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Context: The COVID-19 pandemic has heightened economic inequalities across the world says the Inequality Kills Report released by Oxfam International.
About the report
Key highlights of the report
Economic inequality has cut the income of 99% of the global population, and forced over 160 million more people into poverty.
Women, ethnic minorities and developing countries have been the hardest hit by growing inequality during the COVID-19 pandemic.
People dying in developing countries due to the pandemic is double when compared to people dying in the developed nations.
Inequality is also at play in the climate crisis, with the world’s richest 1% emitting more than twice as much CO2 as the poorest 50% of the world.
Climate breakdown kills in a variety of ways: malnutrition, diseases, extreme heat, and more intense and frequent weather-related natural disasters.
Implications of inequality
Trends in India
Dependence on Indirect taxes
DECADES OF UNDERFUNDING FOR PUBLIC SERVICES
Measures that can be taken by the government to tackle the inequality issues:
Oxfam India believes the following measures should be implemented
Recognise inequality is real and agree to measure it. India needs to track policy impact better by improving mechanisms for its measurement.
Redistribute India’s wealth from the super-rich to generate resources for the majority: It is time for India to reintroduce a wealth tax to generate much-needed resources to fund the recovery from the pandemic.
Generate revenue to invest in the education and health of future generations: A temporary ONE percent surcharge on the richest 10 percent population could help raise an additional INR 8.7 lakh crore, which could be utilised to increase the education and health budget.
Change the rules and shift the power in the economy and society: It is time to reverse social and economic policies that have contributed to the poor development outcomes for India’s marginalised communities.
Enact and Enforce Statutory Social Security Provisions for Informal Sector Workers: While the government is recognising gig economy workers, it also needs to focus on laying the legal groundwork of basic social sector protections for 93 percent of India’s workforce.
By: Shubham Tiwari ProfileResourcesReport error
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