F00-Indian Economy

Budget Blues & Broken Promises: The Optics Are Wrong for Modi 3.0 https://www.youtube.com/watch?v=FRE8O0JlZt0  Moneylife News BitesJul 18, 2024 the harsh realities overshadowing the government's rhetoric of growth and development. serious flaws in design, planning, structural engineering, supervision and monumental corruption in many show-piece infrastructure projects. Rampant corruption and delays in implementation has undermined faith in government institutions and processes. Shoddy work and illegal clearances have endangered lives without the protection of adequate safety nets. Politicisation of government services and ignoring judicial processes (using bulldozers as a tool for punishment and land acquisition) is being normalised in many states. https://www.moneylife.in/article/budget-blues-and-broken-promises-the-optics-are-wrong-for-modi-30/74667.html The top 1% of people, comprising India’s super-rich, hold 53% of the nation’s wealth. The bottom 50% owns a miserable 4.1%, and over 810 mn (million) people survive on 5kg (kilogrammes) of free grain distributed by the government. Middle-class Indians are increasingly frustrated at high taxation amidst rising costs of food, fuel, education, healthcare, tolls, cess and goods and services tax (GST) levies. Recent data shows that gross personal income-tax collection, at Rs3.61 lakh crore in the April-June quarter, has outstripped gross corporate tax collection of Rs2.65 lakh crore.