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We Need A Wealth Tax: Top 10% Of India Owns 77% Of Its Wealth.

A group of migrant workers walk back home, during the pandemic, with their kids and luggage in tow.

Learning Crisis leading to a Generational Catastrophe amid the COVID-19 Pandemic: Impact on Children’s Education and Gender Equality

Finance minister (FM) Nirmala Sitharaman, while presenting the economic survey, has expressed a hope of the GDP (gross domestic product) touching 8-8.5% for the financial year 2023 (FY23). The economic survey sees FY22 GDP growth at 9.2%.

Wouldn’t it be imperative to ask madam FM what measures and steps she would like to take up in the union budget, which she will be soon tabling in the Parliament?

If for tax benefits, incentives and doles are going to be given to the populations in election bound states (Uttar Pradesh, Uttarakhand, Punjab, Goa and Manipur)—I would like to ask how this will upgrade and ameliorate their living and sustenance?

In my opinion, the government should reconsider its expenditure on essential projects. It ought to judiciously spend the amount on aiding infrastructure in healthcare, housing, education and employment.

India fairs poorly in these indices and indexes. In comparison, Brazil, South Africa, Srilanka etc. are in a much better position than us.

Secondly, a wealth tax on the super rich should be imposed for advancing public welfare schemes and programmes, as the country has the highest number of wealthy elites, with inequality and inaccessibility to resources at an all time high as per the latest Oxfam report. According to it:

Top 10% of India holds 77% of its wealth. 73% of the wealth generated in the year 2017 went to the top 1%.

Thirdly, auditing the central government’s policies and programmes should be merited and encouraged. One ought to check for leakages, if any.

Also, on paper, these policies attract a huge audience, but in reality, they are mere rhetorics to swing public opinion in their favour. For e.g. the Namami Gange programme, or the Jandhan scheme. They were both inspiring and illustrious, by being non-starters.

Fourthly, a focus on economic and livelihood security should be sincerely pursued, as for the uncertainties in the time of a pandemic wrecking havoc and chaos in the common and ordinary.

I do understand that a budget for such a diverse country is quite complex, given the vividness of different stratas and sections, but acknowledging and appreciating their woes would be beneficial for any government.

Especially so, to a government that claims to be working to erase social disparities and divide between them, by making them self reliant.

Aatamnirbhar banane ke liye pehle unhe uss kaabil banana parhega, Nirmala ji! (To make them self-reliant, one needs to make them capable first, Niramala ma’am!)

Featured image is for representational purposes only.
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