India's Rich Became Richer by Rs 20.9 Lakh Crore in 2017, Says Survey

01/22/2018

Davos, Jan. 22: The rich becoming richer continues to be the picture not just in Indian but across the world. A new survey shows that the richest 1 per cent in India cornered 73 per cent of the wealth generated in the country last year. The survey, released by the international rights group Oxfam, shows that the wealth of 67 crore Indians comprising the population’s poorest half rose by just 1 per cent.

The survey showed that the wealth of India’s richest 1 per cent went up by over Rs 20.9 lakh crore during 2017 – an amount equivalent to total budget of the central government in 2017-18.

“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,” says the study named Reward Work, Not Wealth.

Indian Prime Minister Narendra Modi on Monday left for World Economic Forum in Davos. The annual Oxfam survey is keenly discussed at the World Economic Forum Annual Meeting every year. Oxfam India has urged the Indian government to ensure that the country’s economy works for everyone and not just the fortunate few.

The situation is worse globally, according to the survey. It says that 82 per cent of the wealth generated last year worldwide went to 1 per cent rich people while 3.7 billion people accounting for the poorest half of population saw no increase in their wealth.

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.

INDIA.COM With inputs from PTI

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