Oxfam: Combined wealth of 63 Indian billionaires more than Union Budget of India 2018-19

Oxfam: Combined wealth of 63 Indian billionaires more than Union Budget of India 2018-19

GUWAHATI: A new report called ‘Time to Care' by Oxfam reveals startling facts on economic divide between India's rich and poor.

According to the report, top 1% of Indians hold more than 4 times the amount of wealth held by 953 million people (or the bottom 70% of the population).

Also, women and girls put in 3.26 billion hours of unpaid care work each and every day—a contribution to the Indian economy of at least Rs 19,000 lakh crore a year; which is 20 times the entire education budget of India in 2019 (Rs 93,000 crores).

On a global front, the report states that "In 2019, the world’s billionaires, only 2,153 people, had more wealth than 4.6 billion people. The richest 22 men in the world own more wealth than all the women in Africa."

"Economic inequality is out of control," says Oxfam in the new report.

The disparity stems from a flawed and sexist economic system.

"The gap between rich and poor can't be resolved without deliberate inequality-busting policies, and too few governments are committed to these," said Oxfam India CEO Amitabh Behar, according to media reports.

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