“Survival of the richest” report by Oxfam International

Published on January 16, 2023
Current Context: The richest 1% of Indians now control more than 40% of the nation's overall wealth, a new Oxfam International research claims, while the wealthiest 50% of citizens together own just 3% of the country's wealth.
“Survival of the richest” report by Oxfam International
  • The first day of the World Economic Forum Annual Meeting saw the publication of the report, titled "Survival of the Richest."
  • The country's marginalized, including Dalits, Adivasis, Muslims, women, and workers in the informal sector, continue to suffer in a system that ensures the survival of the wealthiest, according to Oxfam India CEO Amitabh Behar. He pleaded with the Union finance minister to enact progressive tax policies including wealth tax and inheritance tax, which he claimed had historically been shown to be successful in reducing inequality.
  • Addressing Inequality: Billionaires
    • According to the analysis, taxing India's top ten earners at 5% might raise enough money to send kids back to school.
    • Additionally, if India's billionaires paid a single 2% tax on their entire fortune, it would raise the necessary Rs 40,423 crore for the country's malnourished citizens' dietary needs over the following three years.
    • The Health and Family Welfare Ministry's (Rs 86,200 crore) and the Ministry of Ayush's (Rs 3,050 crore) projected funds for the fiscal year 2022–2023 are more than 1.5 times the amount that would be raised by a one-time tax of 5% on the top 10 billionaires in the nation (Rs 1.37 lakh crore).
  • Earnings and Gender Inequality
    • The impact of gender inequality on earnings is also highlighted in the paper. It says that for every rupee a male worker made, female laborers only made 63 paise The disparity between Scheduled Castes and rural employees is even more pronounced: between 2018 and 2019, the former earned 55% of what the privileged socioeconomic groups did, while the latter earned only 50% of what urban workers did.
  • Billionaires Affected by the Pandemic?
    • According to Oxfam, billionaires in India have seen a 121% increase in wealth since the pandemic started in November 2022, or Rs 3,608 crore per day in real terms. On the other hand, in 2021–22, the lower 50% of the population contributed almost 64% of the entire GST revenue of Rs 14.83 lakh crore, while the top 10% contributed just 3%. In India, there were 166 billionaires overall in 2022, up from 102 in 2020.

Question: 

Q.1 Who releases the report “survival of the richest”?
a. Oxfam International
b. SEBI
c. RBI
d. Ministry of Finance

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