In signs of rising income inequality, India's richest one per cent now hold a huge 58 per cent of the country's total wealth -- higher than the global figure of about 50 per cent.

The study said there are 84 billionaires in India, with a collective wealth of $248 billion, led by Mukesh Ambani ($9.3 billion), Dilip Shanghvi ($16.7 billion) and Azim Premji ($15 billion). The total Indian wealth in the country stood at $3.1 trillion.
Over the next 20 years, 500 people will hand over $2.1 trillion to their heirs -- a sum larger than the GDP of India, a country of 1.3 billion people. On the other hand, the poorest 10 per cent have seen their share of income fall by more than 15 per cent. Due to a combination of discrimination and working in low-pay sectors, women's wages across Asia are between 70-90 per cent of men's.
The study said India suffers from huge gender pay gap and has among the worst levels of gender wage disparity -- men earning more than women in similar jobs -- with the gap exceeding 30 per cent. In India, women form 60 per cent of the lowest paid wage labour, but only 15 per cent of the highest wage-earners. It means that in India women are not only poorly represented in the top bracket of wage-earners, but also experience wide gender pay gap at the bottom. It also said that more than 40 per cent of the 400 million women who live in rural India are involved in agriculture and related activities. However, as women are not recognised as farmers and do not own land, they have limited access to government schemes and credit, restricting their agricultural productivity.
The study also said that the CEO of India's top information technology firm earns 416 times the salary of a typical employee in his company.
It is asked the Indian government to end the extreme concentration of wealth to end poverty, introduce inheritance tax and increase the wealth tax as the proportion of this tax in total tax revenue is one of the lowest in India. Indian government must crack down on tax dodging by corporates and rich individuals to end the era of tax havens.

 

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