India’s Billionaires have More Assets than the Total Budget

Indian billionaires have more assets than the total budget of the country. These one percent of the richest people have more than four times the wealth as compared to 95.3 million people, ie 70 percent of the country’s low income population. It was revealed on Monday in a new study. Talking about the world, 2,153 billionaires have more than 60 percent of the world’s low-income population, or more than the wealth of 4.6 billion people. Human rights advocacy organization Oxfam released the Davos ‘Time to Care’ study ahead of the 50th annual meeting of the World Economic Forum in which this shocking information has been revealed.

The study said that economic inequality in the world has increased rapidly and the number of billionaires has doubled in the last decade. However, the combined wealth of these billionaires has decreased in the last year. In the context of India in the study, it was said that 63 billionaires of the country have more assets than the general budget of Rs 24,42,200 crore in 2018-19. Amitabh Behar, CEO of Oxfam India, said, “The gap between rich and poor cannot be bridged without firm policies to remove inequality.” There are only a few governments that are committed to doing so. “Behar said,” Our inefficient economies are filling the pockets of billionaires and big companies at the expense of the common people. Not surprisingly, such questions also arose whether billionaires should be. “According to the report, it would take 22,277 years for a domestic female worker to earn the equivalent of a year’s earnings of the top CEO of a technology company.

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The CEO of the technology company earns an average of Rs 106 per second. In such a situation, the CEO of a technology company earns more than that of a domestic worker in a year. The report said that women and girls do 3.26 billion hours of daily work, for which they do not get money. This is at least equal to the contribution of 19 lakh crore rupees in the Indian economy, which is 20 times of India’s 93 thousand crore education budget in 2019.

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Behar said that in the current economic system, women and girls are the least beneficiaries. Oxfam said that governments are charging extremely low taxes from the rich class and companies, causing revenue collection to fall. This revenue could be used to remove poverty and inequality. According to the study, the 22 richest people in the world have more wealth than all women in Africa. It said that if the rich class pays an additional tax on their property at the rate of 0.5 per cent for the next 10 years, then it is necessary to create 11.7 crore jobs in the fields of upbringing, education and health of the elderly and children. Will equal investment.

 

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India's Billionaires Total Budget - /10

Summary

Indian billionaires have more assets than the total budget of the country.

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