Survival of the richest: the India story
Just five percent of Indians own more than 60 percent of the country’s wealth while the bottom 50 percent of India’s population possess only three percent of wealth, according to Oxfam India’s latest report “Survival of the Richest: The India story”. India’s richest man has seen his wealth soar by 46 percent in 2022. The report shows that a one-off 20% tax on this billionaire’s unrealized gains from 2017–2021 could potentially raise INR 1.8 lakh crores. This is enough to employ more than five million primary school teachers in the country for a year. Oxfam India calls on the Union Finance minister to end this obscene inequality and implement progressive tax measures such as wealth tax in the upcoming Union Budget.