Adding billionaires.

"India's gross Goods and Services Tax (GST) collections rose 15.4% year-on-year to over Rs 2.11 trillion in July, driven by higher revenues from both domestic transactions and imports, according to government data." "Gross domestic GST revenue increased 10.1% to Rs 1.45 trillion," and "GST from imports rose 28.8% to Rs 665.11 billion." ET . Rise in GST on imports could be partly due to a devaluation of the rupee from around 86.50 to one dollar in July 2025 to around 96.30 to one dollar in July 2026 (Thomas Cook), which would have increased prices of imported goods, but the rise in domestic GST is in spite of a cut in rates and a simplification to a two-slab structure from multiple slabs (pib.gov.in). Since GST is a percentage of the retail price of goods and services, the rise in domestic collections could be partly due to the rise in the consumer price index (CPI) inflation jumping from 3.93% in June 2026 to 4.38% in July  (pib.gov.in). Annual GST collections have almost doubled from Rs 11.77 trillion in 2018-19 (the first full year of collections) to an estimated Rs 23 trillion in 2025-26. blog.tatanexarc.com. Since GST is a consumption tax this seems to imply a healthy rise in consumer spending. "Government...said that there were 576 individuals who had disclosed a gross income of over Rs 1 billion during financial year 2024-25 with 165 added during the year." TOI. But only around 81 million out of a total population of 1,478 million  (Worldometers) filed tax returns in 2024-25. India will shortly be entering the festival season, which starts with Ganesh Chaturthi on 14 September 2026 and will go on till Christmas. "Indians spend heavily during the festive season, with BCG estimating festive consumption at Rs 12-14 trillion last year." "Early industry estimates suggest consumers are willing to spend more on premium products even if purchases in the mass market segment remain subdued. India's appetite for premium goods is increasingly becoming a barometer of the economy's underlying strength." ET. Is it? India's household debt hit a new high of 47.8% of GDP by December 2025. "Non-housing retail loans now account for 58.4% of household borrowings." "A housing loan creates an asset, while a business loan may create an income stream. Even an education loan creates future earnings. But a personal loan used for groceries, medical expenditure or repayment of earlier loans creates neither." "Gold loans have grown at a compound annual rate of 42.4% since March 2024." "RBI finds that much of this increase has come from existing customers using higher gold prices to obtain larger loans and roll over previous debt," wrote Ajit Ranade. "Gold loans drove a sharp acceleration in personal lending and overall bank credit, with the segment expanding 93.8% year on year at the end of June 2026," as banks increased their gold loans to Rs 5.4 trillion. TOI. Distress loans for borrowers, increased bonuses for bank managers. Women in several villages of Jharkhand have fled their homes because they are unable to repay multiple loans from microfinance institutions (MFI). Mint's reporters "met at least two dozen women who were reeling under debts ranging from Rs 20,000 to Rs 600,000, taken to meet their daily consumption needs," wrote Ritwika Mitra. "India has seen a rise in unofficial gold inflows since the government increased import tariffs on the precious metal earlier this year." Gold smuggling fell to 20.4 tons in 2025 from 156.1 tons in 2023 but "illegal gold imports could exceed 100 tons in 2026. ET. Billionaires, bank managers and gold smugglers are thriving. People less wealthy are not. After 12 years of Prime Minister Narendra Modi. India needs a change. Now.