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LATEST NEWS UPDATES | NYAY to be implemented without additional taxes on middle class: Manmohan Singh

NYAY to be implemented without additional taxes on middle class: Manmohan Singh

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published Published on Apr 21, 2019   modified Modified on Apr 21, 2019
-The Hindu Business Line

The former PM added that the economic stimulus that NYAY will provide will further help in fiscal discipline

India's nearly $3 trillion economy has the fiscal capacity to absorb the expenditure to fund NYAY, the minimum income support scheme promised by Congress Party, without the need for any new taxes on the middle class, former Prime Minister of India, Dr Manmohan Singh, said.

NYAY scheme -- announced by Congress Party as India conducts polls for the 2019 -- will cost between 1.2 – 1.5 per cent of GDP at its peak, said Dr Singh, former Prime Minister of India, in a release issued by the Congress Party.

The economic stimulus that NYAY will provide will further help in fiscal discipline, he added.

At a time when private investment and industrial production are low, NYAY – Nyuntam Aay Yojana – can help bring our economy back to life and create new factories and jobs. The Congress party is also committed to fiscal discipline.

On the 25th of March 2019, the President of the Congress party, Rahul Gandhi unveiled NYAY or Nyuntam Aay Yojana, which promises the poorest 20 per cent of Indian families an annual income support of a uniform amount of Rs.72000 each.

With sound policies adopted by successive governments over the last seven decades, poverty levels have been brought down from 70 to 20 per cent now. Nearly 70 per cent of Indians were poor when India attained Independence from the British in 1947, it added.

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The Hindu Business Line, 20 April, 2019, https://www.thehindubusinessline.com/news/national/nyay-implemented-without-additional-taxes-on-middle-class-to-cost-12-15-per-cent-of-gdp-manmohan-singh/artic


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