Richest 1% own 58% of total wealth in India: Oxfam

[TooRave]

I quote,

Despite various initiatives and schemes by the Narendra Modi government, India fell behind China and Pakistan, at 60 among 79 developing economies, in the inclusive development index, according to a WEF report.
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It's not even been 3 years since initiations were taken..It takes time.See your govt & economy first & what your finance minister doing..Getting growth rate & FDI increased by short term loans not a big achievement.LMAO all of your airports govt buildings are even mortgaged.

Also posting Rahul Gandhi JDU speeches is worthless jokes.It's hardly relevant to any Indians..

"The WEF report proves what many in India have accused Prime Minister Modi of already, i.e., anti-poor, anti-farmer, anti-Dalit, anti-women, anti-students, etc."
Why is your concern when India is adopting to changes?Obsession?First save your economy first else whole country will go in debt sooner or later.
LOl BTW it's coming from a Dalit itself.

 

[Mamluk]

I am a Dalit too.
These Pakistanis get carried away by delusion.Talk too much out of the world
Better they should check their own economy first.

Anyone can be a Dalit online.

 

[TooRave]

Anyone can be a Dalit online.

You are 200% right.

 

[Gibbs]

Anyone can be a Dalit online.

 

[Robinhood Pandey]

Anyone can be a Dalit online.

Anyone can be a descendant of tall and fair Arabs/turks online.

 

[Khanate]

I am a Dalit too.
These Pakistanis get carried away by delusion.Talk too much out of the world
Better they should check their own economy first.

It's not even been 3 years since initiations were taken..It takes time.See your govt & economy first & what your finance minister doing..Getting growth rate & FDI increased by short term loans not a big achievement.LMAO all of your airports govt buildings are even mortgaged.

Also posting Rahul Gandhi JDU speeches is worthless jokes.It's hardly relevant to any Indians..

"The WEF report proves what many in India have accused Prime Minister Modi of already, i.e., anti-poor, anti-farmer, anti-Dalit, anti-women, anti-students, etc."
Why is your concern when India is adopting to changes?Obsession?First save your economy first else whole country will go in debt sooner or later.
LOl BTW it's coming from a Dalit itself.

Devastating point-by-point rebuttal. Typical Indiot.

 

[PakForce]

thats 10 million people roughly.. but still its unfair.. as they can't accumulate such wealth if are taxed properly,,,

Y its unfair? They earned fair and square. World is better bcoz capitalism, and only brainless communists complains... you prefer north korea?

 

[Goenitz]

Y its unfair? They earned fair and square. World is better bcoz capitalism, and only brainless communists complains... you prefer north korea?

to be fair I wd like an islmaic system where tax is mostly applicable on reserves than liquid/circulating money.. earning fair and square doesn't make rich that much, especially if above system is in practice.
and N.K is not poor bcz of its system but corruption and due to isolation. SA and Gulf states have monarchs but still better than most...

 

[The_Showstopper]

Richest 1% own 58% of total wealth in India: Oxfam
DAVOS JANUARY 16, 2017 12:11 IST
In signs of rising income inequality, India’s richest 1 per cent now hold a huge 58 per cent of the country’s total wealth — higher than the global figure of about 50 per cent, a new study showed on Monday.

The study, released by rights group Oxfam ahead of the World Economic Forum (WEF) annual meeting here attended by rich and powerful from across the world, showed that just 57 billionaires in India now have same wealth (USD 216 billion) as that of the bottom 70 per cent population of the country.

Globally, just 8 billionaires have the same amount of wealth as the poorest 50 per cent of the world population.

The study said there are 84 billionaires in India, with a collective wealth of USD 248 billion, led by Mukesh Ambani (USD 19.3 billion), Dilip Shanghvi (USD 16.7 billion) and Azim Premji (USD 15 billion). The total Indian wealth in the country stood at USD 3.1 trillion.

The total global wealth in the year was USD 255.7 trillion, of which about USD 6.5 trillion was held by billionaires, led by Bill Gates (USD 75 billion), Amancio Ortega (USD 67 billion) and Warren Buffett (USD 60.8 billion).

In the report titled ‘An economy for the 99 per cent’, Oxfam said it is time to build a human economy that benefits everyone, not just the privileged few.

It said that since 2015, the richest 1 per cent has owned more wealth than the rest of the planet.


“Over the next 20 years, 500 people will hand over USD 2.1 trillion to their heirs — a sum larger than the GDP of India, a country of 1.3 billion people,” Oxfam said.

The study findings showed that the poorest half of the world has less wealth than had been previously thought while over the last two decades, the richest 10 per cent of the population in China, Indonesia, Laos, India, Bangladesh and Sri Lanka have seen their share of income increase by more than 15 per cent.

On the other hand, the poorest 10 per cent have seen their share of income fall by more than 15 per cent.

“Due to a combination of discrimination and working in low-pay sectors, women’s wages across Asia are between 70-90 per cent of men’s,” it said.

Referring to the Global Wage Report 2016-17 of Indian Labour Organisation, the study said India suffers from huge gender pay gap and has among the worst levels of gender wage disparity — men earning more than women in similar jobs — with the gap exceeding 30 per cent.

In India, women form 60 per cent of the lowest paid wage labour, but only 15 per cent of the highest wage-earners. It means that in India women are not only poorly represented in the top bracket of wage-earners, but also experience wide gender pay gap at the bottom.

It also said that more than 40 per cent of the 400 million women who live in rural India are involved in agriculture and related activities. However, as women are not recognised as farmers and do not own land, they have limited access to government schemes and credit, restricting their agricultural productivity.

http://www.thehindu.com/business/Ec...tal-wealth-in-India-Oxfam/article17044486.ece

Why do you forget that this is also the case with the World? Why single out India?

Half of world's wealth now in hands of 1% of population – report

Source: https://www.theguardian.com/money/2...-wealth-in-hands-population-inequality-report

 

[PakForce]

to be fair I wd like an islmaic system where tax is mostly applicable on reserves than liquid/circulating money.. earning fair and square doesn't make rich that much, especially if above system is in practice.
and N.K is not poor bcz of its system but corruption and due to isolation. SA and Gulf states have monarchs but still better than most...

Who tells u earning fair square not make so much rich? Owner of microsoft which mAking almost every os on world not fair and square? Who r u to decide fair square? Free market decide. Free market is fair square and.

SA and gulf state use free market 2. They make oil and then get cash for it. They use cash for development. What wrong in this? Some jamadar do nakhra so now u think it not fair square? Only time they not fair square is when they not pay wages of laborers or hold passport hostage, like bastard arabs.

Why you think you authority on fair square?

 

[Mustang06]

Wish every nation had a sugar daddy!

 

[Goenitz]

Who tells u earning fair square not make so much rich? Owner of microsoft which mAking almost every os on world not fair and square? Who r u to decide fair square? Free market decide. Free market is fair square and.

SA and gulf state use free market 2. They make oil and then get cash for it. They use cash for development. What wrong in this? Some jamadar do nakhra so now u think it not fair square? Only time they not fair square is when they not pay wages of laborers or hold passport hostage, like bastard arabs.

Why you think you authority on fair square?

man.. you know why apple products are being assembled in China? as its cheap and use of some chemicals is easy in China which are hazardous.
Do you know how many people die in BD cloth industries despite its in knowledge of manufacturer.. ?
https://defence.pk/threads/bangladeshi-rmg-industry-under-turmoil.468499/

Anyway, my point is corporate world dictates monetary policies. This "free" market is as free as federal in "federal reserve". Carrefour and Lidl has shut down local business in Italy due to enjoying this 'free' market as locals can't compete their economical prices. And why they can afford? bcz they farmers have to sell them their perishable items as soon as possible.

I am not saying communism is solution but pointing out the current system favors rich more than poor. Like businessman seldom pay income tax but workers can't avoid that. Sales tax hurts poor. Rich can stock as much money/goods as they want but its tax free. Which prohibits money in circulation.
So secret of their ever increasing reserves is that economic policies favor them.

 

[livingdead]

Still better than how it was 30 years ago.... when everybody was poor and only a few rich and middle class was very small.
I dont mind rich getting richer as long as poor people get richer in real term.

 

[Kashmiri Pandit]

Capitalist mode of production .

Few people will always control large amounts of wealth .
Capitalist are Capital generators .
Capitalist hardly make 1 % of Countries population .
99 % of the population are working class and hence act as consumers .

Some one earning 50,000 INR in my state can have a standard of living matching those in the West .
But someone having Maruti Alto will not make one inferior to someone having BMW .

Change in mindset is must .