Indian billionaires increased their wealth by 35% during Coronavirus pandemic : Oxfam Report

Oxfam report said that within the assets that 100 billionaires of India have created since March 2020, a check of Rs 94,045 are often given to each 138 million or 13.8 crore poor people within the country.

Indian billionaires increased their wealth by 35% during Coronavirus pandemic : Oxfam Report

The epidamic has widened the income gap between India's billionaires and crores of unemployed, unskilled employment, poor men and ladies . Non-profit group Oxfam in its report on Monday presented the figures associated with it.

The report, titled The Inequality Virus, states that the wealth of India's billionaires increased by 35 percent during the Coronavirus lockdown, while 84 percent of the country's households had to travel through economic problems. At an equivalent time, in April 2020 alone 1.7 lakh people were going for jobs every hour.

The report said that within the assets that 100 billionaires of India have created since March 2020, a check of Rs 94,045 are often given to each 138 million or 13.8 crore poor people within the country.

As per report India states, 122 million people lost their jobs during the primary two months of the Covid-19 lockdown (March and April 2020), of which 75 per cent or 92 million jobs were lost within the informal sector. Over 300 informal workers died during the mass exodus triggered by the sudden lockdown, it adds.

The report said that 'rising inequality in India is bitter.During the epidemic, Mukesh Ambani, the chairman of Reliance Industries, will take 10,000 years for an unskilled worker in India to earn the maximum amount wealth as he can in one hour. it'll take three years to earn the maximum amount as they need earned. In August last year, Mukesh Ambani was declared the fourth richest man within the world.

The wealth of billionaires increased across the world during the pandemic. Between 18 March and 31 December 2020, the wealth of the highest 1,000 billionaires of the planet increased by $3.9 trillion (Rs 284 lakh crore) to $11.95 trillion (Rs 872 lakh crore) which is like what the G20 governments have spent in response to the pandemic, the report states.

Within nine months, the report adds, the top 1,000 billionaires recovered all the wealth that they had lost during the Covid-19-induced economic setback. “In contrast, after the financial crisis in 2008, it took five years for billionaire wealth to return to its pre-crisis high”, the report said.The world’s 10 richest billionaires have collectively seen a rise in their wealth by $540 billion (Rs 39 lakh crore) from March to December 2020.

Oxfam CEO Amitabh Behar said, "This report clearly shows how the wealthiest people earned tons of wealth during the most important depression from the unjust financial system , while crores of individuals went through very difficult are . Behar said that originally there was an idea that the epidemic would affect everyone equally, but as a lockdown, inequalities within the society came to the fore.

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