ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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The Budget

Founder-Editor: Sachin Chaudhuri Vol XI No 12 Skylark 284 Frere Road Bombay 400 001 Grams Econweekly Editor Krishna Raj Associate Editor Rajani X Desai Assistant Editor M S Prabhakar Editorial Staff Colin de Souza, K Vijayakumar Manager J K Thakkar Advertisement Manager R Venkiteswaran THE budget for 1976-77 reflects the logic of the economic policies pursued by the government in the last few years. During this period, in the name of stepping up investment and output, a wide range of non-essential consumption goods industries have been allowed to be set up and to expand production. Having allowed this pattern of production to come into being, it became imperative to alter the structure of demand in the economy so us to ensure expanding markets for the output of industries catering to the consumption needs of the upper income groups. The principal objective of the budget for next year is to bring this about. This is sought to be done, first, by a steep reduction in direct taxation, especially at the higher levels of income and wealth, and, second, by lowering excise duties on a number of non-essential consumption goods and on raw materials used for their production.

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