And for a Friday in “Coastal Road Project” and “Underground Metro” Mumbai….. some thoughts…..
India ranks 9th among 41 countries in corruption in businesses… business-standard.com
Mumbai is undoubtedly the wealthiest city in India and now confirmed as the 12th most wealthiest in the World, London being number one. Asians and Indian Millionaires and Billionaires are growing rapidly. Knight Frank have released their latest Global study. In “POOR” India, 120 Billionaires with investable surplus of 7200 crores, 2000 UHNWIs (Ultra High Net Worth Individuals) with investable surplus of Rs 225 Crores and Millionaires with Investable surplus of 7 crores have grown by almost 30% from 251,000 in 2013 to 326,000 in 2018.
Surprisingly, with these many super super rich, how come – according to Income Tax returns filed – there are only 81,344 people who have shown income of more than one crore and less than 3% of Indians file any including Nil Tax return. Most rich Indians use well researched loop holes in the legal/financial systems aided by some crook Chartered Accountants and Corrupt Babudom. Corruption is at the root of Poverty in India. Tax exemptions for rich Agriculturists, fake jewelry exporters, land sharks and so many categories of Tax exemptions ends up with only the harassed Salaried Class in India being the Final succours, squeezed from all sides.
As election approaches, can the Political class be pressured? If so, here’s my wish list to fight Corruption.
- Implement the Supreme Court directions to make the Police Department independent of the Politicians.
- Remove Agricultural and all Incomes from Tax exemptions.
- Remove Babudoms discretion to convert Agri land surrounding cities – land deals are still the biggest Black money spinners.
Let us all help each other to fight corruption, build a better India the Ethical way, the Transparent way, the SEEGOS way.