It’s been more than a week since the Union Budget. The budget makers continue to meet industry leaders as is the norm every year. Revenue secretary Tarun Bajaj was at CII today fielding questions from business leaders. He called the current capital gains tax regime “complicated” and added that government is open to “some tinkering”. He also spoke about GST hinting at changes to the indirect tax framework.
Meanwhile, former finance secretary Subhash Chandra Garg, has authored a new book titled “The $10 Trillion Dream” – he has explored the critical policy issues India faces today and suggests reforms for India to become a USD 10 trillion economy by the mid-2030s.
In an interview to CNBC-TV18 Garg said, Union Budget 2021 was heavy on policy initiatives, while Union Budget 2022 is conspicuous by absence of new initiatives and lacks enthusiasm to achieve earlier ones.
“There is a spectacular difference between the last budget and this budget. Last budget was so much on the policy initiatives – whether it was monetisation, privatisation of banks and many other initiatives. However this budget is conspicuous by absence of any new initiatives as well as on older ones to be implemented with enthusiasm and all. Also the main issues which continue to drag the economy like food subsidy reforms, agriculture side reforms or reforms on the employment side, none of them were addressed. So I was disappointed with the turn of events, that policy is not the main concern.”
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