B. Seshadri, economist and member of the High Power Committee for Implementing the Recommendations of the D.M. Nanjundappa Committee, has described the Union Budget presented by Finance Minister Pranab Mukherjee as sweet and sour.
Speaking to The Hindu on Saturday, Dr. Seshadri said that an attempt had been made to please corporate giants as well as the common man.
Keeping the corporate tax unaltered was against the canon of equity. In the case of personal income tax, Mr. Mukherjee had given some relief to middle-income groups by raising the tax exemption limit and altering the slabs. The Finance Minister had, however, imposed a heavy burden on all people by making indirect taxes regressive “His policy of not making direct taxes progressive and making indirect taxes regressive is not good economics,” he said.
“Ultimately, Mr. Mukherjee has tried to strike a balance between the commands of neo-liberal policy and the demands of the domestic economy and polity. He may not be able to achieve the five objectives he has set for his budget. Growth and inflation are likely to be simultaneous processes. Of course, under the given circumstances, anybody else would not have presented a budget that was qualitatively different from the one presented by Mr. Mukherjee,” he said.
Hubli Staff Correspondent reports:
Shivakumar C. Udasi, Haveri MP, has, in a press release here on Saturday termed the Union Budget presented by Finance Minister Pranab Mukherjee on Friday an “eyewash” as there no proposals on improving priority sectors.
Keeping corporate tax unaltered is against the canon of equity: Seshadri ‘Relief given to middle-income groups by raising tax exemption limit, altering slabs'
Keeping corporate tax unaltered is against the canon of equity: Seshadri
‘Relief given to middle-income groups by raising tax exemption limit, altering slabs'