Inequality : Oxfam Report – UPSC GS1

Highlights of Report
  • Globally 82% of wealth generated in 2017 worldwide went to 1%, while 3.7 billion people that account for poorest half of population saw no increase in their wealth.
  • Year 2017 saw unprecedented increase in number of billionaires, at rate of one every two days.
  • Billionaire wealth has risen by average of 13% year since 2010. It was six times faster than the wages of ordinary workers, which have risen by a yearly average of just 2%.  
  • Women workers often find themselves at bottom of the heap and nine out of 10 billionaires are men.
  • In India, 67 crore population comprising the population’s poorest half saw their wealth rise by just 1%.
  • India’s top 10% of population holds 73% of the wealth.
  • There are only four women billionaires in India.
  • It will take 941 years for minimum wage worker in rural India to earn what top paid executive at a leading Indian garment firm earns in year.
  • The report has urged Indian government to ensure that country’s economy works for everyone and not just the fortunate few.
  • It asked government to promote inclusive growth by encouraging labour-intensive sectors that will create more jobs; effectively implementing the social protection schemes and investing in agriculture.

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