https://www.desidime.com/comments/permalink/10312905
The govt is looking to make money on its investments overseas. It wouldn't be a problem, If we are a developed country with capitalistic ideals like The US.
The problem is, historically our investments in foreign markets were done in the interest of safety. To ensure we have another source of funds available in case of emergency like our currency collapse, Be it RBI's gold reserve or its assets in foreign nations.
Or to foster better relations and growth of the country like how we invest in countries like Nepal.
Now this is where the problem starts. The govt has proven its only aim is boosting numbers showing higher gdp, flashy new projects and such.
This is evident in
1. the removal of stcg/ltcg indexation benefits in most categories
2. Strategic backdoor removal of the old tax regime.
3. Making investments as a choice that can be skipped with the new tax regime.
4. Leaving the current population vulnerable for the future because of the above two reasons.
5. Divesting state owned companies.
Etc.,
This all shows the move away from socialistic interest and towards capitalistic ideals. Most of the population in the country don't have access to a stable employment opportunies, health care and old age care. The govt should focus on investing in OUR OWN ECONOMY, if investing is the goal. Trying to boost the market with domestic and international investments with certain lock-in provisions.
Rather than trying to making money off investments in other countries.
Of course it goes without saying there should be focus on raising the quality of life in our society with socially targeted schemes.
They are already taxing the salaried/ middle class an arm and a leg. This was tolerated in part with the thought that this all goes towards betterment of our country but if that's not true anymore this will sour the sentiments of general population towards the govt.
The problem is, historically our investments in foreign markets were done in the interest of safety. To ensure we have another source of funds available in case of emergency like our currency collapse, Be it RBI's gold reserve or its assets in foreign nations.
Or to foster better relations and growth of the country like how we invest in countries like Nepal.
Now this is where the problem starts. The govt has proven its only aim is boosting numbers showing higher gdp, flashy new projects and such.
This is evident in
1. the removal of stcg/ltcg indexation benefits in most categories
2. Strategic backdoor removal of the old tax regime.
3. Making investments as a choice that can be skipped with the new tax regime.
4. Leaving the current population vulnerable for the future because of the above two reasons.
5. Divesting state owned companies.
Etc.,
This all shows the move away from socialistic interest and towards capitalistic ideals. Most of the population in the country don't have access to a stable employment opportunies, health care and old age care. The govt should focus on investing in OUR OWN ECONOMY, if investing is the goal. Trying to boost the market with domestic and international investments with certain lock-in provisions.
Rather than trying to making money off investments in other countries.
Of course it goes without saying there should be focus on raising the quality of life in our society with socially targeted schemes.
They are already taxing the salaried/ middle class an arm and a leg. This was tolerated in part with the thought that this all goes towards betterment of our country but if that's not true anymore this will sour the sentiments of general population towards the govt.
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The countries having SWF are generally flush with oil money. India doesn't have any surplus to invest.