India, June 28 -- By 2047, India should become the third superpower besides China and the US.
Prime Minister Narendra Modi thinks far ahead of the times, which is why he is aiming at Mission 2047, by which time India should become the third superpower besides China and the US. A few of the reforms needed to achieve this ambitious target are given in what follows. The first is tax reform, as the present tax structure stubbornly emulates the older pattern of having a low base of taxpayers. The reasons for such a situation are relatively steep rates combined with harsh penalties for non-compliance. Low rates, as the empirical evidence in multiple countries shows, lead to higher collections as a consequence of the tax base being expanded multi...