| From The Editor's Desk |
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Budget 2008 - let's shorten our wish-list!
The fact that the Budget to be presented in February will be the last full Budget of the UPA government as the next one could be only a vote-on-account, there is a general feeling that it will be a populist one. With all eyes on the Lok Sabha elections, the government will probably not like to try too many things that might stir the hornet's nest.
Despite these factors the FM needs to take certain steps to keep the economy robust. He has to find ways to reduce the overall tax burden and tax benefits. Doing so will encourage research and development activities which will subsequently provide stimulus to economic growth.
Reforms in the custom duty structure and reduction in excise rate from 16% to 14% will be a great move. Above that abolishing the 10% surcharge on corporate tax and retaining the rate of corporate tax at 30% can act as a catalyst for corporate performance.
Even in the agriculture sector, instead of bestowing subsidies, which eventually make farmers more dependent on the state, tax incentives for R&D in agriculture and allied sectors including food processing can be a better idea. In fact bringing the agriculture sector into the tax net can do more good than harm. However this year we might not see this happening.
Now the big question is, 'Will P Chidambaram heed the needs of India's industry or will political motives get the better of economics?' Another month and the truth will be out! |
Bikky Khosla
CEO
Tradeindia.com |
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Monthly Economic & Commercial Report on Tanzania for December 2007 giving latest updates on developments directly affecting India's foreign trade and investment. Read More... |
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