FM has hit the bull?s eye

Updated on Mar 01, 2005 04:16 AM IST

Chidambaram's Budget is directed towards economic growth and social development, writes Adi Godrej.

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PTI | ByGUEST COLUMN | Adi Godrej

The finance minister has presented an excellent budget directed towards both economic growth as well as social development. The highlights of the budget to my mind are: A clear indication to move towards a national goods and service tax in the future.

Such a tax would make almost all consumer goods less expensive and thus create stronger demand. Such a reform would also lead to much lower indirect tax evasion and thus go a long way towards solving the nation’s fiscal deficit problem. The proposal to allow the taxpayer to choose his or her savings mechanism in a neutral manner will, to my mind, divert a large amount of money towards the stock markets and would help spread the equity culture in the country.

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