-Outlook India To the social subsidy whiners, please check corporate write-offs column The TV anchor asked eagerly of Arun Jaitley whether he would take hard decisions or, in the case of a bad drought, revert to loan waivers and (obviously wasteful) subsidies. The finance minister replied that it depended on the situation as it unfolded but he hoped he wouldn't have to return to such steps. "We hope so too," said...
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Corporate karza maafi at Rs. 36.5 trillion -P Sainath
-PSainath.org The revenues foregone in 2013-14 could fund the rural jobs scheme for three decades or the PDS for four and a half years. It was business as usual in 2013-14. Business with a capital B. This year's budget document says we gave away another Rs. 5.32 lakh crores to the corporate needy and the under-nourished rich in that year. Well, it says Rs. 5.72 lakh crores but I'm...
More »Government to Borrow 25 Paise for Every Rupee
-Outlook For every rupee in government kitty, as much as one-fourth will come from market borrowing in 2014-15, lower than the current fiscal ending March 31. The government's dependence on debt has come down from 27 paise in the previous Budget to 25 paise in the coming year, reflecting ease of pressure on revenue collections. As per the proposals presented today by Finance Minister P Chidambaram in the interim Budget, net borrowings of...
More »The feeding frenzy of kleptocracy-P Sainath
-The Hindu Since 2005-06, taxes and duties for the corporate world and the rich have been written off at the rate of Rs.7 million a minute on average. Duties waived on gold and diamonds in the last 36 months equal the 2G scam amount Forbes has just added an “errata” to Union Finance Minister P. Chidambaram’s budget speech. The Minister had found a mere 42,800 people in the country with a taxable...
More »The freebie nation-Sreelatha Menon
-The Business Standard The Union Budget shows the charitable instincts of the government continuing to overwhelm it - though some would call it part inefficiency and part helplessness. The exemptions given to citizens on the tax they ought to pay have been exceeding the Plan expenditure, and even the total fiscal deficit as it did in 2012-13. This has prompted criticism from the Left parties and activists, who view it as evidence...
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