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<\/a>Though an ideal welfare state or society may not be reality, from the point of view of fair and equitable governance there needs to be investigations into disproportionate profiteering and taxation of the rich, by way of progressive taxation system rather than the current regressive one could be another means to distribute wealth to deprived sections.<\/p>\n
Contrary to popular beliefs the super-rich are not necessarily \u201cself-made\u201d as more than half the world\u2019s billionaires either inherited their wealth or accumulated it through industries subject to corruption and cronyism.<\/p>\n
For far too long government policies have only enabled income and wealth to be sucked upwards rather than trickling down, and at an alarming rate.<\/p>\n
Liberalization and opening of Indian markets in the early 1990s resulted in an explosion in inequality as opportunities were created in a few high-end sectors such as banking, IT, telecom and airlines that employed the highly-skilled and educated while agriculture or labor-intensive manufacturing went on the decline.<\/p>\n
Nor were there adequate expends on proper, basic education and health so that the poor could also be co-sharers of \u201cIndia Rising.\u201d<\/p>\n
In the recent demonetization of high value currencies it was the lowest earning segments that suffered the maximum shocks.<\/p>\n
Recently the International Monetary Fund had warned that India faces the social risk of growing inequality as it evaluated the country\u2019s Gini coefficient to have shot up from 45 percent in 1990 to 51 percent by 2013 due to rising inequality between urban and rural areas, and even within urban areas.<\/p>\n
The Oxfam report makes a grim prediction that the current unacceptable state of affairs if unchecked would result in many seismic political changes.<\/p>\n
Oxfam International Executive Director Winnie Byanyima categorically stated in a press interview, \u201cIt is obscene for so much wealth to be held in the hands of so few when 1 in 10 people survive on less than $2 a day. Inequality is trapping hundreds of millions in poverty; it is fracturing our societies and undermining democracy.\u201d<\/p>\n
Talking of redressal mechanisms to this unequal nature of economy Bill Gates who has pledged a certain proportion of their wealth to charitable causes agrees that charity alone may not be a substitute for adequate and fair taxation.<\/p>\n
Going by French economist, Thomas Piketty\u2019s suggestion a wealth tax could be charged at 1.5 percent which in turn could be ploughed back into health and education.<\/p>\n
Celebrated writer, poet and lyricist Javed Akhtar notes that the only minority in India or the world is the \u201crich and privileged few.\u201d<\/p>\n
As holders of wealth and capacities to influence and shape policies, the privileged section needs to heed these reports, not just for the sake of humanity but also for their survival.<\/p>\n","protected":false},"excerpt":{"rendered":"
File photo of Indian Finance Minister Arun Jaitley as he shakes hands with Reliance Industries chairman Mukesh Ambani as Wipro Chairman Azim Premji looks on during the launch of Digital India Week in New Delhi, in 2015. (Manvender Vashist \/PTI) India is the second most ill-matched or unequal economy of the world as revealed by…<\/p>\n