In just 18 days.

"India's net direct tax collections grew 7.19% year-on-year to Rs 22.80 trillion as of 17 March 2026, according to the latest provisional data." Net corporate tax collection was Rs 10.91 trillion, non-corporate tax collection was Rs 11.32 trillion and securities transaction tax was Rs 557.17 billion. ET. Since direct taxes accrue from earnings, it means that income of both individuals and companies increased during the year. "The total gross Goods and Services Tax (GST) collections grew 8.1% to over Rs 1.83 trillion in February this year," compared to Rs 1.69 trillion in February 2025. newsonair.gov.in. Since GST is collected on consumer spending, increased income must have led to increased consumption. The Petroleum Planning and Analysis Cell reported that the cost of crude oil fell to $59.92 per barrel in January from $62.2 in December and could fall to $53.31 by March. "In the current fiscal year, higher discounts and lower crude prices have already helped reduce the import bill to $80.9 billion as of November, compared with $92 billion in the same period a year earlier." Mint. Such low prices were partly because, "India imported about 144 billion euros worth of crude oil from Russia since the start of the Ukraine war, a European think tank said." The share of Russian oil jumped from under 1% to nearly 40% of total crude imports. NDTV. The Ukraine war started in February 2022 (wkipedia), since when India has been buying Russian oil at huge discounts. Instead of passing the lower costs to consumers, the government increased taxes on petroleum products, earning over Rs 40 trillion since 2015. ppac.gov.in. Also, the government levied windfall tax on oil refining companies, such as Reliance Industries Ltd which "recorded refining margins of exceeding $12.5 per barrel, while Rosneft-backed Nayara Energy reported margins of $15.2 per barrel." Multiplied by millions of barrels, profits increased by billions. In addition, the government has mandated mixing ethanol in petrol by 10% since 2022, increasing to 20% in 2025. Ethanol, derived from sugarcane, is much cheaper than petrol but Indian consumers have not seen any benefits. The Wire. Unfortunately, "The cost of crude for Indian refiners has soared 93% since the conflict in the Gulf broke out on 28 February and hit $136.56 a barrel." But prices of retail fuel will not be increased, "With elections due in four states and the Union Territory of Puducherry," until 29 April. TOI. Why is our crude basket so expensive when the benchmark Brent crude is at $111.9 per barrel this morning (oil price.com)? Mysterious. With the consumer price index (CPI) inflation at 0.71% in November 2025, real GDP growth rate at 8.5% in the second quarter of 2025-26 and a GDP growth forecast increased to 7.3% from an earlier forecast of 6.8% for FY 2025-26 (pib.gov.in), we were told to celebrate a 'Goldilocks' phase. In just 18 days the tune has changed to one of terror. Goldilocks is a fairy story for toddlers. And toddlers frequently fall as they toddle. Do we really want such an economy?