According to this week’s Economist, the tax rate in India is the second highest in the world.
All this when we know that there is no Social Security system in India:
1. Government schools are a mess
2. Not even the poor want to go to the government hospitals
3. Lets not talk about the public transport system
etc etc
India has the world’s second highest saving’s rate (after China), and yet government’s borrowing is out stripping the supply.
When I couple these news with the fact that Fiscal Deficit is now a 2 digit figure (in terms of percentage of GDP), I wonder where is all the money going.
