Finance minister should reconsider – The Economic Times

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It means ‘We withdrew the incentive last year!’ (ET, March 4). TT Ram Mohan has rightly suggested that the tax-GDP ratio measures structural reform. The finance minister should reconsider his medium-term debt-GDP target. It seems strange to lose substantial revenue by cutting IT rates. If oil crosses the level of $75-80, the finance minister will have to increase petro product prices and borrow more. Prices in most sectors like FMCG are increasing rapidly due to hike in excise duty and fuel taxes. Macro-economic conditions such as heavy government borrowing, tight monetary controls and a fiscal strategy dependent on uncertain disinvestment/spectrum auction proceeds, will impact private investment in 2010-11.

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Mumbai, March 4

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