Oxfam, a global non-profit organization, has called on India’s finance minister to implement a wealth tax on the ultra-rich in order to tackle “obscene” levels of inequality. According to a recent report by Oxfam, India’s top 1% of the population now owns more than 40.5% of the country’s total wealth.
The report also highlights that inequality in India has risen since the outbreak of the COVID-19 pandemic, with the number of billionaires in the country increasing from 102 to 166. While India boasts some of the world’s wealthiest individuals, such as Gautam Adani and Mukesh Ambani, many of the country’s poor are unable to afford even the basic necessities for survival.
In light of these findings, Oxfam has urged India’s finance minister to impose a small wealth tax on the ultra-rich in order to address the growing issue of inequality in the country. The Indian government is set to present its budget on February 1st, and Oxfam’s call for a wealth tax is likely to be a major topic of discussion.
The concerns of growing inequality in one of the world’s fastest growing major economies has been a topic of concern for many experts and critics. The situation has also grabbed the attention of international media like BBC India and BBC World.
It remains to be seen whether the Indian government will take action to address the issue of inequality, but Oxfam’s call for a wealth tax serves as a reminder that tackling income inequality must be a priority in order for India to continue its economic growth in a fair and sustainable manner.