Economic facts and figures are very difficult for us to understand. Still, according to this Oxfam report, the Indian economy is showing signs of a “failing economic system”.
In Oxfam’s report, the facts about Indian Economy has been declared are very alarming that will affect both the Indian as well as the global financial situation.
According to the Winnie Byanyima, Executive Director of Oxfam International said:
“The billionaire boom is not a sign of a thriving economy but a symptom of a failing economic system. The people who make our clothes, assemble our phones and grow our food are being exploited to ensure a steady supply of cheap goods, and swell the profits of corporations and billionaire investors.”
“Oxfam has spoken to women across the world whose lives are blighted by inequality. Women in Vietnamese garment factories who work far from home for poverty pay and don’t get to see their children for months at a time. Women working in the US poultry industry who are forced to wear nappies because they are denied toilet breaks,” said Byanyima.
Read out the 10 Indian Economy Facts revealed by Oxfam:
Fact 1: India’s richest 1% cornered 73% of the wealth generated in the country last year.
Fact 2: 67 crore of the poorest Indians saw their wealth rise only by 1%.
Fact 3: It would 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.
Fact 4: Top 10% of the country’s population holds 73% of the total wealth.
Fact 5: Indian billionaires’ wealth increased to over Rs 20.7 lakh crore last year. An amount equivalent to the total budget of the central government in 2017-18.
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Fact 6: Globally, 9 out of 10 billionaires are men.
Fact 7: In India, there are only four women billionaires and three of them inherited family wealth.
Fact 8: 82% of the wealth generated in 2017 worldwide went to 1% of the population. While 3.7 bill of the poorest population section saw no increase in wealth.
Fact 9: India added 17 new billionaires last year, taking the total number to 101.
Fact 10: Over the next 20 years, 500 of the world’s richest people will hand over $2.4 trillion to their heirs- a sum larger than the Indian GDP.
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