The Rich Are Getting Richer, but the Poor Are Not Getting Poorer: T.V. Somanathan
Increasing consumption among the middle class and the poor in India is a valid policy challenge, the answer to which lies in creating more jobs, says T.V. Somanathan, finance secretary and secretary of expenditure in the Union Ministry of Finance. In an exclusive interview, he also discusses why the current income tax rates are reasonable and why he finds the 3% fiscal deficit target questionable among other issues. Edited excerpts:
Neeraj Thakur - February 29, 2024
Govt Wants To Remove All Tax Exemptions: P. Chidambaram
Finance minister Nirmala Sitharaman’s budget for 2023–24 may have promised further momentum to the economy through a push on infrastructure, but, according to the opposition, it has failed to address the needs of the poor and the middle class. Congress leader and former finance minister P. Chidambaram tells Pragatti Oberoi how the government’s claims on allocations for infra projects could be exaggerated and the budget could push the middle class away from saving money. Edited excerpts:
Pragatti Oberoi - February 27, 2023
Crisis In The Middle
Has the world’s sixth-largest economy, that has been chasing the elusive double-digit growth for two decades, failed its tens of millions of citizens aspiring to lead a middle-class life?
Suchetana Ray - September 30, 2021
"Real estate is the most effective way to capture the growth of the middle class"
Jaguar Growth Partners' Gary Garrabrant on the opportunities in the Indian real estate sector
N Mahalakshmi - September 01, 2017