India already suffered from major economic inequalities where the rich people hold handsome fortune whereas the poor had to work hard to make ends meet. And the pandemic has only worsened this margin. It is surveyed that during this period of the covid 19 pandemic and the lockdown, the billionaires in India added almost 35% more to their wealth whereas the middle class and poor people suffered from job loss, financial crisis, and other monetary problems. Why and how this development occurred is the big question among economists now!
The global economy suffered a major jolt but billionaires added more wealth to their fortune; any hidden agenda?
Not only Indian billionaires but the world’s top billionaires have all added to their fortune during the pandemic and have not witnessed any loss in their business. In contrast, the poor and the middle-class people suffered a major jolt in their monetary statistics as most of them lost jobs, and faced major income loss during this period. It is speculated that the rise in share prices of some of these industrialists (like Tesla, Amazon, etc.) have added to their wealth but what about the other super-rich people of the world? Well, some part of the society says that the pandemic was a planned agenda of these world leaders and billionaires to take control of the global economy.
Why this economic barrier?
The American billionaires have added a whopping $1 trillion wealth to their fortune whereas the Indian billionaires’ wealth has increased by almost 35% of the pre-pandemic stats. The normal people, on the other hand, have suffered majorly due to the economic losses that they faced during the pandemic. On why this barrier, some people say that the control of the finances is all in the hands of these billionaires who took advantage of the crisis during the pandemic and added to their wealth.
The global economy follows the same path
This economic inequality is not only happening in India but it says the same across the globe. The world’s topmost rich people have all added to their wealth by humongous numbers whereas the poor and the middle-class people have only suffered during the pandemic. It is being speculated that the entire pandemic might be a planned move by world political leaders or the billionaires. If it is true, then proper investigations need to be carried out to bring down the aftereffect of the pandemic.
The PolicyTimes suggestion
- As the world’s billionaires have added so much wealth to their fortune, it is evident that they can control the ongoing financial crises easily. The government can introduce a Covid-19 cess on taxable income so that the economic fallout recovers soon.
- Adding 1-2% of the wealth of these billionaires in healing the affected sectors like education, health, rural development, youth unemployment, etc. can also prove to be a major step towards controlling the financial crunch amongst the people of India.