The ‘Inequality Virus Report’ was recently released on the opening day of the World Economic Forum in Davos.
Important Point
About the report
The Inequality Virus Report was released by Oxfam.
​Hence option 1 is correct.
It inquired into different forms of inequities, including educational, gender, and health during the pandemic.
Highlights of the report
‘Rise’ in wealth
Indian billionaires increased their wealth by 35% during the lockdown to ₹ 3 trillion, ranking India after the U.S., China, Germany, Russia, and France.
The wealth of just the top 11 billionaires during the pandemic could easily sustain the MGNREGS or the Health Ministry for the next 10 years, stated the report.
The person who emerged as the richest man in India and Asia, earned ₹90 crores an hour during the pandemic when around 24% of the people in the country were earning under ₹ 3,000 a month during the lockdown.
The increase in his wealth alone could keep 40 crores, informal workers, out of poverty for at least five months, said the report.
Recommendations
It recommended reintroducing the wealth tax and affecting a one-time COVID-19 cess of 4% on taxable income of over ₹10 lakh to help the economy recover from the lockdown.
According to its estimate, a wealth tax on the nation’s 954 richest families could raise the equivalent of 1% of the GDP.