Escaping poverty is no mean feat, but having to do it twice makes the journey even more arduous. This is the precarity most nations face as they enter the middle-income level and become stuck in what is known as the Middle-Income Trap (MIT). They get trapped in a difficult place between low-wage, low-income countries with competitive exports in mature industries and high-income countries that dominate technologically evolving industries. It is
The Union Budget delivered on multiple fronts, shutting down all rhetoric of an uneventful, business-as-usual budget. The most remarkable reform was proposed in the Finance Bill, with significant revisions to the income tax rates. The government has provided massive tax relief across income classes, especially to encourage India’s aspiring neo-middle class. While this might be identified as populist policymaking, it will have positive impacts on development. First, higher consumption will
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