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On October 7th, 2020, Development Finance International (DFI) and Oxfam International gave the 3rd third edition of the commitment to reducing inequality index 2020. This CRI index is all about controlling the damage which is getting done by the richest using the excuse of a pandemic. There were many reports made on inequality and the results were shocking. Before covid-19 there was less percentage of the richest people in the world but after covid-19 in the 2020 year the report showed that there is a 48% increase in the world’s richest people and there is complete unemployment among the poorer.
What is Commitment to Reducing Index All About?
It is a globally collected data index of 158 countries that were ranked as per their policy quality work which will be helping in reducing the inequality in their country. This complete inequality is also a picture of how much the counties have changed in the past 2 years.
Firstly Development Finance International (DFI) gave the grading primarily on the basis of tackling economic inequality and reducing the gap between the poor and rich.
This index then consists of three pillars and 19 types of different indicators, which will be related to one policy which is helping in finding the response of how much the policy has worked to reduce inequality i.e. in public services (previously known as spending); taxation; and labour.
Key Findings
Globally
- As per Development Finance International(DFI), Fighting Inequality in the Time Of Covid-19 is hard now because people are always in need of money, they are not having regular jobs and the private sector is mostly covering the all-region of the country through their services.
- Now, most of the countries are in the top position of the OECD (organisation for economic co-operation and development) index.
- With the high amount of GDP (gross domestic products), there will be more chances to raise the progressive tax revenues for the simple reason of more the citizens more the income.
- Now they have a great amount for Fighting Inequality in the Time Of Covid-19.
- There is great scope in spending those revenues which were earned during the covid-19 pandemic start. Spending those on public services (previously known as spending); taxation; and labour can help in fighting all the damages that a country has taken.
- Norway was on top of labour rights and so is the Commitment to reducing the inequality index of 2020.
- South Sudan came out to be on the bottom, is new to this index and is at the last of 3 pillars.
- Development Finance International(DFI) says the low ranking means lack of policy set by the government for their citizens. South Sudan is reportedly spending more money on military services than public services. They are getting 15% taxes which is leading to the failure to deliver the basic required service.
- Vietnam’s response to the covid-19 pandemic was the best all over the world.
India Specific Index
- There was a big impact of the covid-19 on the Indian country where the government was reportedly not ready to fight against the covid-19 situation.
- As per Development Finance International(DFI) index, the Indian country is ranking on 129.
- The health budget of India has fallen by four positions down in the world.
- Like half of the population has access to the health services which are most important or essential for them.
- The spending on health was recorded at 70% which is calculated as one of the tops in the world.
- Currently, most of the people in India are forced into destitution due to the covid-19 pandemic.
Conclusion
To fight inequality after 2 years is still not easy. There are still many variants which develop as time progresses. The Development Finance International(DFI) given index clearly shows that most numbers of countries were not prepared. Many richest countries came out to be poor and many poor country’s people became rich. This coronavirus pandemic has increased the inequality amount all over the world. The poor are getting poorer with no jobs in hand.
