Multi-millionaires and food vouchers.

 "Urban and rural markets have shown sequential recovery in consumer demand and rural areas continue to surpass urban areas in volume growth across most regions in India, according to Nielsen IQ." Fast moving consumer goods (FMCG) industry "witnessed a 5.7% value-based growth and 4.1% volume growth on a 1.5% price growth in the July to September quarter." ET. "India is home to more than 220,000 people with a taxable income of over Rs 10 million. This is a five-fold increase over the past decade. Even more dramatically, 100,000 of them joined the group of high earners in just three years, since the onset of the Covid pandemic." ET. That is very odd because a most stringent lockdown was imposed on the whole nation from 25 March to 14 April 2020 and "was extended four times, each time with gradual relaxations". HT. The total shutdown of all economic activity in the whole country resulted in "GDP at constant (2011-12) Prices in Q1 (April-June) 2020-21 is estimated at Rs 26.90 trillion, as against Rs 35.35 trillion in Q1 of 2019-20 showing a contraction of 23.9%." pib,gov.in. The actual contraction in the GDP was 24.4%. "GDP at Constant Prices in Q1 of 2021-22 is estimated at Rs 32.38 trillion, as against Rs 26.95 trillion in Q1 of 2020-21, showing a growth of 20.1% as compared to a contraction of 24.4% in Q1 2020-21," that data from MoSPI stated. Mint. Hence, even after a record 20.1% growth in the Q1 of 2021-22, the GDP was smaller at 32.38 trillion than in the Q1 of 2019-20 at Rs 35.35 trillion. Strange that in the 3 years since Covid a record 100,000 people have increased their taxable income to Rs 10 million. There is no mention of how many of them are politicians or government officials. So bad is the consumer demand that, "In a bid to boost demand, industry lobby group CII has proposed that the Centre issue 'consumption vouchers' to citizens in the lower income group, which can be used to buy specified goods and services within six-eight months, while also recommending a 40% hike in daily wages under MGNREGA and a 33% increase in PM-KISAN beneficiaries." TOI. When business fat cats are calling for handouts, things must be pretty desperate. India's GDP grew by 7.1% and 8.2% in the last two years and by 7.2% in the first quarter of 2024-25 and yet, "consumer goods sales have been rising only modestly, almost sluggishly. Bank credit is growing well below earlier rates." And "we are now witnessing something close to a crash in microfinance institutions (MFIs) that lend to the poor and small businesses," wrote Swaminathan SA Aiyar. How is it that the GDP is growing at breakneck speed and multi-millionaires are doubling every three years while millions need 'consumption vouchers' to buy essentials? Because, "India might be among the top five economies in the world in terms of its total GDP, but is also ranked 136 in terms of per capita income." The All India Financial Inclusion Survey (NAFIS) 2021-22, just released by NABARD shows that "the average monthly household income is Rs 12, 698 to Rs 13,661 for agricultural households and Rs 11,438 in non-agricultural households," wrote Dipa Sinha. "So, on average a rural person has an income of less than Rs 35,000 per annum while the per capita GDP of India for 2021-22 was almost five times (Rs 1,71,498)." With consumer price index (CPI) inflation at 5.49% and food inflation at 9.24% (mospi.gov.in), a person earning Rs 35,000 a year will not afford even two meals a day, let alone three. We are at 136 in per capita income, but rural income must be near the lowest level in the world. No wonder, no one talks about it. Total silence.