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This story is from January 17, 2008
Rangarajan seeks indirect tax cut to spur growth
C Rangarajan, the head of Indian Prime Minister Manmohan Singh’s Economic Advisory Council, asked for a reduction in some indirect taxes in the budget for next year.
Cuts in taxes will stimulate the Indian economy, the former central bank governor said, after a pre-budget meeting with finance minister Palaniappan Chidambaram in New Delhi on Wednesday.
Rangarajan expects the Indian economy to grow at 8.5% in 2008/09 but suggests that the government should take steps to spur consumer durables demand by moderating indirect taxes. "We said there could be some adjustment in indirect taxes to stimulate growth in consumer durables," Rangarajan said. The ruling communist-backed coalition will present the federal budget for 2008-09 at the end of February.
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