximum temperature reaching 38.6 degrees Celsius. Despite the heat, moderate showers provided temporary relief in several areas of Delhi-NCR.

Chhatarpur recorded the highest rainfall in the region, receiving 49 mm of rain by Sunday afternoon. However, waterlogging was reported in parts of the locality, affecting commuters and residents.

Heavy rain forecast for Tamil Nadu

The IMD has also forecast heavy rainfall at isolated locations in Coimbatore and the Nilgiris on Monday.

According to the Regional Meteorological Centre in Chennai, multiple weather systems, including a trough extending from south Gujarat to Kerala and the depression over the Bay of Bengal, are expected to support widespread rainfall across parts of Tamil Nadu. Other districts along the Western Ghats are also likely to receive moderate rainfall accompanied by gusty winds.

Rain-related incidents reported in Maharashtra

Heavy rainfall also led to several rain-related incidents in Maharashtra’s Thane and Palghar districts.

A 17-year-old boy drowned in the swollen Kamvari River in Bhiwandi, while two people were injured after part of a second-floor balcony collapsed in Navi Mumbai’s Vashi area. Authorities said continuous rainfall also triggered structural collapses and tree-fall incidents in several locations.

With active monsoon conditions continuing across large parts of the country, authorities have urged residents in affected regions to remain cautious and follow official weather advisories.

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Ram Mandir Trust to hold key meeting today amid donation theft investigation

The Shri Ram Janmabhoomi Teerth Kshetra Trust is meeting in Ayodhya to deliberate on key resignations, review the ongoing donation embezzlement investigation and discuss the temple’s future administrative structure.

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The Shri Ram Janmabhoomi Teerth Kshetra Trust is scheduled to hold an important meeting on Monday in Ayodhya as investigations into the alleged embezzlement of temple donations continue. The deliberations are expected to focus on the resignations submitted by the Trust’s general secretary Champat Rai and trustee Anil Mishra, along with other administrative matters.

The meeting will be held at Mani Ram Chhawni, the monastery of Trust president Nritya Gopal Das. It will be the Trust’s first formal gathering since allegations related to the alleged theft of donations came to light.

Trust treasurer Govind Dev Giri has invited all regular and ex-officio members to participate in the meeting. The ex-officio members include Union Home Ministry Additional Secretary Prashant Lokhande, Uttar Pradesh Chief Minister’s Additional Chief Secretary Sanjay Prasad, Ayodhya District Magistrate Shashank Tripathi and former Principal Secretary to the Prime Minister Nripendra Mishra.

According to sources, Trust president Nritya Gopal Das is expected to attend the meeting after recently being discharged from hospital. The 89-year-old had been admitted in Lucknow on June 29 due to a urinary tract infection and breathing-related complications before being discharged on Friday.

Senior trustee K Parasaran, who is unable to travel because of age-related health issues, is likely to participate through video conferencing, according to sources.

Administrative changes may be discussed

The Trust is expected to consider the resignations of Champat Rai and Anil Mishra, who stepped down after their names surfaced in connection with the donation theft controversy. If the resignations are accepted, discussions may also take place on restructuring the Trust’s administrative setup.

The role of special invitee Gopal Rao is also likely to come up during the meeting. Besides leadership issues, trustees are expected to receive a briefing on the interim findings of the Special Investigation Team (SIT), which is conducting an administrative inquiry into the alleged embezzlement case.

The Trust may also review its future management framework, including the possible appointment of a chief executive officer to oversee the administration of the Ram Temple.

Financial statements to be placed before trustees

Sources said the meeting agenda also includes the presentation of the unaudited income and expenditure statement, balance sheet and other financial documents for the 2025-26 financial year for approval.

Speaking to reporters, special invitee Gopal Rao said all 14 trustees had been invited for the meeting and expressed hope that every member would attend. He added that Trust treasurer Govind Dev Giri had informed all members about the scheduled deliberations.

At present, the Trust has 11 regular members, including president Nritya Gopal Das, Vasudevanand Saraswati, Vishwaprasannatirth, Parmanand Giri, Govind Dev Giri, Krishna Mohan, Dinendra Das and K Parasaran.

Following the resignations of Champat Rai and Anil Mishra, along with the recent demise of trustee Bimlendra Mohan Pratap Mishra, the Trust currently has no vice president to chair meetings in the absence of the president.

Two parallel investigations underway

The meeting comes while two separate investigations into the alleged donation embezzlement are ongoing. The Special Investigation Team is carrying out an administrative probe, and its tenure has been extended until the end of July.

Meanwhile, the police are conducting a criminal investigation after an FIR was registered on the Trust’s complaint.

According to sources, statements of Champat Rai, Anil Mishra and special invitee Gopal Rao have been recorded by both the SIT and the police. However, no FIR has been registered against any of the three Trust functionaries so far.

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PM Modi says India managed Hormuz crisis with minimal impact on citizens through energy diversification

Prime Minister Narendra Modi said India successfully navigated the Hormuz crisis by expanding energy imports, reducing the burden of rising fuel prices on citizens and strengthening the country’s refining capacity while inaugurating Rajasthan’s first integrated refinery.

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PM Modi

Prime Minister Narendra Modi on Saturday said India successfully managed one of the world’s most challenging energy crises by expanding its energy sourcing, strengthening diplomatic partnerships and shielding citizens from the impact of rising global fuel prices.

Addressing a public gathering after inaugurating the country’s first greenfield integrated refinery-cum-petrochemical complex in Pachpadra, Rajasthan’s Balotra district, the Prime Minister said India adopted proactive measures during the recent Middle East crisis that helped maintain energy security despite global uncertainties.

According to PM Modi, India significantly diversified its energy imports as tensions disrupted global fuel markets.

“When the crisis began, India was importing energy from around 25 to 26 countries. During the crisis, we expanded imports to more than 40 countries,” he said, crediting India’s diplomatic outreach for ensuring uninterrupted supplies.

The Prime Minister also highlighted the financial measures taken by the government to cushion consumers from soaring international crude oil prices. He said public sector oil companies absorbed losses exceeding Rs. 75,000 crore between April and June while the Centre reduced excise duty on petrol and diesel by Rs. 10 per litre to prevent a steep rise in fuel prices for consumers.

PM Modi added that despite attempts by some groups to spread rumours and create panic during the crisis, the government’s efforts ensured stability.

He said those who expected India to struggle during the crisis had been proven wrong as the country successfully overcame the challenge.

India strengthening refining capacity

Speaking about India’s energy infrastructure, the Prime Minister said the country has become the world’s fourth-largest refining hub and continues to expand its refining capabilities to meet future energy demand.

He also said the government’s long-term planning helped India deal with disruptions in fuel and fertiliser supplies triggered by the conflict involving Iran and the US-Israel alliance.

Pachpadra refinery inaugurated in Rajasthan

During the visit, PM Modi inaugurated India’s first greenfield integrated refinery-cum-petrochemical complex at Pachpadra, marking Rajasthan’s first refinery project. He launched the facility by remotely activating the project after inspecting the refinery complex.

The Prime Minister also laid the foundation stone for several development projects in the state.

Highlighting the government’s approach towards infrastructure development, PM Modi said the BJP governments focus not only on announcing projects but also on ensuring their timely completion.

He also remarked that work on the Pachpadra refinery had remained largely stalled during the Congress government’s tenure in Rajasthan between 2018 and 2023 before gaining momentum again.

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