Today's Top Gainer
Note:Top Gainer - Nifty 50 More
For now, the RBI testimony attempts to address the belief that it was somehow arm-twisted into becoming a “willing accomplice that acted “without application of mind”.
The government is of the view that squeezing money supply is necessary to carry forward the scheme put into motion on November 8. Finance Minister Arun Jaitley has gone on record to say this and pointed out that the country is headed towards a “new normal” after decades of high cash-to-GDP ratios.
Tragically, it is the ultimate betrayal of Prime Minister Narendra Modi by our bankers. The greed and selfishness is staggering and the connivance wide spread. The nub of the scandal does not lie elsewhere - it is centred in our banking system and the extent to which it has been compromised. What hope is there for ordinary folks in this country to expect that corruption will be greatly reduced? How is any change possible if well paid bankers behave worse than loan sharks? What can be said if a large number of our people remain steadfast in dodging tax and find willing accomplices in a highly regulated industry?
Budget 2017 would do well to cut the personal and corporate income tax rate to 25%, further moderate the proposed goods and services tax rates, more than double spending on the rural employment programme and roll out a scheme to support job creation in the labour intensive sectors.