In the recent past, while dealing with the COVID-19 wave, India saw a major drop in GDP. Accordingly, India’s GDP contracted by 7.7% in 2021. However, on the other side, Indian billionaires nearly gained 90.4% of wealth, a report from Forbes.
Indian Billionaires Remain Unscathed While Rest of the Citizens Face Hell
While thousands of migrant labourers and daily wagers struggled to meet their daily ends, the Indian billionaires remained unharmed. Moreover, their combined wealth went up by 90.4%. The Forbes list 2021 list confirms that the total number of Indian billionaires rose from 102 to 140 in 2020. Also, the three richest Indians have added $100 billion to their accounts, disproving the COVID-19 logic of a falling economy.
The combined wealth of the top two Indian’s, Ambani and Adani, are far greater than the GDP of the entire Haryana. In simpler form, Ambani added approximately Rs 1.13 lakhs every second, which is the average monthly income of six agricultural families.
Rich Indians Swell Their Wealth at Poor Man’s Expense
The Forbes report shows that the top Indian moneymakers earn their money from the healthcare sector. While the entire nation is losing money by paying for COVID-19 treatment, the rich are making money from the same. Also, the report clearly shows that 24 of the 140 billionaires derive their wealth from the healthcare industry.
Note that the average income of a Punjabi farmer is 3450 per month. On the other hand, Ambani’s wealth is almost equal to Punjab’s GDP. Despite these facts, the government’s farm laws clearly incline towards privatization that favours the riches again. So, if the wealth accumulation is this high even before such a move, how much will they gain after the farm law implementation?
Wealth Tax- A concept
P Sainath, a writer from The Wire, recently brought to notice the concept of wealth tax in India. He mentions that India would raise approximately 4.45 trillion rupees if the government begins to collect wealth tax. Further, the money would help run the MGNREGA program for six years. In turn, the employment would see growth and increase the GDP of the nation.
In all, at times like this, it is important to check facts and understand which side we are on. Also, by choosing the right side, we can gain as a community and grow as a nation in terms of GDP. As the second wave hits the nation, it is imperative that the government considers the said facts and support the citizens. In other terms, the government should stop helping the giant tycoons and start helping those in need.