'Why is Modi govt afraid of its own successes? Banking, stock market, GST hold the answer'

#StandardDeviation
From increased banking penetration and surging participation in the stock markets to high gross GST collections, the Modi government has seen several successes. But now it has to grapple with the flip side of doing a good job, Deputy Editor TCA Sharad Raghavan argues in Standard Deviation.
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[@anuragbanerjee2879]

We never got out of our neheruvian hypocrisy. Look at the opposition .. not a single party talks about growth and being rich

[@xxyz2023]

Manufacturing in India has fallen due to Inflation. Additionally, Food Inflation is High & the cost of living is increasing. Price of vegetables are going up. The 8 crore new employment in 4 years data by RBI, includes the rise in "unpaid" workers like housewives & the rise in people going back to agriculture due to joblessness! India's official unemployment data, CMIE: 2024 (6 months) = 9.2 percent 2023 = 8 percent 2022 = 7.33 percent 2021 = 6 percent There is a growing trend of people returning to farming due to lack of opportunities. A nation grows when the middle-class has more money in their pockets. 50% of the poorest Indians with jobs pay 64% of the total taxes, 40% of middle-class in India pay 33% of total taxes, while the wealthiest 10% in India only contribute 3% of taxes. Who pays for Jawans pensions, NSG weapons & salaries, roads & railways for transporting goods? Not Industrialists like Company 'A', but the Indian public. Company 'A', money is hidden in shell companies in the Cayman Islands. In India, when you have connections with politicians, corrupt people commit crimes, paper leaks etc, without fear of any laws. RTI activists like R@njeet s0ni in Bhopal & 20 others in Bihar were finished for seeking truth. Where was rule of law & order during the lakhimpur incident where a Union Minister's son ran over farmer, or the rewarding of UP gundas like Bhush@n who molested female wrestlers? UP has the highest number of custodial deaths in police stations, but no measures have been taken to address such type of issues. Additionally, UP has the highest number of cases where victims are wrongly charged with crimes (FIRs get filed against them in a State where police often refuse to file FIRs) instead of the actual perpetrators. We don't want India to be a Police state. Bharatiya Nyaya Sanhita contains more draconian & regressive provisions that reinforces a colonial minded police system. Many Indians are illegally seeking jobs abroad Indian youth go to live in west, coz they know that most western countries like US value free thinking (which creates innovations). G0di media is supporting beating students & farmers peaceful protests. Meanwhile, our current leaders are expert in running away from taking any responsibility for anything & only appears for the cameras, when it's time to take credit, while blaming everything on Congress & late PM Nehru.

[@sommyaruproy8405]

Discontinued gst data is a sad step. And public is always stupid they were collecting higher taxes before but since were not disclosed people thought they weren't there

[@DassPhotoElectronics]

Higher GST collection of due to price increase of most goods.

[@sommyaruproy8405]

@@DassPhotoElectronics inflation is a normal phenomenon in all countries especially during these times of war . Rates have been flat for few years now.

[@iconoclast_7cu]

When patriotism becomes an evil and blind faith then indiscriminately indirect taxation on every class can be justified, but it’s regressive mindset

[@kuralovien5524]

Inflation used to be in double digits from 2009-2014... Now it's averages around 4-7% for most of BJP rule... ​@@DassPhotoElectronics

[@anuragbanerjee2879]

@@DassPhotoElectronics Inflation is historically low in India now ... but I guess its a political comment

[@Bankimoon1]

50% of GST goes to states In The remaining 50% of GST 42% goes to the states under devolution Under centre sponsor scheme 9% goes to states GST gross collection - refunds N short fall to the states has to bare center because of the act Short fall is on 14% basis of incremental year on year What left to central govt😂

[@ianupamdey]

after all states spend the most

[@sivudu69]

Federal devolution to States is approx 39% if (Indirect taxes + Direct taxes - Cess - Customs). You're making it as if the Union govt is devolving 92% of gst collected. Go read a statistics book.

[@oyehoyemon2286]

@sharad, if you take a look at the comments here, you too would realise that economic success is often seen by opponents of the govt as a sign of inequality. I admire the commitment to instill a growth mindset to the public, though envy of others doing better drives voting patterns over one's own life improving

[@nitinpatel1039]

Their is need for some course correction for next 2-3 year focus should be and will be to pacify voters, capitalism is critical for India success in long term but right that capitalism need pinch of socialism to keep bjp in power

[@abrar1khan1]

F your BJ party

[@24elbaliava]

Correctly said.

[@sruthysreepadma]

💯

[@Rbabukamalak]

This is the catch22 situation BJP is in. It needs to balance welfare and capitalism and still win elections...humongous task. Indian voters are just too gullible as we have seen in recent elections

[@sourabhmate1411]

1. Absence of robust debt market is one of the reason behind higher participation by retail investors in stock market.

[@swativaidya7279]

Agreed! Very good analysis

[@kbmehta4208]

Good analysis

[@melitavaz4377]

Interesting column

[@jaydeepgadhavi5465]

As growing credit is a sign of maturing economy, shouldn't it correspond with growing investment ?

[@user-eh8qy1rs5b]

Nonsense involvement in the stock market by restricted sme stocks to nine percent day resulted in every day coming to upper circuit 😂😂😂😂

[@diwakarsingh873]

Haha Sounds funny don't know why.

[@jojyfrancischirayath8096]

Also should add demonetisation, covid lock down, more non availability of job, etc......

[@sridharn3259]

Reading comments is enough to show 'The Print Agenda'. Why find faults with everything, even with that he agrees as good!!

[@Bankimoon1]

No one pays GST Am a multi brand mobile retailer This business is a combo of value×vollume huge turnovers but no 1 pays GST Take gold jewellery no one pays GST If anybody pays namesake only So less cash economy is the one solution for leakages

[@maanast]

One quick question: why has the GDP-to-debt ratio increased to 80%?.Medication prices have almost doubled

[@ishaanrohmetra3447]

it is same for all countries, our country is growing at more than 7 percent so there is risk involved thats why imf asian devlopment bank or world bank doesnt flag indian economy,.

[@arpitsadariya201]

And most of these debts are long term , borrowed to build infrastructure which eventually can give you better return in the longer run. So long term debts are good for the nation like India

[@govindn3536]

Covid

[@technicalist101]

External debt is at an all-time low at 18.4%.

[@iconoclast_7cu]

80% is definitely unsustainable, even Bangladesh, Pakistan, Indonesia, Malaysia. Non’s DtG ratio is not 80%

[@DassPhotoElectronics]

"success" what are you smoking. GST collection has gone up because inflation has gone up and price of goods in general has gone up. If something used to cost Rs 100 in 2019 and Rs 200 in 2024 then GST on Rs 200 will be more than that of 2019.

[@kuralovien5524]

Inflation rate used to be in double digits under UPA 2... It touched double digit only during lock down that too WPI not CPI,,,, BJP is doing better than congress did in ages

[@at5112opsiarw]

And what do you smoke? Have you known of anything whose cost has gone down over the years? Look at inflation rate not prices. I mean such ignorance! India's problem is that salaries aren't increasing at the same rate, and employment is scarce. Raise these issues. Talking like petty politicians just adds to the noise and achieves little else.

[@xxyz2023]

Agree with your statement. The cost of living is increasing. Price of vegetables are going up. India's official unemployment data, CMIE: 2024 (6 months) = 9.2 percent 2023 = 8 percent 2022 = 7.33 percent 2021 = 6 percent The 8 crore new employment in 4 years data by RBI, includes the rise in "unpaid" workers like housewives & the rise in people going back to agriculture due to joblessness! Firms in India, currently, have to re-train youth. I believe the only way, wages can grow is if 'Skill India' is used to train 10,000 youth with relevant hard skills, in North India (where youth unemployment is very high) Meanwhile, across the world, agriculture is spreading as a key battleground. There have also been protests in Italy, Poland, Spain, Netherlands, Switzerland and Romania. In Germany, they blocked highways for a week to rail against cuts to subsidies for their diesel. Thousands gathered on the road leading up to the Brandenburg Gate in Berlin. Dozens of tractors jammed streets in Brussels, aimed their resentment at the European Union’s meeting for a summit. Shouting into phones above the cacophony of engines and horns, farmers from south of Paris were clogging up the French highway.

[@DassPhotoElectronics]

@@at5112opsiarw so wages have not increased and price of goods have ? Isn't there a term for this..... Yes, inflation! If inflation goes up so will GST collection

[@francisxaviergalli1780]

I wonder from when on The Print became a Godi media.

[@rajulutg2167]

Has anyone noticed that GST collections are almost flattening in the last one year which might be one of reason for this urgent decision to not publish the data from june onwards. Also has anyone really seen whether the banking operations of JanDhan accounts are really the reason for increase in personal or retail loans before attributing this the government effort for increasing banking reach. it is true with the availability of UPI the general access to banks has improved and this may not really has anything to do jandhan account. Stock market is one which is really baffling many and let us hope that this is for real.

[@shyamjaisapam1529]

U are son of bitch and fraud 🤬😡😡😮‍💨😮‍💨

[@Samdex92]

Transparency is not a hallmark of this government. Any sort of information that holds the govt accountable and has any element of criticism is quitely buried under the carpet.

[@anuragbanerjee2879]

When do last time the govt released data properly ?

[@Samdex92]

@@anuragbanerjee2879 Good question. Progressively less in the past 10 years.

[@anuragbanerjee2879]

@@Samdex92 I think its less so in the last 10 years, Before that (i was a statistic student) only place you could get data is either the minister (if you have catch) or JNU library

[@rajasekhar7951]

I don't trust the govt because of lack of sensus or data for research, influencing the press and democratic agencies, lack of rights for lgbt, increase in sessionist extremists (branding voters as khalistanis or discrediting UP voters as just revidi people (bjp had more goon politicians than any other party that might be the reason for loss) through state media . That being said bjp was able to achieve great economic progress if they are able to rectify the mistakes they made they might win again!

[@mohit13reddy]

The GST collected is not used for the benefit of the citizens but to further enrich cronies like Adani, Ambani, Goenka and several others

[@arpitsadariya201]

Not the right information

[@VisheshKhemka]

Can you explain how?

[@rajx7120]

If the list of cronies is so large, then it isn't really cronyism. It's just scare-mongering.

[@kuralovien5524]

Cry harder... BJP is pro business,,, even if you were to start a business they'd support it... India wasn't the richest country in the world for centuries because of communism or congress it was because of trade, trade that BJP is trying to promote

[@parvadhami980]

But India has one of the highest corporate tax rates

[@ShaileshKumar-io2zn]

Anti national channel mind your business. Modi will do what is good 😊