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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Man booked for duping 7 persons of Rs 91 lakh on promise of awarding govt works
Mumbai (PTI): The Mumbai police have registered a case against a man for allegedly duping seven persons of Rs 91 lakhs on the promise of awarding them works of different government departments, an official said on Tuesday.
The accused was identified as Satish Kadam, a resident of Nanded in Marathwada region, an official said.
A complaint was filed by Hanumant Vadje, who alleged that the accused cheated him and six others of around Rs 91 lakh by promising to give them various works of Urban Development and Social Justice Department, he said.
The fraud occurred between 2024 and 2026, with Kadam collecting money in cash and into his accounts, police said, adding he had returned some amount to them partially.
Multiple cheques issued by the accused bounced, prompting the victim to lodge a complaint at the Marine Drive police station. Based on the complaint, a case of cheating and criminal breach of trust was registered against him.
The case is under further investigation, the official said.
