Arvind Subramanian Former Chief Economic Adviser Arvind Subramanian on Friday said there is no space for expansionary fiscal policy and opined against reducing personal income tax rate.
"…no space to have expansionary fiscal policy. There’s a lot of talk about personal income tax cut and raising GST rates, and I would be categorically against the both, we do not have the space," he said at an event here.
Subramanian further said that he thinks personal income tax cuts motivated by desired increased consumption are highly inequitable.Any cut in personal income tax, he said, will benefit the only top 5-7 per cent […]
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