LEADER ARTICLE: Revamp The Tax System

The media hype surrounding the Union Budget makes one believe that it is a magic pill for the economic fortunes of the country. Unfortunately, the reality is different and the budget has ceased to be a prime determinant of resource allocation after 1991.

Even in the public sector, state governments play an important role in the provision of social services and physical infrastructure. Yet, the hype has continued.

Indeed, the budget sets the macroeconomic policy stance, signals resource allocation changes through tax and expenditure policies and provides an opportunity for the ruling party to make important policy announcements.
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