We cannot change.

Former Reserve Bank of India (RBI) Governor C Rangarajan said that even if India becomes a $5 trillion economy it will remain a middle income country with a per capita income of $3472. ET. "Rangarajan further said in order to reach the level of an upper middle-income country, it will take another two years and to be classified as a developed country, the per capita income will have to be at a minimum of $13,205 and that will take more than two decades of strong growth of between 8 to 9% to achieve it." Our per capita income is so low because our national income has to be divided by our enormous population of 1.415 billion. worldometer. The good news is that "Two recent studies estimate the country's population to peak at 1.5-1.6 billion somewhere between 2040 and 2048. After that a rapid decline will lead to an end-of-the-century population of a billion or a little less." TOI. To increase income India has to become a manufacturing hub but, "Despite being the fastest-growing economy, with all previous governments, India was not able to attract investments in manufacturing due to ineffective policies and approaches." FE. Because, "Transporting raw materials and finished goods in India is still slow and expensive given the umpteen regulations and taxes, conditions of Indian roads, archaic labor laws and extreme weather conditions impacting road infrastructure." "Government levies have put vehicles beyond the reach of much of the Indian population, said Maruti Suzuki's chairman RC Bhargava." ET. "India's per capita income is about $2,300 a year, compared with $12,500 in China and $69,000 in the US, according to the World Bank." "Mahindra Group Chairman Anand Mahindra has shared a map of Indian states showing statewise care ownership per household percentage." Zee News. The average car ownership per household for India is a mere 7.5%. Many responded by tweeting that states with good public transport have lower car ownership. Which would mean Bihar with the lowest level of just 2% has the best public transport system in India. "We can't assume only the rich use what tax authorities consider a 'luxury'. Given Indian family sizes and road conditions, SUVs longer than 4,000 mm with engine capacities bigger than 1,500 cc and a ground clearance of at least 170 mm are not used exclusively by the wealthy, but must bear a 50% tax burden anyway." Mint. "In October 2022, Indian airlines carried 11.4 million fliers." Mint. "This is still 8% below pre-covid figures of October 2019." "Overtaxed petroleum products in India have always been revenue ploys rather than carbon-control measures. These have distorted the cost base of too many sectors, aviation included, and must end." India produced 102.5 million tonnes of fruit in 2020-21 but, "We hardly export any beverages." Because, "Australia, for example, has a standard 10% tax on all goods. In India, zero-sugar carbonated drinks and carbonated fruit-based drinks attract 40% tax (20% GST+12% compensation cess," wrote Arpita Mukherjee & Eshana Mukherjee. So, shall we drink to forget? Sadly, "High rates of taxation are crippling the alcoholic beverages (alcobev) sector and threatening the future of the liquor industry in the country, the International Spirits & Wines Association of India said." ET. Will anything change in 2023? Maybe, taxes will go up further. Still, Happy New Year to everyone.