The recent report of Oxfam indicated that the distribution of wealth is highly uneven in the country as well as in the world. Around 58% of our country’s wealth got accumulated by around 1% of the population. Top 84 Indian billionaires had Rs.16.6 lakh crore, which is equal to the combined assets of 70% of the total population (common men). Similar is the scenario at world level too. The wealth of 360 crore low income people is equal to that of only eight billionaires of the world like Bill Gates and others. In 2015, only the assets of these 1% richest people grown high compared to the rest of 99%, which in fact reduced considerably. The number of people whose wealth is equal to that of the poorest half of the world’s population has come down from 388 in 2010 to 62 in 2015. The wealth of poorest half has dropped by 38% since 2010, which is equal to trillion dollars. The report also says “Had inequality within countries not grown between 1990 and 2010, an extra 200 million people would have escaped poverty”. This data indicated that the gap between the rich and the poor in widening due to the widening gap between the pay at the top and the bottom of the income scale, and reflects the ailing global economy, which needs to be corrected. Plugging the loopholes in the laws to avoid payment of taxes or tax exemptions, increased allocations of funds in GDP for health and education, increasing wealth tax, corporate tax, lobbying for benefits to corporate sector, are some of the areas to be focused to bring down the inequality to certain extent.
Dr. S.V.N. Vijayendra, Mysuru