Fitch Ratings, an international economic research firm, has said that consumers’ pockets in India are empty because of low incomes and high taxes in the Covid context.
On the one hand, more money has to be spent on health care, and on the other hand, unemployment and wage cuts continue. This is a big problem for Indian families, according to an analysis by Fitch’s India Ratings and Research. And taxes. The increase in indirect taxes in particular has put families in great financial straits. The tax burden on households has increased from 60 per cent in the financial year ended March 2010 to 75 per cent now.
Consumer purchasing power growth slowed to 5.5 percent from 7.5 percent in 2016 to 2019. The report also said that the increase in fuel tax would directly and indirectly affect the household budget.
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