Nobel laureate Abhijit Banerjee disappointed with tax cuts on rich

New Delhi, Oct 15, 2019, Tuesday

Native Indian clan economist and Nobel Prize winner Abhijit Banerjee said, "I was disappointed that the Indian government recently reduced the corporate tax. There was no need to reduce the tax on the rich. He said that the welfare state has the goal of increasing the tax on the rich and welfare of the poor.

In an interview to a TV channel, he said that increasing taxes on the rich and taking measures for the welfare of the poor would be ideal. I was disappointed that the Indian government recently reduced the tax on the rich. The government imposes high taxes on the rich, so the rich will not be offended. A scheme for the upliftment of the poor through the income of that tax should be implemented. There is no contradiction. In the welfare state, such a system is reduced. The government needs to take concrete steps for the growth of the economy.

He said that Prime Minister Narendra Modi has received more votes from urban youth. These young people are not against giving relief to the poor. The election had to be fought on this issue. We need to consider who makes the country stronger.

Abhijeet said that I am middle class. The place where my grandfather built a living room was a slum. I grew up with poor children and I have first hand experience of poverty. It is also necessary to raise taxes on the wealthy in order to raise the poor. But the central government has frustrated many like me by reducing the corporate tax.