DESPITE speculations that there may be tax cuts in the upcoming budget, experts suggest these measures would be ineffective in boosting consumption. However, they say the government has enough revenue to boost demand by focusing on labour intensive sectors, like increased spending on education, health and rural development.
As per Arun Kumar, former professor of Jawaharlal Nehru University (JNU), cutting taxes wouldn't serve the purpose of boosting demand in the economy as only 1-2% of Indians effectively pay income tax. "The government could stimulate demand by spending more on health, education and rural development. This way, there will be direct employment generation and people will have more in their hands to spend," Kumar said.
Esta historia es de la edición July 18, 2024 de The Morning Standard.
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