Oxfam’s report titled ‘Time To Care’ revealed stark inequality in India’s social fabric. With ever-present poverty and the economy in shambles, India’s richest 1% have still been able to acquire wealth, four times more than the amount held by the bottom 70% of the country’s population.
Moreover, the combined wealth of 63 Indian billionaires is estimated to be higher than the 2018-2019 Union Budget, which was ₹24,42,200 crores.
Not just in India, the world’s 2,153 billionaires have more wealth than 4.6 billion people who constitute 60% of the global population. Despite the combined wealth of the billionaires decreasing in the last year, the number of rich people has only steadily doubled over the last decade.
Government policies that are under-taxing the wealthy, have been failing to collect revenue, which could relieve the burden from women in the economy.
You can access the full report here.