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Economic reforms a must
November, 27th 2008
It is necessary to reduce different types of taxes to set right the bad economic system and to overcome the financial tsunami. Along with this the currency rate of differences of India and other developed countries should also be maintained. Finance Minister told about reducing rate of interest in the conference of economic editors. Petroleum Minister too has given indication of reduction in prices of petro products. The entire system becomes dearer with the higher rates and continuous increase in fuel prices. The essential goods get affected due to rise in transport tariff. Sales tax, other taxes including customs duties cause increase in prices up to ten times. Prices of goods become dearer after the expenditure on production and marketing and moreover the sales tax is imposed. The government has marginal control over the private banks and instability continues. Finance Minister hopes that the financial crisis would be tackled with the drastic increase in the yearly loan of World Bank. Analysts believe that it is impossible to overcome inflation with the increasing loan which is being taken from abroad. How can the industrialists invest their money freely without there being sufficient exemption in taxes along with subsidy in agriculture production. Finance Ministry and Planning Commission do not show interest in solving these problems. Committee of economic affairs is also neutral on this issue. Trade, industries and agriculture zones could then be developed resulting in pepping up of the GDP growth rate. The result of ignoring the above mentioned facts is ahead and hope of covering revenue loss up to 2008-09 has ended. Central government with a view to increase supply of dollar, can sanction direct foreign investment to the investment companies. Even after adopting continuous liberal attitude there is no expected increase in investment. Concerned with the global tsunami the Finance Minister, Chidambaram has said about the pending reforms with a view to make the economy competitive, but as nothing seems to be fruitful in practise, disappointment is prevailing in the society.
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