In the tumultuous post-independence period, a striking majority of India's population, estimated at approximately 70%, languished in dire poverty. As we transition into a new era, this disconcerting statistic has seen significant improvement. Today, we estimate the poverty rate at a comparatively diminished figure, around 15%. How did this remarkable shift transpire? To trace the roots of this evolution, we must journey back to India's nascent days as an independent nation. In the wake of 1947, India adhered to a unique socio-economic framework termed 'Democratic Socialism'. This compelling doctrine embodied a few salient principles: The fusion of private enterprise and societal welfare: Democratic socialism actively encouraged the participation of the private sector but insisted that it must work toward social advancements alongside economic prosperity. This approach reflects the ethos of successful cooperative movements such as Amul, which has revolutionized the dairy...
Introduction: The GST Council in India convenes periodically to discuss and refine tax structures. Each meeting brings forth a mix of positive and negative developments, often revealing new ironies and fallacies within the economy. This article sheds light on certain inconsistencies, focusing on the taxation of non-branded atta or wheat, the exemption of cricket games like IPL from GST, and the associated revenue generation. Taxing Essentials, Exempting Entertainment: One of the glaring ironies in the Indian tax system is the imposition of GST on non-branded atta or wheat, an essential commodity consumed by the poor. Despite the burden on those struggling to make ends meet, cricket, a form of entertainment, remains exempt from GST. The Board of Control for Cricket in India (BCCI), the governing body of cricket in India, enjoys tax-free status despite being the wealthiest cricket governing body globally. Example: A daily wage laborer, s...