The Prime Minister's Economic Advisory Council Chairman Dr. C. Rangarajan has said the government should come out with a roadmap for withdrawal of stimulus in the upcoming budget.When asked whether the budget should start the process of exit, Dr. Rangarajan told reporters in New Delhi that a roadmap is required towards normalization. He said the word rollback is too strong in expression and the stimulus exit has to be a gradual process.In order to help the industry combat the impact of global financial crisis, the government had provided three stimulus packages to the industry resulting in a revenue sacrifice of 1.86 lakh crore rupees.On goods and service tax, he said any step taken in the budget that takes the country closer to GST should be a welcome. The Goods and Services Tax (GST) will do away with most of the indirect taxes at the Centre like excise and service tax and at the states like VAT and octroi. The tax was scheduled to be implemented from April 1 this year.
News On AIR | February 10, 2010 1:03 PM
Govt should come out with roadmap to withdraw stimulus: PMEAC