Shocking: India's richest 1% corner 73% of wealth generation

Agencies
January 22, 2018

Davos, Jan 22: The richest 1 per cent in India cornered 73 per cent of the wealth generated in the country last year, a new survey showed today, presenting a worrying picture of rising income inequality.

Besides, 67 crore Indians comprising the population's poorest half saw their wealth rise by just 1 per cent, as per the survey released by the international rights group Oxfam hours before the start of the annual congregation of the rich and powerful from across the world in this resort town.

The situation appears even more grim globally, where 82 per cent of the wealth generated last year worldwide went to the 1 per cent, while 3.7 billion people that account for the poorest half of population saw no increase in their wealth.

The annual Oxfam survey is keenly watched and is discussed in detail at the World Economic Forum Annual Meeting where rising income and gender inequality is among the key talking points for the world leaders.

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 -- higher than the global figure of about 50 per cent.

This year's survey also showed that 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, Oxfam India said.

The report titled 'Reward Work, Not Wealth', Oxfam said, reveals how the global economy enables wealthy elite to accumulate vast wealth even as hundreds of millions of people struggle to survive on poverty pay.

"2017 saw an unprecedented increase in the number of billionaires, at a rate of one every two days. Billionaire wealth has risen by an average of 13 per cent a year since 2010 -- six times faster than the wages of ordinary workers, which have risen by a yearly average of just 2 per cent," it said.

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 study found.

In the US, it takes slightly over one working day for a CEO to earn what an ordinary worker makes in a year, it added.

Citing results of the global survey of 70,000 people surveyed in 10 countries, Oxfam said it demonstrates a groundswell of support for action on inequality and nearly two-thirds of all respondents think the gap between the rich and the poor needs to be urgently addressed.

With Prime Minister Narendra Modi attending the WEF meeting in Davos, Oxfam India urged the Indian government to ensure that the country's economy works for everyone and not just the fortunate few.

It asked the government to promote inclusive growth by encouraging labour-intensive sectors that will create more jobs; investing in agriculture; and effectively implementing the social protection schemes that exist.

Oxfam also sought sealing of the "leaking wealth bucket" by taking stringent measures against tax evasion and avoidance, imposing higher tax on super-rich and removing corporate tax breaks.

The survey respondents in countries like the US, UK and India also favoured 60 per cent pay cut for CEOs.

The key factors driving up rewards for shareholders and corporate bosses at the expense of workers' pay and conditions, Oxfam said, include erosion of workers' rights; excessive influence of big business over government policy- making; and the relentless corporate drive to minimise costs in order to maximise returns to shareholders.

About India, it said the country added 17 new billionaires last year, taking the total number to 101. The Indian billionaires' wealth increased to over Rs 20.7 lakh crore -- increasing during last year by Rs 4.89 lakh crore, an amount sufficient to finance 85 per cent of the all states' budget on health and education.

It also said India's top 10 per cent of population holds 73 per cent of the wealth and 37 per cent of India's billionaires have inherited family wealth. They control 51 per cent of the total wealth of billionaires in the country.

Oxfam India CEO Nisha Agrawal said it is alarming that the benefits of economic growth in India continue to concentrate in fewer hands.

"The billionaire boom is not a sign of a thriving economy but a symptom of a failing economic system. Those working hard, growing food for the country, building infrastructure, working in factories are struggling to fund their child's education, buy medicines for family members and manage two meals a day. The growing divide undermines democracy and promotes corruption and cronyism," she said.

The survey also showed that women workers often find themselves at the bottom of the heap and nine out of 10 billionaires are men.

In India, there are only four women billionaires and three of them inherited family wealth.

"It would take around 17.5 days for the best paid executive at a top Indian garment company to earn what a minimum wage worker in rural India will earn in their lifetime (presuming 50 years at work)," Oxfam said.

Comments

Ajay
 - 
Monday, 22 Jan 2018

In reality only 1% understand the value of money, rest 99% are busy with padmaavati to be released or not or celebrating the victory in bhima koreogaon

Babu Gowda
 - 
Monday, 22 Jan 2018

The black money held by some sections of the population in India might not have been accounted in the 73% money made by 1% of population. If all the money is accounted, it could be much more than 82%. In poorer countries like India, disparity between the rich and poor will be very high and widening year after year. It is a time bomb. 

Mohan
 - 
Monday, 22 Jan 2018

Still government says ...working for Poor ... but reality is opposite ...Working for rich and corporates .. 

Ravi
 - 
Monday, 22 Jan 2018

Increasing disparity always lead to social disorder and sometime revolts and civil war too !!! Rich''s should at their own should deploy their wealth for upliftment of downtrodden people else their wealth would not remain secured

Ganesh
 - 
Monday, 22 Jan 2018

it is evident that the nexus between politicians taking favourable decisions to benefit business tycoons and most of them are from same state where top leaders from! Why the hell other states are ignored!!

Chakravarthy
 - 
Monday, 22 Jan 2018

Rich save for generation and corner money where as poor do not know what will be their financial position tomorrow.The wide gap is not good for the country.

Karthik
 - 
Monday, 22 Jan 2018

Modi, what you have done?

Jinesh
 - 
Monday, 22 Jan 2018

A study should be done how this one percent spend their money, whether this wealth is getting invested in India or taken abroad

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News Network
May 29,2020

Thiruvananthapuram, May 29: Chief Minister Pinarayi Vijayan said that fishing in Kerala coast and southeast Arabian Sea has been completely banned from Thursday midnight as the state is expected to receive rainfall early next month.

"India Meteorological Department (IMD) has informed that southwest monsoon will arrive in Kerala coast by the first week of June. The state will receive rainfall in the next five days. Fishing in Kerala coast and the southeast Arabian sea to be completely banned from midnight," Vijayan said.

On Thursday, the IMD announced that conditions are favourable in Kerala for the onset of the southwest monsoon on June 1.

"A low-pressure area is likely to form over the southeast and adjoining east-central Arabian Sea from May 31 to June 4, 2020. In view of this, conditions are very likely to become favourable from June 1, 2020 for the onset of southwest monsoon over Kerala," the IMD said in its bulletin.

It also stated that the southwest monsoon has further advanced into some parts of Maldives-Comorin area, some more parts of south Bay of Bengal, remaining parts of Andaman Sea and Andaman and the Nicobar Islands. 

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Agencies
March 1,2020

Kolkata, Mar 1: The Calcutta High Court has ruled that it is not mandatory for foreigners to produce a valid passport and its particulars for processing of application for grant of Indian citizenship if he is able to satisfy the appropriate authorities the reasons for non-availability of the document.

Justice Sabysachi Bhattacharya passed the order while disposing off a petition by granting the petitioner liberty to file an application before the authority "as contemplated in Rule 11 of the Citizenship Rules 2009, upon furnishing explanation as to the non-availability of the passport".

Bismillah Khan had filed the petition saying he was being denied the citizenship of India because of his inability to file an application under Section 5 (1) (c) of the Citizenship Act, 1955, apparently due to the mandatory requirement of furnishing a copy of the passport for such application.

The petitioner's counsel submitted that Khan was a Pakhtoon citizen and due to political turmoil in the said state, which subsequently merged partially into Afghanistan and partially into Pakistan, he, as a five-year old, had to migrate to India with his father in 1973.

Under such circumstances, the petitioner could not have any opportunity of having a valid passport, since they were refugees under distress, the counsel said.

The petitioner had previously approached a coordinate Bench of the court, wherein a single judge, passed an order on July 25, 2018, directing him to comply with the formalities required, as communicated by the secretary to the Government of India to the Secretary to the Government of West Bengal (Home), vide a letter dated December 7, 2017.

The court had then also given liberty to the petitioner to apply afresh before the appropriate authority under Section 5(1)(c) of the 1955 Act, having complied with all the formalities.

The petitioner then moved Bhattacharya's court submitting that a complete application as directed by the Coordinate Bench cannot be possibly filed by his client due to the mandatory requirement of uploading a copy of his passport, which the petitioner does not have due to reasons beyond his control.

The counsel said Khan is married to an Indian citizen, has a daughter and living in India for close to half a century.

The counsel for the union of India submitted that in view of no application having been filed by the petitioner, there is no scope of granting such proposed application at the present juncture for the Union.

The counsel argued that it is mandatory to file an application in Form III for the application of the petitioner under Section 5(1)(c) of the Act to be considered at all.

In view of the petitioner not complying with the mandatory requirement of submitting a copy of his passport, the state government cannot, under the law, forward such application to the union government.

After hearing all sides, Justice Bhattacharya said although the rule "contemplates that an application shall not be entertained unless the application is made in Form III, such provision ipso facto does not make the availability of a passport a mandatory requirement".

"..the Form given with the Rules or the Rules themselves cannot override the provision of the statute itself, under which the said Rules are framed, which does not stipulate such a mandate on the applicants for citizenship under Section 5 (1)(c) of the 1955 Act mandatorily to carry a passport".

The court said although such provision is included in the Form, which has to be complied with by the applicant, "it is nowhere indicated in such Form that all the relevant particulars, including the particulars regarding passport of the petitioner have to be furnished mandatorily, along with a copy of a valid foreign passport, even in the event the petitioner, for valid reasons, is not in a position to produce such passport".

Justice Bhattacharya ruled that under such circumstances, it cannot be held that the provision of producing a passport and its particulars is mandatory in nature and there has to be a relaxation in such requirement "in case the petitioner is able to satisfy the appropriate authorities the reasons for non- availability of such passport".

"Unless such a leeway is given to the applicants, genuine persons who otherwise have all the formal documents indicating that they have been residing in India for a long time and have married a resident of India would also be unable to apply for Indian Citizenship despite having lived their entire lives and contributed to the economy and diverse culture of this country."

He said such a scenario would be contradictory to the spirit of Article 14 of the Constitution of India.

"In such view of the matter, the requirement of having a passport has to be read as optional in Form III of the Citizenship Rules, 2009 and the authorities are deemed to have the power to relax such 6 requirement in the event the applicant satisfied the authorities for genuine reasons why the applicant is not in a position to produce such passport," the February 24 order said.

The court ruled that despite the provision of making applications online, a provision has to be made for persons who do not have all the particulars of their passport, which is read as optional, to file applications manually, which are to be treated as valid applications under Rule 5 of the Citizenship Rules, 2009.

The court also ordered that alternatively the necessary software be amended so that the online applications can be presented with or without passports, in the latter case furnishing detailed reasons as to non-furnishing of passports.

"Sanctioning of such forms, however, will be conditional upon the satisfaction of the relevant authorities about the reasons for the applicant not being able to produce her/his passport," the order said.

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News Network
June 3,2020

Mangaluru, Jun 3: Mangaluru MLA and former minister U T Khader has urged the state government and Dakshina Kannada district administration to take steps to facilitate the return of Indians stranded in foreign countries amid covid lockdown.

A delegation comprising Mr Khader, DCC President K Harish Kumar, and MLC Ivan D’Souza met District In-charge Minister Kota Srinivas Poojary and submitted a memorandum on Tuesday.

“Kannadigas who are working outside the state are in distress due to the lockdown. More than 50,000 people had uploaded applications on Seva Sindhu portal seeking permission to return to their villagers and are waiting for permission. With the authorities failing to take any decision, they are worried,” said the delegation.

The government should initiate measures to get them back and quarantine them, urged the delegation.

Mr Khader said, “Many workers stranded in foreign countries are eager to return home. The district administration should make arrangements to quarantine those returning from foreign countries and other states.

There are thousands of migrant labourers from Gujarat, Uttar Pradesh, Jharkhand and Bihar stranded in DK. They are waiting to return to their families. The state government should facilitate their return journey, the delegation urged.

MLC Ivan D’Souza said, “Assistance should be provided to private bus staff, beedi workers, tailors, garage labourers and street vendors who are in distress. The price of Covid-19 tests in private laboratories should be reduced.”

The delegation informed that after Wenlock Hospital was converted into the designated COVID-19 hospital, poor patients are facing many inconveniences. A portion of the hospital should be earmarked for treating other patients, they said.

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