Richest 1% own 58% of total wealth in India, reveals Oxfam study

January 16, 2017

Davos, Jan 16: In signs of rising income inequality, India's richest 1 per cent now hold a huge 58 per cent of the country's total wealth -- higher than the global figure of about 50 per cent, a new study showed today.

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The study, released by rights group Oxfam ahead of the World Economic Forum (WEF) annual meeting here attended by rich and powerful from across the world, showed that just 57 billionaires in India now have same wealth (USD 216 billion) as that of the bottom 70 per cent population of the country.

Globally, just 8 billionaires have the same amount of wealth as the poorest 50 per cent of the world population.

The study said there are 84 billionaires in India, with a collective wealth of USD 248 billion, led by Mukesh Ambani (USD 19.3 billion), Dilip Shanghvi (USD 16.7 billion) and Azim Premji (USD 15 billion). The total Indian wealth in the country stood at USD 3.1 trillion.

The total global wealth in the year was USD 255.7 trillion, of which about USD 6.5 trillion was held by billionaires, led by Bill Gates (USD 75 billion), Amancio Ortega (USD 67 billion) and Warren Buffett (USD 60.8 billion).

In the report titled 'An economy for the 99 per cent', Oxfam said it is time to build a human economy that benefits everyone, not just the privileged few.

It said that since 2015, the richest 1 per cent has owned more wealth than the rest of the planet.

"Over the next 20 years, 500 people will hand over USD 2.1 trillion to their heirs –- a sum larger than the GDP of India, a country of 1.3 billion people," Oxfam said.

The study findings showed that the poorest half of the world has less wealth than had been previously thought while over the last two decades, the richest 10 per cent of the population in China, Indonesia, Laos, India, Bangladesh and Sri Lanka have seen their share of income increase by more than 15 per cent.

On the other hand, the poorest 10 per cent have seen their share of income fall by more than 15 per cent.

"Due to a combination of discrimination and working in low-pay sectors, women's wages across Asia are between 70-90 per cent of men's," it said.

Referring to the Global Wage Report 2016-17 of Indian Labour Organisation, the study said India suffers from huge gender pay gap and has among the worst levels of gender wage disparity -- men earning more than women in similar jobs -- with the gap exceeding 30 per cent.

In India, women form 60 per cent of the lowest paid wage labour, but only 15 per cent of the highest wage-earners. It means that in India women are not only poorly represented in the top bracket of wage-earners, but also experience wide gender pay gap at the bottom.

It also said that more than 40 per cent of the 400 million women who live in rural India are involved in agriculture and related activities. However, as women are not recognised as farmers and do not own land, they have limited access to government schemes and credit, restricting their agricultural productivity.

The study also said that the CEO of India's top information firm earns 416 times the salary of a typical employee in his company.

In the US, by contrast, billionaires have frequently chosen to cash out of their businesses, and their wealth has not lasted so long.

In Asia, Singapore and India have a high number of multi-generational billionaires and a lot many people across the globe, including India, will transfer wealth to their heirs in the next 20 years, the study said, while pushing for a need to establish a system of inheritance tax.

It also referred to the world's largest garment companies that have all been linked to cotton-spinning mills in India, which routinely use the forced labour of girls.

"There are evidences against cotton-spinning mills of India, which feed into the world's largest garment companies, using forced labour. As per ILO, there are 5.8 million child labourers in India," it added.

In many parts of the world, corporations are increasingly driven by a single goal -- that is to maximise returns to their shareholders.

In the UK, 10 per cent of profits were returned to shareholders in 1970 and this figure is now 70 per cent.

"In India, the figure is lower, but is growing rapidly, and for many corporations, it is now higher than 50 per cent. In India, as profits have been rising for the 100 largest listed corporations, the share of net profits going to dividends has also increased steadily over the last decade, reaching 34 per cent in 2014/15, with around 12 private corporations paying more than 50 per cent of their profits as dividends," it said.

The report also said the local air pollution caused by burning coal causes around 100,000 premature deaths per year in India.

"South-East Asia and India have both substantial coal power development plants and large populations without access to electricity. While coal provides 75 per cent of the nation's electricity, many areas with the densest concentration of coal plants also have the lowest rates of electricity access," it said.

It asked the Indian government to end the extreme concentration of wealth to end poverty, introduce inheritance tax and increase the wealth tax as the proportion of this tax in total tax revenue is one of the lowest in India.

"Indian government must eliminate tax exemptions and not further reduce corporate tax rates. Governments must support companies that benefit their workers and society rather than just their shareholders," Oxfam said.

"Indian government must crack down on tax dodging by corporates and rich individuals to end the era of tax havens. Government must generate funds needed to invest in healthcare and education. The government must increase its public expenditure on health from 1 per cent GDP to 3 per cent of GDP and on education from 3 per cent of GDP to 6 per cent," it added.

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Shaad
 - 
Monday, 16 Jan 2017

Thats the reason Modi enforce 99% Poor and middle class people to stand in long Que in front of bank and reason to more than 150 lives lost.

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November 11,2024

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Mangaluru: In a deeply tragic turn of events, a 28-year-old woman named Ranjitha, who had recently given birth but tragically lost her newborn, ended her life by suicide on Monday. She reportedly leapt from the fourth-floor window of Lady Goschen Hospital’s luggage room.

Ranjitha, whose strength and resilience had carried her through a difficult pregnancy, was scheduled for discharge on Monday. Her journey to Lady Goschen Hospital began on October 24, when she was transferred from Karkala. She was a high-risk patient, battling both hypertension and diabetes. At the time of her admission, she was just 27 weeks pregnant.

Due to the complexities of her health, doctors made the difficult decision to perform an emergency C-section on October 30. She delivered a baby girl, premature and weighing only 960 grams. The newborn was immediately moved to the Neonatal Intensive Care Unit, where doctors did all they could. Despite these efforts, the baby passed away on November 3.

Ranjitha’s sorrow was profound. She stayed under hospital care even after her initial recovery and was preparing to go home on November 9. She had even requested a couple more days at the hospital, seeking time perhaps to cope with her unimaginable grief.

On the day of her discharge, a discharge card ready and her family eagerly waiting to take her home, Ranjitha reportedly made her way to the luggage room in the early hours. There, standing on a cot placed for patients' family members, she climbed to a window and fell from the fourth floor. Despite the attempts of another visitor to intervene, tragedy was inevitable. She was rushed to Government Wenlock Hospital, where doctors confirmed the worst—she was no more.

Dr. Durgaparasad M R, the Medical Superintendent at Lady Goschen Hospital, shared his grief and spoke of the ongoing investigation. A post-mortem is to be conducted, and the local Tahsildar will complete the necessary inquest procedures. Ranjitha’s exact reasons for taking this step are yet to be confirmed, though the weight of her recent losses paints a sorrowful picture.

If you or anyone you know is struggling emotionally, please remember that help is available. Reach out to mental health experts who can provide support and guidance. The toll-free helpline number 9152987821 is available to assist anyone in distress.

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News Network
November 21,2024

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Prominent NRI community leader SM Syed Khalilur Rehman, fondly known as CA Khalil, passed away in Dubai on Thursday at the age of 86 after a brief illness.

Khalil had been admitted to Aster Hospital in Mankhool on Tuesday after experiencing severe leg weakness. Despite the best efforts of the medical team, he succumbed to a double heart attack that worsened his condition, his son Rais Ahmed confirmed.

The news of his passing has sent waves of grief across communities, particularly in his hometown of Bhatkal, Karnataka, where he was a celebrated figure. Tributes have been pouring in on social media, highlighting his significant contributions to international trade, social service, and education.

A Legacy of Leadership and Service

A chartered accountant by profession, Khalil was a founding member of the Dubai chapter of the Institute of Chartered Accountants of India (ICAI), where he served as chairman from 1987 to 1994. His illustrious career included key leadership roles, such as general manager of Khaleej Times, group executive director of the Ilyas and Mustafa Galadari Group, and vice-chairman of the Jashanmal Group of Companies.

He also chaired Maadhyama Communications and Sahil Online, a web-based news platform, and was a director and trustee of several media companies and charitable organisations in Dubai and India.

A Champion for Education and Philanthropy

Khalil’s impact extended far beyond his professional achievements. As president and general secretary of Anjuman Hami-e-Muslimeen, he played a pivotal role in the development of educational institutions, including schools and colleges in Bhatkal and surrounding areas. His dedication to social upliftment earned him recognition from the Government of Karnataka, which honoured him with a prestigious award for his philanthropic contributions.

A Life Celebrated

The Bhatkal Muslim Khaleej Council (BMKC) recently released a documentary celebrating Khalil’s remarkable life and service to the community—a testament to his enduring legacy.

CA Khalil is survived by his family and countless admirers across the globe. His passing marks the end of an era for Indian expatriates in the UAE and beyond, leaving behind a legacy of leadership, generosity, and commitment to community service.

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News Network
November 11,2024

Udupi, Nov 11: A traveller reportedly lost ₹4.1 lakh after attempting to book a cab online in Udupi. 

At around 1:30 PM on November 7, the man from West Bengal searched for car rentals on Google and selected a website named "Shakti Car Rentals." Shortly after, he was contacted by someone claiming to be "Rohit Sharma," who directed him to pay a registration fee of ₹150 on the site.

After unsuccessful payment attempts via both his Canara Bank debit card and SBI credit card (without receiving an OTP), "Rohit Sharma" instructed him to pay the driver directly. But at 1:47 PM, he received messages showing deductions of ₹3.3 lakh from his SBI credit card and ₹80,056 from his Canara Bank debit card, totaling ₹4.1 lakh.

The complainant alleges fraud through a deceptive link disguised as a booking token fee. A case has been registered at Udupi Town Police Station.

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