A new report from Oxfam has revealed that the richest 1% of people in India own 40.5% of the country’s wealth. The report, titled “Time to Care,” was released in advance of the World Economic Forum in Davos, Switzerland, and highlights the growing income inequality in India and around the world.
According to the report, the top 10% of Indian citizens own 70.7% of the country’s wealth, while the bottom 60% own just 4.8%. The findings are based on data from Credit Suisse and the World Bank and are similar to those of previous Oxfam reports on income inequality.
The report also states that the wealth of India’s billionaires has risen by nearly 50% since the COVID-19 pandemic began, while the number of people living in extreme poverty has increased by more than 100 million.
Oxfam is calling on governments and businesses to take steps to reduce income inequality and ensure that everyone has access to the resources they need to live a decent life. The organization is urging leaders at the World Economic Forum to implement policies such as progressive taxation, universal social protection, and a living wage for workers.
“The gap between the rich and poor in India is not only morally wrong, but it is also bad for economic growth and stability,” said Oxfam India CEO Amitabh Behar. “We need to ensure that the benefits of economic growth are shared more equitably and that everyone has access to the resources they need to live a decent life.”
The data in the report clearly shows the widening income gap in India and highlights the urgent need for action to address this problem. The government and business leaders must take responsibility for ensuring that the country’s wealth is shared more fairly and that everyone has the opportunity to achieve a decent standard of living.