According to a new analysis by the humanitarian organisation Oxfam, the wealth in India was owned by the top 1% to a significant extent in 2021. Additionally, it revealed that there were 166 billionaires in the nation in 2022, up from 102 in 2020. According to the research, India’s impoverished ‘cannot afford even basic requirements to survive.’
According to Oxfam, ‘inequalities are spreading in India,’ and their effects are ‘particularly evident at the periphery of Indian society, with some communities, like the Scheduled Tribes (STs), suffering from physical isolation and systematic exclusion from the means to attain vertical mobility.’
As per the report, the concentration of wealth ‘continues to be around primordial characteristics such as caste,’ and there is a ‘persistence of marginalisation’ among the historically disadvantaged elements of the society who are still trapped in intergenerational poverty.
The report claims that following the COVID-19 pandemic, the bottom 50 per cent of the population in India has seen its ‘wealth chipped away’. Between May and December 2022, inflation consistently breached the six per cent statutory limit set out in the amended Reserve Bank of India Act, 1934.
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