India's per capita income is INR 1,70,000 per year, but a significant portion of the population survives on less than INR 10,000 per month. The All-India Peoples Front's workers meeting emphasized the need for people to have a share in the national income to eliminate poverty and enhance purchasing power. Corporate houses are currently appropriating the national income, with the Modi government granting them control over the country's natural resources and public assets. To safeguard India's economic sovereignty, the Bharatiya Janata Party (BJP) must be defeated in the Lok Sabha election. The imposition of wealth and inheritance taxes on corporate houses can generate resources for public welfare programs and guarantee citizens' rights to employment, education, health, old age pension, and housing. The BJP and RSS have been accused of undermining peace, brotherhood, and democracy in the country. The BJP government has imprisoned individuals under repressive laws such as UAPA and suppressed dissent. It is crucial to protect democracy, and opposition parties should strongly advocate for imposing taxes on corporates to improve people's lives.
Former minister Datuk Seri Idris Jala suggests that Malaysia should replace the New Economic Policy (NEP) with a more inclusive framework that helps the poor regardless of race and religion. The NEP, introduced in 1971, aimed to reduce ethnic inequalities and eradicate poverty by promoting Bumiputera participation in higher education and enterprise management. Idris believes that a new policy should provide equal affirmative action for all individuals in the B40 category, regardless of their race or religion. He also emphasizes the need for radical changes to escape the middle-income trap and attract Malaysians living abroad to return home. Idris was previously a minister in the Prime Minister's Department and the CEO of the Performance Management and Delivery Unit (Pemandu) from 2009 to 2015, leading the Economic Transformation Programme (ETP) to make Malaysia a high-income country by 2020. However, the depreciation of the ringgit prevented Malaysia from reaching high-income status by 2015. In 2022, Malaysia's gross national income (GNI) per capita was US$11,830, still lower than the World Bank's definition for high-income economies of US$13,845. [05df5b75], [b5f943ff]
India exhibits high wealth inequality with the top 1% holding 40.1% of the wealth. Over 70 years of independence, India is 142nd out of 197 countries in per capita income. 82% of the population lives on $5.50 a day and 220 million Indians live on less than Rs 32 per day. Economic progress focuses on wealth accumulation, while human progress concerns well-being and poverty alleviation. Public welfare is an optional directive principle in the Indian Constitution. Economic performance by GDP per capita does not distinguish regions with different levels of health, welfare, and suffering. The disconnect between India's micro and macro economies hinders progress. Multiple micro-economies operate daily, but they are ignored in the measurement of the national macro economy. The problems of rural unemployment and access to justice are also highlighted. Architects Romi Khosla and Tikender Singh Panwar argue for diverting wealth extraction, prioritizing health economics, and establishing new healthcare and economic exchange systems at the local level. [bef1f765]
A report by Thomas Piketty and three other economists reveals that in 2023-24, the top 1% of the wealthiest people in India hold 40% of the nation's wealth, with a 22.6% share in income. Economic inequality has increased due to liberal economic policies in the era of globalization and liberalization. There has been a demand for tax reforms to address this inequality, but it has not been seriously considered. The report suggests that a 2% tax on the total wealth of the country's 167 richest families in 2023-24 would have increased the country's total income by 0.5%. The increasing economic inequality can lead to social unrest and negatively impact law and order. The report also highlights the increase in global military spending and arms trade, with India becoming the largest arms importer in the world. The United Nations has a minimal role in stopping wars and the growing arms race. The report raises concerns about the possibility of a third world war and the misuse of deadly weapons. The US leads the call for peace while boosting the arms trade. The report calls for attention to be paid to the fundamental question of who will stop the growing arms race and possibilities of war in the world. [ad06880b]
The Australia Institute argues for the introduction of a system to measure poverty in Australia, as the government's wellbeing measurement framework does not currently measure the number of Australians living in poverty. The institute suggests that the elimination of poverty is a worthy ambition that starts with proper measurement. All 191 UN member states have committed to trying to achieve the elimination of poverty by 2030. The means of solving the problem of poverty in a fiscally sustainable way is by switching to a system of universal income security, also known as a Universal Basic Income (UBI). Recent research has shown that Australia can afford to end poverty and that a UBI can be designed to be fairer than a targeted welfare payments system, make everyone financially better off, and be financed without the need for federal budget deficits or debt. The article encourages the government to choose a UBI as a solution to poverty before more Australians fall into income insecurity and deeper poverty. [8d2a06c0]