The richest 1 per cent in India cornered 73 per cent of the wealth generated in the country last year,
A worrying picture of rising income inequality.
It was revealed in survey released by the international rights group Oxfam ahead of World Economic Forum at Davos.
67 crore Indian, comprising the population’s poorest half saw, their wealth rise by just 1 per cent,
Last year’s survey had showed that India’s richest 1 per cent held a huge 58 per cent of the country’s total wealth
The wealth of India’s richest 1 per cent increased by over Rs. 20.9 lakh crore during 2017- an amount equivalent to total budget of the central government in 2017-18.
In India, it will take 941 years for a minimum wage worker in rural India to earn what the top paid executive at a leading Indian garment firm earns in a year
The survey respondents in countries like the US, UK and India also favoured 60 per cent pay cut for CEOs.
The Indian billionaires’ wealth increased to over Rs. 20.7 lakh crore — increasing during last year by Rs. 4.89 lakh crore,.
This amount is sufficient to finance 85 per cent of the all states’ budget on health and education.
