Thursday, November 24, 2016

CS Wealth Report 2016: Pakistanis 20% Richer Than Indians

Average Pakistani adult is 20% richer than an average Indian adult and the median wealth of a Pakistani adult is 120% higher than that of his or her Indian counterpart, according to Credit Suisse Wealth Report 2016. Average household wealth in Pakistan has grown 2.1% while it has declined 0.8% in India since the end of last year.

Source: Credit Suisse Wealth Report 2016

Here are the key statistics reported by Credit Suisse:

Total Household Wealth Mid-2016 :

India $3,099 billion Pakistan $524 billion

Wealth per adult:

India Year End 2000 Average $2,036 Median $498.00

Pakistan Year End 2000 Average $2,399 Median $1,025

India Mid-2016 Average $3,835 Median $608

Pakistan Mid-2016 Average $4,595 Median $1,788

Average wealth per adult in Pakistan is $760 more than in India or about 20% higher.

Median wealth per adult in Pakistan is $1,180 more than in India or about 120% higher

Inequality: 

Median wealth data indicates that 50% of Pakistanis own more than $1,180 per adult which is 120% more than the $608 per adult owned by 50% of Indians.

The Credit-Suisse report says that the richest 1% of Indians own 58.4% of India's wealth, second only to Russia's at 74.5%. That makes India the 2nd biggest oligarchy in the world.

The CS wealth data, particularly the median wealth figures,  clearly show that Pakistan has much lower levels of inequality than India.

Source: Bloomberg

World Bank Report:

A November 2016 World Bank report says that Pakistan has successfully translated economic growth into the well-being of its poorest citizens. It says "Pakistan’s recent growth has been accompanied by a staggering fall in poverty".

Rising incomes of the poorest 20% in Pakistan since 2002 have enabled them to enhance their living standards by improving their diets and acquiring television sets, refrigerators, motorcycles, flush toilets, and better housing.

Another recent report titled "From Wealth to Well Being" by Boston Consulting Group (BCG) also found that Pakistan does better than India and China in translating GDP growth to citizens' well-being.

One particular metric BCG report uses is growth-to-well-being coefficient on which Pakistan scores 0.87, higher than India's 0.77 and China's 0.75.

Big Poverty Decline Since 2002:

Using the old national poverty line of $1.90 (ICP 2011 PPP) , set in 2001, the percentage of people living in poverty fell from 34.7 percent in FY02 to 9.3 percent in FY14—a fall of more than 75 percent. Much of the socioeconomic progress reported by the World Bank since 2000 has occurred during President Musharraf's years in office from 2000-2007. It has dramatically slowed or stagnated since 2010.

Source: World Bank Report Nov 2016

Using the new 2016 poverty line of $3.50 (ICP 2011 PPP),  29.5 percent of Pakistanis as poor (using the latest available data from FY14). By back casting this line, the poverty rate in FY02 would have been about 64.3 percent.

Pakistan's new poverty line sets a minimum consumption threshold of Rs. 3,030 or $105 (ICP 2011 PPP) per person per month or $3.50 (ICP 2011 PPP) per person per day. This translates to between Rs. 18,000 and Rs. 21,000 per month for a household at the poverty line, allowing nearly 30% of the population or close to 60 million people to be targeted for pro-poor and inclusive development policies—thus setting a much higher bar for inclusive development.

Multi-dimensional Poverty Decline:

UNDP report released in June 2016 said Pakistan’s MPI (Multi-dimensional poverty index) showed a strong decline, with national poverty rates falling from 55% to 39% from 2004 to 2015. MPI goes beyond just income poverty.

The Multidimensional Poverty Index uses a broader concept of poverty than income and wealth alone. It reflects the deprivations people experience with respect to health, education and standard of living, and is thus a more detailed way of understanding and alleviating poverty. Since its development by OPHI and UNDP in 2010, many countries, including Pakistan, have adopted this methodology as an official poverty estimate, complementing consumption or income-based poverty figures.

Rising Living Standards of the Poorest 20% in Pakistan:

According to the latest World Report titled "Pakistan Development Update: Making Growth Matter" released this month, Pakistan saw substantial gains in welfare, including the ownership of assets, the quality of housing and an increase in school enrollment, particularly for girls.



First, the ownership of relatively more expensive assets increased even among the poorest. In the bottom quintile, the ownership of motorcycles increased from 2 to 18 percent, televisions from 20 to 36 percent and refrigerators from 5 to 14 percent.

In contrast, there was a decline in the ownership of cheaper assets like bicycles and radios.



Housing quality in the bottom quintile also showed an improvement. The number of homes constructed with bricks or blocks increased while mud (katcha) homes decreased. Homes with a flushing toilet almost doubled in the bottom quintile, from about 24 percent in FY02 to 49 percent in FY14.

Dietary Improvements for the Poorest 20% in Pakistan:

Decline in poverty led to an increase in dietary diversity for all income groups.

For the poorest, the share of expenditure devoted to milk and milk products, chicken, eggs and fish rose, as did the share devoted to vegetables and fruits.

In contrast, the share of cereals and pulses, which provide the cheapest calories, declined steadily between FY02 and FY14. Because foods like chicken, eggs, vegetables, fruits, and milk and milk products are more expensive than cereals and pulses, and have lower caloric content, this shift in consumption also increased the amount that people spent per calorie over time.

For the poorest quintile, expenditure per calorie increased by over 18 percent between FY02 and FY14. Overall, this analysis confirms that the decline in poverty exhibited by the 2001 poverty line is quite credible, and that Pakistan has done remarkably well overall in reducing monetary poverty based on the metric it set some 15 years ago, says the World Bank.

Summary:

In spite of Pakistan's many challenges on multiple fronts, the country has successfully translated its GDP growth into the well-being of its poorest citizens. "Pakistan’s recent growth has been accompanied by a staggering fall in poverty", says a November 2016 World Bank report.  An earlier report by Boston Consulting Group reached a similar conclusion.

Related Links:

Haq's Musings

Pakistan's Middle Class Larger and Richer Than India's

Pakistan Translates GDP Growth to Citizens' Well-being

Rising Motorcycle Sales in Pakistan

Depth of Deprivation in India

Chicken vs Daal in Pakistan

China Pakistan Economic Corridor

9 comments:

Riaz Haq said...

#India #economy racing before #Modi removed oxygen of cash. #Demonitization #BJP #achedin http://reut.rs/2g6Ge2J via @Reuters India posted on Wednesday the world's fastest growth rate for a large economy in the September quarter, yet that offered cold comfort after misery inflicted by the government's unexpected move to remove high denomination banknotes from circulation.

Gross domestic product (GDP) INGDPQ=ECI clocked an annual 7.3 percent growth between July and September, faster than 7.1 percent in the previous quarter and higher than China's 6.7 percent.

That impressive headline figure, however, failed to mask the underlying weakness in Asia's third-largest economy.

Not only was the overall growth lower than expected, it was primarily driven by consumer and government spending. Contraction in capital investment deepened.

With Prime Minister Narendra Modi's decision this month to scrap 500 rupee and 1,000 rupee banknotes as part of a crackdown on tax dodgers and counterfeiters denting consumer spending, which makes up 55 percent of India's economy, the outlook for upcoming quarters is not encouraging.

In a country where most people are paid in cash, and buy what they need with cash, Modi's decision has removed 86 percent of the currency in circulation virtually overnight. His shock therapy has left companies, farmers and households suffering.

"Post-demonetization the situation is really grim whether you look at any sector or talk to people," said Devendra Kumar Pant, chief economist at India Ratings & Research.

KNOCK-ON EFFECTS

Economists agree the economy will take a hit this quarter and for several quarters to follow. But opinions on the scale of damage vary widely.

Finance Minister Arun Jaitley expects a minor impact lasting for a quarter or two. Private economists, however, reckon the impact would be felt through 2018.

The most optimistic forecasts suggest that India will finish this fiscal year in March with a respectable, but slightly lower, growth rate of 7.3 percent.

But the most pessimistic forecast, from Mumbai-based brokerage Ambit Capital, is for a precipitous drop to 3.5 percent growth.

Riaz Haq said...

#Pakistan expects bumper harvest of #cereals #wheat, #rice in 2017 with better prices for farmers http://reliefweb.int/report/pakistan/giews-country-brief-pakistan-30-november-2016?utm_medium=social&utm_campaign=shared&utm_source=twitter.com … via @reliefweb

Favourable prospects for 2017 wheat crop production

Planting of the 2017, mostly irrigated, ‘’rabi’’ (winter) wheat crop is currently underway and will continue until mid-December. Near-average irrigation water supplies in the main wheat-growing areas of Punjab and Sindh provinces are benefitting plantings and early crop development in these areas. However, below-normal rains hindered planting operations in the minor rainfed-producing ‘’barani areas’’, located in the northern parts of Punjab Province.

Current official forecasts put the 2017 wheat output at a record level of 26 million tonnes, 2 percent up from the 2016 bumper output. This forecast rests on expectations that adequate water availability in the main reservoirs will boost plantings, while the good supply of quality seeds, fertilizers and herbicides will increase average yields.

Above-average 2016 summer cereal crops estimated

Harvesting of the 2016 summer (monsoon) season maize and rice crops is almost complete. FAO estimates the 2016 paddy and maize outputs at 10.3 million tonnes and 5.2 million tonnes, respectively, slightly above the previous year’s production. This result follows generally favourable weather conditions during the cropping season, coupled with an adequate water supply for irrigation and good access to fertilizers and other basic inputs.

Rice exports to increase in 2016

FAO forecasts rice exports in 2016 at 4.4 million tonnes, representing a 7 percent increase from the 2015 level, thanks to competitively priced non-basmati supplies.

Wheat exports in the 2016/17 marketing year (May/April) are forecast to increase from the previous year’s low level to 800 000 tonnes, in line with the 2016 overall good output and large carryover stocks.

Prices of wheat and wheat flour strengthened in recent months

Prices of wheat and wheat flour, the country’s main staples, have strengthened in recent months, following seasonal patterns, but remained below their year-earlier levels owing to good availabilities following a bumper 2016 crop.

Food security conditions overall stable but concerns remain in Tharparkar District and northern Pakistan

Overall, the food supply situation is stable following two consecutive years of good harvests and large carryover stocks of the main staples. However, food security concerns remain in some areas, particularly in Tharparkar District and northern Pakistan.

In Tharparkar District (southeastern Sindh Province) and the surrounding areas of Sindh Province, a below-average drought-affected cereal production for the third consecutive year, coupled with losses of small animals, especially sheep and goats, has aggravated food insecurity and caused acute malnutrition.

Food insecurity has been exacerbated by the lingering negative impact of the 2015 floods; the provinces of Sindh, Punjab and Khyber Pakhtunkhwa were most affected. Official assessments reported the loss of lives and severe damage to housing, infrastructure and agriculture. Households in northern parts of the country have also not fully recovered from the impact of the earthquake in October 2015.

The Federally Administered Tribal Areas (FATA) and Khyber Pakhtunkhwa, located in northern Pakistan, are still affected by the return process after the large scale displacement (312 000 families or around 1.9 million people) due to insurgency in FATA. According to OCHA estimates, as of October 2016, over 1.3 million refugees remained displaced in northern Pakistan. These populations rely mainly on humanitarian assistance, including food aid, healthcare and other necessities.

Riaz Haq said...

#Pakistan plans zero hunger, family farming projects http://pakobserver.net/zero-hunger-family-farming-project-on-cards/ … via @Pakistan Observer

The government is in process of preparing a pilot project on National Zero Hunger and Family Farming Programme which would be implemented in most food insecure areas. A specially established National Zero Hunger Cell in Ministry of National Food Security and Research was tasked to prepare the pilot project before launching of larger National Zero Hunger Programme.
Official sources on Monday said in order to initiate the process of preparation of the pilot programme, a national mapping exercise was jointly undertaken by World Food Programme (WFP), Food and Agriculture Organization (FAO) and the concerned ministry to gain better understanding of ongoing programmes relating to school feeding, nutrition support, income generation and family farming support.
The sources said during the mapping exercise it was agreed that provinces would be taken into confidence before finalization of the programme. The programme will be implemented in most food insecure areas, in each of the four provinces of the country, in coordination with provincial governments.
The pilot project will help analyze the effects of the proposed intervention in each province and to incorporate lessons and experiences gathered into a more comprehensive programme.
Answering a question regarding levels of hunger and malnutrition in the country, the sources said the last National Nutrition Survey (NNS) was conducted by Aga Khan University’s Division of Women and Child Health, Ministry of Health and United Nations Children’s Fund (UNICEF).
Ministry of National Health Services is also planning to conduct a National Nutrition Survey in 2017-18 by which latest information will be available. It is also important to mention that during the last three years in Pakistan food items like wheat, rice, maize, potatoes, onion, mango, citrus; palm dates, milk, meat etc. were produced in surplus as per country requirement.
The sources said for revitalization of agriculture, Federal government has taken some steps including Prime Minister’s Kissan Package, concessions of taxes and duties, reduction in prices of fertilizer, enhancement in target of agriculture credit and also guarantee scheme for small and marginalized farmers, reduction of cost of credit, concessional electricity tariff for Agriculture Tube Wells, concession of customs duty for Dairy, Livestock & Poultry Sectors.—APP

Riaz Haq said...

How will #Pakistan economy fare in 2017? #CPEC #IMF #SBP
http://www.khaleejtimes.com/how-will-pakistan-fare-in-2017


Finance Minister Ishaq Dar is claiming that Pakistan's GDP growth will rise to even 5.7 per cent as compared to FY-16.

---

The SBP, the central bank, has just unveiled its SBP Annual Review - 2015-16, which sheds light on most aspects of the country's economy, and previews the microeconomic targets for FY-17 in the light of the actual performance in FY-16.

The GDP growth in FY-17 is set at 5.7 per cent, but the SBP expects it to a range between five and six per cent. "If a higher projection is achieved, it will so for the first time since 2007. It will also a signal that the economy has fundamentally moved up to a higher growth trajectory. The current indications, based on the first four months of FY-17, are that it may not happen because farm output is down and it is not likely to rise in whole of FY-17. The Large Scale Manufacturing industry, which showed a rise of just two per cent in July-September as compared to the target of the planned target of six per cent," said Dr Hafeez Pasha, the former Finance Minister of Pakistan, who currently heads Karachi-Pakistan based Institute of Business Administration (IBA).

With limited growth in sectors like industry, trade, exports and banking but construction and real estate going up, and if the present trends continue, "the GDP growth rate is unlikely to exceed four per cent. This is substantially below the SBP projection of five to six per cent growth rate," Dr Pasha said.

The government's inflation rate target is six per cent while the SBP projects it at 4.5 to 5.6 per cent in FY-17. The actual inflation in the first four months, July-October, it was four per cent. "As such, the inflation rate projection by SBP of some increase in the rate of inflation appears to be valid," Dr Pasha also said.

The SBP expects the current account deficit in the range of 0.5 to 1.5 per cent of the GDP in FY-17, while the government puts it at around 1.5 per cent. This optimism is based on the revival of exports by five per cent. In fact, exports in the first four months of this fiscal have declined by six per cent and home remittances sent by Pakistanis working overseas are down by one per cent. The current account deficit has widened by 6.3 per cent, and already has reached 0.6 per cent of GDP.

But, where is progress and prosperity ending up? This stark question stems from the independent research and analysis that clearly confirmed this week that poverty in Pakistan is, in fact, rising, despite all claims by the government and multilateral institutes about economic progress and growth.

Christine Lagarde, managing director of the IMF, endorsed the official view of the pro-poor analysts, during her visit to Pakistan this week. But, addressing bankers and economists, Lagarde asked Pakistan to do more for the poor. She said: "Although more than 1.5 million poor households are now benefiting from targeted social assistance than three years ago, more efforts are required to end the agonies of the poor."

"Applauding other good efforts of Prime Minister Nawaz Sharif's government, Lagarde pointed out that power outages have gradually decreased and the financial performance of the power sector is strengthening. A country-wide strategy to improve the business climate is being implemented," she said at a joint press conference with Finance Minister Ishaq Dar. She also urged Pakistan that "corruption or the perception of corruption can only be eradicated through honesty, transparency and accountability."

Riaz Haq said...

Not everyone buys the claim that #India's cash ban will make it more #digital. #Demonitization #Modi http://bloom.bg/2g0gx2U via @markets

After first selling India’s cash ban as a strike against corruption, Prime Minister Narendra Modi has since pushed a tantalizing side benefit.

The move to eradicate 500 rupee ($7.3) and 1,000 rupee notes, representing 86 percent of currency in circulation, would also force hundreds of millions of cash-dependent Indians to use more online payments and bank accounts. That could be a key growth driver in years to come, boosting tax receipts as the black economy is turned white and increasing bank deposits that can be used for lending.

“There is no reason we cannot move towards a cashless India,” Modi said Nov. 27, reinforcing Finance Minister Arun Jaitley’s earlier assertion that the cash ban “will take India towards a cashless economy."

But on the streets in New Delhi, it’s not quite turning out that way.

Deepak Kumar, a 22-year-old security guard who earns 7,500 rupees a month, tried to open an account with a New Delhi branch of the State Bank of India after receiving his salary in old notes. The bank refused, telling him to return in January, he said.

“They said we’re only looking after our customers, we don’t have time to add new customers,” Kumar said, adding he wouldn’t try to open an bank account again. “This cashless thing is good for big people, but for small people like us, it doesn’t mean anything."

Such anecdotes are fueling doubts the demonetization move will lead to a substantial shift to online or mobile payments, particularly among the vast population of poor Indians who lack the necessary bank accounts.

India’s Cash Chaos by the Numbers: Guide to Banknote Revamp

Cash dependent

Problem is, while e-commerce is booming, India remains one of the most cash-dependent countries in the world.

Just over half of the nation’s adults have bank accounts, a precursor to using digital payments. Roughly 98 percent of all transactions are in cash, with 11 percent of consumers using a debit card in 2015, while most retailers don’t accept cards.

In the days after Modi’s Nov. 8 announcement, digital payment companies such as Paytm Mobile Solutions Pvt. Ltd. lauded the move in newspaper ads and said digital payments usage was up. But most new customers will likely be wealthier urbanites, said Saksham Khosla, a research analyst at the Carnegie Endowment for International Peace India.

“I’m very doubtful that this will lead to any meaningful financial inclusion," Khosla. "It does seem a little tacked on. They’re trying to find more and more uses for demonetization than may have originally been intended."

Flip-Flops: U-Turns Blight Modi’s Cash Ban, Leaving Indians Outraged

Part of the problem is the poor penetration of banks in India’s villages -- there are only 18 ATMs per 100,000 citizens in India, according to the World Bank, compared to 129 in Brazil. Additionally, just 22 percent of Indians use the Internet “at least occasionally” and only 17 percent have a smartphone, according to a Pew Research Center report.

Riaz Haq said...

#India's Central Bank Denied Its Big Payday As #Modi's #Demonetization Flops via @forbes

http://www.forbes.com/sites/wadeshepard/2016/12/10/indias-central-bank-denied-its-big-payday-as-demonetization-flops/2/#398ca80c26aa

Theoretically, by having a large amount of canceled banknotes going unredeemed the Indian government could essentially pocket the balance, which was estimated to be as high as 21% of the currency being recalled — or roughly $45 billion.

“Now it is not being explicitly stated — and in some cases they are going to deny it — but if a certain amount of cash does not come back then the central bank no longer has to account for that money,” said Arpan Nangia, the head of the India desk for HSBC’s commercial banking division. “So, for example, if a billion dollars does not come back then it's like a billion dollar profit for the central bank.”

Unfortunately for Modi and India’s central bank, this payday never materialized. As of now, over 82.5% of the recalled notes have been turned in, and it is estimated that by the time the redemption period is over on December 30th essentially all nullified notes will have been collected — white and black alike.

How the black market was able to take such large amounts of black money and redeem it via the demonetization program is not yet fully understood. Some theories have it that large amounts of previously inactive bank accounts were utilized or money was laundered via various tax-exempt entities. India’s Enforcement Directorate is currently investigating bank branches throughout the country.

However, India also offered an amnesty program for black market players, where the government would accept illicit cash at a 50% tax, and how much of the recovered notes were part of this program is currently unknown.

That said, all the “black money” that Modi and Company were attempting to wipe out may never have existed in the first place. Prior to this recent wave of demonetization, various studies have indicated that only 6% or so of India’s black market wealth is actually kept in cash. In 2012, India’s Central Board of Direct Taxes came out and publicly advised against demonetization on the grounds that most of country’s illicit wealth is kept in real estate, bullion, and jewelry — not in 500 and 1,000 rupee banknotes.

Riaz Haq said...

Myth of #India as an Upcoming Asian #Economic Powerhouse. Rising #Poverty and Social Inequality. #Modi https://shar.es/18TzGH via @grtvnews

India is no doubt one of the biggest democracy in the world; because it has the highest population, Simple! (China highly populist, and officially “communist”). India is the second biggest nation in the world in terms of population and seventh largest in terms of area. According to the IMF as of 2015, the Indian economically nominally worth US$ 2.182 trillion, it, it’s the eleventh largest economy in terms of market exchange rates at US$ 8.027 trillion, third largest by PPP, with an annual GDP growth of last decade’s 5.8%.[1]

These numbers in retrospect are nonsense which feed the illusion to the general public so they can keep on living like they are in a hope that their life will get better.

These numbers do not represent the true picture of the country, not only India`s but any country. Like GDP can be a good indicator, but the real measure is GDP per capita. Which measures how a single person achieves the share of income among its citizens. When it comes to India the GDP is $2.182 trillion, but per capita income is only $1581 which is not much higher than Bangladesh`s $1086 and Pakistan’s $1316 per capita, but less among many African countries, like Nigeria $3203, South Africa $6,482, Zambia $1721, Sudan $1875, Namibia $5408, Ghana $1441, Djibouti $1813, Botswana $7123 and many more to mention here.[2] In fact, India is like “ticking time bomb” by 2026 the world population will be 1.5 billion largest in the world and the economy is not growing enough to meet the demands to create 20 million jobs per year.[3]

Yes, I know India is part of BRICS and they have announced in creating their own kind of bank but then what? India still owes money to the IMF; their public debt to GDP is nearly 70%,[4] Likewise, India is worst in terms of BRIC countries when it comes to GDP per capita, human development, education, poverty and so forth. India is lagging behind in BRIC countries. And Yes, then there is IT, the huge investments in India by the foreign companies just because those corporation can have cheap labor rather than paying their people in home countries with high wages. The beauty of globalization which no body mentions and no one talks all they care to show people the random numbers and apathy of people to consent without barely eliciting a yawn.

One of the main hurdles in the progress of India is poverty, poverty which should have been brought under control, but in India it is more or less same ratios of poverty post-independence.

The figure shows the total population every decade with poverty in percentage and how much the poverty has declined in India, the percentage may have decreased, but the total number of people living under the poverty line has been more or less same.

Riaz Haq said...

Here are 2014 median income/consumption estimates of countries around the world released by he Centre for Global Development:

https://www.givingwhatwecan.org/post/2016/05/giving-and-global-inequality/


Pakistan: Median Income per capita: $1204.50, Median Household Income: $6,022.50 Mean (Average) per capita $4,811.31

India Rural: Median per capita $930.75 Median Household $4,653.75 Mean (Average) per capita $5,700.72

India Urban: Median per capita $1295.75 Median Household $6,478.75 Mean(Average) per capita: $5,700.72


http://www.cgdev.org/blog/world-bank-poverty-statistics-lack-median-income-data-so-we-filled-gap-ourselves-download-available

Riaz Haq said...

This Is Just How Unequal is #India with top 1% Owning 58% of Wealth. #Modi #BJP http://blogs.wsj.com/indiarealtime/2017/01/17/this-is-just-how-unequal-india-is/ … via @WSJIndia

The richest 1% of Indians hold 58% of the country’s total wealth, according to Oxfam India.

The stark inequality in India is worse than the global data put out by the organization, which show that the richest 1% have more than 50% of the total world wealth, Oxfam said.

The anti-poverty advocacy group released a report, “An Economy for the 99%” this week to coincide with the meeting of some of the world’s wealthiest business leaders and most powerful policymakers in Davos, Switzerland.

It said recently improved data on the distribution of wealth, particularly in countries like India and China, indicate that the poorest half of the world has less wealth was previously thought. Oxfam singled out India repeatedly in the report.

It said that companies are increasingly driven to pay higher returns to their shareholders. In India, the amount of profits corporations share with shareholders is as high as 50% and growing rapidly, the report said.

The report said the annual share dividends paid by from Zara’s parent company to Amancio Ortega – the world’s second richest man – are equal to around 800,000 times the annual wage of a worker employed by a garment factory in India.

Oxfam said that the combined wealth of India’s 57 billionaires is equivalent to that of the country’s poorest 70%.

“India is hitting the global headlines for many reasons, but one of them is for being one of the most unequal countries in the world with a very high and sharply rising concentration of income and wealth,” Nisha Agarwal, chief executive of Oxfam said in a statement.

Oxfam said India should introduce an inheritance tax and raise its wealth levies as well as increasing public spending on health and education. It said it should end the era of tax havens and crack down on rich people and corporations avoiding tax.