State of the economy
The other person sitting along with Jayati in the video is Thomas Picketty who has been pushing the concept of Uniiversal Basic Income. Basically another failed socialist policy, old wine in new bottle. Why would some one want to labour and work hard to earn a living when they get money in the account idling at home? Looks like such economists are being sponsored by outside agencies which want Indian economy to fail. more
I would also like to mention here that the GST/CGST, which is known as "Integrated Tax" as well must not be retained by the Government of India as per its Notification No. 21/2018–Central Tax dated 18.04.2018, extract copy as follows:
“97. Consumer Welfare Fund.-(1) All amounts of duty/central tax/ integrated tax /Union territory tax/cess and income from investment along with other monies specified in sub-section (2) of section 12C of the Central Excise Act, 1944 (1 of 1944), section 57 of the Central Goods and Services Tax Act, 2017 (12 of 2017) read with section 20 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), section 21 of the Union Territory Goods and Services Tax Act, 2017 (14 of 2017) and section 12 of the Goods and Services Tax (Compensation to States) Act, 2017 (15 of 2017) shall be credited to the Fund:
"Provided that an amount equivalent to fifty per cent. of the amount of integrated tax determined under sub-section (5) of section 54 of the Central Goods and Services Tax Act, 2017, read with section 20 of the Integrated Goods and Services Tax Act, 2017, shall be deposited in the Fund."
Everyone of us must know that the refund of overcharged taxes on sales whether Sales Tax, VAT or GST/CGST are the 'personal money' of consumers, hard earned and saved abused by the retailers, have got to be placed in CWF in the hands of the representatives of consumers in the Consumer Protection Councils under Consumer Protection Act 1986 and CPA 2019. IT MUST BE CLEAR IN THE MINDS OF EVERY CONSUMER THAT THIS RECOVERED MONEY IS NOT A REVENUE OF THE GOVERNMENT FOR INCLUDING THE SAME IN THE FINANCE BILL. more
Had all what she explained been done then also it is not the ultimate and only remedy. This happens in any country but the situation n socio economic conditions may vary as per geographical n political scenario. Currently in UK there is big debate for and against BREXIT is going on. The situation is highly volatile n on fluid state that also adds to the economic conditions which some experts think is good n some thinks it is not .
Any way the cash flaw is important yes, but with rise in inflation the buying power reduces, the middle class families are attracted in spending after buying vehicles n other luxury goods ,because banks gives finance , but they forget they have to pay back w A salary class person has fox salary where from one can pay back n meet those extra expenses , education, medicals.
To me it appears that our wise people were knowing or have ignored while signing the WTO agreement, under lot of pressure n had to go for unaffordable economic reforms n reduce subsidies, bring every service under tax, for which our country was not grown up in age compared to the developed countries ,The reforms and growth what they are at have reached there in 500- 200 years they want us to reach there just in 20 years how is that possible n stil in some developed EU countries the farmers, industrial labours are agitating .Can any one explain it? more