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Mar 29 8 tweets 7 min read Twitter logo Read on Twitter
#BRILLIANT CHARTS showing India’s GDP Growth - A Notable #ACHIEVEMENT by #Modinomics

Let’s look at India's nominal GDP that matters to Households & Businesses

EXCLUDING government borrowing & spending) Indians Households & Business Experience ~ZERO GROWTH since 2014-22 Image
This contrasts with the period FY 2008-14 when non-government component of GDP accounted for 38% of nominal growth.

Economists believe these animal spirits to be a vital ingredient for high growth of #SMEs & #Businesses Image
But you might argue that lots of STARTUPS have created jobs and lots of govt data shows lots of New Business Registrations since 2017


During these yrs #Farmers, #Unorganised Biz & #SMEs LOST a total of #45-60 MILLION JOBS. So 1-2 Million Startup jobs is a drop
What about New Business Registrations ? India is a Services economy

Well GST (2017), If I had a business with 3 Verticals in 24 states, I would need to have ONE SERVICE TAX Registration.

Post GST, I would need 3X24 = 72 GST REGISTRATION Numbers (see TREE)

You got the JOKE ? ImageImage
In conclusion, the ENTIRE INCREMENTAL NOMINAL growth in GDP from 2014 to 2022 = the INCREMENTAL government borrowing & spending

EXCLUDING the Govt, India’s HOUSEHOLDS & BUSINESSES (formal & informal) did NOT witness any growth !! ImageImage
One might Ague that 2014 to 2022 Experienced Several Crises (#Demonetisation, #GST, #NBFC ILFS, #COVID etc). EXCEPT for Covid, Everything was #Modinomics Policy

but there were many crises during 2004-14 as well viz. GFC, Euro crisis, Arab Spring, Taper tantrum, Oil @ $120/bbl ImageImage
Bottom-Line, #Modinomics ONLY WORKS FOR
1) BIG Corporates
2) GIFT City in Gujarat

CORPORATE tax's share in Centre's gross tax collections is 26% in 2021-22, down from 32% in 2018-19.


See Revenue Foregone ImageImageImageImage

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More from @TheFactFindr

Mar 29
#UPIcharges #upicharge


Visa & Master card networks provide Payment Guarantee and hence charge MDR. If there is a fraud, I can stop payment immediately. Not required to go to Police and Register an FIR.

What does #UPI charge the MDR for ?
#UPIcharges for what it’s worth, In #Singapore there is something called #PayNow which is just like UPI.

ZERO CHARGES the last that I know
Meanwhile @TheDeshBhakt saved me the trouble of typing this
Read 4 tweets
Mar 29
Imagine that GoI decided that #Goa becomes the #GIFT city instead of #Ahmedabad, it would be awesome.

Good Food
Great People
Clean & Green
Nice Windy Roads
Lots of Hotels & Resorts
2 Airports
Good Education & high Literacy
What do you think ?
How could I forget…. Cheap liquor
Read 4 tweets
Mar 28
#FACTCHECKING @Inc's @PChidambaram_IN when he was interviewed by @sardesairajdeep at the #indiatodayconclave2023 and said “I would give credit to this government for its single-minded focus on containing the deficit and debt management."
SIMPLY NOT TRUE: SEE the data & be a judge ImageImageImage
@PChidambaram_IN mentioned "single-minded focus on containing the deficit"
Chart 1: Absolute Fiscal Deficit is MASSIVELY EXPANDING like a Rocket
Chart 2: As % of GDP, Fiscal Balance (Deficit) is Highest Levels despite LIFE-TIME high Tax/GDP & Low Crude Oil Prices vs FY10-14 ImageImage
@PChidambaram_IN mentioned "single-minded focus on containing the Debt"
Chart 1: General Government liabilities (DEBT) to GDP ratio is at the Highest levels. Well above 2014.

Q: Tax/GDP is highest Ever & Crude Oil px are Close to half levels of Pre-FY14

Read 4 tweets
Mar 28
#BRILLIANT Example of #Modigovt CAPEX !

Rs20000 per Plate of Food for #G20 comes as No Surprise

#Modinomics CAPEX is GOLD PLATED thereby costing us at-least 50-100% More than what a Frugal Govt should spend or what has been spent by the same institutions in the past.
This is precisely why your Road Cost you Rs75 LACS per 10 Meters of Road (Bangalore- Mysore Expressway) or the User Development Fee at your Airports are being raised by 500% etc

I have written Several Detailed Threads on this subject
Read 4 tweets
Mar 25
A #BRILLIANT move by the @FinMinIndia hit 4 birds with one stone by introducing 3 changes in the Finance Bill. The 3 birds..
1) Higher Tax Collections
2) Capital Controls
3) Bank Deposits
4) Lower cost of Govt funding.
What are the changes
1) End of LTCG on #debt, Gold ETFs, Overseas or Any mutual fund that invests in less than 35% india equity bought after 1 Apr-23
2) STT Raised by 25%
3) Tax Collected at Source (TCS) raised to 20% (5% earlier) & threshold reduced to Zero (Rs7 lac earlier)
TRIGGER POINT: The Banking system is facing a shortage of liquidity => PRIMARY motive for the Changes in the Finance Bill in my opinion.

WHAT CAUSED THE LIQUIDITY CRUNCH? Weak Deposit growth vs credit growth.... also reflected in rising Credit/Deposit ratio ImageImage
Read 28 tweets

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