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NDA Vs UPA, Tax System, Kolkata's Fall, GDP Growth & More ft. Former CEA: Ashok Lahiri | Neon Show скачать в хорошем качестве

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NDA Vs UPA, Tax System, Kolkata's Fall, GDP Growth & More ft. Former CEA: Ashok Lahiri | Neon Show

India's Tax rate was once 97%. So, how did India’s tax system transform into what it is now? Long before the British or the Income Tax Act, taxes were part of Indian society. Ancient texts like the Manusmriti and Arthashastra mention traders and artisans contributing 20% of their income, while farmers contributed a portion of their produce. Taxes back then were used to fund the kingdom. Cut to 1860, the first Income Tax Act was introduced by Sir James Wilson to recover financial losses from the 1857 revolt. Over the next century, the system evolved, with major updates in 1918, 1922, and finally, the Income Tax Act of 1961, which still forms the backbone of our tax structure today. Things started to change after 1947 when India embraced socialism. The government wanted to reduce income inequality and fund development. Their solution? Tax the rich heavily. By the 1970s, India had a staggering 97.75% tax rate for the wealthiest and 11 different tax slabs. What did this lead to? People started hiding income to avoid taxes. The black money economy exploded, which the NIPFP estimated to be about 25% of GDP in the 1980s. In 1974, Finance Minister Yashwantrao Chavan reduced the top rate to 75%, but it was still high. By 1997, with India moving away from strict socialism, Finance Minister P. Chidambaram lowered the top rate to 30% and simplified the slabs to just three—10%, 20%, and 30%. These changes made taxes easier to understand and encouraged people to pay them. As the 2000s tech era rolled in, the Permanent Account Number (PAN) was introduced by the government. e-filing of tax returns meant No more long lines at tax offices. Then there was the implementation of the GST in 2017. Today, India’s tax system is almost unrecognizable compared to the chaos of the 1970s. The highest income tax rate is just 30%, with three straightforward slabs. The tax-to-GDP ratio stands at 10-11%, and digital initiatives are steadily bringing more people into the formal tax net. In this episode of the NEON Show, Ashok K. Lahiri, a leading economist and former Chief Economic Advisor, talks about India’s economic journey and the changes in its tax system. Lahiri shares why India has fallen behind some countries, pointing to missed opportunities in education, healthcare, and infrastructure. He also highlights the importance of India’s democracy and federal system in shaping its progress. This discussion gives a clear picture of India’s challenges and what needs to be done for a brighter future. Check out Ashok K. Lahiri’s book, India in search of glory, https://www.amazon.in/India-Search-Gl... Time Stamp 00:00 - Trailer 01:27 - Introduction of Ashok K. Lahiri 03:07 - Ashok’s upbringing and early education in economics 05:27 - Why Ashok went abroad and how UPSC got him back 08:33 - Are you satisfied with GDP growth 12:42 - Education and health lead to long-term economic growth 15:27 - The right to information is important but debatable 18:27 - The govt went overboard in the 70s 20:37 - What happened to West Bengal 24:32 - Improvement will come with liberal society 25:57 - Troubles of taxations 29:42 - Taxing in the Indira Gandhi era 33:27 - People once informed take the right decision 37:32 - Chicken and egg in politics 39:27 - Why India is on the right track 43:27 - Challenges faced by Bangladesh and lessons for India 47:32 - India: union of states 52:07 - Struggle of India to get where it is right now 58:32 - Why we can't blame our ancestors 01:01:52 - Importance of transportation and Connectivity ------ Hi, I am your host Siddhartha! I have been an entrepreneur from 2012-2017 building two products AddoDoc and Babygogo. After selling my company to SHEROES, I and my partner Nansi decided to start up again. But we felt unequipped in our skillset in 2018 to build a large company. We had known 0-1 journeys from our startups but lacked the experience of building 1-10 journeys. Hence was born The Neon Show (Earlier 100x Entrepreneur) to learn from founders and investors, the mindset to scale yourself and your company. This quest still keeps us excited even after 5 years and doing 200+ episodes. We welcome you to our journey to understand what goes behind building a super successful company. Every episode is done with a very selfish motive, that I and Nansi should come out as a better entrepreneur and professional after absorbing the learnings. ------ Check us out on: Website: https://neon.fund/ Instagram:   / theneonshoww   LinkedIn:   / beneon   Twitter: https://x.com/TheNeonShoww Connect with Siddhartha on: LinkedIn:   / siddharthaahluwalia   Twitter: https://x.com/siddharthaa7 ------ This video is for informational purposes only. The views expressed are those of the individuals quoted and do not constitute professional advice.

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