We finally have more statistics to prove we have been seeing on the grounds all along. Inequality is only growing. The gap between the rich and the poor is widening and over a period of one year, it has only increased despite all talks about “inclusive growth.” Clearly, everything today seems to be designed to make the rich wealthier…
And we cannot pooh-pooh these numbers as this is based on a survey by one of the most respected international rights agencies in the world, Oxfam. Last year, the Oxfam annual survey showed that India's richest 1% held 58% India's total wealth, which as such was much higher than the global norm of 50%.
This year, it has only grown further – the richest 1% own 73% of the wealth generated in the country. That’s not all – 67 crore people belonging to the poorest half saw their wealth rise by just 1%.
Shocking enough – the wealth of this 1% richest Indians grew over Rs.20.9 lakh crore during 2017, which is equivalent to the total budget of the central government in 2017-18; an amount sufficient to finance 85% of the all states' budget on health and education!
India today has 101 billionaires, out of which only four are women and of these, three women have inherited the family wealth.
If those who think that having more billionaires means we have a thriving and kicking economy, it couldn’t be more wrong. If billionaires are increasing, it is a sign of a failed economic system, where the growing chasm undermines the democracy, promotes corruption and crony capitalism.