Why wait for 2047 to get Viksit? Let's turbocharge India now!

Why wait for 2047 to become a Viksit Bharat when we can achieve it a decade earlier? Why settle for a steady, sleepy, unremarkable 7-8% growth rate when we have the potential to turbocharge it to a thriving 10%+? A recalibration of our tax system is the key to unleash the animal spirits of the economy, boosting consumption & investments and turning our aspirations into rapid, tangible growth. It's time for action.

- Sunil Kanoria

The Problem: A tax system that's holding us back

Currently, India's tax system feels more like a weight than a catalyst for progress. Individuals earning above ₹5 crore face an effective tax rate of 42.74%, while businesses are subject to corporate tax rates ranging from 25-35%, which make the system more burdensome. These high taxes stifle both consumption and investment, the two main pillars of a thriving economy. While we see steady growth, it remains well below the double-digit figures India needs to reach its potential and achieve global competitiveness. To change this, we need targeted reforms that provide to boost investments and incentivize spending.

Why cutting the highest tax slabs is crucial

Reviving Consumption:

India is a consumption-driven economy, with private con-sumption accounting for around 60% of GDP. By lowering taxes, especially for middle and higher-income groups, we can unleash a wave of spending. More disposable income would mean more consumption— be it in retail, travel, entertainment, or essential goods—creating a multiplier effect that accelerates growth.

Boosting Investment Capacity: