Trickle up, not down.

"Mumbai is home to 66 billionaires followed by New Delhi with 39 billionaires and Bengaluru with 21 billionaires, as per 2023 Hurun Global Rich List. India continues to be the third largest billionaire producing nation in the world with 187 billionaires residing in India and 16 new additions." TN. We are talking US dollars here. "In 2022, so far 8,000 high-networth individuals (HNI) have migrated out of India." BI on 28 November 2022. However, there is nothing to worry about because, "The report expects the India HNI population to rise by 80% by 2031, which will make it one of the world's fastest-growing wealth markets during this period." With billionaires and millionaires sprouting like Mung beans (wikipedia), lots of dollars must be fluttering down to middle and poorer classes, who number in the hundreds of millions. "Trickle- down economics and its policies employ the theory that tax breaks and benefits for corporations and the wealthy will trickle down and eventually benefit everyone. Investopedia. No such luck. "In a major decision, the government...decided to provide free ration (food grains) to 81.35 crore (813.5 million) poor people under the National Food Security Act (NFSA) for one year," TOI on 23 December 2022. Perhaps, the middle class will grab the dollars first and then some will trickle down to the poor. No sign of that either. "The number of middle-income taxpayers in India has declined dramatically after 2018-19, falling 17% in the subsequent two years, from 49.8 million to 41.1 million. In the same period, the number of high taxpayers rose 15%." Mint. "The pandemic made things worse, the income share of taxpayers in the lowest tax bracket (up to Rs 5 lakh, Rs 500,000) was falling even before the pandemic, from 44% in 2013-14 to 33% in 2018-19." "This defies the usual pattern of emergence from poverty, by which we would expect the under Rs 5 lakh group to swell." Mint. "All products and services must sell in increasing volumes over the years, not flag off once the privileged are sated. This means we must expand job prospects, which painfully languish, and also do what it takes to cool inflation, which is an unseen tax imposed on the poor." Controlling inflation is the duty of the RBI. "Flagging concerns around sticky retail inflation, the Reserve Bank of India (RBI)...in its monthly bulletin said that the consumer price inflation in India remains high and the core inflation is continuing to defy the softening of input costs." ET. Instead of telling us what even the most illiterate know the RBI should be doing what it's paid to do. It has been selling dollars to strengthen the rupee which, it hopes, will control inflation by making imports cheaper. "India's foreign exchange reserves saw a dip of $2.397 billion, dragging the position to a three-month low of $560 billion as on March 10, 2023." ET. Our foreign exchange reserves had risen to a high of $642.09 billion in October 2021. Mint. A strong rupee helps billionaires to accumulate dollars, high inflation kills the poor. It's not trickle down. It's trickle up.