Economists Advocate Tax Relief in Upcoming Central Budget

Subrata: Mohit, have you heard that top economists are urging the government to reduce income tax rates in the upcoming budget?

Mohit: Yes, I read about that. They're suggesting tax relief to boost consumption and address weak domestic demand.

Subrata: Exactly. They also recommend rationalizing customs tariffs and introducing measures to support exports.

Mohit: I see. Additionally, they emphasize targeted interventions for skills development and improving agricultural productivity.

Subrata: Right. Maintaining the momentum of capital expenditure is another key point they've highlighted.

Mohit: Prime Minister Modi has mentioned that employment generation is a central focus of government policy.

Subrata: Yes, and he stressed the importance of enhancing data quality for better policy outcomes.

Mohit: Industry bodies also propose comprehensive tax reforms and streamlined compliance procedures.

Subrata: True. There's a call for introducing GST 2.0 with a three-rate structure to simplify the tax system.

Mohit: The government seems pressured to balance fiscal priorities while sustaining economic growth.

Subrata: Indeed. With global uncertainties, these recommendations aim to strengthen India's economic resilience.

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