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Subbarao: Budget should prioritize addressing rising inequality in the economy and job creation

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News Tech: The next budget should focus on creating jobs and widening inequality in the economy, in addition to boosting growth, former RBI Governor D Subbarao said Thursday, while boosting education, health care and infrastructure. He noted the continuing need to curb spending.There is not much room for tax cuts. Mr Subbarao also said experience has shown that export promotion behind protectionist walls is rarely competitive therefore, there is an argument to reduce tariffs. “Accelerating growth is the goal of every household and the goal of every household.

“We need labor-intensive growth. If there is a problem with this budget, it should be employment,” he said. The former RBI governor said jobs were being lost due to slowing growth and a shift in activity from the labor-intensive informal sector to the capital-intensive formal sector. “Growth is necessary to create jobs, but not enough,” he said, adding that businesses need to be simplified through corporate governance reforms to make the investment a viable option for domestic and foreign investors.

But this budget should take special care to fill the growing inequality in the economy,” he said in an interview. While noting that the COVID-19 pandemic has created enormous problems for low-income people operating in the informal economy, Subbarao said that not only were high-income people able to protect their and increased wealth. Citing the recent Global Inequality Report, which ranked India as one of the most unequal countries in the world, he said: Finance Minister Nirmala Sitharaman said he will present the federal budget for 2022-23 in parliament on February 1.

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Subarao pointed out that raising export levels is good not only for balance of payments reasons, but also for employment reasons, as export production is labor intensive. “Experience shows that export production is rarely competitive behind protectionist walls, so there is reason to lower tariffs,” he said. Asked if there was room for tax cuts in the upcoming budget to bring some relief to the poor, Subbarao said this year’s tax revenue will exceed budget targets. Privatization is increasing and spending on food and fertilizer subsidies is increasing.

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