Unveiling the ugly economic disparity, the ‘Time to Care’ study taken up by Oxfam Group revealed shocking facts ahead of the 50th Annual Meeting of the World Economic Forum (WEF). According to the recent reports from the organisation, the richest 1 per cent i.e, the top 63 billionaires in India hold wealth more than the Union Budget for the financial year 2018-19 which was Rs 24,42,200 crore. The studies also revealed that the number of billionaires has doubled in the last decade despite the economic slow down in the country. These figures have not only shocked the common man but have left the government in splits.
Pointing out the inefficiency of the government’s over the same, Oxfam said the relevant government departments are massively under-taxing the wealthiest individuals and corporations. Reports also stated that governments miserably failed to collect revenues which would in turn help in tackling poverty and inequality in the country. It was also said that governments are also underfunding vital public services and infrastructure that could help reduce women’s and girls’ workload. Oxfam India CEO Amitabh Behar confronted the same stating that- “The gap between rich and poor can’t be resolved without deliberate inequality-busting policies, and too few governments are committed to the issues.”
Oxfam also took up the study on the gender inequality in the country which unveiled that it would take a female domestic worker 22,277 years to earn what a top CEO of a technology company makes in one year. On this note, the officials at WEF stated that the five-day summit of the WEF, starting Monday would hold seminars on the prevailing issues prioritising all the sectors in order to build more human economies that work for everyone.