Rising inequalities put question mark on sustainability of capitalism
Recently, the rights group Oxfam released a study titled "Time to Care", just ahead of the annual Meet-Greet-Eat-Retreat (MGER) event of the world's rich and powerful in Davos, the famous ski resort of Switzerland. The study once again highlights the burgeoning economic inequalities in the world and its potential impact on the global socio-economic conditions. The report highlights that presently the personal wealth of 2153 global billionaires is more than the combined wealth of 4.6billion, which is about 60% of the planet's human population. In Indian context, the conditions appear to be even worse. As per the report, the combined wealth of top 63 richest persons in India is more than the annual budget of the country, which was Rs24.42trn n FY19. The report further states that India's richest 1% people hold more than 4x the combined wealth of 953 million people who make up for the bottom 70% of the country's population. The statistics...