Report Reveals UK's Wealth Extraction from India During Colonial Era

A recent report by Oxfam International reveals that the United Kingdom extracted approximately $64.82 trillion from India during its colonial rule between 1765 and 1900, with the richest 10% in the UK claiming $33.8 trillion of this wealth. The report, titled "Takers, not Makers," highlights the persistent inequalities stemming from colonialism, claiming that it has created a world marred by wealth disparity.

The report indicates that the wealth extracted is equivalent to carpeting London with £50 notes nearly four times over. Oxfam argues that this legacy of plunder continues to benefit the wealthiest in the Global North while exploiting workers in the Global South.

Furthermore, Oxfam addresses how colonial practices, including the formalization of the caste system in India and the promotion of the opium trade, have long-lasting impacts on social structures and economies. The exploitation of labor and resources remains a pressing issue today, as wages in the Global South are reportedly 87% to 95% lower than in the Global North for similar work.

Oxfam contends that historical injustices have contributed to ongoing inequalities, pointing out that significant wealth is still concentrated among a small segment of the population in many countries, particularly in regions with colonial histories. This report serves as a poignant reminder of the colonial past and its role in shaping modern socio-economic dynamics.