Fuel consumption probably declined at least 80% in April, which would lead to a revenue loss of as much as Rs 400 billion, said economist Madan Sabnavis.
The liquor lobby in India has demanded that states allow the sale of alcohol outside the containment zones with strict social distancing guidelines in place.
India is paying the price for trying to do too much in past Budgets, and sectors that have been bled white, such as telecom and govt companies, are worst hit.
Congress leaders had slammed Modi government’s formula to share tax revenue based on population but manifesto vows to implement the same recommendation.
Social sector spending by the poorer states remains lower than in the better-off ones. If they are to catch up, this is the opposite of what it should be.
When he was asked why he was so loud in his criticisms of Indian industry when his purpose could be better served by a shrewder approach, he said, “Because I am a Punjabi, not a Marwari”.
New bill aims to fix key issues with IBC 2016, including delays & patchy implementation, and protect creditors, with window for genuine promoters to retain control of their companies.
The new engine, set to be developed over the next 10 years, will power the second tranche of Advanced Medium Combat Aircraft. First set will be equipped with GE 414 engines.
Now that both IAF and PAF have made formal claims of having shot down the other’s aircraft in the 87-hour war in May, we can ask a larger question: do such numbers really matter?
It is obvious India’s fiscal crisis can only get worse. The following are indicators.
The Economy shrunk after demonetisation. The BJP Hindus said people will shift to cashless card transactions and so sales will be taxed at the point of sale. It did not happen, Indians are back to cash and black economy works with Rs 2000 notes doubly well.
GST led to reduction in tax collection.
Covid mishandling and unplanned lockdown led to crippling of the economy.
Defence expenditure has rocketed due to Chinese pressure.
Modi has wasted taxpayer’s money on Patel statue, buying a plane for himself, central vista project, beating up student, CAA-NRC….
Due to loss of jobs, there is no purchasing power, so consumer demand is down.
Banks are in trouble.
Gov.t. assets are being sold at low prices. All deals favour Ambani and Adani, so the rich get richer, but not the majority.
RBI is raided to finance govt..
Still, it is fine according to Hindus. Because India works on dharma, not on economy and jobs like other countries.
Stop disobeying govt or else get beaten like caa protesters
The BJP has given the Hindus its main promise : Hindutva.
The economy was secondary .
Hindus should be satisfied. They knew what they voted for, they got what they desired. They were convinced a chai wallah doubling as a chowkidar was in the best interests of Hindus.
The BJP govt. is acting like a monkey that has its fist stuck in a tender coconut with a small opening. It does not want to let go off the contents by opening its fist and it cannot get rid of the coconut if it does not open its fist. The economy was doing well in 2016. They brought in the GST with back breaking tax rates. They were under the impression that when the economic activity is fine they can tax away to glory. Jaitley, no finance man in the first place, did away with most tax concessions to ensure that all the money was cornered in govt. hands. Retrospective tax stayed. LTGC in equities was cancelled. All capital gains bonds had to be locked in for 5 instead of 3 years. Almost everything came under the tax net. Can you imagine cement attracting sin tax? Old cardboard, waste paper and plastic and even second hand furniture attracted 18 percent GST. On every transaction the small business man found that the govt. was cornering more by way of tax than the business man was getting by way of profit. With high prices because of high taxation, peoples appetite to spend came down steadily. The MV act made regulations stringent mindlessly. BS IV to BS VI in double time was a cruel joke. The draconian lock down with zero flexibility was a morale breaker. People were locked down wherever they were with no scope to even get back home for 2 months. Industry captains appealed for more time in case of the MV act and migrants in case of the lockdown. People became infected wherever they were confined which became hot spots. They were then allowed to get back after 2 months of torture and then Covid 19 spread like wild fire bringing India to second spot in the world in infections. Mindlessly harsh MV regulation killed auto sales. Why would people want to buy cars it they are penalised for petty things. Imagine Gadkari in charge the road transport ministry of all the people. He can make roads but understanding the technicalities in emission is like trying to teach a lay man automobile engineering. Obstinacy in enforcing unreasonably harsh laws and trying to tax a nation into prosperity are the two cardinal faults of this govt. Modi needs to listen. Bashing on regardless with Man Ki Baath and sermons will lead to further pain. They need professionals in charge of ministries. At the local level funds are being squandered on useless projects. If you wangle money as tax and squander it, remember, I as a tax payer will penalise you for it. The BJP must remember that trampling on its vote bank is going to prove costly. You promised Hindutva and I got tax terrorism and harsh regulation. Not a good return at all.
‘You promised Hindutva and I got tax terrorism and harsh regulation. Not a good return at all.’
The BJP will say that they promised Hindutva and they gave Hindutva. There is a speech of Modi to elite suited and booted people gathered round dinner tables in a 5 star hotel, listing the status of his promises : Article 370, Done; Ram temple, Done, CAA, Done…..The audience roars and claps.
For the bulk of Hindus, Hindutva is the most important. They have no issues with the economy, they think it is the world situation.
‘Mindlessly harsh MV regulation killed auto sales. Why would people want to buy cars it they are penalised for petty things. ‘
According to Sitaraman, auto sales decreased because the young generation prefers Uber.
This is the result of Modi’s excessive greed and harassment of the productive to benefit the non productive since 2014 capped by his counter productive handing of China’s bio war has recoiled in a growing fiscal crisis.
A economic contraction of 24 basis points (24 %, or nearly a quarter of the economic productivity ceasing to exist). Only Peru and Macau have shown greater economic contractions.
This is inevitable as Modi Sarkar has eradicated the small and medium businesses since 2014 with his policies and the daily wage workers by “Lock Down”. These comprise a very large percentage of Indian productivity in a country dominated by unproductive capital and human resources in Government hands.
It is unlikely that Modi Sarkar can bring India out of this deep contraction.
Modi Government is antithetical to Indian economic growth.
Since 2014, they have reinforced the economic policies of previous government and added profligacy and recklessness of their own, all of which have stifled the productive to the benefit of the unproductive and crony businessmen.
India has been in a depression right since 2016, or thereabouts, Two Government Statisticians even quit service when asked to concoct the figures that Modi Sarkar presented to the public. The depression has been growing since then and has merely been exacerbated by COVID 19. Next to Peru and Macau, India has had the most severe contraction of any country in the World.
I very much doubt that the BJP which has not a clue about economics beyond continuing to indulge in atrocious “For Government, By Government, To Government” profligacy which has been pampering the unproductive while crushing the productive with greater gusto than any previous Government, will do anything about it other than using the opportunity to find more ways to prosper the Judges, Bureaucrats, Police, Politicians, Crony Businessmen and the Constitutionally preferred sections of society and foreign Governments at the cost of the rest of India even more than it has since 2014.
The recession is the result of Modi’s enormous greed and fascist “Tax and Waste” methods reflected in GST, demonetization, Lock Down, and taxing oil to maintain prices against a global fall and so on, to fund his multi appeasement policy:
(1) Appeasing with doles, increments and pampering of Moslems, Christians, SC, ST, BC, OBC, Judges, Bureaucrats, Police, Politicians, Public Sector and Crony (election bond) Capitalists at the cost of the rest of the Nation
(2) Bribe diplomacy of giving doles and aid to countries in competition with a far wealthier and more powerful China at the cost of Non VIP Indian citizens and India
(3) Appeasing China by running up a trade deficit with China larger than India’s defense budget and taking advantage of India’s woeful lack of indigenous ability and capacities in governance, science, technology, integrity, quality and engineering to purchase arms from the remaining four Permanent Members of the UN Security Council with scant regard for India’s best interests in terms of economy, value for money, military strategy, tactics and readiness, and,
(4) Most importantly bolstering and formalizing the Corruption established by the very first Prime Minister with the following measures:
(a) His Government has created “Election Bonds” to foment political corruption without any accountability and with invisibility.
(b) His Government has made an “anti corruption law” that criminalizes the victim of extortion, the so call “bribe giver” which will ensure that those who are forced to pay sums of hard earned money to Government employees to receive timely services and entitlements from Government Departments and PSUs dare not even complain about it lest they be sent to jail for seven years on “own confession”
(c) His Government retrospectively amended the Foreign Currency Regulation Act to legitimize money laundering by Political Parties.
(d) His Government exempted lawyers from GST so that there may be no obstruction to Judicial corruption”
(e) Exempting Agricultural income from Income Tax to facilitate money laundering by Judges, Bureaucrats, Police and Politicians who, ostensibly and for the record own unbelievably productive farm land through the simple expedient of purchasing crops from genuine farmers with extorted cash and selling it to marketing organizations as the produce of their own fallow land!
I have been saying all this right since 2014, when, after campaigning for the BJP, I became NOTA immediately after Modi’s first Act and thereafter have remained NOTA ever since but now veering around to support the opposition, any opposition, as the “lesser evil”. Manyawar Yashwant Sinha’s book on the subject covers a part of Modi’s consistently anti National and anti People economic policy.
‘This is inevitable as Modi Sarkar has eradicated the small and medium businesses since 2014 with his policies..’
There is a video of Modi proudly boasting that after demonetisation, 3 lakh businesses were shut down. The point he makes is that all these were running on black money. At that time, BJP Hindus applauded him for tackling corruption.
And amongst all his tax and waste schemes, you did not mention :
Buying a Boeing so he can travel like the US President.
Vanity project to reshape buildings around Parliament house
Tallest statue for Patel, built in China
Go shalas
Brand suit everyday
Foreign trips to bask in front of NRIs
Bullet train
PM Cares fund
But despite all these, Hindus adore him – because he beats up Muslims.
Dr Pronab Sen estimates 32% contraction for the first quarter, 14% for the year as a whole. That will impact tax collections quite savagely. Some feel the government should spend more, to support the economy. I believe it should practice austerity. Scrapping the Central Vista redevelopment project would send out a message of solidarity : We feel your pain.
Till economy picks up n lockdown is lifted, thou it will be painful to the consumers,
Why not double up the current tax surcharge on diesel, patrol , alcohol etc to run the centre n State govts. Consumers will understand the reasons of this unavoidable step. Congress n opposition parties shud refrain from fishing in the troubled waters.
It is obvious India’s fiscal crisis can only get worse. The following are indicators.
The Economy shrunk after demonetisation. The BJP Hindus said people will shift to cashless card transactions and so sales will be taxed at the point of sale. It did not happen, Indians are back to cash and black economy works with Rs 2000 notes doubly well.
GST led to reduction in tax collection.
Covid mishandling and unplanned lockdown led to crippling of the economy.
Defence expenditure has rocketed due to Chinese pressure.
Modi has wasted taxpayer’s money on Patel statue, buying a plane for himself, central vista project, beating up student, CAA-NRC….
Due to loss of jobs, there is no purchasing power, so consumer demand is down.
Banks are in trouble.
Gov.t. assets are being sold at low prices. All deals favour Ambani and Adani, so the rich get richer, but not the majority.
RBI is raided to finance govt..
Still, it is fine according to Hindus. Because India works on dharma, not on economy and jobs like other countries.
Stop disobeying govt or else get beaten like caa protesters
The BJP has given the Hindus its main promise : Hindutva.
The economy was secondary .
Hindus should be satisfied. They knew what they voted for, they got what they desired. They were convinced a chai wallah doubling as a chowkidar was in the best interests of Hindus.
The BJP govt. is acting like a monkey that has its fist stuck in a tender coconut with a small opening. It does not want to let go off the contents by opening its fist and it cannot get rid of the coconut if it does not open its fist. The economy was doing well in 2016. They brought in the GST with back breaking tax rates. They were under the impression that when the economic activity is fine they can tax away to glory. Jaitley, no finance man in the first place, did away with most tax concessions to ensure that all the money was cornered in govt. hands. Retrospective tax stayed. LTGC in equities was cancelled. All capital gains bonds had to be locked in for 5 instead of 3 years. Almost everything came under the tax net. Can you imagine cement attracting sin tax? Old cardboard, waste paper and plastic and even second hand furniture attracted 18 percent GST. On every transaction the small business man found that the govt. was cornering more by way of tax than the business man was getting by way of profit. With high prices because of high taxation, peoples appetite to spend came down steadily. The MV act made regulations stringent mindlessly. BS IV to BS VI in double time was a cruel joke. The draconian lock down with zero flexibility was a morale breaker. People were locked down wherever they were with no scope to even get back home for 2 months. Industry captains appealed for more time in case of the MV act and migrants in case of the lockdown. People became infected wherever they were confined which became hot spots. They were then allowed to get back after 2 months of torture and then Covid 19 spread like wild fire bringing India to second spot in the world in infections. Mindlessly harsh MV regulation killed auto sales. Why would people want to buy cars it they are penalised for petty things. Imagine Gadkari in charge the road transport ministry of all the people. He can make roads but understanding the technicalities in emission is like trying to teach a lay man automobile engineering. Obstinacy in enforcing unreasonably harsh laws and trying to tax a nation into prosperity are the two cardinal faults of this govt. Modi needs to listen. Bashing on regardless with Man Ki Baath and sermons will lead to further pain. They need professionals in charge of ministries. At the local level funds are being squandered on useless projects. If you wangle money as tax and squander it, remember, I as a tax payer will penalise you for it. The BJP must remember that trampling on its vote bank is going to prove costly. You promised Hindutva and I got tax terrorism and harsh regulation. Not a good return at all.
‘You promised Hindutva and I got tax terrorism and harsh regulation. Not a good return at all.’
The BJP will say that they promised Hindutva and they gave Hindutva. There is a speech of Modi to elite suited and booted people gathered round dinner tables in a 5 star hotel, listing the status of his promises : Article 370, Done; Ram temple, Done, CAA, Done…..The audience roars and claps.
For the bulk of Hindus, Hindutva is the most important. They have no issues with the economy, they think it is the world situation.
‘Mindlessly harsh MV regulation killed auto sales. Why would people want to buy cars it they are penalised for petty things. ‘
According to Sitaraman, auto sales decreased because the young generation prefers Uber.
This is the result of Modi’s excessive greed and harassment of the productive to benefit the non productive since 2014 capped by his counter productive handing of China’s bio war has recoiled in a growing fiscal crisis.
A economic contraction of 24 basis points (24 %, or nearly a quarter of the economic productivity ceasing to exist). Only Peru and Macau have shown greater economic contractions.
This is inevitable as Modi Sarkar has eradicated the small and medium businesses since 2014 with his policies and the daily wage workers by “Lock Down”. These comprise a very large percentage of Indian productivity in a country dominated by unproductive capital and human resources in Government hands.
It is unlikely that Modi Sarkar can bring India out of this deep contraction.
Modi Government is antithetical to Indian economic growth.
Since 2014, they have reinforced the economic policies of previous government and added profligacy and recklessness of their own, all of which have stifled the productive to the benefit of the unproductive and crony businessmen.
India has been in a depression right since 2016, or thereabouts, Two Government Statisticians even quit service when asked to concoct the figures that Modi Sarkar presented to the public. The depression has been growing since then and has merely been exacerbated by COVID 19. Next to Peru and Macau, India has had the most severe contraction of any country in the World.
I very much doubt that the BJP which has not a clue about economics beyond continuing to indulge in atrocious “For Government, By Government, To Government” profligacy which has been pampering the unproductive while crushing the productive with greater gusto than any previous Government, will do anything about it other than using the opportunity to find more ways to prosper the Judges, Bureaucrats, Police, Politicians, Crony Businessmen and the Constitutionally preferred sections of society and foreign Governments at the cost of the rest of India even more than it has since 2014.
The recession is the result of Modi’s enormous greed and fascist “Tax and Waste” methods reflected in GST, demonetization, Lock Down, and taxing oil to maintain prices against a global fall and so on, to fund his multi appeasement policy:
(1) Appeasing with doles, increments and pampering of Moslems, Christians, SC, ST, BC, OBC, Judges, Bureaucrats, Police, Politicians, Public Sector and Crony (election bond) Capitalists at the cost of the rest of the Nation
(2) Bribe diplomacy of giving doles and aid to countries in competition with a far wealthier and more powerful China at the cost of Non VIP Indian citizens and India
(3) Appeasing China by running up a trade deficit with China larger than India’s defense budget and taking advantage of India’s woeful lack of indigenous ability and capacities in governance, science, technology, integrity, quality and engineering to purchase arms from the remaining four Permanent Members of the UN Security Council with scant regard for India’s best interests in terms of economy, value for money, military strategy, tactics and readiness, and,
(4) Most importantly bolstering and formalizing the Corruption established by the very first Prime Minister with the following measures:
(a) His Government has created “Election Bonds” to foment political corruption without any accountability and with invisibility.
(b) His Government has made an “anti corruption law” that criminalizes the victim of extortion, the so call “bribe giver” which will ensure that those who are forced to pay sums of hard earned money to Government employees to receive timely services and entitlements from Government Departments and PSUs dare not even complain about it lest they be sent to jail for seven years on “own confession”
(c) His Government retrospectively amended the Foreign Currency Regulation Act to legitimize money laundering by Political Parties.
(d) His Government exempted lawyers from GST so that there may be no obstruction to Judicial corruption”
(e) Exempting Agricultural income from Income Tax to facilitate money laundering by Judges, Bureaucrats, Police and Politicians who, ostensibly and for the record own unbelievably productive farm land through the simple expedient of purchasing crops from genuine farmers with extorted cash and selling it to marketing organizations as the produce of their own fallow land!
I have been saying all this right since 2014, when, after campaigning for the BJP, I became NOTA immediately after Modi’s first Act and thereafter have remained NOTA ever since but now veering around to support the opposition, any opposition, as the “lesser evil”. Manyawar Yashwant Sinha’s book on the subject covers a part of Modi’s consistently anti National and anti People economic policy.
‘This is inevitable as Modi Sarkar has eradicated the small and medium businesses since 2014 with his policies..’
There is a video of Modi proudly boasting that after demonetisation, 3 lakh businesses were shut down. The point he makes is that all these were running on black money. At that time, BJP Hindus applauded him for tackling corruption.
And amongst all his tax and waste schemes, you did not mention :
Buying a Boeing so he can travel like the US President.
Vanity project to reshape buildings around Parliament house
Tallest statue for Patel, built in China
Go shalas
Brand suit everyday
Foreign trips to bask in front of NRIs
Bullet train
PM Cares fund
But despite all these, Hindus adore him – because he beats up Muslims.
Dr Pronab Sen estimates 32% contraction for the first quarter, 14% for the year as a whole. That will impact tax collections quite savagely. Some feel the government should spend more, to support the economy. I believe it should practice austerity. Scrapping the Central Vista redevelopment project would send out a message of solidarity : We feel your pain.
Till economy picks up n lockdown is lifted, thou it will be painful to the consumers,
Why not double up the current tax surcharge on diesel, patrol , alcohol etc to run the centre n State govts. Consumers will understand the reasons of this unavoidable step. Congress n opposition parties shud refrain from fishing in the troubled waters.
Breed desi dogs and play desi toys,.