Following the pandemic, the income of the bottom 50 per cent of the population is estimated at 13 percent of national income and 3 percent of total wealth Apoorva Mahendru, Kanishk Gomes, Mayurakshi Dutta, Noopur, Pravas Ranjan Mishra Oxfam International's annual inequality report makes for stark reading. The India supplement, part of the main report, states that the top 1 percent of Indians own nearly 40.6 percent of the total wealth in...
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Recovery analysis that points out what India got wrong -Suvojit Chattopadhyay
-The Hindu Being fiscally conservative resulted in a rise in extreme poverty, with there being no signs of any course correction A recent World Bank report, titled “Correcting Course”, captures the impact of the COVID-19 pandemic on global poverty. The number of people living in extreme poverty rose by seven crore million in 2020, as the global poverty rate rose from 8.4% in 2019 to 9.3% in 2020. This is the first...
More »Basic Needs Not Freebies; Poor People More Entitled to Receive Them: Jayati Ghosh
-PTI/ Newsclick.in The economist said the word 'freebies' indicates the class position of those who use it. New Delhi: Economist Jayati Ghosh said that 'basic needs' like nutrition, healthcare, housing and education, which the government should provide for its citizens, are not freebies, while asserting that the poor are more entitled to receive their basic needs. Ghosh noted that the word 'freebies' indicates the class position of those who use it. "India has one...
More »Rs.78,704 crore due to States as GST recompense
-The Hindu Dues equal four months’ compensation, says Finance Ministry The Centre is yet to remit ₹78,704 crore in outstanding Goods and Services Tax (GST) compensation dues to States, equivalent to four months of compensation under the Indirect Tax regime introduced in July 2017, the Finance Ministry said on Wednesday, citing ‘inadequate balance in the fund’. “The pending amount will also be released as and when amount from cess accrues in the...
More »Tarun Bajaj, Revenue Secretary at the Ministry of Finance, interviewed by Vikas Dhoot (The Hindu)
-The Hindu It would be much easier for the government to provide relief to people if the tax base was wider, says Revenue Secretary Tarun Bajaj, noting that four crore people don’t file returns though the tax department gets some TDS collections on their account. With major customs duty rationalisation done and corporate tax settled, the government hopes to finish some pending reforms in personal income tax and GST, creating a...
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