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84% of Indian households suffered a drop in income in a year marked by colossal loss of lives and livelihoods, but the number of Indian billionaires rose from 102 to 142, says Oxfam India A recent briefing, “Inequality Kills,” is shown. “Meanwhile, according to the United Nations (UN), more than 4.6 billion Indians are estimated to have fallen into extreme poverty in 2020, nearly half of the world’s new poor. A briefing released ahead of the Economic Forum’s Davos agenda said India’s striking wealth inequality is the result of a rigged economic system that favors the ultra-rich over the poor and marginalized. is.
The briefing shows that the total wealth of India’s 100 richest people hit a record high of Rs 57.3 billion or about US$ 775 billion in 2021. At its briefing, non-governmental organizations (NGOs) imposed surcharges on the 1% wealthiest 10% of India’s population to provide schooling, universal healthcare, maternity leave for all Indians, and paid leave. , to finance measures to combat inequality, such as higher investments in social security benefits such as pensions.In India, billionaire wealth increased from Rs 2.314 crore or US$ 313 billion to Rs 53.16 crore or US$ 719 billion during the pandemic from March 2020 to 30 November 2021, according to a briefing. did.
At the briefing, NGOs acknowledged that inequality is real and agreed to measure it, redistributing India’s wealth away from the ultra-rich to create resources for the majority and future generations. generate income to invest in the education and health of people, enact laws, enforce statutory social security provisions for workers in the informal sector, change rules and shift power in the economy and society.
Oxfam India said: The primary outcome of the pandemic must be a quality, publicly funded, publicly provided healthcare system that works for everyone, not just the rich. As a side effect, we need an education system that caters to the needs of everyone, not just those with the privilege of attending elite private schools or having access to digital technology. ”
Historically, India has always relied heavily on indirect taxes. In 2000, her indirect tax share of total tax revenue was 63.69%. Sadly, according to Oxfam India, this trend has continued during the pandemic, with government revenues heavily driven by indirect taxes, especially those levied on the sale and manufacture of goods and services on which ordinary Indians depend. because it depended.
Oxfam India’s briefing shows a trend of declining corporate tax share over the past four years while indirect tax share of federal government revenue is increasing. Additional taxes on fuel are up 33% in the first six months of 2020-21 compared to last year, and 79% higher than pre-COVID levels, he notes.
At the same time, the wealth tax for the ultra-rich was abolished in 2016. It contributed to the expansion of India’s fiscal deficit. These trends show that the poor, marginalized and middle class paid high taxes despite experiencing a raging pandemic.
According to NGOs, privatization of basic services is equally harmful. It says the policy push for privatization of health care and education in India is further acting as an enabling factor for India’s inequality.
A 2021 study by Oxfam India reports that 52% of parents who send their children to private schools pay increased fees during the assessment year (AY) 21-22. Approximately 35% of children are unable to receive education due to non-payment of tuition fees, 38% of parents have to pay illegal fees as a down payment at the time of enrollment, and 57% of parents have to pay additional fees. I had to. Part of the official breakdown of declared fees.
Additionally, research shows that parents spend a significant portion of their household income on private school fees, about 15% or more. Oxfam India says the growing privatization of schooling is disproportionately impacting the country’s poor and marginalized populations, especially women and girls.
Amitabh Behar, CEO of Oxfam India, said: India is committed to an economic system that creates a more equitable and sustainable nation. India can show the world that democratic systems are capable of wealth redistribution and inclusive growth where no one is left behind. India’s fight against inequality and poverty must be bolstered by billionaires who made record profits in India during the pandemic. ”
Aside from failing to generate an equitable income, the Oxfam India briefing found that education and health were deprioritized in the coalition budget at a time when these two services were most needed. is showing.The 2021-22 health allocation fell 10% in the federal budget, while the 2021-22 funding for education increased 10% from the previous year. “The share of gross domestic product (GDP) spent on health is very low, between 1.2% and 1.6%, increasing by only 0.09% over the last 22 years. Similarly, spending on education as a share of GDP is 3%. low, increasing by only 0.07% per cent over the last 18 years,” said a briefing from Oxfam India.
“We are also implementing the Patent Rights Charter (PRC) of India, standardizing diagnostic procedures, building rural clinics and streamlining medical information technology (IT) systems in parallel with adopting a family health approach. There is an urgent need to improve healthcare infrastructure by developing, increasing investment in healthcare and training, and adequately paying frontline healthcare workers,” he added.
According to NGOs, India’s expenditure on social security schemes for workers under the Ministry of Labor and Employment and the central assistance scheme of the National Social Assistance Program will be very low at 0.6% of total expenditures in 2021-2022. , is decreasing. From 1.5% of the previous year’s total expenditure.
“With 93% of the country’s workforce made up of informal workers, it is almost impossible to get them into the realm of formal employment, which offers various benefits such as paid leave, health insurance, paid maternity leave, and pensions. It has not been successful,” it said. .
A briefing by Oxfam India also highlighted the gender equality witnessed during the pandemic. “Oxfam’s Global Briefing points to the stark reality of inequality, with at least 21,000 people dying every day, or one person every four seconds. Women will lose a total of Rs 5.911 crore or about $800 billion in income in 2020 and 1.3 billion fewer women are currently working than in 2019. Targeting extreme wealth through taxation It has never been more important to start correcting this blatant inequality wrong, and put that money back into the real economy to save lives,” said Oxfam India’s Behar. increase.
Politicians, governments, civil society, academics, and bureaucrats across the country have repeatedly stressed the need to address the high wealth inequality of the past few years and its negative effects. They include academician Abhijit Banerjee, Rashtriya Swayamsebak San (RSS) Secretary Mohan Bhagwat, Kerala Chief Minister (CM) Pinarai Vijayan and Andhra Pradesh CM YS Jagan Reddy.
“It is clear from voices across the political spectrum that India needs to tackle its extreme inequalities now. This is made possible by the Indian government taxing the wealthy to generate the funds needed to recover from the pandemic,” said Oxfam India’s Behar.
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