PM Modi's 'billionaire raj' more unequal than British Raj, says Congress

The Congress on Thursday latched on to a new rich list to attack the Centre, alleging that Prime Minister Narendra Modi's "billionaire raj" is more unequal than even the British Raj and it is also the cornerstone of the government's economic policy-making.

Congress general secretary in-charge communications Jairam Ramesh shared on X a media report which cited the Hurun India Rich List to state that India created a new billionaire every five days throughout 2023.

"India has had one billionaire for every five days in 2023, and the non-biological Prime Minister's closest friend is the foremost among them all," Ramesh said on X.

"Modi's Billionaire Raj is more unequal than even the British Raj. But it is also the cornerstone of the government's economic policy-making," he alleged.

This is why, at a time when countries across the world are coalescing around the idea of a global billionaire tax, the Indian government has been conspicuously silent and continues to remain blind to rapidly increasing economic inequalities, Ramesh said.

Recouping the dent caused by the Hindenburg Research report, Gautam Adani's networth shot up 95 per cent to Rs 11.6 lakh crore last year, which helped him replace Mukesh Ambani to become the richest Indian, according to the 2024 Hurun India Rich List.

Reliance Industries Chairman and Managing Director Ambani's overall networth increased by 25 per cent to Rs 10.14 lakh crore, as per the Hurun list.

In 2023's report, Adani's wealth declined by 57 per cent to Rs 4.74 lakh crore, and Ambani was way ahead with a fortune of Rs 8.08 lakh crore.

It can be noted that Adani's networth declined sharply following various allegations levelled by US-based short seller Hindenburg Research. The conglomerate has denied all the allegations.

In the 2014 edition, Hurun had pegged Adani's fortunes at Rs 44,000 crore, which made him the tenth richest Indian then.