Comments by "Raju" (@rajx7120) on "Think School"
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@shaungeorge6320 You are wrong. It's not about employment being higher in US. It's about formal economy being higher in percentage, there. In India, for decades, our socialist politicians and left-wing economists glorified informal economy, where no social security is there, and delivering services becomes harder.
Moreover, agricultural income is not taxed in India. Big landlords evading massive taxes through this route. And imposing taxes, leads to blackmail at Red Fort. So, to compensate for fall in direct taxes, govt increases indirect taxes and consumption is hurt.
Infact, agricultural lobbies prevent improvements, hinder land acquisition, and are pampered with cross subsidy of electricity, making it expensive to setup and run industries that can create jobs.
And you know why Bangladesh went ahead? Because India's shitty labour laws, restrict size of a factory to 100 employees, whereas Bangladeshi factory is atleast 1000 employees. And many of these factories are owned by Indians. These are the real problems. Socialist policies and their lobbies, and it's glorifiers in Congress and Communist party, are guilty of killing industry.
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@shaungeorge6320 GDP growth was decreasing because of structural weakness caused by crippled banking sector. Irresponsible loans during UPA era, created the NPA crisis. Infrastructure projects were delayed, which crippled the NBFCs like ILFS that were funding it. In the last 2 years, Modi government has worked on reducing NPAs. Moreover, there are not enough private sector banks, which can lead to competition and improvement. Them we have cooperative banks which have heavy political interference by regional politicians, leading to collapse stories like Punjab and Maharashtra Cooperative banks.
Without a healthy banking sector, you can't have growth.
And Congress deserves blame for retrospective taxation, which killed Nokia's mobile manufacturing plant in TN, and crippled Vodafone and Cairns Energy. Cairns was into exploring oil and gas un India, but that received a setback.
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