More than 40% of the wealth created in the country from 2012 to 2021 had gone to just 1% of the population while only 3% had trickled down to the bottom 50%.
The wealth held by the top five percent is 61.7%, nearly 20 times greater than the 3% held by the bottom half.
An Indian earning a monthly wage of Rs 25,000 is among the top 10 percent of earners in the country.
The average income of 90% of Indians is ~Rs 12,000 per month, and for the bottom 50% (which is 600 million people), it is Rs 4500 per month.
The richest have cornered a huge part of the wealth created through crony capitalism and inheritance.
The top 10% of the Indian population holds 77% of the total national wealth.
73% of the wealth generated in 2017 went to the richest 1%; while 670 million Indians who comprise the poorest half of the population saw only a 1% increase in their wealth.
Billionaires' fortunes increased by almost 10 times over a decade and their total wealth is higher than the entire Union budget of India for the fiscal year 2018-19, which was at INR 24422 billion.
Many ordinary Indians are not able to access the health care they need.
63 million of them are pushed into poverty because of healthcare costs every year - almost two people every second.
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 company earns in a year.
When @nsitharaman and #ModiGovt talk about per capita growth in India, she is essentially talking about how a gigantic growth of wealth amongst top earning 1% of India's population has an arithmetical impact while dividing the GDP Growth by India's population of 1,425,775,850 pax
Consider a mere 5% GDP Growth
GDP of India. The GDP size is currently ₹ 272.04 lakh crore; 5% of which is ₹13.60 Lakh Crores
Who takes home this ₹ 13.60 Lakh Crores?
Remember that this growth came from the hard work of our farmers, factory workers, unorganised labour etc.
61.7% of this growth in the country goes to 5% of its people. That is ₹8.39 Lakh Crores goes to 5% of the richest Indians
3% of this additional wealth generated, amounting to ₹ 0.408 Lakh Crores
is distributed amongst 50% of India's population totalling to 712,887,925 peopl
The number of middle-income taxpayers in India has declined dramatically after 2018-19. It fell 17% in following years, from 49.8 million to 41.1 million.
In the same period, the number of high-income taxpayers rose 15%.
India still is home to the world's highest number of poor people, at 228.9 million.
The number of hungry Indians increased from 19 crore in 2018 to 35 crore in 2022 and with widespread hunger resulted in almost 65% of deaths among children under the age of five.
Approximately 64% of the total 14.83 lakh crore collected in Goods and Services Tax (GST) by the Indian government came from the bottom 50% of the Indian population in 2021-2022, and only 3% of GST came from the top 10% of the population.
India is unfortunately on a fast track to becoming a country only for the rich.
India can save itself only through a political resolve.
The policies of the Nation's economy and its political narrative has to get real and align with ground reality.
The Pro Rich era has to end.
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It is better to address this world's largest scam and an umbrella scam under which many many other scams are awaiting to be exposed.
This super scam by #ModiGovt falls foul against the framework of the following Acts.
- Representatives of People Act (RoPA)
- The conduct of Election Rules 1961
- The companies Act 3014
- The Income Tax Act 1961
#ModiGovt has given political power to companies, wealthy individual donors, and foreign entities dilutes the universal franchise of ONE VOTER -ONE VOTE
This leads to multiple Policy and Procedural changes, that have large negative
effect.
Spare 10 mins to read this post. Slide by slide . All 7 of them.
For a minute just forget the propaganda stories that the #GodiMedia and #BJP IT Cell and the Election advertisements tell. Look carefully 👇
The gap in the Income levels of the top 10% Rich Indians....in comparison with the balance 90% Indians are as distant as the height of the sky from the earth.
GDP growth has NO meaning to you.
What matters is what is the Income that YOU gained this year.
The month of November 1971, 52 years ago, Very important events were happening in our country.
The year was 1971 and the month November.
“If India pokes its nose in Pakistan, US will not keep its trap shut. India will be taught a lesson.”
- Richard Nixon
“India regards America as a friend. Not a boss. India is capable of writing its own destiny. We know and are aware how to deal with each one according to circumstances.”
- Indira Gandhi
Indian Prime Minister Indira Gandhi articulated these exact words sitting with the US President Richard Nixon in the White House, while maintaining an eye-to-eye contact. This incident was narrated by the then Secretary of State and NSA, Henry Kissinger, in his autobiography.
That was the day when the Indo-US joint media address was cancelled by Indira Gandhi who walked away from the White House in her inimitable style.
Kissinger, while ushering Indira Gandhi into her car, had commented, "Madam Prime Minister, don't you feel you could have been a little more patient with the President?"
Indira Gandhi replied, "Thank you, Mr. Secretary, for your valuable suggestion. Being a developing country, we have our backbones straight - & enough will and resources to fight all atrocities. We shall prove that days are gone when a power can rule and often control any nation from thousands of miles away.”
Thereafter, as soon as her Air India Boeing touched down at Palam runway in Delhi, Indira Gandhi summoned the leader of the opposition, Atal Behari Vajpayee to her residence.
Post an hour of discussion behind closed doors, Vajpayee was seen hurrying back. It was thereafter known that Vajpayee would be representing India at the United Nations.
Donald Paul of BBC had jumped in with a question to Vajpayee, "Indira ji regards you as a staunch critic. In spite of that, are you sure you'd be at the United Nations shouting your throat (voice) out in favour of the Incumbent Government?”
Vajpayee had a repartee.. "A rose adorns a garden, so does a Lily. Each is beset with the idea that they are individually the most beautiful. When the garden falls in a crisis, it's no secret that the garden has to safeguard its beauty as one. I have come today to save the garden. This is called Indian Democracy."
To put the depth of depravity in perspective, according to the State of Inequality Report, an Indian earning Rs. 3 lakh per annum would be placed in the top 10% of wage earners.
In contrast, the richest 1% own more than 40% of the national wealth.
Consumerism driven climate crisis: In terms of usage, the top 1% has a disproportionate carbon footprint.
The bottom half of the population is responsible for carbon emissions of around 1 metric tonne per annum, while the richest 1% of Indians emit 32.4 metric tonnes per annum… https://t.co/vXpualpXOLtwitter.com/i/web/status/1…
Weakening democracy: With such immense wealth accumulation in the hands of a few, power too gets very concentrated, resulting in the formation of oligarchies.
Quite naturally, these wealthy individuals would do their best to keep the wealth in their families, by influencing… https://t.co/dXaXNuyftztwitter.com/i/web/status/1…