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"India's Efforts to Secure Affordable Russian Oil Amid Tightening Sanctions"

"India's Efforts to Secure Affordable Russian Oil Amid Tightening Sanctions" India’s state-owned refiners are expediting payments for Russian crude oil to complete transactions before expanded US sanctions take effect. These refiners now settle payments within two days instead of the usual five, aiming to secure discounted Russian oil while navigating an increasingly restricted global trade environment. The urgency stems from Washington's announcement of stricter sanctions targeting Russia’s oil industry, which are set to take effect next month. Refiners are keen to ensure transactions are completed during the “wind-down” period allowed for pre-sanctioned cargoes. At least 4.4 million barrels of Russian oil are en route to Indian ports like Jamnagar, Chennai, Paradip, and Visakhapatnam. Among these shipments is the tanker Mercury , carrying over 1 million barrels of Russian Urals crude, expected to arrive in Paradip soon. This vessel loaded its cargo in mid-December ...
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India's Wealth Divide: Hindu High Castes Hold 41%

India's Wealth Divide: Hindu High Castes Hold 41%




In a nation as diverse as India, where the tapestry of cultures, religions, and castes weaves a rich and varied social fabric, understanding the nuances of wealth distribution is paramount. A seminal study, authored by Zeeshan Shaikh and published in 2020, provides a meticulous examination of wealth ownership across different socio-religious groups, offering invaluable insights into the prevailing disparities and their implications for inclusive development.

Unveiling the Wealth Landscape:


The study's findings lay bare the stark inequalities in wealth ownership among various social groups in India. Hindu high castes emerge as the predominant holders of wealth, commanding a significant 41% share of the nation's riches. Their total wealth, estimated at Rs 1,46,394 billion, underscores their dominant economic position. Trailing behind are the Hindu Other Backward Classes (OBCs), who claim 31% of the total wealth, amounting to Rs 1,10,520 billion. In contrast, Scheduled Tribes (STs), Scheduled Castes (SCs), and Muslims collectively own a mere 8% of the nation's wealth, highlighting the entrenched disparities that persist across socio-religious lines.


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Delving Deeper:


Peering into the realm of household wealth ownership unveils further disparities. Hindu high caste households boast an average wealth of Rs 27.73 lakh, a figure significantly higher than their Muslim, ST, and SC counterparts. While Muslim households exhibit relatively higher wealth accumulation compared to ST and SC households, with an average wealth of Rs 9.95 lakh, the gap remains substantial, underscoring the unequal distribution of economic resources.

The Golden Divide:


Gold ownership, often symbolic of prosperity and financial security, mirrors the broader wealth disparities among social groups. Hindu Other Backward Classes (OBCs) emerge as frontrunners in gold ownership, holding a substantial 39.1% share of the total gold assets, followed closely by Hindu high castes at 31.3%. Muslims, with a modest 9.2% share, outpace only STs in gold ownership, accentuating the nuanced dynamics of wealth distribution.

Additional Statistics:


The study's findings are complemented by comprehensive statistics:

Total Wealth Owned Across Social Groups (in Rs billion):

Scheduled Tribe: Rural - 13268, Urban - 3724

Scheduled Caste: Rural - 26134, Urban - 9971

Hindu OBC: Rural - 110520, Urban - 47568

Hindu high caste: Rural - 146394, Urban - 104057

Muslim: Rural - 28707, Urban - 14329

Average Per Household Asset Owned Across Socio-Religious Groups in India (in Rs):

Scheduled Tribe: Rural - 613000, Urban - 1227000

Scheduled Caste: Rural - 612000, Urban - 871000

Hindu OBC: Rural - 1296000, Urban - 1783000

Hindu high caste: Rural - 2773000, Urban - 3819000

Muslim: Rural - 995000, Urban - 1263000

Share of Wealth Across Socio-Religious Groups by Type of Assets 

Scheduled Tribe, Scheduled Caste, Hindu OBC, Hindu high caste, Muslim, and Rest.

Implications and Imperatives:


The study's revelations carry profound implications for policy and practice. They underscore the imperative for targeted interventions aimed at bridging the wealth chasm and fostering inclusive development. Policymakers must prioritize initiatives that dismantle systemic barriers to economic opportunity and ensure equitable access to resources across all communities. Comprehensive data on wealth distribution serves as a linchpin for evidence-based policy formulation and targeted interventions, guiding efforts towards sustainable and inclusive growth.

Charting a Path Towards Equity:


In conclusion, the study serves as a clarion call to confront the entrenched disparities that mar India's socio-economic landscape. It beckons stakeholders from all sectors – government, civil society, and the private sector – to rally behind the imperative of social justice and inclusive development. By embracing diversity, promoting inclusion, and championing equitable wealth distribution, India can realize its vision of a thriving, equitable, and prosperous nation for all its citizens.

In the journey towards a more just and equitable society, the insights gleaned from this study serve as guiding stars, illuminating the path towards a brighter and more inclusive future.


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