When the high interest rate is not helping the real estate prices to come down, then what is the use of taxing the common man? Also, in absence of any noteworthy/good instrument option for household savings in a high inflation environment, people are parking their money in Real Estate. So, lot of money is now flowing int gold (though gold import is falling) and real estate.
Why would people go for FDs carrying 9-10% coupon rate when, the inflation is at 7%--is there any use to park their investments in banks to get only 3% per year? Therefore, the natural choice is real estate and gold and other safer assets, whose price could appreciate further, as more and more people are taking them as investment options, rather than as pure utilities.
Those who used to do work for the Indian Railways are not getting payment, as it has been turned into a bankrupt company by successive Railway ministers.
The auto sector is suffering, the home prices are rising as the Builders are talking loans for new constructions, at high interest rate.
Many of the small shops/ enterprises who took loans, are now having "Ram Naam Saatya Hai" kind of situation.
Meanwhile our earlier FM did something stupid, brought in a snake called GAAR, which not only rattled the markets but also, created havoc in the currency market, leading to problems for the FCCB holders. What kind of policy is the current government having? It seems we are running without a government since the last couple of years--with the institutions like CAG, Supreme Court, RBI, etc, taking the front seat, as the politicians are fighting a pitched battle at the centre, for grabbing the power.
It is like someone trying to make you sick, even though you do not want to be.......Huh!! Achcha kasha maaja hai......!! Now all the RBI bosses could take a new name, "Mera Naam Joker".