New Delhi [India], January 30: As we all await the upcoming union budget, the huge uncertainty throughout the world economy, the break in China’s growth, Rising debt in the US, Social and Economic unrest throughout the world, and political instability in major countries resulting in the disruption of government has been unprecedented.
Various data coming in last few months are not very positive. if we look upon the major Recessions in last hundred years, the current situation can be compared to these . At our domestic front too, the attitude of the our Central Government to tax maximum , looting its common citizens, Small and medium businessmen, Corporate is not welcome. A very high rate of GST and income tax has created a wide divide between the rich and poor. We are at the tip of a volcanic eruption. A small disruption can create collapse and long-term recession.
The finance ministry is hereby urged to be more reasonable, particularly in the context of finance and share market. This sector cannot be seen as a tool to earn maximum money without giving any relaxation. Various decision taken up recently are not in good taste.
Reduction in GST ,increase in income tax slabs, reduction in short-term capital gain tax, Abolition of STT , incentives to increase Savings are necessary. We hope finance ministry would take a positive attitude towards this. Rajesh Surendrakumar Agarwal, Business Associate of Motilal Oswal Financial Services Ltd.
