The disruptions in supply chains, rising shipping costs, and shortages of critical components could trigger a global supply shock, throwing economies into chaos and recession.
Although economic growth has decelerated, it hasn't collapsed, leading markets to prematurely conclude that global economy has withstood the shock. This conclusion is premature.
Dhurandhar’s Hamza, played by Ranveer Singh, is, at different stages, Karna, Arjuna, Hamlet, Michael Corleone, Achilles, Orestes, Odysseus, and Heracles, yet reducible to none of them.
As the turning point of the war approaches, the Modi government is weighing its options and reviewing ongoing efforts to procure oil and gas from various countries and through different sea routes.
The decapitation of leaders and heavy bombing, however widespread, may not be able to generate defeat and surrender. A long, crushing war may have to be waged for that.
Operation Epic Fury has disrupted and broken down global supply chains, and the tremors are being felt all over the world due to a systemic breakdown of trade, logistics & input flows.
India’s AI-for-public-good trajectory reveals a pattern of pragmatic, use-case-driven development that is capitalising on the country’s growing innovation ecosystem and tech-adaptive populace.
Production houses and big studios are already fast-tracking projects pitched by pro-Hindutva players. Choking those who choose to remain outside these charmed circles is not a big deal.
The countries signed a memorandum for co-development of UNICORN masts in November 2024. India has been second Asian nation to have such an agreement with Tokyo, after Philippines.
I would submit that there are three major flaws in your analysis.
Your main argument that the budget has not helped a substantial chunk of the middle class is as follows:
_“These projections define a middle-class Indian as someone earning Rs 1.09 lakh to Rs 6.46 lakh per year (2020-21 prices) or Rs 5 lakh to Rs 30 lakh annually per household. However, AY 2023-24 income tax data paints a different picture.
Of the 75.46 million (7.54 crore) salaried individuals who filed tax returns, 58.92 million (5.89 crore) earned less than Rs 7 lakh and were already exempt from tax. With the new Rs 12 lakh exemption, the number of tax-exempt salaried individuals will rise to 67.76 million (6.77 crore) in 2024-25.
Thus, the Budget’s “middle-class bonanza” will directly benefit only 88.4 lakh salaried individuals—a fraction of the 43 crore Indians classified as middle class. Given this, the actual boost to private consumption remains uncertain.”_
*The Flaws in Your Argument:*
1. _*Misinterpretation of Income Tax Data Trends*_
You rely on income tax return statistics from Assessment Year (AY) 2023-24, which represents Financial Year (FY) 2022-23, when the income was earned. You assume that the same income distribution pattern will persist in future years. However, incomes generally rise over time due to economic growth, inflation adjustments, and career progression. Many individuals currently earning below ₹7 lakh will likely move into the ₹7-12 lakh bracket in the coming years. Thus, relying on AY 2023-24 figures to estimate the number of beneficiaries under the new tax slabs understates the actual impact of the policy, as it applies three years later.
2. _*Incorrect Timing of the New ₹12 Lakh Exemption*_
The Finance Minister’s announcement of the ₹12 lakh tax exemption was introduced in the Union Budget 2025-26 and applies to Financial Year 2025-26, corresponding to Assessment Year 2026-27. This means taxpayers will benefit from this exemption on income earned between April 1, 2025, and March 31, 2026, when filing tax returns in AY 2026-27. However, you imply that the new exemption applies in 2024-25, which is incorrect. If you meant FY 2024-25 or AY 2025-26, both assumptions are mistaken.
3. _*Misleading Comparison Between Beneficiaries and Middle-Class Population*_
You claim that the budget’s tax relief will “directly benefit only 88.4 lakh salaried individuals—a fraction of the 43 crore Indians classified as middle class.” However, this comparison is misleading:
o The 88.4 lakh taxpayers benefiting from the tax cut do not represent individuals but households, covering 4.42 crore Indians (assuming an average household size of 5). This is a significant portion of the middle class.
o Furthermore, the 88.4 lakh figure is based on FY 2022-23 tax return statistics, which do not reflect the income shifts that will occur by FY 2025-26. By then, many more individuals will qualify for the exemption, making the actual number of beneficiaries much larger.
*Conclusion:*
Your analysis underestimates the impact of the tax exemption by relying on outdated data, misapplying the effective timeline, and making misleading numerical comparisons. The new exemption will benefit a far greater number of middle-class households than you suggest, and its positive impact on consumption and financial well-being will be more substantial than your argument acknowledges.
What a stupid article. First up, this was a long pending demand from the biggest income tax payer bracket, the middle class. That it would have some impact on consumption is moot. Also, where did the govt say that this is the only thing they will/are doing to revive the animal spirits in Indian economy?
I would submit that there are three major flaws in your analysis.
Your main argument that the budget has not helped a substantial chunk of the middle class is as follows:
_“These projections define a middle-class Indian as someone earning Rs 1.09 lakh to Rs 6.46 lakh per year (2020-21 prices) or Rs 5 lakh to Rs 30 lakh annually per household. However, AY 2023-24 income tax data paints a different picture.
Of the 75.46 million (7.54 crore) salaried individuals who filed tax returns, 58.92 million (5.89 crore) earned less than Rs 7 lakh and were already exempt from tax. With the new Rs 12 lakh exemption, the number of tax-exempt salaried individuals will rise to 67.76 million (6.77 crore) in 2024-25.
Thus, the Budget’s “middle-class bonanza” will directly benefit only 88.4 lakh salaried individuals—a fraction of the 43 crore Indians classified as middle class. Given this, the actual boost to private consumption remains uncertain.”_
*The Flaws in Your Argument:*
1. _*Misinterpretation of Income Tax Data Trends*_
You rely on income tax return statistics from Assessment Year (AY) 2023-24, which represents Financial Year (FY) 2022-23, when the income was earned. You assume that the same income distribution pattern will persist in future years. However, incomes generally rise over time due to economic growth, inflation adjustments, and career progression. Many individuals currently earning below ₹7 lakh will likely move into the ₹7-12 lakh bracket in the coming years. Thus, relying on AY 2023-24 figures to estimate the number of beneficiaries under the new tax slabs understates the actual impact of the policy, as it applies three years later.
2. _*Incorrect Timing of the New ₹12 Lakh Exemption*_
The Finance Minister’s announcement of the ₹12 lakh tax exemption was introduced in the Union Budget 2025-26 and applies to Financial Year 2025-26, corresponding to Assessment Year 2026-27. This means taxpayers will benefit from this exemption on income earned between April 1, 2025, and March 31, 2026, when filing tax returns in AY 2026-27. However, you imply that the new exemption applies in 2024-25, which is incorrect. If you meant FY 2024-25 or AY 2025-26, both assumptions are mistaken.
3. _*Misleading Comparison Between Beneficiaries and Middle-Class Population*_
You claim that the budget’s tax relief will “directly benefit only 88.4 lakh salaried individuals—a fraction of the 43 crore Indians classified as middle class.” However, this comparison is misleading:
o The 88.4 lakh taxpayers benefiting from the tax cut do not represent individuals but households, covering 4.42 crore Indians (assuming an average household size of 5). This is a significant portion of the middle class.
o Furthermore, the 88.4 lakh figure is based on FY 2022-23 tax return statistics, which do not reflect the income shifts that will occur by FY 2025-26. By then, many more individuals will qualify for the exemption, making the actual number of beneficiaries much larger.
*Conclusion:*
Your analysis underestimates the impact of the tax exemption by relying on outdated data, misapplying the effective timeline, and making misleading numerical comparisons. The new exemption will benefit a far greater number of middle-class households than you suggest, and its positive impact on consumption and financial well-being will be more substantial than your argument acknowledges.
Article feels incomplete , even this expert doesnt seem to know in detail what is to be done to improve demand .
What a stupid article. First up, this was a long pending demand from the biggest income tax payer bracket, the middle class. That it would have some impact on consumption is moot. Also, where did the govt say that this is the only thing they will/are doing to revive the animal spirits in Indian economy?