Economy & Equity

In real terms, the income of people employed in the formal sector remained stagnant for over a decade and declined during the past 5 years (-0.3% CAGR). The real average income contracted by 0.9% YoY in FY24. https://thewire.in/economy/anomalous-it-collection-masks-the-fiscal-knot 

The analysis of the recent Income Tax Returns data (FY24, CBDT) reveals that post-pandemic recovery in annual earnings of individuals has been muted. At Rs. 8.2 lakh (individuals plus HUF), it slowed to 4.5% in FY24, averaging at 5.8% on a 5-year CAGR, which is barely enough to match inflation.

by Dhananjay Sinha

13/09/2024

Inequality, Jobs, Hunger: Why You Should Care About the Union Budget https://thewire.in/economy/inequality-jobs-hunger-why-you-should-care-about-the-union-budget By Kavita Kabeer and Haripriya Harshan "The current regime’s corporate-friendly agenda makes it increasingly difficult for the middle class and the poor to stake claim to the public resources. This budget is the last chance for course correction for the Modi regime. It is going to be a test of who the government sides with, the 90% citizens of the country or the top 1%." In an ideal scenario, the resources of a nation should be distributed equally among all its citizens, ensuring that everyone has fair access and opportunities. However, the current regime’s corporate-friendly agenda makes it increasingly difficult for the middle class and the poor to stake claim to the public resources. This budget is the final opportunity to set the policies and the politics right. Because after this, the already high inequality would spiral to such an extent, that it would be impossible to think about a pro-people state, without substantially cutting down on the billionaires’ wealth. The poor are suffering the brunt of GST and other indirect taxes more than the rich. WhatsApp propaganda may say that the poor do not pay taxes. Only two crore people, which is 2.2% of the country’s population, pay taxes. But in reality, huge tax is being collected from the poor on everything. From the 5% GST on flour, pulses and rice that you buy, to taxes such as road tax, toll tax, service tax, and the taxes on petrol and diesel are taken out of everyone’s pocket. This sector provides employment to more than 90% unorganized workers while 45% of last year’s total exports came from this sector.The MSME sector also demands that the GST system should be fixed and credit facilities should be easily available. Also, instead of selling away public sector enterprises, investment should be made in them. A study found that every rupee invested in railways generates Rs 5. Today we are at 111th position in the hunger index. And our leaders are calling even the little relief given to the poor as revadi (freebies). But we need such relief. There is a need to increase the budget of MGNREGS and implement a similar scheme in urban areas too. There is a need to listen to the voices of farmers and strictly implement MSP on the ground and not just on paper.

Second Class coaches disappear - where will the poor go now? | WHAT DOES THIS DATA SAY https://www.youtube.com/watch?v=3GQKITv8nWY | EPISODE 167 The Public India Railways in the last few years has tried to improve the profitabilty of the Railway.. Comment @prabhatkumarbandopadhaya9845 All these changes have been made in silence.....slowly...slowly....as the system of presentation of Rly's own Budget has been abolished....it was lost sight of the genl people. So, the need is to bring back the system of Rly's Budget..it's presentation & analysis..before the genl Budget. Hope it will come under the scanner of CAG... the independent Govt Auditor of the Nation

The report also pointed out that billionaires around the world have been paying a tax rate equivalent to less than 0.5% of their wealth. The G20 Finance Ministers meeting is expected to deliberate on a global deal to increase taxes on the super-rich, with Brazilian Finance Minister Fernando Haddad identifying the global tax on billionaires as a key deliverable at the summit. https://thewire.in/world/top-1-grow-wealth-by-42-trillion-in-past-decade-36-times-more-than-bottom-50-oxfam 5/07/2024