The Hindu : Miscellaneous / This Day That Age : dated March 23, 1955: Deshmukh defends budget

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Wednesday, Mar 23, 2005

Miscellaneous

Miscellaneous - This Day That Age

dated March 23, 1955: Deshmukh defends budget

Replying to the debate on the general budget in the Lok Sabha on March 22, the Finance Minister, Mr. C.D. Deshmukh, maintained that the budget was framed in consonance with the basic policy of the Government to establish a welfare state and a socialistic pattern of society. Whatever steps the Government had taken during the last four years were all calculated to achieve this goal. "Our objective is an egalitarian and progressive society and, to this end, all the resources available will be fully harnessed." The abolition of the zamindari system, liquidation of feudal elements, the levy of estate duty, regulation of the stock exchange, a Bill for which was under way - all these, Mr. Deshmukh emphasised, represented an excellent beginning towards achieving that objective. The Constitution Amendment Bill now before Parliament was another step in that direction. Mr. Deshmukh devoted considerable time to answering the criticism that the general revenues had been grossly underestimated. It was always good to err on the safe side rather than estimating highly and then getting into difficulties. So far as expenditure was concerned the estimates had worked out correctly. In his proposals for direct taxation, he had followed the general lines indicated by the Taxation Enquiry Commission and had carried a step further the principle of sharply progressive taxation.

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