The Oxfam report reveals shocking details about the economic exploitation of India during British colonial rule. Between 1765 and 1900, the British are estimated to have looted a staggering $64.82 trillion from India. This wealth, amassed over approximately 150 years, underscores the severe economic exploitation faced by India during colonial rule.
Key Highlights of the Report:
- Distribution of Looted Wealth:
- $33.8 trillion, or more than half of the looted wealth, was concentrated in the hands of the wealthiest 10% of Britain’s population.
- Another 32% of the wealth benefited the newly emerging middle class in Britain, leaving the majority of India’s population impoverished.
- Colonial Exploitation’s Legacy:
- The report emphasizes that the inequalities and economic distortions caused by colonial exploitation persist in modern times.
- Modern multinational corporations, according to Oxfam, are described as “a creation of colonialism,” perpetuating economic and racial inequalities in today’s world.
- Global Inequality:
- Oxfam argues that the structures of wealth and inequality established during the colonial era continue to shape the global economic order today.
This report was released by Oxfam ahead of the annual meeting of the World Economic Forum, aligning with the organization’s focus on addressing global inequality. It serves as a reminder of the profound and lasting impact of colonial exploitation on nations like India.
