It is necessary to evaluate the economy based on new factors leaving the tradition

- Some contradictions in the fastest growing Indian economy

- There is economic inequality in the country, luxury items are selling less, demand for essential items is decreasing.

- On the one hand free grain distribution to 80 crore people against the huge demand for luxury cars, expensive phones and luxury flats.

There have been more than one report of increased economic inequality after the coronavirus pandemic. Not only in India but in the world there is a discussion that the rich are getting richer. In Britain there was talk of imposing a wealth tax to control inflation. In America, when the debt limit is being reached, the opposition party is demanding to increase the income of the government by raising taxes on the Republican companies. At the time of the budget, there was a discussion that the wealth tax would be increased in India as well.

According to the Oxfam report, one percent of India's population owns 40 percent of the country's wealth, or to put it another way, five percent of the population owns 60 percent of the wealth. Along with the economic inequality, the state of the country's economy and its trend is seen to be changing. People are increasingly turning to expensive items or things that were once considered luxury items. Is sales of essential, essential or household goods declining or showing modest growth? Be it mobiles or automobiles, shampoos or washing powders, consumption in every product shows such a trend.

Corona's major challenge to the Indian economy with a youth majority, urbanization and new dreams of startups is now a thing of the past. The country is the fastest growing economy in the world. The tax revenue of the central government is increasing. The profits and sales of the companies are increasing but there is a class or middle class which is in a bad condition. For which it is difficult to live. Even after three years, the scheme of free food grains which started during the Corona lockdown has been forced to continue to run the livelihood of 80 crore people. This shows that the time to assess India's economy from a single-eyed, old-fashioned way is now over. It has become necessary to study it afresh according to every class, society, industry sector.

Decrease in sales of essential goods

Sales of Fast Moving Consumer Goods (FMCG) like washing powder, packaged foods, cold drinks, shampoos, soaps also showed a decline in the country. According to a report by a company named Bizom, the sales of FMCG products in April fell by 8.4 percent compared to last year and by 17 percent compared to March 2023. Sales of FMCG products fell by 10.2 percent in urban areas and 7.6 percent in rural India. The biggest decline was seen in cold drinks and commodities (packaged groceries, cereals, spices) categories. Bizom says every category saw a decline except for home decor. Even in an economically prosperous state like Gujarat, sales fell by 28.2 percent in April.

Mobile sales decreased, more expensive mobiles preferred

In the first three months of January to March, mobile phone sales (dispatch from manufacturer to retail showroom) in the country stood at 3.10 crore handsets. This sales is 16 percent less than last year, according to a report by IDC, the world's leading technology trend monitoring company. According to the report, this is the lowest sales in the first quarter of the last four calendar years. In addition, new mobile launches have seen a steeper decline in online sales versus retail showrooms. Despite declining sales, however, mobile buyers are increasingly buying more expensive phones. The average selling price in these three months was seen at the highest level of $265 (Rs. 21,730), while the share of sales of luxury handsets above $600 was 11 percent, the report also states.

Even few pay GST tax

Goods and Services Tax (GST) is thus a tax imposed on the consumer. That is, the seller gets tax credit at every stage of the goods from producer to consumer. Consumer has to pay tax. According to a reply given by the Finance Ministry in the Lok Sabha, between April 2022 and January 2023, 90 percent of the total tax revenue of GST came from only 22 percent of top businesses. A more detailed study of these figures reveals that the highest tax comes from only 99,501 business units. As of March 2023, a total of 14.51 crore business units in the country have GST registrations, of which 9.67 lakh (6.66 per cent of total registrations) pay Rs.31.30 lakh crore or 72.4 per cent of the country's total GST.

Car sales increase,

Reduced to two-wheelers

In the 12 months of 2022-23, two-wheeler sales in the country were at a seven-year low - 1.59 crore vehicles - while motor car sales in the country rose 23 per cent to an all-time high of 36 lakh, according to a report by the Federation of Automobile Dealers. The figures, compiled on the basis of vehicle registrations, show that sales of cheaper, more affordable and more fuel-efficient two-wheelers in rural and urban areas are declining, but sales of cars for a comfortable commute – though expensive, are more fuel-expensive than two-wheelers. Although - growing. A closer look at the motorcar statistics reveals that entry-level hatchbacks priced at Rs 15 lakh or more are sold more than entry-level hatchbacks. Two-wheeler sales continued to decline in April 2023 as well.