Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

New Delhi, As the pandemic severely hit the economy leaving millions out of job, the wealth of Indian <keyword id="6393637" type="UNKNOWN" weightage="20" keywordseo="Billionaires">billionaires</keyword> increased by 35% during the lockdown and by 90% since 2009 to $422.9 billion, ranking India sixth after the US, China, Germany, Russia and France, a <keyword id="3747284" type="PERSON" weightage="20" keywordseo="new-report">new report</keyword> by <keyword id="6412407" type="COMPANY" weightage="20" keywordseo="Oxfam">Oxfam</keyword> said on Monday. The 1,000 <keyword id="1870197" type="PERSON" weightage="20" keywordseo="richest-people">richest people</keyword> on the planet recouped their Covid-19 losses within just nine months, but it could take more than a decade for the world's poorest to recover from the economic impacts of the pandemic, reveals the report titled 'The Inequality Virus,' published on the opening day of the <keyword id="69007" type="COMPANY" weightage="20" keywordseo="World-Economic-Forum">World Economic Forum</keyword>'s 'Davos Agenda'. "In fact, the <keyword id="6374534" type="UNKNOWN" weightage="20" keywordseo="increase">increase</keyword> in wealth of the top 11 billionaires of India during the pandemic could sustain the NREGS scheme for 10 years or the health ministry for 10 years," according to the Oxfam report. Since March as the government announced lockdown, India's top 100 billionaires saw their fortunes increase by Rs 12.97 trillion. The money was enough to :give every one of the 138 million poorest Indians a cheque for ₹94,045 each". "We stand to witness the greatest rise in inequality since records began. The deep divide between the rich and poor is proving as deadly as the virus," said Gabriela Bucher, Executive Director of Oxfam International. "Rigged economies are funnelling wealth to a rich elite who are riding out the pandemic in luxury, while those on the frontline of the pandemic -- shop assistants, healthcare workers, and market vendors -- are struggling to pay the bills and put food on the table". Worldwide, billionaires saw their wealth increase by a staggering $3.9 trillion between March 18 and December 31, 2020. Their total wealth now stands at $11.95 trillion, which is equivalent to what G20 governments have spent in response to the pandemic. Only three of the 50 richest billionaires in the world saw their fortunes diminish over that period, losing $3 billion between them. "Elon Musk increased his net wealth by $128.9bn, Jeff Bezos by $78.2 billion. The world's 10 richest billionaires have collectively seen their wealth increase by $540bn over this period," the report mentioned. The report showed that COVID-19 has the potential to increase economic inequality in almost every country at once, the first time this has happened since records began over a century ago. "Rising inequality means it could take at least 14 times longer for the number of people living in poverty to return to pre-pandemic levels than it took for the fortunes of the top 1,000, mostly White male, billionaires to bounce back," the findings showed. Oxfam's report showed how the rigged economic system is enabling a super-rich elite to amass wealth in the middle of the worst recession since the Great Depression while billions of people are struggling to make ends meet. It revealed how the pandemic is deepening long-standing economic, racial and gender divides. "Women and marginalized racial and ethnic groups are bearing the brunt of this crisis. They are more likely to be pushed into poverty, more likely to go hungry, and more likely to be excluded from healthcare," said Bucher. Women are hardest hit, yet again. "Globally, women are overrepresented in the low-paid precarious professions that have been hardest hit by the pandemic. If women were represented at the same rate as men in these sectors, 112 million women would no longer be at high risk of losing their incomes or jobs," the report noted. Infection and mortality rates are higher in poorer areas of countries such as France, India, and Spain while England's poorest regions experience mortality rates double that of the richest areas. "Extreme inequality is not inevitable, but a policy choice. Governments around the world must seize this opportunity to build more equal, more inclusive economies that end poverty and protect the planet," added Bucher. "Governments must ensure everyone has access to a COVID-19 vaccine and financial support if they lose their job." SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/an-american-electric-car-maker-explains-why-it-took-a-different-route-than-elon-musks-tesla-tata-motors-or-mahindra/articleshow/80442243.cms?upcache=2">An American electric car maker explains why it took a different route than Elon Musk’s Tesla, Tata Motors or Mahindra</a> <a href="https://www.businessinsider.in/tech/mobile/news/new-realme-stores-in-india-and-ceo-says-there-is-plan-for-new-devices/articleshow/80443801.cms">EXCLUSIVE: Realme plans to open 500 new stores in 2021⁠— the CEO reveals the company will go beyond smartphones in the 5G era</a> <a href="https://www.businessinsider.in/business/startups/news/amplify-ai-the-conversational-ai-startup-founded-by-two-south-asians-has-scored-big-with-brands-and-governments/articleshow/80443958.cms">From Joe Biden and Kamala Harris' win to the Modi government's COVID-19 reach out⁠— a startup founded by two South Asians has scored big with brands and governments</a>

From Mukesh Ambani to Gautam Adani — India's top billionaires increased their wealth by 35% during COVID-19 pandemic

The <keyword id="6354477" type="PERSON" weightage="100" keywordseo="Narendra-Modi">Narendra Modi</keyword> government has decided, and is all set to achieve, the targets for the next two years regarding the Mahatma Gandhi National Rural Employment Generation Scheme (<keyword id="145241" type="ORGANIZATION" weightage="100" keywordseo="MGNREGS">MGNREGS</keyword>). Reportedly, these targets are bigger than what the scheme has accomplished in the last 10 years. 
 
As per the plans, the rural development ministry would be adding 1 million farm ponds and wells and another million vermi composting farms under the programme. This figure is almost equal to the total such assets the scheme has as of now, created in the past decade by the UPA government. The coming budget would help sharpening focus on rural sector schemes in a big way. 
 
Out of the Rs 75,000 crore that was allocated, the rural development ministry has utilised more than 90% in the past 10 years. This budget is now expected to be doubled this year, because of the expansion of development schemes, including the rural jobs programme. 
 
"NREGS has a crucial role to play now since we are converging it with all our other schemes. Having utilised most of our funds, we need to continue to create more assets and multiple opportunities for livelihood for the rural poor," a senior rural development ministry official told ET. 
 
By creating farm ponds and dug wells, the government aims to make NREGS a green scheme, and greater push would be given to agriculture and irrigation-related activities. 
 
The government wants to achieve breakthroughs in assured irrigation in areas where rain decides the fate of the crop as well as the areas where ground water is available. 
 
Along with state agricultural departments, the rural development and agriculture ministries have coordinated so that NREGS can be used to boost multitier cropping and generate livelihood through farming. The animal husbandry department is also collaborating on NREGS so that poultry and goat sheds can be constructed in villages. 
 
The government is also making sure that the workers get their payments on time, as delayed payments have been slashed by 72% and it is further aimed to be brought down to single digits by June this year. 
 
However, PM Modi has not always been a fan of the scheme, having called it an example of six decades of failure by the Congress. One could think that these targets are just a smart way of the Modi government to dismantle the MGNREGS scheme altogether.

You Searched For "NREGS" and got 2 results

From Mukesh Ambani to Gautam Adani — India's top billionaires increased their wealth by 35% during COVID-19 pandemic

IANS

Is Modi trying to dismantle MGNREGS by setting an overtly high asset target?

Popular Keywords

Buying Guides