Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 150
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

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Apoorva Mahendru, Kanishk Gomes, Mayurakshi Dutta, Noopur, Pravas Ranjan Mishra

Oxfam International&#39;s annual inequality..."/>
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Apoorva Mahendru, Kanishk Gomes, Mayurakshi Dutta, Noopur, Pravas Ranjan Mishra

Oxfam International&#39;s annual inequality..." />
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    <h1 class="cat-box-title">Top 1% of Indians own 40.5% percent wealth, bottom 50% has around 3% - Oxfam Inequality report</h1>
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		 Published on</span><span class="text-date"> Jan 15, 2023</span>
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                            <p><em>Following the pandemic, the income of the bottom 50 per cent of the population is estimated at 13 percent of national income and 3 percent of total wealth</em></p><p>Apoorva Mahendru, Kanishk Gomes, Mayurakshi Dutta, Noopur, Pravas Ranjan Mishra</p><p>Oxfam International&#39;s annual inequality report makes for stark reading. The India supplement, part of the main report, states that the top 1 percent of Indians own nearly 40.6 percent of the total wealth in the nation. In contrast to this, half the population, the bottom 50 percent, own only 3 percent of wealth. While India still has the world&rsquo;s highest number of poor at 228.9 million, the number of billionaires increased from 102 in 2020 to 166 in 2022. Here are some other startling figures: The combined wealth of India&rsquo;s 100 richest has touched Rs. 54.12 lakh crore, while the wealth of the top 10 stands at INR 27.52 lakh crore &ndash; a 32.8 per cent rise from 2021. &nbsp;<br /><br />In 2019 the Union Government reduced corporate income tax slabs from 30 percent to 22 per cent. This resulted in a loss of Rs. 1.84 lakh crore and resulted in a 10 percent revision downwards of revenue estimates in 2019-20. To increase revenue, the Union Government hiked the Goods and Services Tax and excise duties on diesel and petrol. The indirect nature of both the GST and fuel taxes make them regressive, which invariably burdens the most marginalized. In 2020-21, the projected revenue foregone from incentives and tax exemptions to corporates was Rs. 1.03 lakh crore, which is slightly more than the allocation towards the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA). The failure to tax rich people and corporations fairly is a missed opportunity to reduce inequality.</p><p>Oxfam India recommends the folowing:</p><p>* Taxing the wealth of the richest 1 per cent. The wealthiest elites have undue influence over policy making and politics, which allow them to accrue even more wealth. This means taxing the net wealth of the top 1 percent on a permanent basis.</p><p>* Easing the tax burden on the poor and the marginalized. The government should reduce the GST slabs on essential commodities and hike taxes on luxury goods.&nbsp;</p><p>* Enhance the budgetary allocation for health to 2.5 percent of GDP by 2025, as envisaged in the National Health Policy, to reinvigorate the public healthcare system.&nbsp;</p><p>* Enhance the budgetary allocation for education to a global benchmark of 6 percent of GDP, as committed in the National Education Policy. The government must frame a year wise financial roadmap to achieve the 6 per cent mark.&nbsp;</p><p>* Strengthen safety nets and bargaining power of labour. Inflation hurts the poor and middle class more. 90 percent of India&rsquo;s labour force in the informal economy is without any safety net to<br />&nbsp;protect them from the heavy blows to the economy. To this end, it is essential to ensure social protection for our workforce.&nbsp;</p><p>Please <a href="/upload/files/India%20Supplement%202023_digital%281%29.pdf" title="/upload/files/India%20Supplement%202023_digital%281%29.pdf">click here</a> to read the report<br />&nbsp;</p>                                                           
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    <br><a href="https://d1ns4ht6ytuzzo.cloudfront.net/oxfamdata/oxfamdatapublic/2023-01/India%20Supplement%202023_digital.pdf?kz3wav0jbhJdvkJ.fK1rj1k1_5ap9FhQ " class="re" target="_blank">Oxfam India, 15 January, 2023,  https://d1ns4ht6ytuzzo.cloudfront.net/oxfamdata/oxfamdatapublic/2023-01/India%20Supplement%202023_digital.pdf?kz3wav0jbhJdvkJ.fK1rj1k1_5ap9FhQ </a><div class="clear"></div>
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    <h1 class="cat-box-title">Top 1% of Indians own 40.5% percent wealth, bottom 50% has around 3% - Oxfam Inequality report</h1>
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                            <p><em>Following the pandemic, the income of the bottom 50 per cent of the population is estimated at 13 percent of national income and 3 percent of total wealth</em></p><p>Apoorva Mahendru, Kanishk Gomes, Mayurakshi Dutta, Noopur, Pravas Ranjan Mishra</p><p>Oxfam International&#39;s annual inequality report makes for stark reading. The India supplement, part of the main report, states that the top 1 percent of Indians own nearly 40.6 percent of the total wealth in the nation. In contrast to this, half the population, the bottom 50 percent, own only 3 percent of wealth. While India still has the world&rsquo;s highest number of poor at 228.9 million, the number of billionaires increased from 102 in 2020 to 166 in 2022. Here are some other startling figures: The combined wealth of India&rsquo;s 100 richest has touched Rs. 54.12 lakh crore, while the wealth of the top 10 stands at INR 27.52 lakh crore &ndash; a 32.8 per cent rise from 2021. &nbsp;<br /><br />In 2019 the Union Government reduced corporate income tax slabs from 30 percent to 22 per cent. This resulted in a loss of Rs. 1.84 lakh crore and resulted in a 10 percent revision downwards of revenue estimates in 2019-20. To increase revenue, the Union Government hiked the Goods and Services Tax and excise duties on diesel and petrol. The indirect nature of both the GST and fuel taxes make them regressive, which invariably burdens the most marginalized. In 2020-21, the projected revenue foregone from incentives and tax exemptions to corporates was Rs. 1.03 lakh crore, which is slightly more than the allocation towards the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA). The failure to tax rich people and corporations fairly is a missed opportunity to reduce inequality.</p><p>Oxfam India recommends the folowing:</p><p>* Taxing the wealth of the richest 1 per cent. The wealthiest elites have undue influence over policy making and politics, which allow them to accrue even more wealth. This means taxing the net wealth of the top 1 percent on a permanent basis.</p><p>* Easing the tax burden on the poor and the marginalized. The government should reduce the GST slabs on essential commodities and hike taxes on luxury goods.&nbsp;</p><p>* Enhance the budgetary allocation for health to 2.5 percent of GDP by 2025, as envisaged in the National Health Policy, to reinvigorate the public healthcare system.&nbsp;</p><p>* Enhance the budgetary allocation for education to a global benchmark of 6 percent of GDP, as committed in the National Education Policy. The government must frame a year wise financial roadmap to achieve the 6 per cent mark.&nbsp;</p><p>* Strengthen safety nets and bargaining power of labour. Inflation hurts the poor and middle class more. 90 percent of India&rsquo;s labour force in the informal economy is without any safety net to<br />&nbsp;protect them from the heavy blows to the economy. To this end, it is essential to ensure social protection for our workforce.&nbsp;</p><p>Please <a href="/upload/files/India%20Supplement%202023_digital%281%29.pdf" title="/upload/files/India%20Supplement%202023_digital%281%29.pdf">click here</a> to read the report<br />&nbsp;</p>                                                           
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        LATEST NEWS UPDATES | Top 1% of Indians own 40.5% percent wealth, bottom 50% has around 3% - Oxfam Inequality report    </title>
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                            <p><em>Following the pandemic, the income of the bottom 50 per cent of the population is estimated at 13 percent of national income and 3 percent of total wealth</em></p><p>Apoorva Mahendru, Kanishk Gomes, Mayurakshi Dutta, Noopur, Pravas Ranjan Mishra</p><p>Oxfam International&#39;s annual inequality report makes for stark reading. The India supplement, part of the main report, states that the top 1 percent of Indians own nearly 40.6 percent of the total wealth in the nation. In contrast to this, half the population, the bottom 50 percent, own only 3 percent of wealth. While India still has the world&rsquo;s highest number of poor at 228.9 million, the number of billionaires increased from 102 in 2020 to 166 in 2022. Here are some other startling figures: The combined wealth of India&rsquo;s 100 richest has touched Rs. 54.12 lakh crore, while the wealth of the top 10 stands at INR 27.52 lakh crore &ndash; a 32.8 per cent rise from 2021. &nbsp;<br /><br />In 2019 the Union Government reduced corporate income tax slabs from 30 percent to 22 per cent. This resulted in a loss of Rs. 1.84 lakh crore and resulted in a 10 percent revision downwards of revenue estimates in 2019-20. To increase revenue, the Union Government hiked the Goods and Services Tax and excise duties on diesel and petrol. The indirect nature of both the GST and fuel taxes make them regressive, which invariably burdens the most marginalized. In 2020-21, the projected revenue foregone from incentives and tax exemptions to corporates was Rs. 1.03 lakh crore, which is slightly more than the allocation towards the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA). The failure to tax rich people and corporations fairly is a missed opportunity to reduce inequality.</p><p>Oxfam India recommends the folowing:</p><p>* Taxing the wealth of the richest 1 per cent. The wealthiest elites have undue influence over policy making and politics, which allow them to accrue even more wealth. This means taxing the net wealth of the top 1 percent on a permanent basis.</p><p>* Easing the tax burden on the poor and the marginalized. The government should reduce the GST slabs on essential commodities and hike taxes on luxury goods.&nbsp;</p><p>* Enhance the budgetary allocation for health to 2.5 percent of GDP by 2025, as envisaged in the National Health Policy, to reinvigorate the public healthcare system.&nbsp;</p><p>* Enhance the budgetary allocation for education to a global benchmark of 6 percent of GDP, as committed in the National Education Policy. The government must frame a year wise financial roadmap to achieve the 6 per cent mark.&nbsp;</p><p>* Strengthen safety nets and bargaining power of labour. Inflation hurts the poor and middle class more. 90 percent of India&rsquo;s labour force in the informal economy is without any safety net to<br />&nbsp;protect them from the heavy blows to the economy. To this end, it is essential to ensure social protection for our workforce.&nbsp;</p><p>Please <a href="/upload/files/India%20Supplement%202023_digital%281%29.pdf" title="/upload/files/India%20Supplement%202023_digital%281%29.pdf">click here</a> to read the report<br />&nbsp;</p>                                                           
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Top 1% of Indians own 40.5% percent wealth, bottom 50% has around 3% - Oxfam Inequality report

Published on Jan 15, 2023   Modified on Mar 22, 2023

Following the pandemic, the income of the bottom 50 per cent of the population is estimated at 13 percent of national income and 3 percent of total wealth Apoorva Mahendru, Kanishk Gomes, Mayurakshi Dutta, Noopur, Pravas Ranjan Mishra Oxfam International's annual inequality report makes for stark reading. The India supplement, part of the main report, states that the top 1 percent of Indians own nearly 40.6 percent of the total wealth in the nation. In contrast to this, half the population, the bottom 50 percent, own only 3 percent of wealth. While India still has the world’s highest number of poor at 228.9 million, the number of billionaires increased from 102 in 2020 to 166 in 2022. Here are some other startling figures: The combined wealth of India’s 100 richest has touched Rs. 54.12 lakh crore, while the wealth of the top 10 stands at INR 27.52 lakh crore – a 32.8 per cent rise from 2021.   In 2019 the Union Government reduced corporate income tax slabs from 30 percent to 22 per cent. This resulted in a loss of Rs. 1.84 lakh crore and resulted in a 10 percent revision downwards of revenue estimates in 2019-20. To increase revenue, the Union Government hiked the Goods and Services Tax and excise duties on diesel and petrol. The indirect nature of both the GST and fuel taxes make them regressive, which invariably burdens the most marginalized. In 2020-21, the projected revenue foregone from incentives and tax exemptions to corporates was Rs. 1.03 lakh crore, which is slightly more than the allocation towards the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA). The failure to tax rich people and corporations fairly is a missed opportunity to reduce inequality. Oxfam India recommends the folowing: * Taxing the wealth of the richest 1 per cent. The wealthiest elites have undue influence over policy making and politics, which allow them to accrue even more wealth. This means taxing the net wealth of the top 1 percent on a permanent basis. * Easing the tax burden on the poor and the marginalized. The government should reduce the GST slabs on essential commodities and hike taxes on luxury goods.  * Enhance the budgetary allocation for health to 2.5 percent of GDP by 2025, as envisaged in the National Health Policy, to reinvigorate the public healthcare system.  * Enhance the budgetary allocation for education to a global benchmark of 6 percent of GDP, as committed in the National Education Policy. The government must frame a year wise financial roadmap to achieve the 6 per cent mark.  * Strengthen safety nets and bargaining power of labour. Inflation hurts the poor and middle class more. 90 percent of India’s labour force in the informal economy is without any safety net to  protect them from the heavy blows to the economy. To this end, it is essential to ensure social protection for our workforce.  Please click here to read the report

Oxfam India, 15 January, 2023, https://d1ns4ht6ytuzzo.cloudfront.net/oxfamdata/oxfamdatapublic/2023-01/India%20Supplement%202023_digital.pdf?kz3wav0jbhJdvkJ.fK1rj1k1_5ap9FhQ 

Tagged with: Corporate Income Tax Education Goods and Services Tax Health Income Inequality NREGA Oxfam Wealth Inequality World Economic Forum

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