With the introduction of the Goods and Services Tax (GST), India underwent a major indirect tax reform, making it a historic step. In...

The World Bank’s 2025 report shows India with one of the world’s lowest consumption inequality levels, but income and wealth data reveal a much wider gap. This article explores why consumption surveys like HCES understate inequality, how India’s poverty has declined, and why income and wealth metrics expose deep divides. It highlights the need for policies on wages, education, and social protection to reduce long-term inequality.

The GST Council, the Finance Commission, and the Ministry of Finance are the three pillars of fiscal governance of the Indian economy....