How much more can they extract?

"Data from the Global Trade Alert (GTA) database shows that over the past three years, among the largest economies comprising the G20 group, India is only second behind Donald Trump-led US in imposing restrictions on trade," wrote Nikita Kwatra. "Even as it sharply criticised rising protectionism in the US under the Trump administration, India itself raised tariff walls in the last two budgets." Tariffs increase prices for consumers and hurt industry by increasing input costs so that our exports become more expensive compared to competitors. "Finally, such unilateral tariff walls end up inviting retribution from trading partners." US Secretary of Commerce Wilbur Ross found that "India is, if not the most protectionist, certainly one of the most protectionist." This government is so hungry for taxes that it has allowed tax officials to create their own rules. If we understand it right, a new interpretation converts salary of a CEO into a service and, therefore, liable for 18% tax under the Goods and Services Tax (GST). A perfect example of double taxation because the top rate of income tax was recently raised to near 45%. Just couple of months back the Finance Minister cut corporate tax rates by about 10%, hoping to increase investments with the extra profits that companies would gain. Those companies which avail of the lower rates would have to give up deductions in earnings due to losses incurred. At that time compliments were fulsome. "A lower rate -- comparable with Asian peers -- and sans any exemptions, will make large Indian companies far more competitive, leave them with more cash for investment and expansion and persuade them to stay in India." If companies have to pay 18% tax on salaries of senior managers, which should be counted as expenses, then surely the rate cut disappears? A recent Supreme Court judgement against telecom companies allows the government to "seek more than Rs 1.3 lakh crore (Rs 1.3 trillion) in dues, penalty and interest from the sector". Investing in India has been a bad dream, said Vodafone India CEO Marten Pieters. "Overall India wants to gouge its shriveled telecom industry of $13 billion. The fund-starved government expects operators to cough up more at 5G auctions next year," wrote Andy Mukherjee. "How long can the Birla boss hang in? With Vodafone Idea saddled with losses and $14 billion in net debt, should he even bother?" No matter. "The Department of Telecommunication (DoT) has asked telcos and internet service providers to pay up license fees and spectrum usage charges after doing their individual assessments on the wider definition of adjusted gross revenue (AGR), as decided by the Supreme Court last month." No wonder, "India's economic growth has moved from not just being a jobless regime but to being a 'job-loss' one, suggests new research," wrote Sneha Alexander. Give with one hand and take double with the other. How will it improve matters?