New Delhi: Hours after an Oxfam report suggested that India’s richest 1 per cent hold more than four-times the wealth held by 953 million people, Congress leader Rahul Gandhi on Monday came down heavily on the Central government over the sharp difference and said PM Modi extracts wealth from India’s poor and gives it to his crony capitalist friends.
“PM Modi extracts wealth from India’s poor and gives it to his crony capitalist friends and the big power brokers he’s dependent on. 1% of India’s super-rich, now own 4 times more wealth than 1 billion of India’s poor,” Rahul said in a tweet.
The statement from the Congress came after the Oxfam stated in its study ‘Time to Care’ that world’s 2,153 billionaires have more wealth than the 4.6 billion people who make up 60 per cent of the planet’s population. The group released its study ahead of the 50th Annual Meeting of the World Economic Forum (WEF).
The report of the Oxfam further stated that global inequality is shockingly entrenched and the number of billionaires has doubled in the last decade.
“The gap between rich and poor can’t be resolved without deliberate inequality-busting policies, and too few governments are committed to these,” Oxfam India CEO Amitabh Behar said in the report.
Despite global inequality going down, the report said the domestic income inequality has gone up in a number of countries. It said the inequality is seen in advanced economies and reached historic highs in some.