Over 85% of billionaires in India belong to upper castes
New Delhi: More than 85 percent of India's billionaire wealth is concentrated among upper caste communities, showcasing the pervasive influence of caste on economic status. According to additional data shared with Business Standard by researchers from the World Inequality Lab, upper castes held 88.4 percent of billionaire wealth in 2022, compared to 2.6 percent held by people from scheduled castes (SCs).
Other backward classes (OBCs) accounted for 9 percent of billionaire wealth, while there were no billionaires from scheduled tribes (STs). The data, derived from the study "Towards Tax Justice and Wealth Redistribution in India: Proposals Based On Latest Inequality Estimates”, involved manual coding and the 'Outkast' algorithm to determine the caste composition of billionaires.
The study, authored by Nitin Kumar Bharti (New York University), Lucas Chancel (Harvard Kennedy School), Thomas Piketty, and Anmol Somanchi (Paris School of Economics), indicates a decline in wealth among OBC billionaires and an increase for those from upper castes. This shift is attributed to the fact that most new billionaires in recent years have been from upper castes, according to Somanchi.
Caste continues to shape access to education, health, social networks, and credit, which are crucial for entrepreneurship and wealth generation. Historically, Dalits were prohibited from owning land in many regions, limiting their economic progress.
The disparity is not limited to billionaires. The “State of Working India, 2023” a report by Azim Premji University shows that SCs and STs are underrepresented as enterprise owners relative to their workforce participation. While SCs constitute 19.3 percent of the workforce, only 11.4 percent own enterprises. For STs, who make up 10.1 percent of the workforce, only 5.4 percent own enterprises.
Wealth inequality extends beyond the billionaire list. According to the National Family Health Survey, only 12.3 percent of SCs and 5.4 percent of STs are in the highest wealth quintile. Conversely, more than 25 percent of SCs and 46.3 percent of STs fall into the lowest wealth category. The OBC community has 16.3 percent of its population in the lowest wealth category and 19.2 percent in the highest wealth category.
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Udhayanidhi Stalin elevated as deputy CM, Senthil Balaji makes a comeback in TN cabinet reshuffle
Chennai, Sep 28: Tamil Nadu Governor R N Ravi on Saturday approved Chief Minister M K Stalin's recommendations on a cabinet reshuffle that included the elevation of his son Udhayanidhi as deputy CM and saw the return of V Senthil Balaji to the council of ministers, two days after the Supreme Court granted him bail in a money laundering case.
Further, three ministers, including Mano Thangaraj who held the Dairy Development portfolio, have been dropped.
Besides Balaji, Dr Govi Chezhiaan, R Rajendran and S M Nasar have been inducted. Balaji had resigned in February this year, months after being arrested by the Enforcement Directorate (ED) in a cash-for-jobs scam.
According to a Raj Bhavan release, CM Stalin "recommended to the Governor of Tamil Nadu (Ravi) to allot the portfolio of Planning and Development to Thiru Udhayanidhi Stalin, Minister for Youth Welfare and Sports Development, in addition to his existing portfolios and be designated as Deputy Chief Minister."
The Governor has approved the recommendations, it said, adding, the swearing-in ceremony of the ministers designate will be held on Sunday at 3.30 pm in Raj Bhavan.
Further, Minister for Higher Education, Dr K Ponmudy, is Minister for Forests.
