The economy of India does not fight for lack of ambition – it is overwhelmed by political obstacles, high taxes and bureaucratic administrative formalities.
In a recent article on X, the founder of Hatch wisdom, Akshat Shrivastava, presented a freelance approach to repair the system.
“Give some purchasing power to people (indirect / and / or direct taxes). This is common sense, “he wrote, stressing that increased disposable income should be a priority. But tax reductions are not enough alone. “Give companies to install stores in India: what incentives? You decide.
According to Shrivastava, another critical problem is the fatigue of conformity. “Reduce the burden of compliance with small businesses. Rather than making TPS filing every month, facilitate the process. So that small businesses can concentrate time, effort, energy to develop business. And hire more people, possibly.
He also underlined global trends, citing how other countries take advantage of tax residence programs to attract digital nomads. “Many countries offer incentives to future digital nomads and to become tax residents. This increases the tax base, if nothing else. Deliver long -term visas for these people. »»
However, its greatest recommendation was that the government itself assumes responsibility for economic recovery. “Take an income. If the economy is bad, even the government should become less greedy. And take sure on their tax revenue. Cut your own budget.
His final request? A real action plan. “Give a concrete action plan on how we will become a saving of 5T, $ 10 and $ 50t. Making “fluffing talks” leads us anywhere. “He questioned the technological ambitions of India, asking:” Without AI / ML / Robotics / Semiconductor / Crypto, etc., how exactly? “
The middle class of India also has its own expectations of the upcoming budget 2025. With an increase in inflation and stagnant wages, taxpayers hope for higher deductions, revised tax panels and more incentives within the framework of the new tax regime.
The old CFO CFO TV Mohandas Pai summarized the frustration of an interview with HT: “The middle class is very angry and upset by high taxes and poor quality of life.”
For Shrivastava, the path to follow is clear: “Give people a power of spending. And a stable environment to develop their activities through tax certainty – things will improve. »»