Thursday, August 30, 2012

One Sided Accumulation of Wealth In India?

India after 1991 Liberalism policy number of corporate company increased thrice the number. Top 1000 companies in India each grows 5 times combined growth of India. There are approx. 50 billionaires and 1.75 lakh millionaires in India there combined wealth is 9 times than yearly budget of India. There combined legal wealth alone touches around $1,500 billion dollars (75 lakh crores rs) and illegal wealth accounts Unknown. The list doesn't included Mafia's, Smugglers, Don's, politicians and gamblers. The combined wealth of such illegal actives accounts equal to around $100 billion dollar (5 lakh crores rs).      

India started to develop one sided more oriented to negligible portion of the population.The complete details about  various Legal wealth accumulation.
Class Range(in $) Range(in Rs) No of Person Combined Wealth(in $) Combined Wealth(in RS) % of Nations wealth
Billionaires 1Billion+ r 1000 million 5000 Crore+ 48 200 Billion 10 lakh Crore 6%
Multi-Millionaires 100 Million+ 500 Crore+ 2928 ~300 Billion ~15 Lakh Crore+ 7%
Millionaires 1 Million+ 5 Crore+ 1,73,000 ~1000 Billion ~50 Lakh Crore+ 25%
Total ~1.753 Lakh ~1,500 Billion ~75 Lakh Crore+ 38%
Note:*All Dollar to Rupee Trasfer based on value Rs50**All values based on International Report***Data Complied by Ytears.in

Illegal wealth (Swiss account,black money,smuggling etc) adds another 5 Lakh Crore to the list making it a round figure of 40% of nations wealth.

Problems:

Creates income inequality.
Increases Inflation and price of essential commodity.
Merely not even 0.1% of population holds around 40% of wealth creates economic instability.
Increase chances of political instability.
Makes entire nation economy depended on them.
Increase Corruption and scam.
They will dominate Government policy and principles.
Ruling class run under the shadow on this negligible section of people.
Provides in-equal education,health,sanitation and housing.
Rich get richer, poor get poorer.
Destroys mass production sectors like agriculture etc.
It makes everyone to work under a common owner.
Government will lose power and stability.

Solution:   

All Richie must come forward like Warren Buffet, Bill Gates and Mark Zuckerburg to spend more 50% of wealth for people & society.
Government must introduce huge progressive wealth tax.
No tax exemption should be provided for corporate business & Richie (last 4 years tax exemption of 4 Lakh Crore provided.)
Built strong state owned enterprises rather than privatization.
Monitor all huge money flow across the country.
Introduce money card for transaction of money rather than physical money.

Source:Times of India,World Bank,Internet Source,Bablu Taught's
   

6 comments:

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  2. I’m impressed with your ideas and the way you express them in this article. I share many of your views and enjoyed reading this article. It’s a pleasure to see well-written original content these days.

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  3. sir, if you are saying that accumulation of wealth is going to increase inflation, kindly explain us how.
    as far as i think accumulation of money can lead to low inflation accompanied by high rate of unemployment.

    ReplyDelete
  4. do you want to say that communism is better than mixed economy?
    is the solution of accumulation of money is to become more dependent on government on things ranging from pin to aircraft. don't you think nationalisation of industries are going to make the companies less productive and increase corruption and bring back the draconian permit raj.

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