TAX THE TOP. CLOSE THE GAP.
From opulent weddings to brazen political clout, from near complete control over media narrative to mind-numbing net worth figures – what we are witnessing today is truly unprecedented in free India. Today India is witnessing inequality at levels that are comparable to colonial times. The country’s richest 1% control over 40% of the national wealth. The top 10% capture nearly 60% of national income while the bottom 50% of the population survives on just 15%. The number of dollar billionaires in India rose from only 1 in 1991 to over 358 by 2025. Today just 1,688 individuals in India hold a net worth of ₹1,000 crore or more with their total cumulative wealth surpassing ₹166 lakh crore, representing nearly 50% of India’s GDP!
While the government is reluctant to spend a dime more on social security and welfare, it has informed in the Lok Sabha that Indian Banks have written off an astonishing ₹19,66,554 crore of loans during the last 11 years benefitting mainly the top 1%. While the majority of Indians are forced to survive on poor budgetary allocations to key sectors that ensure dignified lives and livelihoods, we continue to give tax breaks to the big corporates. Today we live in an India where we are doing exceptionally well when it comes to the billionaire index while at the same time slipping miserably in the huger index.
Such levels of inequality, cronyism and monopoly will only corrupt the very sinews of our democracy. Unless we put a stop to it. We must combat this gap – between the super rich, the handful at the top with thousands of crores of wealth – and the billions at the bottom who are falling into debt traps even to make their ends meet.
