India’s economy is based on Domestic consumption instead of exports. If you tax its middle class (which is people above that income). Then consumption tanks ent

India’s economy is based on Domestic consumption instead of exports. If you tax its middle class (which is people above that income). Then consumption tanks entirely, They used to tax from a much lower rate at 7lakhs per annum and it was actively crushing their domestic consumption markets. They’ve been trying to revive and boost their declining consumption economy. India’s 10% population drives >50% of entire consumption, >80% of entire retail goods consumption outside of base essential commodities.