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

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Stock Markets-Great Expectations Fulfilled

more labour-intensive. Moreover, given the increase in disposable incomes in the hands of the rich as a result of the lowering of incomes and wealth tax rates and given the excise relief to upper- class consumption goods industries and to raw materials used by them (e g, aluminium, stainless steel, plastic materials) the demand for the products of these industries should now be expected to pick up, making further investment and expansion of production in them profitable, No doubt that will in turn necessitate at a future date further tax concessions of the type that dominate the budget for 1976-77. The pattern of demand and the pattern of production marching in tandem in this manner under the benign dispensation of a permissive government cannot but take the economy farther and farther away from the objectives of raising the living standards of the poor and reducing disparities of consumption, income and wealth, It may be suggested that the fiscal concessions to the rich notwithstanding, there is another side to the budget

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