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Do you know that richest 1% Indians own 53% of nation’s total wealth

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Captalism in India

According to Credit Suisse, India’s wealth increased by $2.284 trillion between 2000 and 2015. Of this rise, the richest 1% has hogged 61%, while the top 10% bagged 81%. The other 90% got the leftovers.

The richest 1% of Indians own 53% of the country’s wealth, according to the latest data on global wealth from Credit Suisse. The richest 5% own 68.6% of the country’s wealth, while the top 10% have 76.3%. At the other end of the pyramid, the poorer half of our countrymen jostles for 4.1% of the nation’s wealth. As Deng Xiaoping put it so pithily, “It is glorious to be rich.”

What’s more, things are getting more and more glorious for the rich. Data from Credit Suisse show that India’s richest 1% owned just 36.8% of the country’s wealth in 2000, while the share of the top 10% was 65.9%. Since then the richest have managed to steadily increase their share of the pie, as the chart shows. This happened during the years of the National Democratic Alliance (NDA) government from 2000-04, during the first United Progressive Alliance (UPA) government backed by the Left, during the second UPA tenure and now in the first year of the Modi government; the share of the top 1% has now crossed 50%. The colour of the government has been no impediment to the steady rise in the riches of the wealthy.

The chart shows that the difference between the share of the top 1% and that of the top 10% was 29.1 percentage points in 2000, but is down to 23.3 percentage points in 2015. In other words, the top 1% is eating into the share of the next 9%. The richest are growing at the expense of the relatively well-off. Between 2010 and 2015, the share of the poorer half of the population shrank from 5.3% to 4.1%.

According to Credit Suisse, India’s wealth increased by $2.284 trillion between 2000 and 2015. Of this rise, the richest 1% has hogged 61%, while the top 10% bagged 81%. The other 90% got the leftovers.

The share of India’s richest 1% is far ahead than that of top 1% of the US, who own a mere 37.3% of the total US wealth. But India’s finest still have a long way to go before they match Russia, where the top 1% own a stupendous 70.3% of the country’s wealth.

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MIS for processing grade mangoes approved, would open 34 fruit collection centres: Govt

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HP Mango MIS approved 2

Shimla: The Himachal Pradesh Government has given approval for implementation of the Market Intervention Scheme (MIS) for Mango procurement of processing grade mangoes in the State during the year 2018.

Under the scheme, 250 metric tonne fruit of seedling, 200 metric tonnes of grafted and 50 metric tonnes of unripe Achari varieties of mangoes will be procured at the rate of Rs. 6.00 per kg Rs. 7.00 per kg. and Rs. 6.00 per kg. respectively.

A Spokesman of the State Government today said that procurement would be done through HPMC and HIMFED in crates and these agencies would be allowed handling charges at Rs. 1.30 per kg. Like the previous year, average sale returns from the fruits have been assessed as Rs. 2000, Rs. 3000, Rs. 2000 per metric tonnes for fruits of seedling, grafted and unripe Achari mango varieties respectively.

He said that 34 fruit collection centres will be opened under the scheme for which HPMC and HIMFED would coordinate on the basis of procurement data for the last three to five years.

These centres would be opened by the procurement agencies in case of need and would be manned and operative by HPMC and HIMFED with their own staff.

Under the scheme, 2.5% extra fruit (by weight) will be procured from those farmers/orchardists who possess horticulture cards and who own ten bighas or less land under mango cultivation. As such, no fruit would be procured from the contractors.

He said that this scheme would be implemented in the State with immediate effect till August 15, 2018.

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Industrial units seeking expansion will have to employ 80% Himachalis: Govt

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Employment to himachalis in industries

Shimla: The Himachal Pradesh Government today said it has made amendments in the provisions of Rules regarding grant of incentives, concession, and facilities to the industrial units of the state.

As per the new notification of the State government, all existing industrial units (as on April 1, 2018) set up in the state which seek to undertake expansion will have to employ at least 80 percent bonafide Himachalis, informed a spokesperson of the Industries department.

The hiring could be undertaken on regular/contractual/Sub-contractual/daily basis or any other mode of employment including the persons hired through a contractor or through outsourcing agencies against the additional manpower which may be generated as a result of the substantial expansion, it was informed.

This condition would also apply to the new units to be established in the State after 1 April 2018.

Only those industries, which undertake substantial expansion, have to abide by this Rule. Hence, the existing industries, which are not going to undertake substantial expansion, are not bound by the amended/notified provision of this Rule.

He said there is no shortage of trained technical manpower in the State now, therefore, the condition of 80 percent employment of Himachalis has been incorporated in the Rules.

There are around 250 ITIs, 30 Polytechnics Institutes and around 40 Engineering Colleges and Universities in the State and thousands of technically qualified persons are completing their courses and coming out from these institutes in search of jobs.

New trades as per the demand of the industries are also being included in the courses of ITIs, Polytechnics and Engineering Colleges, the spokesperson said.

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Rs. 423 crore HP Mushroom Development project will help in women empowerment: Govt

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Mushroom cultivation in himachal pradesh


Shimla:
The Indian Economic Affairs, Ministry of Finance has approved Rs. 1131.87 crore projects for Himachal Pradesh.

These include Rs. 708.87 crore for Water Conservation Project for the Department of Irrigation and Public Health and Rs. 423 crore Himachal Pradesh Integrated Mushroom Development project for the Department of Horticulture.

As per the Chief Minister Jai Ram Thakur, an Rs. 423 crore integrated mushroom development project would help to double the income of farmers and provide employment and self-employment opportunities to youth.

The government also expects the project would boost mushroom cultivation in the State. All varieties of mushroom would be cultivated under the project besides importing technical knowledge for cultivating mushroom, which would give a fillip in increasing the income of the farmers, said the government.

The Chief Minister said that this project would also provide an opportunity to the growers of the state to diversify their farming pattern and go for viable and profitable farming avocation.

The mushroom cultivation would also help in women empowerment as more and more women would be motivated to go for mushroom cultivation for increasing their income, thereby making them self-dependent since mushroom cultivation is an indoor activity.

He said the demand for mushrooms is increasing within the state as well as outside the state including export, and it offers better prospects for enterprising growers to take up cultivation on large scale. He announced that modern infrastructure will be developed under the proposed project for controlled cultivation of mushroom round the year.

Further, it was informed that the first phase of the Rs. 4751.24 crore water conservation project worth Rs 708.87 crore will include construction of check dams, ponds, Kuhl’s and other water harvesting structures.

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