Thread by @TheFactFindr

#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

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

But you might argue that lots of STARTUPS have created jobs and lots of govt data shows lots of New Business Registrations since 2017

BOTH ARE TRUE but

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 ?

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 !!

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

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.

TODAY INDIVIDUALS TAX Collections is HIGHER than CORPORATE TAX.

See Revenue Foregone

CREDITS

linkedin.com/posts/rohan-so…

livemint.com/companies/comp…