Tuesday,7 Jan 2025
Reduced taxes, higher borrowing will haunt us: Revenue Secy
New Delhi
25-August-2021
Reduced taxes and increased borrowing will be counterproductive for India in the long-run, a senior Finance Ministry official said on Monday.
Citing the strained financial condition due to Covid-19 pandemic, he said that the Centre has borrowed Rs 12 lakh crore in 2020-21 and a similar amount will be borrowed this fiscal as well.
"If we reduce taxes and increase borrowing, it will come back to haunt us," he said.
Noting that the auto industry has made major contributions towards GDP growth, direct and indirect employment over the years, Bajaj said that he hoped to witness improved vehicle sales with the incentives of the scrappage policy.-IANS
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