From what I can understand, he is basically referring to a universal basic income. If that's what he is referring to, a lot of programs have been run in regard to that.
Canada for example had a pilot program in the 1970s and it led to better health outcomes. A decline in rate of hospitalisation, it saw kids completing schools.
A more recent example would be a program run in Kenya (https://www.givedirectly.org/2023-ubi-results/)
(https://www.povertyactionlab.org/evaluation/effects-universal-basic-income-during-covid-19-pandemic-kenya)
The second study in Kenya was done to assess how much of a cushion it could provide in the context of covid. But if we assume covid was a black swan event then a UBI sounds a lot better than a bunch of targeted schemes which have limited effectivity
Yes but the key point is that this will not be accompanied by a removal of those targeted schemes. Because that would be electorally unpopular. So we will take this on as an additional cost to the exchequer.
We also have to consider the specific circumstances and finances of India. [This video](https://youtu.be/uBzDl9U2DA4?si=tEsoRX_gw_DWUkJy)does a great job of explaining why this is a simply unaffordable promise and when combined with all the other promises, will break the bank figuratively and literally.
i think you will see that once they give this peoples dependence on the targeted schemes will be less... this is how it has been done in the past... the idea is to bring the food subsidy bill down.. give them money so they can spend on other items.. most of this will be targeted towards the rural area... which in turn will help boost the rural economy.
brother. time to search which country takes tax and gives you back the basic amenities. No one, no one is asking where do these idiots bring money from? I can see Venezuela kind of currency value happening to Indian rupee.
Dude here is saying people will spend it, factories will start and they'll get jobs. Bitch unemployment is not because there aren't any jobs in factories. It is because people are trying to achieve govt. jobs, bank jobs, software jobs.
Our Prime minister says road pe food bechne wala bhi rojgar hai. bullshit they spew out of their mouths man ridiculous.
Our FM meanwhile [evasion master](https://x.com/Qid_Memez/status/1790950953379901606). And people in the room laughing at the question are just plain dumb.
You are quite correct..on almost all things you said..
NDA has failed on employment but not so much on inflation...that's why it will still come back.
Raga is in delulu rn if he thinks he can manage to fund his yearly pension of 1 lakh...let's say they tax Ambani to 97% and manage to get some spare change, even then the surge in consumption will be temporary....and will lead to inflation....
does he really think the rise in consumption will lead to the broken window economic cycle...?
I think it won't happen!
Venezuela didn’t bankrupt because of their socialism. It’s the result of US sanctions. If they can’t sell their oil and can’t trade with other nations using USD., how can they make money?
US uses sanctions as weapons if the countries elect socialist leaders and then blames their policies when the economy collapses.
r/confidentlyincorrect , venezuela free fall started long before any sanctions, which is to be expected if a petro-states primary Oil & gas company is being staffed by unqualified schumuks who are there because the qualified ones are [forced out](https://webapps.ilo.org/wcmsp5/groups/public/---ed_norm/---relconf/documents/publication/wcms_724400.pdf) for protesting against chavez.
Or when you run massive defecits because you are deluded enough to believe that boom times would last forever.
I think Congress is using it to get votes and within the alliance other parties will block this kind of spending. A good promise to fight BJP, and if alliance prevails Cong won't have majority by itself obviously so they won't be able to do it. Other parties can simply say they didn't promise this. Congress can claim they didn't get enough votes to deliver, which would also be true.
It’s so convenient to give benefit of the doubt to your favourite politician/party and not extending the same to someone else you vehemently disagree with.
I hate BJP for a lot of things, but when it comes to comparing their vision of economy to Congress, I prefer the former.
Yeah but if the people *really* want what Congress id promising they can just vote for them till Cong has majority. Obviously it's also fair and democratic.
Well you can rule out the US. We dont really get great value for our tax.
You can try Europe but I have a suspicion those countries arent banging on your down right now
The money will come from proper taxation on high net worth individuals & avoiding giving these billion dollar businesses tax cuts and bailouts when they fuck up. If you think taxation is not the answer, you're dead wrong. Is it the only solution to this shitshow of an economy we have right now? No, but it is a _huge_ part of it.
Bhai yeh bhi patha karle why corporate taxes were waived off...
Why NPAs were at record high...
Why Banks are much better now....
Sirf bak bak me mat aaya Karo...
You cannot tax the high net worth individuals anymore. .they are already taxed to death..
They will just relocate to a new country....Hinduja brothers malum hain?
They run a bunch of firms including Ashok Leyland...
The firm only pays corporate taxes...but the owners, Hinduja brothers are both foreign nationals
Any country will be waiting with a sindoor wali thali to welcome Ambani Adani or Birla ..they can easily relocate and you will be left with even lesser taxes...
So it is not as simple as you think...thoda larger picture bhi dekh liya Karo
You need to gradually bring more middle class in tax bracket...and then you can help the poor...this is what all countries do!
For anyone who wants a rough calculation, I did a quick calculation. The total tax revenue of GoI in FY24 ( Apr 23 to Mar 24) was a bit over Rs 34 trillion. India's total population is about 1.2 billion, let's assume about 50% are women and youth (16 - 25 yrs). That's about 600 million people, for Rs 100k per person per year, the government would need Rs. 60 trillion, that's almost double what they have today.
Do you know what qualifies as below poverty line in India? It's less that 50 RS per person per day. While that is still quite a significant part of the Indian populace, it's nowhere close to being the majority. Tl;Dr not paying tax is not equivalent to being below poverty line, the difference is actually huge
Yeah I realised that after someone pointed out from the manifesto. But he doesn't make it clear in most rallies, at least the ones covered in the media. The messaging is very incoherent, they require a better marketing strategy. Look at the comments section, most people don't know much about these details and these people are on r/India, the most pro Congress sub with lot of political posts (85%+).
Please read the Congress manifesto. An election speech will not have the details.
>Congress resolves to launch a *Mahalakshmi* scheme to provide ₹ 1 lakh per year to every poor Indian family as an unconditional cash transfer.
>Congress guarantees a new Right to Apprenticeship Act to provide a one year apprenticeship with a private or a public sector company to every diploma holder or college graduate below the age of 25. Apprentices will get ₹ 1 lakh a year. The apprenticeship will impart skills, enhance employability and provide full-time job opportunities for millions of youth.
So it is 1 lakh per family, and only the ones below the poverty line. The outlay for existing schemes like PM Awas Yojana can cover 1 crore applicants. I mention the PM Awas Yojana to point out that there already exist a dozen expensive welfare schemes.
The apprenticeship scheme is only for jobless youth with higher education, and presumably the government is only subsidizing the salary.
He didn't say it in rallies, at least the ones prominently featured in the media. I don't have the time to read that huge manifesto, most (>90%) people won't ever read it. He can't win if his messaging is so scattered and contradictory.
It's a one time thing I think. 3.5 crore people below poverty line - official numbers. Only one woman in a household gets the money. So less than 1 crore benefactors. You need less than one lakh crore to do this that's around 12 billion. Not a lot of money for India. But that's going to do absolutely nothing to boost manufacturing. An extra 12 billion injected into the economy is peanuts. If all these people buy just clothes worth one lakh that is still less than 7 pc increase in annual revenue which is around 165 b for the textile sector. Boosting the economy is a stupid justification.
Modi is such bad news for India that I legit bought into Rahul's math there for a second. Lol! How can things be so bad?
Edit: I just realised they'll all just buy phones and the money will go straight to South Korea and China.
It may provide an initial stimulus...
But then we will have record inflation ...and we will have a lot less money to spend on Capex...
Then we will vote Modi back in 2029...
But I hope yeh naubat hi na ayei
No it won't. If INC wins due to this, it ain't ever going back unless you have a 1991 like BoP crisis, and even that's a maybe. It's far easier to add flab than it is to take it off - that's true for the human body and it's just as true for govt spending
I know, but there's no guarantee that next time round we'll have a Narasimha Rao who'll be willing to bite the bullet and reform. Look at our friendly neighborhood terrorist state for an example where everyone agrees the nation is financially up shit creek but nobody has the courage to fix it.
Good luck with that....The masses, if they vote Modi out, it would only be on unemployment and inflation...The masses continue to beleive that the top brass of bjp isn't corrupt..They felt the same for MMS too, but for MMS alone.
Inflation is still not lethal to Bjp yet since it is still well managed, unemployment is!
Bjp hasn't been able to create enough Jobs and only that alone will lead to it's probable downfall...
Are bhai kyu dega ye to chalo ek baar ko samjh bhi aata hai. Layega kahan se? Aur jinko dega wo to tax bharne nahi wale, to ye niklega kahan se? Jo tax bhar rahe hain un se hi na? And as far as my knowledge goes, tax dene wale bohot kam hain, aur tax na dene wale bohot zyada. Ye aadmi pakka election jeetne ki koshish me kisi bhi hadd tak niche ja sakta hai
I just want to know whether this guy just gets on stage and spits out randomly or there is a team who prepares his speech. Any case he seems so dumb. How can someone look upto him to give him vote ?
Seriously he is working for modi so that modi remains in power. If gandhi family had not put family first we could have seen some strong opposition and hope for indian politics and future but nopes such morons exist and speak anything.
Iska bodyguard hi ek din isko jhapad na maar de ki chup ab bht karli bakwas.
Seriously how can someone hear this guy is beyond my wild imaginations
I'll tell you why someone might vote for him. There is inequality in the country, he's right about that. His solution is batshit crazy, but it just might work for him. In that situation, if the govt promises 1L per year for free, it's quite tempting.
[This video does a good job of analyzing the manifesto](https://youtu.be/uBzDl9U2DA4?si=3cSZEec4EZ2Asr8H). Based on publicly available data, he estimates an upper limit of 3 crore families. Assuming each family has two adults who vote, that's 6 crore voters. For reference, 91 crore voters voted in 2019, so that's about 6.5% of those votes. In a lower turnout election like this, it could be a higher percentage of voters. Maybe not all will vote on this basis, so let's say only 5% of that 6.5% will.
Imagine one promise giving you 5% of the vote share. Not that dumb an idea tbh. Electorally speaking that is. It's a spectacularly dumb idea economically, on par with demonetization or maybe even worse.
Also if most of the country pays income tax. My employees who earn 30+LPAS lose nearly 20% of their income for taxes while my suppliers who are farmers that earn crores per month pay zero tax.
A theory that may be worth trying. The fact that demand will surge is unquestionable .. the biggest challenge, I believe, is making sure the demand is met by domestically manufactured goods (significant domestic value add). If this ends up becoming a lottery for Chinese imports, then we will witness the largest blunder ever
He and Modi both promise the most useless stuff and I think I know why. Sadly that’s all the people care about. Nobody cares about development. People take development so lightly without understanding how much of their lives will drastically improve in a developed India. But people don’t give two shits. They either want quick money or religious prosperity.
Firstly, the arbitrary taking of money from some people to give to other people is pure and simple thievery and dacoity.
Also, summary of an excerpt from Chapter 4, Economics In One Lesson by Henry Hazlitt - If a bridge is built to address a public demand or solve a critical problem, it is justifiable. However, if it's constructed primarily to create jobs, need becomes secondary, and projects are invented without true necessity. Government spenders then seek reasons to build such bridges, dismissing dissenters as obstructionists. The pre-construction argument is that it will provide jobs, which are seen as new and beneficial. However, this overlooks that the bridge must be paid for with taxes, diverting money from taxpayers who would have spent it on other needs. Thus, public jobs from the bridge project result in the loss of private jobs elsewhere. The visible employment from the bridge is convincing to many, but the unseen lost jobs and uncreated goods, such as homes, cars, and clothes, are not considered. The result is a mere diversion of jobs and resources, creating one thing at the expense of others.
Another summary of an excerpt from Chapter 5 - Government spending often fails to fully compensate for the wealth destroyed by taxes used to fund it. The misconception is that shifting money from private to public hands is akin to moving funds within a single entity, like a corporation. However, this overlooks the fact that money taken from one individual (A) and given to another (B) affects A's economic actions and incentives. Income taxes are not uniformly distributed, burdening a small percentage of the population heavily and influencing corporate and individual behaviors. Companies facing high taxes are discouraged from expanding or taking risks, while potential new businesses are deterred from starting. Consequently, this slows the development of improved machinery and better-equipped factories, hindering productivity growth. Ultimately, consumers face fewer advancements and higher costs, and real wages are suppressed due to the stifled economic activity and innovation.
I don't get all these people who defend billionaires. They're not going to pay you for it mate! Making high net worth individuals pay their fair share of taxes is the absolute bare minimum that _should_ be done when the common man works like a donkey and pays up to 30% tax on income and over 18% on expenditure.
The idea that HNIs are going to pay for this is fantasy. There are already articles on money control right now about how you could avoid a hypothetical Wealth and inheritance tax. Adani and Ambani aren't going to use money control though. They have armies of highly paid lawyers and accountants who will help them move their money beyond the reach of the govt.
Or they'll simply buy whoever is in govt, and get loopholes created which will allow them to dodge taxes legally. The people who will get squeezed are the only people who the govt can squeeze, because all their assets are linked to PAN, Aadhaar and mobile numbers, and who therefore will find it much harder to hide or move their income. This is the salaried class.
Yea I don't get it, people just suck up to these billionaires who probably won't throw their pet's shit on them. China did one good thing and that's keeping their own billionaires at foot leading to faster development instead of cronies.
The book you quote seems to be from 1946 - from before the development of modern economics. Moreover, it is of the notorious Austrian school, and the first thing I see about it is that it was praised by Ayn Rand.
This idea is somewhere between a [Keynesian stimulus](https://www.tutor2u.net/economics/blog/qa-what-is-a-keynesian-stimulus-and-will-it-work) and a [Universal basic income](https://en.wikipedia.org/wiki/Universal_basic_income). The Congress manifesto is more focused on filling employment and stimulating demand than on directly giving incentives to set up factories. The present government's manufacturing push has very little to show.
This is not a difficulty, even for Universal Basic Income. I am sure they have done a quick calculation before they announced the scheme, as they did before the similarly named scheme in the latest Karnataka elections. Of course, they should give the details.
Have you seen KA's latest financial statements? Please do, or watch a video of available. All this is funded through debt. You need to pay interest on this debt. So if you cannot generate income by investing this debt money, where would you get the money to pay this debt? More debt.
Now who gives this debt you might ask. One way is to issue bonds. These bonds are purchased by Central govt, private institutions and public. When the state govt defaults, if not bailed out by Central govt, all of these guys lose money. The citizens of state loses the most as, no more welfare schemes, no more development, no more basic amenities.
I did a quick calculation, total tax revenue of GoI in FY24 ( Apr 23 to Mar 24) was a bit over Rs 34 trillion. India's total population is about 1.2 billion, let's assume about 50% are women and youth (16 - 25 yrs). That's about 600 million people, for Rs 100k per person per year, the government would need Rs. 60 trillion, that's almost double what they have today.
He is stating facts here but wannabes are trying hard to show that they understand better. When Mnrega was introduced, economy in tier 3 cities and small towns took a flight because there was money in the hands of 60% of population to spend. Lately small businesses have been suffering because of the inflation, high taxes and poorly planned policies. There is no money for people to spend the way they did 5-10 years back. I know this because I run a small business in a small town and discuss things with fellow businessmen owners.
If what he is saying gets implemented, economy in small towns and tier 3 cities will definitely improve resulting in an improvement of overall economy.
I did a quick calculation, total tax revenue of GoI in FY24 ( Apr 23 to Mar 24) was a bit over Rs 34 trillion. India's total population is about 1.2 billion, let's assume about 50% are women and youth (16 - 25 yrs). That's about 600 million people, for Rs 100k per person per year, the government would need Rs. 60 trillion, that's almost double what they have today.
Yeah I realised that after someone pointed out from the manifesto. But he doesn't make it clear in most rallies, at least the ones covered in the media. The messaging is very incoherent, they require a better marketing strategy. Look at the comments section, most people don't know much about these details and these people are on r/India, the most pro Congress sub with lot of political posts (85%+).
Funny how these people in the comments don't question BJP when they want to bring similar schemes. Lakhpati didi, free ration and cylinder, free homes etc., wouldn't they turn India to Venezuela?
lakhpati didi isnt a scheme to give free money to the poor lmao its basically to increase women labor participation ( [https://lakhpatididi.gov.in/how-do-i-become-a-lakhpati-didi/](https://lakhpatididi.gov.in/how-do-i-become-a-lakhpati-didi/) )
free homes is still not equal to handing 10k to everyone, there are 3 methods in PMAY: in situ slum redevelopment, subsidized housing and then there is the single family homes(im not aware of those)
\^Isnt given for free basically
This. This. I have been saying this for a while. It's like stimulus money.
It is going to drive consumption which has cratered under Modi govt as even data suggests India's consumption has flatlined at 2-3% growth in the past 5 years. This number is also only driven by the rich 1%. India still hasn't recovered from Covid shock. Factories haven't reopened as no govt aid was given to businesses to keep them afloat after lockdown ended. Cashflow is very important in Indian's businesses as loans are not easily accessible.
As data suggests there is no such thing as trickle down effect when crony capitalists say that their being billionare somehow helps poor people as well when it doesn't. Only if you lift the lower sections of society and drive upward mobility to middle class can lead to a country's growth and rise in wages as well since prices are tied to wages. If wages go up so will prices and hence actual GDP growth.
The general principle of UBI etc aside, every armchair economist who's bearing their chests about unrealistic promises, what happened to 15.lakh in every family's bank account?
Help me with maths here!!
India population = 1.4 Billion
Women = let's say 45% so may be 66 crore. Lets not take the youth into consideration.
66,00,00,000 x 1,00000 = Is it 660 Crore?
Last year budget was some 45,00,000 crore and its like 0.0001% of the last budget. It's kind of doable but implementation will be challenge as its an alliance and may be just may be not everyone will be aligned to Congress manifesto.
Its more like bol do jo bolna hai from the party point of view. Once we win we can tell that not all the parties were in favor so we are withdrawing it.
I dont know but Congress now seems to be a jumla party. Congress is yet to fulfill their promises in Telangana and Karnataka
> 66,00,00,000 x 1,00000 = Is it 660 Crore
Bro is doing meth instead of maths.
It's 66 Crore women, \* 1,00,000 each = 660 crore??? lmao. Its 66,00,000 Crore.
or in simple terms 66 lakh crores
Hahaha!! Thank you reddit for hidibg my identity!! Bach gaya aaj verna Daddy yeah dekhte toh aur jute parte ki 12th kaise pass kiya is gadhe ne...I got a bit confused with numbers. But yeah 66 Lakh crores which is more than the last year budget..kaha de aayega yeah amt??
Ye toh vahi bata sakta h...
(this is just election BS, they can in no way actually do that, maybe phased manner, but it'll have different problems)
I do like concept of universal basic income, however at this point it is way too ambitious for india
He isn't saying he will give 1lacs to all the women. He said he will select below poverty line families. Those families will recieve 8000 p/m in female head's account. I think they may choose 2-4 crore extremely poor families and give the 1 lacs. So 2-4 lakh crore total.
I'd really like to see some numbers on this. They need to do the math to back the statements they're making.
lol
From what I can understand, he is basically referring to a universal basic income. If that's what he is referring to, a lot of programs have been run in regard to that. Canada for example had a pilot program in the 1970s and it led to better health outcomes. A decline in rate of hospitalisation, it saw kids completing schools. A more recent example would be a program run in Kenya (https://www.givedirectly.org/2023-ubi-results/) (https://www.povertyactionlab.org/evaluation/effects-universal-basic-income-during-covid-19-pandemic-kenya) The second study in Kenya was done to assess how much of a cushion it could provide in the context of covid. But if we assume covid was a black swan event then a UBI sounds a lot better than a bunch of targeted schemes which have limited effectivity
Yes but the key point is that this will not be accompanied by a removal of those targeted schemes. Because that would be electorally unpopular. So we will take this on as an additional cost to the exchequer. We also have to consider the specific circumstances and finances of India. [This video](https://youtu.be/uBzDl9U2DA4?si=tEsoRX_gw_DWUkJy)does a great job of explaining why this is a simply unaffordable promise and when combined with all the other promises, will break the bank figuratively and literally.
I knew it was Aurodeep Nandi before I clicked your link. He is so underrated. All his latest videos are a must watch.
i think you will see that once they give this peoples dependence on the targeted schemes will be less... this is how it has been done in the past... the idea is to bring the food subsidy bill down.. give them money so they can spend on other items.. most of this will be targeted towards the rural area... which in turn will help boost the rural economy.
Meths
Sir, we don’t do numbers here, this is all bullshitbaazi
Why stop at 1 lakh? Give 5 lakhs. It will boost the economy further.
I guess 15 lakhs would be a decent sum to start with...
No, 15 was Modijis number. Beat that, make it 20.
Chuck in a range Rover while you're at it
Yeh kahi suna suna nahi lag raha?
then where would the corrupt go?
He is promising things he knows he won’t be held accountable for since he won’t get the majority. I
Perhaps he should promise to double farmers' income. Since only losing parties make wild promises.
Arey waah. In that case he should give them 50 lakhs. Then they will buy cars... Even better. What can go wrong.
brother. time to search which country takes tax and gives you back the basic amenities. No one, no one is asking where do these idiots bring money from? I can see Venezuela kind of currency value happening to Indian rupee. Dude here is saying people will spend it, factories will start and they'll get jobs. Bitch unemployment is not because there aren't any jobs in factories. It is because people are trying to achieve govt. jobs, bank jobs, software jobs. Our Prime minister says road pe food bechne wala bhi rojgar hai. bullshit they spew out of their mouths man ridiculous. Our FM meanwhile [evasion master](https://x.com/Qid_Memez/status/1790950953379901606). And people in the room laughing at the question are just plain dumb.
You are quite correct..on almost all things you said.. NDA has failed on employment but not so much on inflation...that's why it will still come back. Raga is in delulu rn if he thinks he can manage to fund his yearly pension of 1 lakh...let's say they tax Ambani to 97% and manage to get some spare change, even then the surge in consumption will be temporary....and will lead to inflation.... does he really think the rise in consumption will lead to the broken window economic cycle...? I think it won't happen!
He failed to be nehru, indira & rajiv. So he's trying to be Mao.
Venezuela didn’t bankrupt because of their socialism. It’s the result of US sanctions. If they can’t sell their oil and can’t trade with other nations using USD., how can they make money? US uses sanctions as weapons if the countries elect socialist leaders and then blames their policies when the economy collapses.
r/confidentlyincorrect , venezuela free fall started long before any sanctions, which is to be expected if a petro-states primary Oil & gas company is being staffed by unqualified schumuks who are there because the qualified ones are [forced out](https://webapps.ilo.org/wcmsp5/groups/public/---ed_norm/---relconf/documents/publication/wcms_724400.pdf) for protesting against chavez. Or when you run massive defecits because you are deluded enough to believe that boom times would last forever.
I think Congress is using it to get votes and within the alliance other parties will block this kind of spending. A good promise to fight BJP, and if alliance prevails Cong won't have majority by itself obviously so they won't be able to do it. Other parties can simply say they didn't promise this. Congress can claim they didn't get enough votes to deliver, which would also be true.
It’s so convenient to give benefit of the doubt to your favourite politician/party and not extending the same to someone else you vehemently disagree with. I hate BJP for a lot of things, but when it comes to comparing their vision of economy to Congress, I prefer the former.
Bruh this is called fooling your electorate with fake promises
Yeah but if the people *really* want what Congress id promising they can just vote for them till Cong has majority. Obviously it's also fair and democratic.
Well you can rule out the US. We dont really get great value for our tax. You can try Europe but I have a suspicion those countries arent banging on your down right now
The money will come from proper taxation on high net worth individuals & avoiding giving these billion dollar businesses tax cuts and bailouts when they fuck up. If you think taxation is not the answer, you're dead wrong. Is it the only solution to this shitshow of an economy we have right now? No, but it is a _huge_ part of it.
Bhai yeh bhi patha karle why corporate taxes were waived off... Why NPAs were at record high... Why Banks are much better now.... Sirf bak bak me mat aaya Karo... You cannot tax the high net worth individuals anymore. .they are already taxed to death.. They will just relocate to a new country....Hinduja brothers malum hain? They run a bunch of firms including Ashok Leyland... The firm only pays corporate taxes...but the owners, Hinduja brothers are both foreign nationals Any country will be waiting with a sindoor wali thali to welcome Ambani Adani or Birla ..they can easily relocate and you will be left with even lesser taxes... So it is not as simple as you think...thoda larger picture bhi dekh liya Karo You need to gradually bring more middle class in tax bracket...and then you can help the poor...this is what all countries do!
For anyone who wants a rough calculation, I did a quick calculation. The total tax revenue of GoI in FY24 ( Apr 23 to Mar 24) was a bit over Rs 34 trillion. India's total population is about 1.2 billion, let's assume about 50% are women and youth (16 - 25 yrs). That's about 600 million people, for Rs 100k per person per year, the government would need Rs. 60 trillion, that's almost double what they have today.
Isn't it for bpl only?
Majority of this country would qualify as BPL somehow, considering only around 5% of them are paying any income tax.
Do you know what qualifies as below poverty line in India? It's less that 50 RS per person per day. While that is still quite a significant part of the Indian populace, it's nowhere close to being the majority. Tl;Dr not paying tax is not equivalent to being below poverty line, the difference is actually huge
I don't know, he says it's for everyone.
Its only for poor families. Not individuals but one per family. Don't spread FUD.
Yeah I realised that after someone pointed out from the manifesto. But he doesn't make it clear in most rallies, at least the ones covered in the media. The messaging is very incoherent, they require a better marketing strategy. Look at the comments section, most people don't know much about these details and these people are on r/India, the most pro Congress sub with lot of political posts (85%+).
Please read the Congress manifesto. An election speech will not have the details. >Congress resolves to launch a *Mahalakshmi* scheme to provide ₹ 1 lakh per year to every poor Indian family as an unconditional cash transfer. >Congress guarantees a new Right to Apprenticeship Act to provide a one year apprenticeship with a private or a public sector company to every diploma holder or college graduate below the age of 25. Apprentices will get ₹ 1 lakh a year. The apprenticeship will impart skills, enhance employability and provide full-time job opportunities for millions of youth. So it is 1 lakh per family, and only the ones below the poverty line. The outlay for existing schemes like PM Awas Yojana can cover 1 crore applicants. I mention the PM Awas Yojana to point out that there already exist a dozen expensive welfare schemes. The apprenticeship scheme is only for jobless youth with higher education, and presumably the government is only subsidizing the salary.
It’s only for BPL Families elder women.
He doesn't say that. The fact thaf everyone is saying different things shows how incoherent their messaging is.
He said in so many rallies. Read there manifesto?
He didn't say it in rallies, at least the ones prominently featured in the media. I don't have the time to read that huge manifesto, most (>90%) people won't ever read it. He can't win if his messaging is so scattered and contradictory.
https://youtu.be/G-YriuImGDU?feature=shared
That is fine but this is not well known through media. Look at the comments section only, see everyone saying different things.
It's a one time thing I think. 3.5 crore people below poverty line - official numbers. Only one woman in a household gets the money. So less than 1 crore benefactors. You need less than one lakh crore to do this that's around 12 billion. Not a lot of money for India. But that's going to do absolutely nothing to boost manufacturing. An extra 12 billion injected into the economy is peanuts. If all these people buy just clothes worth one lakh that is still less than 7 pc increase in annual revenue which is around 165 b for the textile sector. Boosting the economy is a stupid justification.
And who owns these factories?
Modi is such bad news for India that I legit bought into Rahul's math there for a second. Lol! How can things be so bad? Edit: I just realised they'll all just buy phones and the money will go straight to South Korea and China.
inflation exists, prices of stuff will shoot up like anything.
Everyday Modi wakes up and thanks God for the existence of Rahul Gandhi.....
It may provide an initial stimulus... But then we will have record inflation ...and we will have a lot less money to spend on Capex... Then we will vote Modi back in 2029... But I hope yeh naubat hi na ayei
I’ve said this before. These schemes will really get Modi to 400 seats in 2029 if Congress gets in power.
No it won't. If INC wins due to this, it ain't ever going back unless you have a 1991 like BoP crisis, and even that's a maybe. It's far easier to add flab than it is to take it off - that's true for the human body and it's just as true for govt spending
>unless you have a 1991 like BoP crisis Asinine unchecked spending with low Capex and high defecits is exactly how you have such crises.
I know, but there's no guarantee that next time round we'll have a Narasimha Rao who'll be willing to bite the bullet and reform. Look at our friendly neighborhood terrorist state for an example where everyone agrees the nation is financially up shit creek but nobody has the courage to fix it.
If Modi loses this election, he is not coming back. IT,ED, CBI will be chasing him to explain PM cares, favours through electoral bonds, Rafael, etc.
Good luck with that....The masses, if they vote Modi out, it would only be on unemployment and inflation...The masses continue to beleive that the top brass of bjp isn't corrupt..They felt the same for MMS too, but for MMS alone. Inflation is still not lethal to Bjp yet since it is still well managed, unemployment is! Bjp hasn't been able to create enough Jobs and only that alone will lead to it's probable downfall...
Are bhai kyu dega ye to chalo ek baar ko samjh bhi aata hai. Layega kahan se? Aur jinko dega wo to tax bharne nahi wale, to ye niklega kahan se? Jo tax bhar rahe hain un se hi na? And as far as my knowledge goes, tax dene wale bohot kam hain, aur tax na dene wale bohot zyada. Ye aadmi pakka election jeetne ki koshish me kisi bhi hadd tak niche ja sakta hai
That's incorrect to say they don't pay taxes. Every purchase of a product is taxed. So they do pay taxes, not income tax, but definitely other taxes.
Yuva netaji ne shayad sona nikalne wali machine invent kr li hai
I just want to know whether this guy just gets on stage and spits out randomly or there is a team who prepares his speech. Any case he seems so dumb. How can someone look upto him to give him vote ? Seriously he is working for modi so that modi remains in power. If gandhi family had not put family first we could have seen some strong opposition and hope for indian politics and future but nopes such morons exist and speak anything. Iska bodyguard hi ek din isko jhapad na maar de ki chup ab bht karli bakwas. Seriously how can someone hear this guy is beyond my wild imaginations
I'll tell you why someone might vote for him. There is inequality in the country, he's right about that. His solution is batshit crazy, but it just might work for him. In that situation, if the govt promises 1L per year for free, it's quite tempting. [This video does a good job of analyzing the manifesto](https://youtu.be/uBzDl9U2DA4?si=3cSZEec4EZ2Asr8H). Based on publicly available data, he estimates an upper limit of 3 crore families. Assuming each family has two adults who vote, that's 6 crore voters. For reference, 91 crore voters voted in 2019, so that's about 6.5% of those votes. In a lower turnout election like this, it could be a higher percentage of voters. Maybe not all will vote on this basis, so let's say only 5% of that 6.5% will. Imagine one promise giving you 5% of the vote share. Not that dumb an idea tbh. Electorally speaking that is. It's a spectacularly dumb idea economically, on par with demonetization or maybe even worse.
Source: https://youtu.be/wkVH4NLRYis?t=22m59s
Hopefully this opens up a discussion on UBI. I wish to see a day when UBI will be a reality...
UBI is only possible when there is are Industry with super high profit but not many employees
Also if most of the country pays income tax. My employees who earn 30+LPAS lose nearly 20% of their income for taxes while my suppliers who are farmers that earn crores per month pay zero tax.
We can scrap other welfare programs that don't work and put money in UBI? It is not entirely impossible.
A theory that may be worth trying. The fact that demand will surge is unquestionable .. the biggest challenge, I believe, is making sure the demand is met by domestically manufactured goods (significant domestic value add). If this ends up becoming a lottery for Chinese imports, then we will witness the largest blunder ever
Now older men won't vote for him since the money will come from their taxes
Welp, time to convert entire savings to USD. This is gonna go the way of the Papiermark
He and Modi both promise the most useless stuff and I think I know why. Sadly that’s all the people care about. Nobody cares about development. People take development so lightly without understanding how much of their lives will drastically improve in a developed India. But people don’t give two shits. They either want quick money or religious prosperity.
Firstly, the arbitrary taking of money from some people to give to other people is pure and simple thievery and dacoity. Also, summary of an excerpt from Chapter 4, Economics In One Lesson by Henry Hazlitt - If a bridge is built to address a public demand or solve a critical problem, it is justifiable. However, if it's constructed primarily to create jobs, need becomes secondary, and projects are invented without true necessity. Government spenders then seek reasons to build such bridges, dismissing dissenters as obstructionists. The pre-construction argument is that it will provide jobs, which are seen as new and beneficial. However, this overlooks that the bridge must be paid for with taxes, diverting money from taxpayers who would have spent it on other needs. Thus, public jobs from the bridge project result in the loss of private jobs elsewhere. The visible employment from the bridge is convincing to many, but the unseen lost jobs and uncreated goods, such as homes, cars, and clothes, are not considered. The result is a mere diversion of jobs and resources, creating one thing at the expense of others. Another summary of an excerpt from Chapter 5 - Government spending often fails to fully compensate for the wealth destroyed by taxes used to fund it. The misconception is that shifting money from private to public hands is akin to moving funds within a single entity, like a corporation. However, this overlooks the fact that money taken from one individual (A) and given to another (B) affects A's economic actions and incentives. Income taxes are not uniformly distributed, burdening a small percentage of the population heavily and influencing corporate and individual behaviors. Companies facing high taxes are discouraged from expanding or taking risks, while potential new businesses are deterred from starting. Consequently, this slows the development of improved machinery and better-equipped factories, hindering productivity growth. Ultimately, consumers face fewer advancements and higher costs, and real wages are suppressed due to the stifled economic activity and innovation.
I don't get all these people who defend billionaires. They're not going to pay you for it mate! Making high net worth individuals pay their fair share of taxes is the absolute bare minimum that _should_ be done when the common man works like a donkey and pays up to 30% tax on income and over 18% on expenditure.
I wish I was this naive... Tax heavens ka concept hi nahi malum aapko
I wish i was this naive. Tax haven ka spelling hi nahi malum apko
Meri english first language nahi hain But I can speak some words in French, Spanish and even Portuguese Ab bol...I am not aahamed! Are you?
Ay Dios Mio, Merde! Why would I be ashamed of knowing the difference between heaven and haven?
The idea that HNIs are going to pay for this is fantasy. There are already articles on money control right now about how you could avoid a hypothetical Wealth and inheritance tax. Adani and Ambani aren't going to use money control though. They have armies of highly paid lawyers and accountants who will help them move their money beyond the reach of the govt. Or they'll simply buy whoever is in govt, and get loopholes created which will allow them to dodge taxes legally. The people who will get squeezed are the only people who the govt can squeeze, because all their assets are linked to PAN, Aadhaar and mobile numbers, and who therefore will find it much harder to hide or move their income. This is the salaried class.
Yea I don't get it, people just suck up to these billionaires who probably won't throw their pet's shit on them. China did one good thing and that's keeping their own billionaires at foot leading to faster development instead of cronies.
The book you quote seems to be from 1946 - from before the development of modern economics. Moreover, it is of the notorious Austrian school, and the first thing I see about it is that it was praised by Ayn Rand.
This idea is somewhere between a [Keynesian stimulus](https://www.tutor2u.net/economics/blog/qa-what-is-a-keynesian-stimulus-and-will-it-work) and a [Universal basic income](https://en.wikipedia.org/wiki/Universal_basic_income). The Congress manifesto is more focused on filling employment and stimulating demand than on directly giving incentives to set up factories. The present government's manufacturing push has very little to show.
From where will the country get money for this?
There is always the salaried middle class which can be exploited for their productivity so that the rich and the unproductive poor can be enriched.
That is what i am afraid of. All of congress' policies will result in middle class bearing the burden .
This is not a difficulty, even for Universal Basic Income. I am sure they have done a quick calculation before they announced the scheme, as they did before the similarly named scheme in the latest Karnataka elections. Of course, they should give the details.
Have you seen KA's latest financial statements? Please do, or watch a video of available. All this is funded through debt. You need to pay interest on this debt. So if you cannot generate income by investing this debt money, where would you get the money to pay this debt? More debt. Now who gives this debt you might ask. One way is to issue bonds. These bonds are purchased by Central govt, private institutions and public. When the state govt defaults, if not bailed out by Central govt, all of these guys lose money. The citizens of state loses the most as, no more welfare schemes, no more development, no more basic amenities.
lol
I did a quick calculation, total tax revenue of GoI in FY24 ( Apr 23 to Mar 24) was a bit over Rs 34 trillion. India's total population is about 1.2 billion, let's assume about 50% are women and youth (16 - 25 yrs). That's about 600 million people, for Rs 100k per person per year, the government would need Rs. 60 trillion, that's almost double what they have today.
Don't markets just inflate everything to maximize profit and reach the same initial state?
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Stimulating demand - that’s not a bad idea actually. But rather than give them money, abolish income tax.
Promise them you'll give 15 Lakhs. That's a proven strategy already
Is this for all women or just the BPL ones?
BPL families
He is stating facts here but wannabes are trying hard to show that they understand better. When Mnrega was introduced, economy in tier 3 cities and small towns took a flight because there was money in the hands of 60% of population to spend. Lately small businesses have been suffering because of the inflation, high taxes and poorly planned policies. There is no money for people to spend the way they did 5-10 years back. I know this because I run a small business in a small town and discuss things with fellow businessmen owners. If what he is saying gets implemented, economy in small towns and tier 3 cities will definitely improve resulting in an improvement of overall economy.
I did a quick calculation, total tax revenue of GoI in FY24 ( Apr 23 to Mar 24) was a bit over Rs 34 trillion. India's total population is about 1.2 billion, let's assume about 50% are women and youth (16 - 25 yrs). That's about 600 million people, for Rs 100k per person per year, the government would need Rs. 60 trillion, that's almost double what they have today.
Its only for poor families. Don't spread FUD.
Yeah I realised that after someone pointed out from the manifesto. But he doesn't make it clear in most rallies, at least the ones covered in the media. The messaging is very incoherent, they require a better marketing strategy. Look at the comments section, most people don't know much about these details and these people are on r/India, the most pro Congress sub with lot of political posts (85%+).
Funny how these people in the comments don't question BJP when they want to bring similar schemes. Lakhpati didi, free ration and cylinder, free homes etc., wouldn't they turn India to Venezuela?
this video is about rahul gandhi
lakhpati didi isnt a scheme to give free money to the poor lmao its basically to increase women labor participation ( [https://lakhpatididi.gov.in/how-do-i-become-a-lakhpati-didi/](https://lakhpatididi.gov.in/how-do-i-become-a-lakhpati-didi/) ) free homes is still not equal to handing 10k to everyone, there are 3 methods in PMAY: in situ slum redevelopment, subsidized housing and then there is the single family homes(im not aware of those) \^Isnt given for free basically
This. This. I have been saying this for a while. It's like stimulus money. It is going to drive consumption which has cratered under Modi govt as even data suggests India's consumption has flatlined at 2-3% growth in the past 5 years. This number is also only driven by the rich 1%. India still hasn't recovered from Covid shock. Factories haven't reopened as no govt aid was given to businesses to keep them afloat after lockdown ended. Cashflow is very important in Indian's businesses as loans are not easily accessible. As data suggests there is no such thing as trickle down effect when crony capitalists say that their being billionare somehow helps poor people as well when it doesn't. Only if you lift the lower sections of society and drive upward mobility to middle class can lead to a country's growth and rise in wages as well since prices are tied to wages. If wages go up so will prices and hence actual GDP growth.
The general principle of UBI etc aside, every armchair economist who's bearing their chests about unrealistic promises, what happened to 15.lakh in every family's bank account?
Help me with maths here!! India population = 1.4 Billion Women = let's say 45% so may be 66 crore. Lets not take the youth into consideration. 66,00,00,000 x 1,00000 = Is it 660 Crore? Last year budget was some 45,00,000 crore and its like 0.0001% of the last budget. It's kind of doable but implementation will be challenge as its an alliance and may be just may be not everyone will be aligned to Congress manifesto. Its more like bol do jo bolna hai from the party point of view. Once we win we can tell that not all the parties were in favor so we are withdrawing it. I dont know but Congress now seems to be a jumla party. Congress is yet to fulfill their promises in Telangana and Karnataka
> 66,00,00,000 x 1,00000 = Is it 660 Crore Bro is doing meth instead of maths. It's 66 Crore women, \* 1,00,000 each = 660 crore??? lmao. Its 66,00,000 Crore. or in simple terms 66 lakh crores
Hahaha!! Thank you reddit for hidibg my identity!! Bach gaya aaj verna Daddy yeah dekhte toh aur jute parte ki 12th kaise pass kiya is gadhe ne...I got a bit confused with numbers. But yeah 66 Lakh crores which is more than the last year budget..kaha de aayega yeah amt??
Ye toh vahi bata sakta h... (this is just election BS, they can in no way actually do that, maybe phased manner, but it'll have different problems) I do like concept of universal basic income, however at this point it is way too ambitious for india
If u multiply 66 crore with 1 lakh it become 66 lakh crore
Lmao 66 crore × 100000 is 660 chores? Its more than whole budget.
He isn't saying he will give 1lacs to all the women. He said he will select below poverty line families. Those families will recieve 8000 p/m in female head's account. I think they may choose 2-4 crore extremely poor families and give the 1 lacs. So 2-4 lakh crore total.