The richest 1% in India cornered 73% of the wealth generated in the country last year, a new survey showed on Monday, presenting a worrying picture of rising income inequality. Last year’s survey had showed that India’s richest 1% held a huge 58% of the country’s total wealth -- higher than the global figure of about 50%. The report titled ‘Reward Work, Not Wealth’, Oxfam said, reveals how the global economy enables wealthy elite to accumulate vast wealth even as hundreds of millions of people struggle to survive on poverty pay. They control 51 per cent of the total wealth of billionaires in the country. Oxfam India CEO Nisha Agrawal said it is alarming that the benefits of economic growth in India continue to concentrate in fewer hands.

Source: Hindustan Times January 22, 2018 03:46 UTC