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COVID-19 Lockdown Made Indian Billionaires 35% Richer, Lakhs Lost Jobs: Oxfam

  • According to the latest report released by Oxfam on the opening day of World Economic Forum's 'Davos Dialogues', the COVID-19 lockdown made India’s billionaires 35% richer.

  • The top 100 billionaires of India got their wealth increased by ₹12,97,822 crores. This amount is enough to give 13.8 crores poorest Indians a cheque for ₹94,045 each.

  • As billionaires got richer, the report also mentioned that around 1,70,000 people lost their jobs every hour in the month of April 2020.

  • The top 11 billionaires of India has so much wealth that it can easily sustain the MGNREGS or the Health Ministry for the next 10 years.

  • As per the report, the richest man of India Mr. Mukesh Ambani earned ₹90 crores per hour during lockdown whereas around 24% of the population earned less than ₹3000 during the same time. The amount earned by Mr. Ambani is enough to keep 40 crores, informal workers, out of poverty for at least five months.

  • "If India's top 11 billionaires are taxed at just 1% on the increase in their wealth during the pandemic, it will be enough to increase the allocation of Jan Aushadi Scheme by 140 times, which provides affordable medicines to the poor and marginalized." the report said.

  • "India has the world's fourth-lowest health budget in terms of its share of government expenditure," the report also said.

  • "Over 300 informal workers died due to the lockdown, with reasons ranging from starvation, suicides, exhaustion, road and rail accidents, police brutality, and denial of timely medical care. The National Human Rights Commission recorded over 2,582 cases of human rights violation as early as in the month of April 2020," the report added.