A recent report by Oxfam International, titled 'Takers, Not Makers', uncovers alarming statistics regarding the wealth drained from India during colonial rule. Presented at the World Economic Forum's annual meeting, the report indicates that an astounding $64.82 trillion was extracted from India between 1765 and 1900, with over half, specifically $33.8 trillion, enriching just the wealthiest 10% in the UK. This economic exploitation not only tightened Britain's grip on wealth but also plunged India into a state of poverty and underdevelopment.

According to Oxfam, colonial policies systematically dismantled India's industrial fabric, severely damaging its economy. The report articulates that colonialism has shaped lingering inequalities in modern society, transitioning from direct extraction to modern corporate practices that mirror the past. Oxfam analyzes the direct connections between historical colonial ventures, such as the British East India Company, and contemporary multinational corporations that often exploit labor and resources in the Global South, which continue to face economic dependency.

In a striking juxtaposition, the report notes that, in 2024 alone, billionaire wealth surged by an incredible $2 trillion, reaching a total of $15 trillion. This wealth accumulation took place amidst the backdrop of rising poverty levels globally, highlighting the increasing divide between the ultra-wealthy and the impoverished. The report further elaborates that about 60% of billionaire wealth is now derived from inheritance, monopolies, and familial ties, challenging the notion of the self-made billionaire.

Oxfam critiques the existing wage disparities as well, pointing out that migrant women in wealthier nations earn 20.9% less than local male standards. Workers in the Global South face even starker contrasts, earning up to 95% less than their Global North counterparts for comparable work, revealing widespread exploitation in global labor markets.

The analysis on global supply chains highlights ongoing exploitation, where companies benefit from minimal wages and poor worker conditions while securing massive profits. Policies enacted during colonial times resulted in India's steep decline in industrial output, plummeting from 25% of global production in 1750 to a mere 2% by 1900 due to British protectionist measures.

Oxfam connects these historical patterns of extraction to today's climate crisis, noting how legacy practices of fossil fuel exploitation have worsened environmental damage—primarily impacting countries in the Global South. Additionally, concepts like biopiracy are explored, indicating modern corporations' appropriation of indigenous practices without fair compensation.

Lastly, Oxfam underscores the role of global institutions, such as the WTO and the World Bank, in perpetuating systemic inequalities, specifically through their prioritization of Global North interests during crises such as the Covid-19 pandemic.

The comprehensive findings of this report reinforce claims that the global inequalities witnessed today are significantly rooted in colonial practices. To read more about these crucial insights, visit the full report on Times of India and here.