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From 50 Years Ago: Details that Matter

Vol V, No 9 FEBRUARY 28, 1970

Details that Matter

Detailed comment on the Budget for 1970-71, the broad outlines of which have just become available as we go to press, has to be put off till next week. However, there is evidence enough in the Budget speech, taken together with some of Government’s recent policy decisions, that the water-courses of economic policy for the Fourth Plan are being drawn, hopefully to be made clearer and deeper in the months to come. Additional taxation of Rs 170 crores is not, to be sure, the utmost that could have been attempted in the mobilisation of “genuine resources”. Further, the impact of the contemplated distribution of the approximately Rs 400-crore increase in Central and State Plan outlays (of which the States’ component of Rs 200 crores is, incidentally, conditional on State Governments being able to “raise additional resources and keep a careful watch on non-Plan expenditure”) on those sectors of the economy, the revival of which has been predicated to a stepping up of public sector investment, needs to be more carefully examined. Similarly, some of even the more obvious reforms in personal and corporate taxation have been sidestepped once again. But there is recognition at last that “economic conditions in the country . . . permit and indeed require a more vigorous effort to stimulate growth”.

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Updated On : 28th Feb, 2020

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